Zincore Metals Inc.
TSX : ZNC

Zincore Metals Inc.

November 22, 2006 11:41 ET

Over-Allotment Option on Zincore's IPO Fully Exercised

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 22, 2006) -

THIS NEWS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S., AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.

Zincore Metals Inc. (TSX:ZNC) ("Zincore"), a Canadian exploration company with zinc projects in Peru, announces that the over-allotment option granted to the underwriters in connection with its initial public offering ("IPO") has been fully exercised and, as a result, Zincore issued two million shares and received net proceeds of $935,000.

Zincore's IPO of 38 million common shares at $0.50 per share closed on November 7, 2006. Net proceeds from the over-allotment option combined with the $17.8 million net proceeds raised through the IPO will be used for exploration, drilling and technical work on Zincore's Accha-Yanque and other zinc properties, as well as general and administrative costs and working capital as described in Zincore's prospectus relating to the IPO.

The IPO was underwritten by a syndicate led by Canaccord Capital Corporation, and including Raymond James Ltd. and Octagon Capital Corporation.

Zincore's portfolio of assets includes the advanced Accha-Yanque property in southern Peru, a 30-kilometre belt that contains historical and current resources and numerous other occurrences of zinc oxide mineralization. Zincore also has seven earlier stage zinc properties, all in southern Peru. Additionally, as previously announced, Zincore has signed a letter of intent with Brett Resources Inc. ("Brett") to earn, subject to certain conditions specified therein, up to an 80% interest in Brett's Cerro Condorini zinc property in southern Peru.

About Zincore

Zincore's strategy is to become a leading, low-cost zinc producer with the immediate objective of advancing its Accha-Yanque zinc oxide project toward a development decision through a disciplined process of exploration, drilling and resource definition, and technical studies. Zincore holds a portfolio of other zinc exploration properties in southern Peru and intends to pursue additional zinc opportunities elsewhere in Latin America and China.

Cautionary Note Regarding Mineral Resource Estimates

The qualified person for the Accha-Yanque property is L.D.S. Winter, P.Geo., an independent consulting geologist as defined under NI 43-101. Historical mineral resource estimates have not been reconciled to the mineral resource categories of NI 43-101 and sufficient work has not been done to classify these estimates as current mineral resources. For details on the Accha historical mineral resource estimates and the Yanque current mineral resource estimate, see Zincore's prospectus relating to its IPO dated October 26, 2006, which was filed with Canadian securities regulatory authorities and is available on SEDAR (www.sedar.com).

Forward-looking Statements

Statements in this release that are forward-looking are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the prospectus of Zincore relating to its IPO which is filed with Canadian securities regulatory authorities and available on SEDAR (www.sedar.com). Such information contained herein represents management's best judgment as of the date hereof based on information currently available. Zincore does not assume the obligation to update any forward-looking statements.

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