Zincore Arranges Loan With First Quantum Minerals

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 22, 2013) - Zincore Metals Inc. (TSX:ZNC)(LMA:ZNC) ("Zincore", the "Company" or the "Borrower") is pleased to report that it has executed a loan agreement with First Quantum Minerals Ltd., ("First Quantum" or the "Lender") to provide the Company with US$2 million ("the Loan") for working capital purposes. The repayment of the Loan, which Zincore may choose to repay in cash, can convert at maturity into one of three options as selected by First Quantum: a credit against the Lender's obligations to incur exploration expenses at the two companies' Dolores joint venture project, a credit against the Lender's earn-in obligations at any new copper project with Zincore, or shares of Zincore stock, subject to shareholder approval.

Zincore CEO and President, Jorge Benavides, commented "This injection of funds into Zincore is a very positive event for our shareholders. It will allow us to continue to add value to the Company without having to issue new shares in this difficult market."

Mr. Benavides added "The innovative structure of this loan highlights two things. Number one, First Quantum has shown itself to be an excellent strategic partner by working with us to find a way in the current market conditions to help fund our progress in the most positive way for all our shareholders. Second, the fact that one of the repayment options allows the loan to be converted into an earn-in on a potential copper target that has only been identified by preliminary exploration, is a strong vote of confidence in the mineral potential of our property package."

Details of the Loan include:

AMOUNT: US$2 million

INTEREST: LIBOR plus 5% per annum payable on maturity

MATURITY: 1 year from the date of closing, or as extended by mutual agreement between both parties

REPAYMENT OPTIONS: Unless Zincore chooses to repay the Loan in cash prior to maturity, First Quantum will chose at or before maturity, one of the following three conversion options to receive repayment:

• Credit all or a portion of the loan amount towards the Lender's obligations to incur project expenditures for the Dolores joint venture as per the terms announced by Zincore on July 13, 2012
• Credit all or a portion of the Loan amount towards the Lender's obligations to earn into any new copper target selected from the Company's recent copper reconnaissance as announced by Zincore on January 23, 2013
• Convert all or a portion of the loan amount into Zincore shares, subject to the prior approval of Zincore shareholders if the conversion would result in First Quantum holding 20% or more of Zincore's outstanding shares. Any conversion of loan amount into Zincore shares would be at the greater of the volume weighted average trading price of the Company's shares on the TSX for the five days prior to the date of conversion, or CAD$0.08/share

Currently, First Quantum, through its subsidiary, FQM (Peru) Ltd., holds 42,067,745 Zincore common shares representing 19.99% of Zincore's issued and outstanding common shares.

The loan and any other transactions contemplated under this agreement are subject to, and are conditional upon, receipt of TSX approval.

About Zincore

Zincore is a Vancouver-based mineral exploration company focused mainly on zinc and related base metal opportunities in Peru. The Company's common shares trade on both the Toronto and Lima Stock Exchanges under the symbol ZNC. For more information, please see our website at www.zincoremetals.com

Forward-looking Statements: Statements in this release that are forward-looking, in particular with regards to the potential of the Company's new and existing projects are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Annual Information Form of Zincore dated March 19, 2012 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.