Zincore Metals Inc.
TSX : ZNC

Zincore Metals Inc.

November 23, 2006 08:00 ET

Zincore Commences 20,000 Metre Drilling Program at Accha Deposit

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 23, 2006) - Zincore Metals Inc. (TSX:ZNC) ("Zincore") announces that, with the successful completion of its initial public offering and receipt of a drilling permit for its Accha zinc oxide deposit drilling operations at Accha have begun. The Accha deposit is one of two known deposits on Zincore's 45,000 hectare, 100% owned Accha-Yanque property in southern Peru. The planned drill program for the Accha deposit consists of approximately 20,000 metres of HQ diamond drilling. Two drill rigs have been mobilized to site and a third rig is planned for early 2007.

The Accha deposit was previously explored with 56 drill holes totaling 13,500 metres defining the deposit and two historical JORC resource estimates were completed based on this drilling (see "About the Accha Deposit" below). The drill program objectives include obtaining additional material for metallurgical testing and improving drill density within the historical mineral resource envelope. The Accha deposit remains open along strike to the west and down-dip to the south and step out drilling targeted at expanding the deposit will test these areas. Results from the drill program will enable preparation of a current resource estimate under NI 43-101.

Zincore's Peruvian subsidiary is managing the program, Bradley-MDH S.A.C. has been awarded the drilling contract and Watts Griffis & McOuat, who has significant experience consulting on non-sulphide zinc deposits, has been retained to advise on the program and complete the resource estimate. Concurrently, metallurgical test work has commenced under the supervision of the GTI-Matomo Joint Venture who are industry leaders in zinc oxide processing, design and technology. Ore samples have been sent to Canadian, South African and Australian labs that are assisting with the work.

About Zincore Metals Inc.

Zincore's strategy is to become a leading, low-cost zinc producer with the immediate objective of advancing its 100% owned Accha-Yanque property 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.

About the Accha Deposit

The Accha-Yanque property consists of 56 concessions over a 30-kilometre distance in southern Peru. At the north end of the property is the Accha deposit and at the south end is the Yanque deposit. A number of zinc prospects with limited prior exploration occur between these two deposits. A total of 56 holes were completed by Cominco Ltd., Savage Resources Ltd. ("Savage"), and Pasminco Limited ("Pasminco") at the Accha deposit for 13,500 metres.

Savage, and later, Pasminco, which acquired Savage, evaluated Accha between 1998 and 2001. Two historical resource estimates under the AUSIMM JORC standards were calculated for the Accha deposit using differing assumptions. In 1999, Kvaerner Metals ("Kvaerner"), under engagement to Savage calculated an indicated mineral resource of approximately 7.0 million tonnes grading 8.9% zinc and an inferred mineral resource of 1.8 million tonnes grading 8.9% zinc. In 2000, Pasminco calculated an indicated mineral resource of approximately 3.8 million tonnes grading 8.9% zinc and 1.0% lead and an inferred mineral resource of 2.0 million tones grading 11.4% zinc and 1.9% lead under more conservative assumptions.

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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