Zincore Metals Inc.

Zincore Metals Inc.

January 21, 2008 07:00 ET

Zincore Identifies New Zone of High-Grade Zinc and Lead Mineralization 5 km East of Yanque

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 21, 2008) - Zincore Metals Inc. (TSX:ZNC) ("Zincore" or "the Company") has commenced a regional exploration program on the Accha-Yanque zinc belt, with initial work focused on identifying areas with the potential to host satellite deposits near Accha and Yanque. During this program a new zone of high-grade mineralization has been identified approximately five kilometres east of Yanque. A continuous 16-metre channel sample across the zone returned grades of 9.7% zinc, 8.4% lead and 41 grams per tonne silver.

The Yanque East target is an area of sporadic oxidized gossanous outcrop currently defined over approximately 400 metres by 200 metres. Select sampling from oxidized zones of outcrop in the north and central parts of the target returned anomalous values of both zinc and lead. In the southern portion of the target an old adit was discovered on steeply dipping altered limestones that strike in a north-south direction close to an intrusive contact. The alteration of the limestone consists of both hydrothermal and crackle breccias as well as limonite alteration that is similar to the alteration pattern of the Accha and Yanque deposits. The manto style mineralization was sampled perpendicular to strike across the adit entrance and via trenching beyond the adit. The continuous 16-metre channel sample graded 9.7% zinc, 8.4% lead and 41 grams per tonne silver. A grab sample from the end of the 50-metre long adit returned 11.7% zinc and 1.3% lead and mineralization was visually identified along the length of the adit. A second sample from surface in the same area returned 0.46% zinc and 13.75% lead. The mineralized zone has been traced a total of 80 metres along strike to the north, where it has been displaced by a fault. Soil and vegetation cover the zone to the south.

Zincore is immediately following up on these results with work including soil sampling to identify the size of the broader zone and additional outcrop sampling, trenching and mapping over the target area. An induced polarization (IP) geophysical survey is also being completed over the area.

Timo Jauristo, President and CEO commented, "Yanque East is another example of the high-grade zinc and lead mineralization prevalent along the Accha-Yanque belt. We are excited about this new target and plan to advance it rapidly. Our regional exploration program is becoming a more prominent component of our activities to demonstrate the value of our 45,000-hectare belt and identify additional deposits that can add to our resources. Initially we are focusing on targets around the Accha and Yanque deposits, but we will be starting a broad-based exploration program on the western side of the belt later this year."

Zincore also confirms that the expanded drill permit covering the Yanque deposit has now been received. Magnetic and IP geophysical surveys are being completed over the deposit to assist with planning drill hole locations in advance of the program resuming. Approximately 8,000 metres of drilling is planned at Yanque in 2008.

Quality Control

Zincore has implemented a quality control program to ensure best practice in litho geochemical sampling and analysis of rock chips, trench, tunnel and drill core samples.

All samples are shipped in security sealed bags via a private trucking company directly to the ALS Peru Laboratories facility in Lima. All samples are digested using a three acid digestion and analyzed by two packages. Zinc and lead are determined by Atomic Absorption and if the results exceed 30% they are re-assayed by volumetric methods. All samples are also assayed by ICP for 25 elements (also using the three acid digestion for complete dissolution).

The Company submits its own standards and blanks as a measure of the accuracy of the analysis. All pulps and coarse rejects are being recovered and stored. Prior to a new resource calculation, 10% of all samples used in the resource calculation will be re-assayed at a second laboratory using the same analytical techniques described above. Both a re-assay of the pulp and of a new pulp prepared from the coarse reject will be used.

Qualified Person

Vernon Arseneau, P.Geo., Exploration Manager, Peru for Zincore is supervising the exploration program and is the qualified person for this news release as defined under National Instrument 43-101.

About Zincore

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.

About the Accha-Yanque Project

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, where indicated mineral resources total 5.1 million tonnes grading 8.15% zinc and 0.9% lead for 911 million pounds of contained zinc and 97 million pounds of contained lead. In addition, inferred mineral resources total 1.4 million tonnes grading 5.9% zinc and 0.7% lead for 186 million pounds of contained zinc and 21 million pounds of contained lead. At the south end of the property is the Yanque deposit, which hosts inferred mineral resources of 6.6 million tonnes grading 5.3% zinc and 3.5% lead for 771 million pounds of contained zinc and 509 million pounds of contained lead. A number of zinc prospects with limited prior exploration occur between the Accha and Yanque deposits.

Cautionary Note Regarding Mineral Resource Estimates

The Accha mineral resource estimate was prepared by Pincock Allen & Holt under the direction of Aaron McMahon, a professional geologist and an independent qualified person as defined by NI 43-101. A technical report detailing the mineral resources estimate is available on www.sedar.com. The Yanque mineral resource estimate was prepared by L.D.S. Winter, a professional geologist and an independent qualified person as defined by NI 43-101.

For details on the Accha mineral resource estimate refer to Zincore's press release dated December 6, 2007, available on www.zincoremetals.com. For details on the Yanque 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 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 Annual Information Form of Zincore dated March 26, 2007 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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