Zincore Metals Inc.

Zincore Metals Inc.

October 03, 2012 08:25 ET

Zincore Progressing on Pre-Feasibilty Study for Zinc Project and Exploration Work for Dolores Joint Venture With First Quantum

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 3, 2012) - Zincore Metals Inc. (TSX:ZNC)(LMA:ZNC) ("Zincore" or the "Company") is pleased to report that it is making good progress on both the Pre-Feasibility Study for its Accha Zinc Oxide District ("AZOD") project and exploration work at its Dolores copper porphyry project, which is being jointly explored with First Quantum Minerals Ltd. ("First Quantum"). Both projects are located in the mining-prolific, Yauri-Andahuaylas Copper belt of southern Peru.

Zincore CEO and President, Jorge Benavides, commented, "We are very encouraged by the Pre-Feasibility Study test work being carried out for our AZOD project. In particular, we have been working to refine our Waelz kiln metallurgical process as well as the refinery hydrometallurgical process. The main focus of this work is aimed at reducing the proposed capital and operating expenditures reported in our original Preliminary Economic Assessment*. The indications to date are very encouraging in this respect and we are on schedule to complete the study near the end of Q1 2013 and publish its results in a NI 43-101 Technical Report within 45 days thereafter."

Mr. Benavides further commented, "With the strength and support of our joint-venture partner, First Quantum, we are also making excellent progress at our Dolores copper porphyry project. The first drill hole under the new joint-venture, DOL-11, is currently at about 400 metres. Surface mapping, trenching and sampling is also ongoing with a 90% coverage of the 600 hectare Dolores joint-venture project area programed for this year. This work has already helped discover new mineralized areas that will be drill tested. A second diamond drill rig has been contracted and we expect to deploy it by the week of October 7th as part of our plan to conclude a 5,400 metre drill program in 2012 and a total of approximately 7,500 metres in the first year of our joint-venture with First Quantum."

Mr. Benavides concluded, "A ground geophysical survey involving magnetometric and IP methods on the central Dolores mineralization is nearly complete. These activities will provide much better focus to our ongoing drill campaign. In parallel, we have also contracted an airborne magnetic and spectrometric survey to begin the second week of October. This airborne survey will cover the whole Dolores joint-venture property area as well our entire 50,000 hectare AZOD property area. In addition to helping us narrow our focus for targets at Dolores, this work will also help us better understand and uncover additional copper and other metal targets for the entire AZOD area, which is a very large land package in a prolific copper region, but which has been only marginally explored for copper."

The Accha Zinc Oxide District Project

The Accha Zinc Oxide District project is composed of Zincore's 100%-owned, 50,000 hectare property package in southern Peru. It has access to excellent infrastructure and currently hosts NI 43-101 compliant Measured, Indicated and Inferred Mineral Resources at its Accha and Yanque deposits. Mineralization has also been identified at other District project targets. The Company proposes to use a Walez kiln pyrometallurgical process to benefit ores from multiple AZOD locations at a single processing facility. In addition to the standard studies which make up a Pre-Feasibility report, the Company has been placing particular emphasis on studying ways to improve project operating and capital expenditure economics as well as the commercial terms applicable to final products.

*To view the Company's Preliminary Economic Assessment of the AZOD project as published November 16, 2011, please click here.

The Dolores Copper Porphyry Project

Zincore's 100%-owned Dolores Project is located on the Company's Accha Zinc Oxide District in the Yauri-Andahuaylas Copper belt in southern Peru. It is near significant copper mines and developments such as Xstrata's Las Bambas and Tintaya, HudBay's Constancia and First Quantum's Haquira. To date, Zincore has published results from 10 drill holes, two trenches and a number of surface samples at Dolores. Since entering into a joint-venture for Dolores with First Quantum, a ground magnetic survey of the Dolores area has been completed and an induced polarization ("IP") study is about 50% complete. The first drill hole of the new joint-venture is underway and the Company expects to significantly increase activity at Dolores in the first few weeks of October.

To view the Dolores joint-venture details, please click here.

About Zincore

Zincore is a Vancouver-based mineral exploration company focused mainly on zinc and related base metal opportunities in the Americas, namely Peru and Canada. 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 Accha Zinc Oxide District and Dolores 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.

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