Zincore Metals Inc.

Zincore Metals Inc.

March 17, 2010 08:28 ET

Zincore Reports on 2009 Activities and Plans for 2010

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 17, 2010) - Zincore Metals Inc. (TSX:ZNC) ("Zincore" or the "Company") is pleased to report that on Friday, March 12, 2010 the Company filed its Management's Discussion and Analysis, Consolidated Financial Statements and Annual Information Form for the year ended December 31, 2009. All documents are available online at the Company's website (www.zincoremetals.com) and SEDAR (www.sedar.com).

Zincore's President and CEO, Jorge Benavides, commented, "2009 was a watershed year for our Company. We have been re-energized by an extensive corporate and Board reorganization and are especially excited about our new strategy of developing our 50,000 hectare Accha Zinc Oxide District in southern Peru as a single mining operation. We look forward to reporting to our investors the results of our testing on the Waelz kiln pyrometallurgical process to successfully produce high grade zinc and lead oxide concentrate by a process which is currently being used by a subsidiary of our largest shareholder, Inversiones Pacasmayo SA."

After completing difficult but necessary cost cutting measures in the first half of 2009, Zincore witnessed a number of positive changes, including a change of its most significant shareholder, when the 38,100,000 Zincore shares held by Southwestern Resources Corp. was acquired in May 2008 by Hochschild Mining plc, a precious metals mining company. This stake was subsequently acquired on March 10, 2010, by Inversiones Pacasmayo SA, a company indirectly controlled by Hochschild's Executive Chairman, Eduardo Hochschild.

Other notable events in 2009 included the addition of new directors Daniel Innes, Roman Friedrich, Arnold Klassen and Jorge Benavides, who joined existing director Myron Osatenko and Chairman David Black. Mr. Benavides, formerly a senior advisor to the Executive Chairman of Hochschild, Eduardo Hochschild, was also named Zincore's President and CEO. In addition, Zincore completed a $6 million equity financing in September which, combined with new leadership, puts Zincore in a much better position to advance its existing projects as well as to pursue new opportunities.

According to Jorge Benavides, "2010 is going to be a transformational year for Zincore as we focus all of our efforts to meet newly defined goals and objectives. We have a full program designed to move our company forward and to create shareholder value", including

  • Completing the pyrometallurgical process testing, which offers the potential to treat all ores from the Accha Zinc Oxide District at a single facility;
  • Re-modeling the previously reported 43-101 resources at the District with a view to identifying high grade ore bodies to extract earlier in the mine plan so as to enhance economic feasibility;
  • Advancing exploration at all of our properties, including drill programs at the Accha Zinc Oxide District and the Dolores copper / gold porphyry and Minasccasa skarn prospect;
  • Exploration drilling at our two newly acquired prospects - Sajapampa in Peru and Cariboo in north central BC, Canada, and
  • Renewing agreements with local communities in the Accha Zinc Oxide District and at the Dolores porphyry and Minasccasa skarn prospects.

At December 31, 2009, Zincore had cash on hand of $4.9 million.

About Zincore

Zincore is a Vancouver-based mineral exploration company focused mainly on zinc and related base metal opportunities in the Americas, namely Peru, Mexico and Canada. The Company's common shares trade on the TSX under the symbol ZNC.

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 12, 2010 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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