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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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