|T.S.E. SYMBOL: CZN|
S.E.C. Registration: 0-22216
FIRST FINANCING CLOSED, 2000 EXPLORATION PROGRAM COMMENCES
|Vancouver, British Columbia, June 27, 2000:
Canadian Zinc Corporation (The Company) is pleased to report Yorkton Securities Inc. has closed the private placement initially announced on May 19th, 2000. The offering of 1,800,000 flow-through shares at $0.42 was fully subscribed to raise $756,000. A second financing of 1,500,000 units at $0.50 per unit (1 share & 1 warrant) by Clubb Capital of London, England, is expected to close by month end.
An initial exploration program for the year 2000 has commenced comprising three geologists, a field crew and helicopter support. The program will further evaluate the Gate claim discovery (News Release October 21, 1999) as well as evaluate known mineral occurrences on the Company's 28,000-acre leased and staked lands in the North West Territories.
Canadian Zinc has been informed that approximately 85,000 acres of land surrounding the Gate Claims and the Prairie Creek embayment has been staked by former consultants to the project.
Work during the remainder of 2000 will include commencement of permitting discussions with the appropriate authorities and commissioning of a scoping study utilizing the existing mill and underground facilities, to mine higher grade vein style mineralization. Management is of the opinion that sufficient resources are in place to facilitate an informed decision as to the size and nature of a future mining and milling operation on the site. The study will also cover transportation, metallurgical studies, mining costs, environmental and financial considerations. This study is expected to be completed by January 2001.
Work at the Prairie Creek Mine site for this season commenced on May 15th, 2000. Work throughout the summer will include equipment repair, refurbishment of infrastructure and general site clean up.
On behalf of the Board of Directors
|Malcolm Swallow, President & CEO||(CANADA):||(604) 688-2001|