Vancouver, B.C. – October 9, 2009 – Canada Zinc Metals Corp. (TSX Venture:CZX) (“
Canada Zinc” or the Company) announces that
Jim Mustard will be leaving the Company effective October 13, 2009. Mr. Mustard will be taking up a corporate finance position with a local
Vancouver brokerage firm. “I’ve enjoyed working with the professional team at Canada Zinc Metals,” stated Mr. Mustard. “The Company is now very well positioned with its plan to further advance the development of the world class zinc-lead deposit at Akie.”
The Company thanks Mr. Mustard for his contributions over the past 2 years and wishes him all the best in his future endeavors.
Peeyush Varshney, the Chief Executive Officer Canada Zinc Metals, will take on the duties of President – the position he had held until September 2007.
Separately, a total of 500,000 stock options have been granted to directors and officers of the Company, exercisable for a period of 10 years, at a price of $0.40 per share.
About the Akie Property
The Akie zinc-lead property is situated within the southern-most part (Kechika Trough) of the regionally extensive Paleozoic Selwyn Basin, one of the most prolific sedimentary basins in the world for the occurrence of SEDEX zinc-lead-silver and stratiform barite deposits.
Drilling on the Akie property by Inmet Mining Corporation during the period 1994 to 1996 and by Canada Zinc Metals since 2005 has identified a significant body of baritic-zinc-lead SEDEX mineralization (Cardiac Creek deposit). The deposit is hosted by variably siliceous, fine grained clastic rocks of the Middle to Late Devonian ‘Gunsteel’ formation. The Company has filed a NI 43-101 report supporting the estimated inferred resource of 23.6 million tonnes grading 7.6% Zn, 1.5% Pb and 13.0 g/t Ag (at a 5% Zn cut off grade). The complete NI 43-101 technical report, titled “Geology, Diamond Drilling and Preliminary Resource Estimation, Akie Zinc-Lead-Silver Property, Northeast British Columbia,
Canada” and dated May 30, 2008, can be viewed on SEDAR.
Two similar deposits, Cirque and South Cirque, located some 20 km northwest of Akie and owned under a joint venture by Teck Resources and Korea Zinc, are also hosted by Gunsteel rocks and have a combined geologic inventory in excess of 50 million tonnes.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
ON BEHALF OF THE BOARD OF DIRECTORS
CANADA ZINC METALS CORP.
PEEYUSH VARSHNEY, LL.B
CEO & CHAIRMAN