Canadian Zinc Reports Financial Results for Third Quarter 2014

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 13, 2014) - Canadian Zinc Corporation (TSX:CZN)(OTCQB:CZICF) ("the Company" or "Canadian Zinc") is pleased to report its financial results for the three and nine month periods ended September 30, 2014.

Financial Results

For the three and nine month periods ended September 30, 2014, the Company reported a net loss and comprehensive loss of $3,659,000 and $8,757,000 compared to a net loss and comprehensive loss of $1,626,000 and $3,507,000 for the comparative periods ended September 30, 2013.

Included in the loss for the three and nine month periods ended September 30, 2014, were expensed exploration and evaluations costs of $3,232,000 and $6,447,000 respectively, compared to $1,483,000 and $3,982,000 for the same periods ended September 30, 2013.

At September 30, 2014, the Company had working capital of $16 million.

Prairie Creek Project

The mining contract for the initial underground exploration and development program at the Prairie Creek Mine was awarded to Procon Mining and Tunneling Ltd. in October 2014, following a tendering process involving major mining contractors with the objective of optimizing mine development and operating costs related to the Prairie Creek Mine.

The mine exploration and development program has been divided into stages. The first stage will be to re-open access to the underground by dewatering and re-installing electrical and ventilation services to the 650 metre-long decline which is located at the end of the 870m underground level. Rehabilitation of the underground workings near the 930m level portal area will also take place. The portal area at the 930m level also contains the primary ventilation fan which distributes air to the lower level also. Further rehabilitation of some manway raises and refuge stations will also be carried out.

After completion of the rehabilitation Canadian Zinc plans to carry out an exploration diamond drill program from underground drill stations located at the end of the decline, with the objective of upgrading part of the currently inferred resources to an indicated category. The drilling is planned on four, 50-metre sections and will comprise about 6,000 metres of diamond drill coring over 21 holes.

During dewatering of the decline, hydrological monitors will be installed in the walls to measure groundwater aquifer flows. Data from this monitoring program will provide necessary information to predict future underground hydrology pumping requirements and plan water management on surface.