Norzinc Ltd. (NORZF)

[sumisu]

Canadian Zinc Announces $10 Million Private Placement with Sprott Asset Management Inc.

Wednesday July 18, 3:00 am ET

TORONTO, ONTARIO--(CCNMatthews - July 18, 2007) - Canadian Zinc Corporation (TSX:CZN - News; OTCBB:CZICF - News) is pleased to announce it has agreed to a private placement financing, subject to regulatory approval, with Sprott Asset Management Inc. on behalf of accounts managed by Sprott for $10,000,250 in Units, at a price of $0.85 per Unit, for 11,765,000 Units with each Unit consisting of one common share and one half share purchase warrant, each full warrant exercisable at a price of $1.20 per share for two years.

Upon completion of the financing, accounts managed by Sprott Asset Management Inc. will hold approximately 9% of the Company shares. Sprott has stated that the securities are being held for investment purposes and depending on market and other conditions, Sprott may from time to time in the future increase or decrease its ownership, control or direction over the shares of Canadian Zinc Corporation, through market transactions, private agreements or otherwise.

The proceeds from the private placement will be added to the Company's working capital and used for the ongoing exploration and development of the Prairie Creek Mine Project where the Company is currently driving a new exploration decline alongside the main vein that is advancing to the north and where 42 holes of underground drilling totaling 8,217 metres on seven 50 metre sections took place in Phase One over the past six months. The high-grade results, encountered in the drilling of these sections may be reviewed in previous news releases issued over the past six months and filed on SEDAR. (See press releases dated January 9, March 5, March 22, April 24, June 43 and July 5, 2007). The following are selected highlights:

[continued in following link]

http://biz.yahoo.com/ccn/070718/200707180402848001.html?.v=1