Canadian Zinc Reports Third Quarter Financial Results.TORONTO -- Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. Zinc Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CZN) has today filed its financial results for the period ended September 30, 2004. The Company reported losses of $63,978 and $448,813 for the three months and nine months ended September 30, 2004, respectively, compared to losses of $61,672 and $246,630 for the three and nine months ended September 30, 2003. Expenditure on the Prairie prairie Level or rolling grassland, especially that found in central North America. Decreasing amounts of rainfall, from 40 in. (100 cm) at the forested eastern edge to less than 12 in. Creek property increased substantially to $1,236,903 during the quarter ended September 30, 2004, from $471,506 during the quarter ended June 30, 2004, and $53,156 in the third quarter of 2003. Canadian Zinc continues in a strong financial position. During the first nine months to September 30, 2004, the Company raised $2,188,505 through the exercise of options and the conversion of share purchase warrants. At September 30, 2004 the Company had cash and short term deposits of $13.2 million, compared to cash of $13.3 million at December 31, 2003, and is debt free. Expenditures at the Prairie Creek mine site increased substantially during the third quarter as the exploration programmes expanded. During the nine months to September 30, 2004 the Company expended ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. $1,808,076 on the Prairie Creek property. Expenditures will decrease during the fourth quarter of 2004 as these programmes are curtailed for the winter season. The unaudited Financial Statements and related notes for the period ended September 30, 2004, together with Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of financial condition and results of operations (MD&A) is available under the Company's profile on SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review at www.sedar.com and on the Company's web site at www.canadianzinc.com. Exploration Drilling During 2004 the Company carried out a major exploration programme on the Prairie Creek property, comprising both infill in·fill n. 1. The use of vacant land and property within a built-up area for further construction or development, especially as part of a neighborhood preservation or limited growth program. 2. surface drilling of the existing resource and exploration drilling outside the currently known resource area. This programme commenced in June 2004 and continued throughout the summer, terminating in early October. A total of 27 holes, comprising 5963 metres, were completed with very encouraging results. See Press Releases dated November 5, and September 30, 2004. Development Activities Planning also continued on the proposed underground exploration and development programme. Procon Mining and Tunnelling Ltd. of Burnaby, B.C. was selected as the prime contractor and was actively engaged on site preparation. It is anticipated that this programme will be carried out at Prairie Creek during 2005. At the same time, it is also planned to carry out further technical and metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. studies to advance the Prairie Creek project towards commercial production. Permitting Activities The Company has been extensively engaged in permitting activities throughout the first nine months of 2004 and this will continue throughout the remainder of the year and into 2005. Canadian Zinc's 100% owned Prairie Creek Mine Project located in the Northwest Territories Northwest Territories, territory (2001 pop. 37,360), 532,643 sq mi (1,379,028 sq km), NW Canada. The Northwest Territories lie W of Nunavut, N of lat. 60°N, and E of Yukon. includes a near complete mine, mill and surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. infrastructure with a large mineral resource base totaling 11.8 million tones, grading an average12.5% zinc, 10.1% lead, 0.4% copper and 161 grammes of silver per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. . The resource contains an estimated 70 million ounces of silver, approximately 3 billion pounds of zinc and approximately 2.2 billions pounds of lead. The Company has also undertaken the review of a number of other new mining opportunities that have come to its attention and this activity will continue. This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration or other risk factors beyond its control. Actual results may differ materially from the expected results. A more extensive description of the Company's activities is available on the Company's web site at www.canadianzinc.com Canadian Zinc Corporation (TSX:CZN) |
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