Canadian Zinc Reports Financial Results for Fiscal 2013

CZN-TSX
CZICF-OTCQB

March 21, 2014

• Prairie Creek Fully Permitted – Engineering and Procurement Underway
• Additional Projects Acquired in Central Newfoundland – Exploration Drilling Ongoing

Vancouver, British Columbia, March 21, 2014 – Canadian Zinc Corporation (TSX: CZN; OTCQB: CZICF) (“the Company” or “Canadian Zinc”) reports its financial results for the year ended December 31, 2013 and provides outlook on 2014 activities.

This press release should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2013, and management’s discussion and analysis (“MD&A”) for the year ended December 31, 2013, both available on SEDAR at www.sedar.com.

Financial Results for Fiscal 2013

For the year ended December 31, 2013, the Company reported a net loss and comprehensive loss of $6,911,000 compared to a net loss and comprehensive loss of $19,870,000 for the year ended December 31, 2012. During the year, the Company expensed $4,928,000 on exploration and evaluation cost at the Prairie Creek Property, compared to $9,037,000 in the previous year.

The net loss in the year ended December 31, 2013 included a loss of $3,626,000 on the Company’s marketable securities, $4,928,000 of exploration and evaluation costs at the Prairie Creek Mine and $1,161,000 of exploration and evaluation costs at South Tally Pond. The net loss in the current year was reduced as the Company recorded a gain on the sale of a net smelter royalty in the amount of $5,439,000 with no comparable in the previous year. Excluding the loss on the marketable securities and the gain on the sale of a net smelter royalty, the Company recorded a loss of $8,724,000 for the year ended December 31, 2013 compared to a similar loss of $11,066,000 the previous year.

At December 31, 2013, the Company had a positive working capital balance of $10,617,000 including cash and cash equivalents of $8,376,000, short term investments of $2,005,000 and marketable securities of $1,328,000 (for a total of $11,709,000).

Prairie Creek Mine

The primary objective of the Company is to bring the Prairie Creek zinc/lead/silver mine into production at the earliest opportunity and in pursuit of that objective secure the necessary capital funding to rehabilitate, upgrade and modernize the Mine, inclusive of the processing plant and related site infrastructure.

Permitting Process Successfully Completed

During 2013, the Company completed the final stages of the regulatory process for obtaining operating permits with the Mackenzie Valley Land and Water Board (“MVLWB”) and Parks Canada.

Canadian Zinc has now obtained all the necessary and significant regulatory permits and licences to complete construction and development at the Mine Site and the access road and to commence mining and milling of the Prairie Creek deposit.

During the year 2013 the following permits, relating to the proposed operation of the Prairie Creek Mine, were issued:

Read more: http://www.canadianzinc.com/images/Docs/News_Releases/CZNNR20140321.pdf

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