Mr. John Kearney reports

CANADIAN ZINC ANNOUNCES C$8.0 MILLION UNDERWRITTEN EQUITY OFFERING

In connection with its overnight marketed public offering previously announced on June 15, 2016, Canadian Zinc Corp. has entered into an underwriting agreement with a syndicate of underwriters led by Paradigm Capital Inc. and Canaccord Genuity Corp., and including Dundee Securities Ltd., to sell 28 million common shares of the company at a price of 25 cents per common share and four million flow-through common shares of the company at a price of 25 cents per flow-through share for aggregate gross proceeds of $8-million.

The company has also granted the underwriters an overallotment option to purchase up to 4.8 million in any combination of common shares and flow-through shares at the common share price and flow-through share price, exercisable, in whole or in part, at any time up to 30 days after the closing date of the offering for additional gross proceeds of up to $1.2-million.

The net proceeds from the sale of common shares will be used to finance definitive feasibility and development programs for the Prairie Creek project, exploration programs at both the Prairie Creek project and the company's Newfoundland properties, as well as for general working capital purposes.

The gross proceeds from the sale of flow-through shares will be used to incur eligible Canadian exploration expenses and flow-through mining expenditures, as defined under the Income Tax Act (Canada), that will be renounced in favour of the purchasers with an effective date of no later than Dec. 31, 2016. The proceeds are intended to be used to finance exploration programs on the Prairie Creek project and the company's Newfoundland properties.

The offering is scheduled to close on or about July 7, 2016, and is subject to receipt of all necessary regulatory approvals, including, but not limited to, the approval of the Toronto Stock Exchange. The offering is being made pursuant to a short form prospectus filed in each of the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and New Brunswick. The common shares and flow-through shares sold pursuant to the offering will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.

We seek Safe Harbor.