Mr. Peeyush Varshney reports

CANADA ZINC METALS ANNOUNCES CLOSING OF $18 MILLION PRIVATE PLACEMENT

Further to Canada Zinc Metals Corp.'s news in Stockwatch July 26, 2010, and Oct. 26, 2010, it has received final approvals from the TSX Venture Exchange and the relevant Chinese authorities with respect to the closing of the non-brokered private placement subscribed to by Tongling Nonferrous Metals Group Holdings Co. Ltd.

Pursuant to the private placement, Tongling has purchased 31,386,224 units of the company at a price of 57.35 cents per unit for gross proceeds of $18-million and now holds a 36.5-per-centequity position in Canada Zinc Metals. Each unit consists of one common share and one-half of a common share purchase warrant. Each whole warrant entitles Tongling to purchase, at any time within 24 months from closing, one common share of the company at a price of 67.5 cents during the first year and at a price of 77.5 cents during the second year. These units are subject to a hold period expiring on March 17, 2011.

The proceeds of the private placement will be used primarily to finance further exploration and advancement of the company's Akie zinc-lead property.

"Along with the Akie property, Canada Zinc Metals' significant prospective land package in the Kechika trough represents a potential long-term district development opportunity," commented Li Dongqing, vice-president and chief engineer of Tongling. "We look forward to continuing to build our relationship with the company."

Tongling Nonferrous Metals Group Holdings Co. Ltd., based in Tongling, Anhui, is a state-owned holding company, and one of China's largest copper smelting companies. Tongling's principal activities are exploration, mining, ore processing, smelting and refining, and products processing of copper, lead, zinc, gold, silver, and other non-ferrous and rare metals.

Given the nature and size of the strategic investment, the company has agreed to permit Tongling to appoint up to two nominees as members of the board of directors of Canada Zinc Metals for so long as Tongling maintains an interest of at least 20 per cent of the outstanding common shares of the company.

Subject to certain conditions, Tongling has agreed to vote its common shares of the company in support of the board of directors recommended by the management of Canada Zinc Metals until the earlier of three years from the date of closing the private placement or the date that Tongling owns at least 50 per cent of the outstanding common shares of the company.

About the Akie property

The Akie zinc-lead property is situated within the southernmost part (Kechika trough) of the regionally extensive Paleozoic Selwyn basin, one of the most prolific sedimentary basins in the world for the occurrence of SEDEX zinc-lead-silver and stratiform barite deposits.

Drilling on the Akie property by Inmet Mining Corporation during the period 1994 to 1996 and by Canada Zinc Metals since 2005 has identified a significant body of baritic-zinc-lead SEDEX mineralization (Cardiac Creek deposit). The deposit is hosted by variably siliceous, fine-grained clastic rocks of the Middle to Late Devonian Gunsteel formation. The company has outlined an NI 43-101-compliant inferred resource of 23.6 million tonnes grading 7.6 per cent zinc, 1.5 per cent lead and 13.0 grams per tonne silver (at a 5-per-cent zinc cut-off grade).

Two similar deposits, Cirque and Cirque South Cirque, located around 20 kilometres northwest of Akie and owned under a joint venture by Teck Resources and Korea Zinc, are also hosted by Gunsteel rocks and have a combined geologic inventory in excess of 50 million tonnes (not 43-101-compliant) grading approximately 10 per cent combined zinc and lead.