Zincore Reconnaissance Work Indicates New Copper Porphyry Targets In Region of Prolific Copper Project Development

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/23/13 -- Zincore Metals Inc. (TSX: ZNC)(LMA: ZNC) ("Zincore" or the "Company") reports that as a result of the integration of extensive airborne geophysical surveys, satellite image and structural interpretations as well as ground geochemical and geological work it has highlighted new, high profile copper exploration targets on the Company's 100%-owned, Accha Zinc Oxide District ("AZOD") property, located in the prolific Yauri-Andahuaylas copper district in southern Peru. This exploration work was carried out as part of a copper reconnaissance program that commenced pursuant to a strategic partnership private placement made into the Company by First Quantum Minerals ("First Quantum") on May 10, 2012. Zincore and First Quantum have also formed a joint-venture(i) to explore Zincore's Dolores copper-molybdenum porphyry which is located in the same area.

Zincore CEO and President Jorge Benavides commented "These are very interesting reconnaissance results as the various indicators - magnetic, radiometric, geochemical and geological anomalies - all overlap and point to two first-class copper porphyry exploration targets at Laca-Laca and Larisa, and secondary targets at Gema, Bellavista, Atenas One, Atenas Two and Gorrion. Given the correlation of indicators, we believe that exploring these highly prospective targets further in 2013 could help bring new value to our shareholders."

To view a map of the new copper targets on the Accha Zinc Oxide District property, click here.

(i)For more information about the May 10, 2012 First Quantum private placement and Dolores joint-venture details, please see our news releases dated May 8th, 10th and July 13th 2012.

Mr. Benavides added "Although our Accha Zinc Oxide District and Dolores Copper porphyry projects remain our current focus, this geophysical and geochemical work has produced excellent targets which are located in a prolific area of major mining development. This area includes Xstrata's Tintaya and Las Bambas, HudBay's Constancia and First Quantum's Haquira. Aside from our Dolores project, which is joint-ventured with First Quantum, there has been no exploration for copper on our 50,000 hectare AZOD property since 2006 and we believe the combination of being located in a mineral-rich area with limited exploration using modern methods presents an excellent opportunity."

The geophysical surveys carried out by New Sense Geophysics Ltd. ("NSG"), covered all concessions on Zincore's entire AZOD property package of more than 50,000 hectares and consisted of aerial geophysical studies comprising approximately 4,800 line kilometers at 200 metre spacing. In addition the full scope of reconnaissance activities included an airborne magnetometric and spectrometric survey of the 60,000 hectares of the AZOD block of claims plus Dolores area, ASTER multispectral satellite image interpretation, DEM structural interpretation, district geological reconnaissance, partial district stream sediment geochemical survey and partial district soil geochemistry survey. Fathom Geophysics, ("Fathom") helped analyze and interpret the airborne geophysical and ground data, as well as the ASTER images and structural model.

The sum total of this work indicates the exploration focus should be at two priority targets: the Laca-Laca Porphyry target and the Larisa Porphyry target. Both of these targets exhibit overlapping magnetic, radiometric, geochemical and geological anomalies that make them first class detail exploration opportunities.

Laca-Laca is located approximately 5 kilometres north of Dolores and exhibits magnetic and radiometric anomalies over 5 kilometres. Copper and molybdenum anomalies have been observed in sediment samples and ASTER images indicate potassium alteration anomalies. A first soil sampling campaign has been completed which covers part of the geophysical anomaly where interesting values of copper and molybdenum were discovered. The geology in this area is similar to that found in the Dolores Project, making Laca-Laca a priority exploration target.

Larisa is located approximately 5.5 kilometres west of the Accha zinc oxide deposit where magnetic and radiometric anomalies have been observed as well as sediment samples exhibiting copper and molybdenum anomalies.

Gema, located 2 kilometres east of the Company's Yanque zinc-lead oxide target, exhibits magnetic and radiometric anomalies in a favourable geological setting as well as potassic alteration as indicated by ASTER image analysis. Near the southern-most anomaly, rock samples with higher grade copper have been discovered.

Bellavista is located 3 kilometres east of the Accha zinc oxide deposit in a favourable geological setting and exhibits potassic alteration according to ASTER image analysis as well as molybdenum anomalies in sediments.

Atenas One and Two are located 12.5 and 23 kilometres respectively southeast of the Accha zinc oxide deposit, in a favourable geological setting and exhibit potassic alteration as indicated by ASTER image analysis.

Gorrion is located 28 kilometers southeast of the Accha zinc oxide deposit in a favourable geological setting and exhibits potassic alteration as indicated by ASTER image analysis.

Geochemical sediment sampling has not yet been conducted at Atenas One, Atenas Two or Gorrion. It is expected that this work will be conducted in 2013.

New Sense Geophysics Ltd. provides high quality airborne magnetic/gradiometer and spectrometer surveys using fixed-wing and helicopter platforms. The company is owned and operated by W. E. S (Ted) Urquhart Ph.D. NSG's mission is to provide airborne survey services utilizing innovative technologies and focusing on collecting the highest quality airborne geophysical data in the safest possible manner. NSG operates from two offices. Its Markham, ON, Canada office manufactures equipment, tests it and dispatches it throughout the world. The second office is in Santiago, Chile where NSG offers airborne geophysical services in Spanish to its South American clients. NSG has performed airborne geophysical surveys in Africa, North America, Europe, the Middle East and South America and has flown in excess of 500,000 line kilometres in the last 2 years for clients such as major companies like: USGS, BHP Billiton, Kennecott, Teck Cominco, Barrick Gold, Kinross and Gold Fields.

Fathom Geophysics LLC of Newark, Ohio, analyzes and interprets geophysical and other data for explorers and miners in the mineral and energy resources industries. Fathom's main areas of expertise include enhancement filtering and rapid, objective feature extraction applied to potential field (gravity and magnetic) data and topographic data. Fathom has developed their own software which can be modified readily to extract specific features and for specific targeting requirements. Fathom's analysis and interpretation of the Zincore data was conducted by the company's principals Amanda Buckingham and Daniel Core. Fathom's clients have included First Quantum Minerals, Auzex Exploration, Talisman Mining, Kiska Metals and Hochschild Mining.

Vernon Arseneau, P.Geo., is an independent geologist registered in Quebec, Canada. He has prepared or supervised the preparation of the information contained in this news release and is the Qualified Person as defined under National Instrument 43-101 for this news release.

About Zincore

Zincore is a Vancouver-based mineral exploration company focused mainly on zinc and related base metal opportunities in Peru. The Company's common shares trade on both the Toronto and Lima Stock Exchanges under the symbol ZNC. For more information, please see our website at www.zincoremetals.com.

Forward-looking Statements: Statements in this release that are forward-looking, in particular with regards to the potential of the Company's new and existing projects are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Annual Information Form of Zincore dated March 19, 2012 which is filed with Canadian securities regulatory authorities and available on SEDAR (www.sedar.com). Such information contained herein represents management's best judgment as of the date hereof based on information currently available.

Contacts:

Zincore Metals Inc.

Adam Ho

Manager, Investor Relations

(604) 669-6611 ext. 3

(604) 669-6616 (FAX)
aho@zincoremetals.com
www.zincoremetals.com