VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/13/13 -- Canadian Zinc Corporation (TSX: CZN)(OTCQB: CZICF) ("the Company" or "Canadian Zinc") announces its financial results for the three month period ended March 31, 2013.
Financial Results March 31, 2013
For the three month period ended March 31, 2013, the Company reported a net loss and comprehensive loss of $4,673,000 compared to a net loss and comprehensive loss of $2,532,000 for the three month period ended March 31, 2012. The net loss in the three month period ended March 31, 2013 included a loss of $2,319,000 on the Company's marketable securities compared to loss of $1,509,000 for the comparative period. Excluding the loss on the marketable securities, the Company recorded a loss of $2,354,000 for the three month period ended March 31, 2013 compared to a loss of $1,023,000 for the previous three month period.
At March 31, 2013, the Company had a positive working capital balance of $4,670,000 including cash and cash equivalents of $25,000, short term investments of $2,282,000 and marketable securities of $2,665,000 (for a total of $4,972,000).
Prairie Creek Mine Permitting Update
During the first quarter of 2013 Canadian Zinc made good steady progress with its applications for operating permits for the Prairie Creek Mine which continued to be processed by the Mackenzie Valley Land and Water Board and Parks Canada.
In January 2013, the Water Board issued the final Land Use Permit for the winter road connecting the Prairie Creek Mine to the Liard Highway. The Company received a Draft Water Licence and draft Land Use Permits, required for milling and mining operations at Prairie Creek, on March 15, 2013. The Water Board is expected to finalize the Water Licence and subsequently forward it to the Minister of Aboriginal Affairs and Northern Development Canada for approval by mid-2013. On April 5, 2013 the Company received a Draft Land Use Permit and Draft Water Licence from Parks Canada for that portion of the winter road which passes through the Park.
Draft Class "A" Water Licence and Land Use Applications (Operations)
The permitting process of the main licences under the Mackenzie Valley Land and Water Board, ("Water Board" or "MVLWB") continued in January with the submittal of closing arguments from all parties and Public Hearings held in Fort Simpson and with Nahanni Butte.
On March 15, 2013, the Water Board issued a Draft Type "A" Water Licence and two Draft Type "A" Land Use Permits for the operation of the Prairie Creek Mine subsequently followed by draft conditions pertaining to Effluent Quality Criteria aspects of the Water Licence. This Water Licence will entitle Canadian Zinc to conduct mining, milling and associated activities at the Prairie Creek Mine site. The Land Use Permits will authorize construction and other activities on the Prairie Creek Mine site and on the winter road Transfer Facility near the Liard Highway.
The Draft Water Licence, Effluent Quality Criteria and Draft Land Use Permits were circulated to the government agencies and parties and all comments were received by the Water Board on April 12, 2013. Canadian Zinc responded to the Water Board with its own comments on April 19, 2013. All comments received will be considered in the finalization of the licence and permit conditions. The revised Licence and Land Use Permits will then be submitted to the Water Board for formal approval. Following approval by the Water Board, the Water Licence will be sent to the federal Minister of Aboriginal Affairs and Northern Development for ratification anticipated by mid-2013.
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