Zincore Continues to Intersect Copper Mineralization at Dolores in First Drill Hole of Joint Venture With First Quantum

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/23/12 -- Zincore Metals Inc. (TSX: ZNC)(LMA: ZNC) ("Zincore" or the "Company") is pleased to report assay results from DOL-11, the first hole drilled under a joint-venture with First Quantum Minerals formed to explore the Company's 100%-owned Dolores copper-molybdenum porphyry property located in the prolific Yauri-Andahuaylas copper district in southern Peru. Two additional holes, DOL-12 and DOL-13, have also been completed and the Company expects to have those assay results in the coming weeks.

Zincore President and CEO, Jorge Benavides, commented, "We continue to hit interesting copper and molybdenum mineralization at Dolores as we search for what we believe is the high grade centre of a very large copper-molybdenum system located within a prolific mining area. We are encouraged by the results from DOL-11 as the amount of stockwork veining, and strong alteration associated with mineralization is what one wants to see when seeking to define a large copper porphyry system."

Hole DOL-11 intersected favorable values of copper and molybdenum cutting porphyry diorite with moderate silicification and some zones of hydrothermal breccias.

Mr. Benavides added, "It is important to remember that we are in the very early stages at Dolores. We expect to learn much more about this system in the coming weeks when we receive the assay results for Holes DOL-12, located at the southern extent of drilling to date, and DOL-13, located at the northern extent. Both are long holes, and as determined by a visual inspection of drill core, have intersected mineralization. In particular, it appears DOL-12 has intercepted mineralization to a depth of at least 650 metres. Given that holes DOL-12 and DOL-13 are located 2.5 kilometres apart and mineralization is known to occur over parts of this area for 1.5 kilometres in an east and west direction, we are dealing with a very large area and have much work to do. With this in mind, we are looking forward to receiving in the coming weeks reports on our recently completed geophysical and geochemistry work. By combining all of this information we believe we will be able to hone our next drill targets as we search for the higher grade areas of Dolores."

To view a map of exploration activity at Dolores, please click here.

Dolores Drill Results - Hole DOL-11
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                               Drill Hole                 Copper
               From       To Intersection   Cu        Equivalent    Au    Ag
           (metres) (metres)          (1)  (%) Mo (%)     (%)(2) (g/t) (g/t)
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               12.0    273.3        261.3 0.14  0.006       0.17  0.01   1.0
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Including      12.0     88.0         76.0 0.20  0.006       0.23  0.01   0.8
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and            12.0    137.6        125.6 0.16  0.005       0.19  0.01   1.5
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and          176.80    186.1          9.3 0.18  0.006       0.21  0.01   0.3
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and           199.3    235.0         35.7 0.20  0.012       0.27  0.02   0.8
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and           256.6    273.3         16.7 0.11  0.018       0.21  0.01   1.0
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(1) Core widths
(2) Copper Equivalent Total calculated using TD Newcrest long term prices
    of US$2.75/lb. copper and US$15.00/lb. molybdenum and do not include
    any potential gold or silver credits. Metallurgical recoveries and net
    smelter returns are assumed to be 100%.

The Dolores Copper Porphyry Project

Zincore's 100%-owned Dolores Project is located on the Company's Accha Zinc Oxide District in the Yauri-Andahuaylas Copper belt in southern Peru. It is near significant copper mines and developments such as Xstrata's Las Bambas and Tintaya, HudBay's Constancia and First Quantum's Haquira. To date, Zincore has published results from 11 drill holes, two trenches and a number of surface samples at Dolores and is awaiting the assay results from two more drill holes. The Company also expects to receive results in the coming weeks from a ground magnetic and induced polarization survey of the Dolores area as well as the regional aeromagnetic and radiometric study which have just been completed. It is expected that this new data will contribute to a better understanding of the deposit and help focus future exploration work.

To view the Dolores joint-venture details, please click here.

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.

Quality Control

Zincore has implemented a quality control program to ensure best practice in lithogeochemical sampling and analysis of rock chips, trench, tunnel and drill core samples. All channel samples were delivered in sealed security bags to ACME Labs Laboratory in Lima. All samples were analyzed by ICP (34 elements) using aqua regia digestion. Copper values were also determined by aqua regia digestion at ore grade level and gold was assayed by fire assay.

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 Dolores project 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