Zincore Says Humala Strikes Conciliatory Tone in Victory Speech
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/07/11 -- Zincore Metals Inc. (TSX: ZNC)(BVLAC: ZNC) ('Zincore' or the 'Company') issued the following statement today in response to negative market reaction to the outcome of the Presidential election in Peru.
Zincore CEO and President, Jorge Benavides, said, 'Although Ollanta Humala's victory is not what investors had hoped for, the result may not be as negative as many fear. The fact is that in response to what the people of Peru have said they want, Mr. Humala has significantly moderated many of his positions and has re-cast himself as a left-leaning moderate; much like the tremendously successful Luiz Inacio Lula da Silva, President of Brazil from 2003 to 2010.'
Mr. Benavides further commented, 'Investors would do well to remember that Mr. Lula was also thought to be a dangerous market radical when he was first elected. However, Mr. Lula moderated and during his years as President, the Brazilian stock market was among the best performers in the world, posting annualized returns of 25%. For the moment, it is important to focus on the known facts about Peru. In less than ten years, it has made significant progress in bringing the poverty rate down from half of the population to about one third. A big reason for this is the 7% annual GDP growth Peru has averaged for the last five years. The middle class now comprises the majority of the population and they are not about to let their increase in standard of living slip away. When you combine this with the fact that Mr. Humala's party only holds about 36% of the seats in the Peruvian congress, it is clear that compromise and consensus will dictate policy. For these reasons, we believe Peru is still a great place to do business and we look forward to working with Mr. Humala's new government to the benefit of our shareholders and the people of Peru.'
About Zincore
Zincore is a Vancouver-based mineral exploration company focused mainly on zinc and related base metal opportunities in the Americas, namely Peru, Mexico and Canada. 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 regarding the future of Peru's business climate, 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 18, 2011 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. 106
(604) 669-6616 (FAX)
aho@zincoremetals.com
www.zincoremetals.com