Zincore gets US$1 mln bridge loan from Hochschild

Zincore gets US$1 mln bridge loan from Hochschild

Zincore Metals Inc (TSX: ZNC) said it has executed a bridge loan agreement with a wholly owned subsidiary of Hochschild Mining PLC (LSE: HOC) to provide up to US$1 million in working capital.

The loan has a term of one year with principal and accrued interest repayable in cash upon completion of an equity financing. In the event the loan is outstanding at the end of the term, principal and interest are repayable in common shares based on a 15 percent discount to market price at that time.

Hochschild controls 48.2 percent of Zincore.

The money will be used for general corporate purposes, including community relations activities involving Zincore's exploration properties in Peru, and work on the Minasccasa zinc-copper skarn project and identified targets on the Accha-Yanque belt, including the Dolores copper porphyry.

Jorge Benavides, interim president and CEO commented: "Our priority is to resume community and exploration activities in Peru and this loan permits the Company to move quickly in that regard.

www.proactiveinvestors.co.uk