Canadian Zinc Reports Financial Results for Fiscal 2007

VANCOUVER, BRITISH COLUMBIA, Mar 31 (MARKET WIRE) --
Canadian Zinc Corporation (TSX: CZN)(OTCBB: CZICF)(the "Company" or
"Canadian Zinc") announces its financial results for the year ended
December 31, 2007. This press release should be read in conjunction with
the audited financial statements and notes thereto for the year ended
December 31, 2007, and management's discussion & analysis ("MD&A") for
the year ended December 31, 2007 available on SEDAR at www.sedar.com.

The Company reported a net loss for the year of $920,000 compared to a
loss of $1.486 million in 2006. The reduced loss in 2007 was partly
attributable to higher interest income ($1.2 million in 2007 compared to
$948,000 in 2006) and the inclusion of a charge of $1 million in respect
of stock-based compensation in 2006 compared to $267,000 in 2007. The
impact of the increased interest income and reduced stock-based
compensation was offset by an overall increase in administrative expenses
of approximately $300,000 primarily relating to increased shareholder and
investor communications in 2007.

In 2007 the Company invested approximately $10.8 million on the Prairie
Creek project, principally on underground exploration drilling (compared
to $7.9 million in 2006). During the year ended December 31, 2007, the
Company completed a private placement of 11,765,000 units at a price of
$0.85 per unit for total gross proceeds of $10,000,250.

As at December 31, 2007 Canadian Zinc had cash and cash equivalents of
$6.9 million, short term investments of $21.5 million and a positive
working capital balance of $27.4 million. Accordingly, the Company
believes that it remains in a strong position to further continue with
its planned exploration, development and permitting activities at the
Prairie Creek Mine.

2007 Exploration Program

The objective of the 2007 underground drilling program was to define the
Prairie Creek resource in compliance with the disclosure standards set
out in National Instrument 43-101 and to demonstrate at least ten years
of projected mine life in the measured and indicated resource categories.
These objectives were achieved as confirmed in the Technical Report
independently prepared by MineFill Services Inc. described below.

The 2007 program included the continuation of the underground drilling
program which commenced in 2006. Underground drilling was carried out
from drill stations at 50 metre intervals along a new 400 metre internal
decline. Phase 1 of the drilling program was completed in early June 2007
and consisted of 400 metres of decline development from which 41 drill
holes, of which 40 intersected mineralization, totaling 8,217 metres of
drilling from six drill stations have been completed. The results of the
Phase 1 program were incorporated into a Technical Report dated October
12, 2007 which was prepared in accordance with the standards in National
Instrument 43-101 ("NI 43-101") as described below.

Phase 2 of the underground exploration program commenced in August 2007
with the completion of a further 200 metre extension of the underground
decline to create additional underground drill stations. The underground
drilling program from the new drill stations commenced in late September
2007 and continued until December 2007. Ten holes totaling 2,407 metres
of coring were completed, all of which intersected mineralization. (See
CZN press release dated March 19, 2008).

Technical Report Completed - Measured and Indicated Resources Confirmed

The results of the Phase 1 drilling program were incorporated into a
Technical Report (the "Report") dated October 12, 2007, prepared by
MineFill Services Inc. (Dr. David Stone and Stephen Godden - Qualified
Independent Persons), which was prepared in accordance with the standards
in NI 43-101.

The Report indicates that the Prairie Creek Property hosts total Measured
and Indicated Resources of 5,840,329 tonnes grading 10.71% zinc, 9.90%
lead, 161.12 grams silver per tonne and 0.326% copper. In addition, the
Report confirms a large Inferred Resource of 5,541,576 tonnes grading
13.53% zinc, 11.43% lead, 215 grams per tonne silver and 0.514% copper
and additional exploration potential.

The Measured and Indicated Resource is now capable of supporting a mine
life in excess of ten years at the planned 1,000 - 1,300 tonnes per day
production rate. The Report has been filed on SEDAR and may be viewed
under the Company's profile at www.sedar.com, or on the Company's website
at www.canadianzinc.com. A summary of the Report is also presented in the
Company's press release dated October 9, 2007.

Surface Exploration Program

Between July and early September 2007 the Company carried out a surface
helicopter supported diamond drill exploration program totaling 1,671
metres of core in 12 holes. This reconnaissance drilling program was
targeted in the Gate Claims, located about 5 kilometres west of the
Prairie Creek minesite, and in Zones 8, 9 and 11 located on the same
Prairie Creek geological structure as the minesite but located 5 - 10
kilometres south of the minesite. No significant mineral intersections
were encountered. The data from this drill program is currently being
incorporated into the Prairie Creek property dataset in order to
determine future exploration strategy.

Nahanni Park Expansion - Government Policy Clarified

In August 2007 the Prime Minister of Canada visited Fort Simpson to
announce the proposed expansion of Nahanni National Park Reserve. The
Prime Minister announced that the Government of Canada had approved an
Order in Council (PC-2007-1202 July 31, 2007), withdrawing certain lands
for the proposed park expansion. The area surrounding the Prairie Creek
mine containing approximately 367 square kilometres is not included in
the interim land withdrawal area and, as specified in Schedule 2 to the
Order, is specifically excluded and exempted. Canadian Zinc has been
assured by the Government of Canada and by Parks Canada that the final
boundaries of the expanded park will not include the site of or the
access road to the Prairie Creek mine and that in the proposed expansion
of the Nahanni National Park Reserve the existing mining and access
rights of Canadian Zinc to the Prairie Creek mine will be respected and
protected.

Canadian Zinc welcomed the Government's announcement and anticipates that
the exclusion of the Prairie Creek mine from the proposed park expansion
area will bring clarity to the different policy objectives for the
region. Canadian Zinc believes that the Prairie Creek mine and the
expanded Nahanni National Park Reserve can co-exist and that, properly
planned and managed, the expanded park will not interfere with the
operation of the Prairie Creek mine and similarly that the operation of
the mine will not adversely impact upon the Park or its ecological
integrity.

In October 2007 the Nahanni Expansion Working Group undertook a series of
open houses throughout the Dehcho communities to present proposals for
developing boundary options for an expanded park. In a document dated
October 2007 entitled "Expansion of Nahanni National Park Reserve:
Boundary Options for Public Consultation" Parks Canada proposed three
options all of which included protecting all existing third party rights
and tenures. In addition, all three options include the understanding
that access to the Prairie Creek Minesite will be provided and will
require a right of way or corridor across or through an expanded park.

Permitting

Continued work on permitting at Prairie Creek was undertaken during the
year ended December 31, 2007. On April 10, 2007, the Mackenzie Valley
Land and Water Board issued Land Use Permit MV2003F0028 to operate a
winter road from the Prairie Creek mine site to the Liard Highway. The
permit is valid for a period of five years to April 10, 2012.

In June, 2007, the Company applied to the Mackenzie Valley Land and Water
Board for a Class B water license (MV2007L8-0026) needed to rehabilitate
a portion of the road in the proximity of the mine site and sought
authorization from the Department of Fisheries and Oceans to carry out
the work. Also in June 2007, the Company applied to Indian and Northern
Affairs Canada for a quarrying permit to obtain rock to be used in the
road rehabilitation. The issuance of these permits was delayed as they
were referred to consultation between the Crown and the Nahanni Band. The
quarry permit was issued on February 29, 2008 (and is valid for one year)
and the Water License was issued on March 20, 2008 and is valid for five
years.

Budget of $7.5 Million Approved For 2008

A preliminary budget of $7.5 million, which is in addition to the
regular, ongoing costs of maintaining the Prairie Creek site, has been
approved for the Prairie Creek project for 2008. Planned programs include
ongoing permitting activities, further engineering and rehabilitation
work on the road to the mine site and ongoing exploration. The Company is
also examining the various operating alternatives outlined in the 2001
preliminary scoping study (which is now considered to be out of date and
should not be relied upon) and is working towards updating and converting
the scoping study into a pre-feasibility study utilizing the 2007
drilling results reported in the updated Technical Report as described
above. The pre-feasibility study, which is being undertaken by
SNC-Lavalin Inc., is scheduled to be completed in 2008.

The main focus for 2008 will be to continue permitting activities in
order to advance the project towards commercial production. A series of
community open houses and public meetings were held, during November
2007, in seven Dehcho communities to provide information and to seek
feedback and advice relating to the reopening of the Prairie Creek mine.
The Company plans to apply for the Land Use Permit and Water License for
the commercial operation of the Prairie Creek Mine once the project
description report can be finalized for the application submittal.
Originally the Company intended to file this application during 2007.
However, this timeline was delayed as a result of the Company updating a
detailed Mine Plan based on incorporating all the Phase 1 and 2
underground drilling results and the delays with regard to the road
rehabilitation permitting process. The Company plans to submit the
applications as soon as possible. Alan Taylor, P.Geo., Chief Operating Officer &
Vice President Exploration and a Director of Canadian Zinc Corporation,
is responsible for the Company's exploration program, and is a Qualified
Person for the purposes of National Instrument 43-101 and has approved
this press release.

Risks and Uncertainties

The Company's business and results of operations are subject to numerous
risks and uncertainties, many of which are beyond its ability to control
or predict. Because of these risks and uncertainties, actual results may
differ materially from those expressed or implied by forward-looking
statements, and investors are cautioned not to place undue reliance on
such statements, which speak only as of the date hereof.

Investors are urged to review the discussion of risk factors associated
with the Company's business below and as set out in the Company's Annual
Information Form for the year ended December 31, 2007, which has been
filed with the Canadian Securities Regulators on SEDAR (www.sedar.com).
The risks and uncertainties as summarized in the Company's MD&A and in
other Canadian and U.S. filings are not the only risks facing the
Company. Additional risks and uncertainties not currently known to the
Company or that are currently deemed to be immaterial also may materially
adversely affect the Company's business, financial condition and/or
operating results.

Cautionary Statement - Forward Looking Information

This press release contains certain forward-looking information. This
forward looking information includes, or may be based upon, estimates,
forecasts, and statements as to management's expectations with respect
to, among other things, the issue of permits, the size and quality of the
company's mineral resources, future trends for the company, progress in
development of mineral properties, future production and sales volumes,
capital costs, mine production costs, demand and market outlook for
metals, future metal prices and treatment and refining charges, the
outcome of legal proceedings, the timing of exploration, development and
mining activities and the financial results of the company. There can be
no assurances that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated
in such statements. The Company does not currently hold a permit for the
operation of the Prairie Creek Mine. Mineral resources that are not
mineral reserves do not have demonstrated economic viability. Inferred
mineral resources are considered too speculative geologically to have
economic considerations applied to them that would enable them to be
categorized as mineral reserves. There is no certainty that mineral
resources will be converted into mineral reserves.

Cautionary Note to United States Investors Concerning Estimates of
Measured, Indicated or Inferred Resources

The information presented herein uses the terms "measured", "indicated"
and "inferred" mineral resources. United States investors are advised
that while such terms are recognized and required by Canadian
regulations, the United States Securities and Exchange Commission does
not recognize these terms. "Inferred mineral resources" have significant
uncertainty as to their existence, and as to their economic feasibility.
United States investors are cautioned not to assume that all or any part
of an inferred mineral resource exists or is economically mineable. It
cannot be assumed that all or any part of an inferred mineral resource
would ever be upgraded to a higher category. United States investors are
cautioned not to assume that all or any part of measured or indicated
mineral resources will ever be converted into mineral reserves.

Contacts:
Canadian Zinc Corporation
John F. Kearney
Chairman
(416) 362-6686
(416) 368-5344 (FAX)

Canadian Zinc Corporation
Alan B. Taylor
VP Exploration & Chief Operating Officer
(604) 688-2001 or Toll Free: 1-866-688-2001
(604) 688-2043 (FAX)
Email: invest@canadianzinc.com
Website: www.canadianzinc.com

Copyright 2008, Market Wire, All rights reserved.

-0-