Canadian Zinc Corporation (TSX: CZN)(OTCBB: CZICF) (the "Company" or "Canadian Zinc") announces that it intends to conduct, subject to regulatory approval, a normal course issuer bid (the "Bid") pursuant to which the Company may purchase up to a maximum of 5,000,000 common shares in the capital of the Company (the "Shares"), representing approximately 4.1% of the issued and outstanding shares of the Company of 120,685,063 as at May 1, 2008.

The Company is of the view that the recent market prices of the Shares do not properly reflect the underlying value of the Company's assets. No insiders of the Company intend to participate in the Bid.

The Company intends to commence the Bid on or about May 13, 2008 and terminate the Bid on or about May 12, 2009. Pursuant to TSX policies, daily purchases made by the Company may not exceed 44,876 shares, which is 25% of the average daily trading volume of 179,505 Shares on the TSX over the past six months, subject to certain prescribed exceptions. Purchases pursuant to the Bid will be made from time to time through the facilities of the Toronto Stock Exchange. Shares purchased will be paid for with cash available from the Company's working capital, which at March 31, 2008, was approximately $27 million. All Shares purchased pursuant to the Bid will be cancelled and returned to treasury.

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