According to Clarus Securities:

February 28, 2013

Drill Program Suggests Upside at Lemarchant Deposit

Canadian Zinc Corp. released initial drill results from its Phase 1 winter drill program on the 100% owned South Tally Pond Cu-Pb-Zn-Ag-Au project, located in central Newfoundland. These initial results cut thick mineralized intervals roughly 250 metres northwest of the Lemarchant Main Zone deposit, suggesting potential upside to the 2.6MT Indicated & inferred resource. We maintain our BUY recommendation and $1.30 per share target price.

1. Drill Highlights

Drill hole LM13-73 cut 22.2 metres grading 5.82% Zn, 1.48% Pb, 0.75% Cu, 65.4 g/t Ag & 1.63 g.t Au including 2.7 metres grading 27.6% Zn, 1.12% Pb, 2.71% Cu, 89.01 g/t Ag & 3.8 g/t Au.

Drill hole LM13-74 cut 5.5 metres grading 5.33% Zn, 1.01% Pb, 0.75% Cu, 44.72 g/t Ag & 0.26 g/t Au within a 16.7 metre mineralized zone.

2. Expanding Lemarchant

Drill hole LM08-37 is located 300 metres northwest of the current deposit (Exhibit 2). LM13-73 is located 40 metres east of LM08-37 while drill hole LM13-74 is located 35 metres up-dip of the mineralized intersection in LM13-73. While it is very early in the 4,800m Phase I drill program, these initial results are very encouraging and suggest excellent potential to expand the Lemarchant deposit, as it remains open to the north, south and to depth.

3. Maintain BUY and $1.30 Target Price

These initial results from the 2013 Phase I drill program are a strong start and confirm the potential to continue growing the Lemarchant resource. We view these results as pure upside to our $1.35 NAV, which currently does not carry any value outside of the Prairie Creek Project.