Shaimerden Payment Received

25 Jan 2010 12:06



25 January 2010 

ZincOx Resources Plc

("ZincOx" or "the Company")

US$12.2 million Shaimerden payment received

ZincOx is delighted to announce the receipt of US$12,238,975 (£7.6 million) as part of the deferred payments from the sale of its Shaimerden zinc deposit.

To date, payments in respect of 190,174 tonnes have been received at an average price of US$2,314 per tonne. One final payment of US$3.5 million in respect of the final 9,826 tonnes, is anticipated next year based on the current zinc price of US$2,323 per tonne.

Commenting on today's announcement, Executive Chairman Andrew Woollett said:

 "This payment will boost our strong cash reserves and contribute towards the development of the Ohio Recycling Project."

For more information please contact:

Andrew Woollett, ZincOx Resources plc

Tel: +44 (0) 1276 450100

John Harrison (Nominated Adviser)

James Black (Corporate Broker)

Numis Securities

Tel: +44 (0) 20 7260 1000

Charlie Geller, Conduit PR

Tel (Direct) : +44 (0) 20 7429 6604