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Wednesday 12 March, 2003


Mexican Project

                                 Press release                                 

            ZincOx acquires interest in Mexican zinc oxide project             

ZincOx Resources plc ('ZincOx') today announces that it has acquired the right
to purchase up to a 50% interest in the Las Damas zinc oxide project ('Las
Damas') from Minas de Rio Tinto ('MRT'), a Mexican mining and exploration
company for a consideration of $5 million.

Las Damas is located in Chihuahua State in Northern Mexico. The Las Damas area,
currently held under licence by MRT, covers numerous zinc prospects, some of
which were mined up until the early 1990's for high-grade zinc oxide ores
(approx. 40% Zn/t). One of the more developed prospects, Esperanza, has an
indicated resource in excess of 1.0mt of ore at 21% Zn, which ZincOx believe
has the potential to be increased.

Commenting on the agreement, ZincOx's managing director, Andrew Woollett said
'The unique nature and high grade of the Las Damas deposit should enable the
very low cost production of a zinc concentrate. This project, therefore,
represents a significant opportunity for early cash flow for a modest capital

Test work on the Esperanza ore by MRT and ZincOx has shown it to be amenable to
beneficiation by means of heavy media separation (HMS), whereby a 40-44%
concentrate can be produced. Additional tests have shown that the concentrate
can be further upgraded to 65-75% Zn by fuming in a waelz kiln. MRT owns a
1,000tpd HMS plant, which will be used by the project. MRT and ZincOx are
negotiating with a third party for the use of an existing waelz kiln and
bagging facilities which, after refurbishment, can be used for fuming and
production of a high grade calcine.

As well as the resource potential of Las Damas and fuming possibility outlined
above, there is the opportunity of entering into early production and
generating cash flow, for a low capital outlay, by calcination of the HMS
concentrate without fuming. The product should be sellable on the open market
but may need some special marketing effort, as it is not commonly treated.

The agreement with MRT gives ZincOx the right to earn a 50% interest in a new
company for the expenditure of $5.0million, of which $3.0million is a loan to
be repaid on a preferential basis from operational cash flow. MRT's
contribution for its 50% interest in the Las Damas project is the various zinc
prospects, the HMS plant and provisional sales contracts. MRT will manage the
operation although ZincOx will remain in control during the funding of
$5.0million. There is no financial or other commitment by ZincOx.

A small drilling programme to confirm the geological model for the Esperanza
prospect is underway, funded by MRT. Piloting of a 30t bulk sample, currently
being mined, and calcination tests, will be carried out over the next three

12 March 2003

For further information please contact:

Andrew Woollett

Managing Director

ZincOx Resources plc

01276 455700


Leesa Peters/Cindy Dennis

Capital PR

020 7618 7889

[email protected]


a d v e r t i s e m e n t