NOVEMBER 14, 2017: Canadian Zinc Reports Results for Third Quarter

This news release should be read in conjunction with the Company's unaudited interim consolidated financial statements for the three and six month periods ended September 30, 2017 and the related management's discussion and analysis (MD&A) which are available on the Company's website at www.canadianzinc.com, under the "Financials" section, or on SEDAR (www.sedar.com).

Canadian Zinc completed a Feasibility Study ("2017 FS"), which supersedes the 2016 Pre- Feasibility Study ("2016 PFS"). A new Technical Report entitled "Prairie Creek Property Feasibility Study NI 43-101 Technical Report" effective September 28, 2017 was filed on SEDAR.

The results of the 2017 Feasibility Study indicate notable improvements compared to the Preliminary Feasibility Study completed in 2016 and confirm that the Prairie Creek Mine can support a significant increase in the mining rate and mill throughput that will enable production of higher quantities of zinc, lead and silver, and at lower operating cost as compared to the mine plan presented in the 2016 PFS.

The Mackenzie Valley Environmental Impact Review Board issued its report on environmental assessment September 12, 2017 and recommended approval of the Prairie Creek All Season Road, subject to implementation of various measures.

In central Newfoundland, Canadian Zinc continued the 2017 drill program targeting up-dip mineralization at the Lemarchant deposit as well as other nearby targets reporting positive results.

A 5,000 metre drill program was initiated subsequent to the end of the quarter, staged from the Company's Pat's Pond camp location, in the Boomerang-Domino deposit area.

The 2017 drill programs at Lemarchant intersected significant extensions of base metal massive sulphide mineralization, both up-dip and to the immediate south of the currently defined Lemarchant deposit. The exploration results from the 2017 drilling programs will be compiled into an updated resource estimate on the Lemarchant deposit, which is expected to be completed after the end of the present drilling program, in the first quarter of 2018.

The Feasibility Study ("2017 FS") was completed in September and supersedes the 2016 Pre- Feasibility Study ("2016 PFS"). A new Technical Report entitled "Prairie Creek Property Feasibility Study NI 43-101 Technical Report was filed on SEDAR on October 31, 2017.

Feasibility Study Completed

The 2017 Feasibility Study concludes that the Prairie Creek Mine is shown to be a viable project, based on the mineral reserves, mine plan, production and economic parameters determined within the 2017 FS.

AMC recommends that Canadian Zinc advance the Project to the next stage, which will include; detailed design and planning of the required services, construction of the all season road, refurbishment of the mill, ordering the long-lead equipment for power generation, portal refurbishment, access widening, and development of ramp declines in preparation for ore production and processing.

Mill start-up is projected for August 2020, with a pre-production period during which detailed engineering, mill and camp refurbishment, underground development from existing workings, and construction of key surface infrastructure items, including a paste plant and all season road, will take place.

Feasibility Study Highlights

Optimization work completed as part of the 2017 FS has led to improvements compared with the plan contained in the 2016 PFS in many aspects of the Prairie Creek Mine with only a modest increase in the capital cost. Among these are:

• Increased mining rate (+18.5% to 1,600 tonnes per day).

• Increased mill throughput after DMS processing (+25% to 1,200 tonnes per day).

• Lower operating cost (-2.6% to $223 per tonne mined, including transport).

• Increased Mineral Reserve tonnage (+6.2% to 8.1 million tonnes).

  The 2017 FS Mine Plan covers a 15 year Life of Mine ("LOM") production from mill start-up with a particular focus on optimizing the LOM grade profile. During the first 10 years of production, the expanded mill throughput results in the following as compared to the 2016 PFS:

• Higher average annual metal production (zinc 95M lbs. and lead 105M lbs.).

• Average annual total contained zinc in both zinc and lead concentrates increased by approximately 7% from 82 million pounds to 88 million pounds per year.

  The 2017 FS indicates many financial improvements from the 2016 PFS:

• Cumulative net revenue over the life of the mine increased by $325 million to $3 billion and cumulative undiscounted cash flow, pre-tax, up $190 million to $900 million, an increase of over 30%, at base case metal prices of zinc=US$1.10/lb., lead=US$1.00/lb., and silver=US$19.00/oz.

• The pre-tax NPV, discounted at 8%, increased 21% to $344 million, with an IRR of 23.8%, while the NPV post-tax and royalties, discounted at 8%, increased 22% to $188 million, with an IRR of 18.4%.

• Capital cost increased by $35 million (14%) to $279 million, including contingency, primarily because of the expansion in mine and mill throughput and accelerated mine development.

• The post-tax payback period was reduced by five months to 4.6 years from mill start-up.

Financial Analysis Summary

The pre-tax and post-tax net present values, at 5% and 8% discount rates, and internal rates of return, are illustrated in the table below, at a Canadian/US dollar exchange rate of CA$1.25=US$1.00, except where noted. The table also demonstrates the sensitivities of the Prairie Creek Project to zinc, lead and silver prices and to the Canadian/US dollar exchange rate.

1. Post-tax results include all taxes, royalties, aboriginal participation costs and the Sandstorm 1.2% NSR.

2. Foreign exchange assumed to be CA$1.375:US$1.00 on these lines.

The 2017 FS indicates average annual EBITDA during the first 10 full years of $111 million per year and cumulative EBITDA of $1,294 million over the projected LOM of 15 years, using base case metal price forecasts.

During the first 10 full years of concentrate production the 2017 FS forecasts average annual production of approximately 65,000 tonnes of zinc concentrate and 72,000 tonnes of lead concentrate, containing an average of approximately 95 million pounds of zinc, 105 million pounds of lead and 2.1 million ounces of silver.

Using the base case metal prices and exchange rate of CA$1.375=US$1.00 would increase the pre-tax NPV 8% to $500 million and the IRR to 29.5%. Using a zinc price of US$1.20 per lb., with all other base case inputs and a foreign exchange rate of CA$1.25=US$1.00 would increase the pre-tax NPV 8% to $410 million and the IRR to 26.2%.

Using a zinc price of US$1.20 per lb., with all other base case inputs and a foreign exchange rate of CA$1.375=US$1.00 would increase the pre-tax NPV 8% to $574 million and the IRR to 31.9%.

The Economic Model used in the 2017 FS has been prepared assuming average blended indicative treatment charges of US$172 per tonne for zinc sulphide concentrates and US$130 per tonne for lead concentrates, both substantially higher than the current spot treatment charges, with industry standard penalties, including mercury penalties of US$1.75 for each 100 ppm above 100 ppm per tonne of concentrate.

Pre-production Capital Costs, including provision for construction of a new all season road, are estimated at $253 million, with a contingency of $26 million for a total of $279 million, and with post-tax payback of 4.6 years from commencement of concentrate production.

Project Execution

Target start-up for commencement of commercial production/milling operations at Prairie Creek mine is scheduled for August 1, 2020 with commissioning of the mill taking place over three months prior to this date.

The 2017 FS contemplates the first year of the project schedule comprising detailed engineering and initial site/portal preparation, including the completion of permitting and design of the all season road with the second year including procurement of long-lead-time items and further preparation of the site, followed by continuous site construction and mine development to production.

Mobilization will initially be by winter road and/or airlift, concurrent with construction of the all season road.

On September 12, 2017, the Mackenzie Valley Environmental Impact Review Board ("MVRB" or the "Review Board") recommended approval of the proposed all season road for the Prairie Creek Mine. The Review Board issued its Report of Environmental Assessment and Reasons for Decision for Canadian Zinc's Prairie Creek all season road project for the Prairie Creek Mine (the "EA Report") and submitted the Report to the Federal Minister of Crown-Indigenous Relations and Northern Affairs.

The Review Board recommends the approval of the Prairie Creek all season road be made subject to implementation of the measures described in the Report, which it considers are necessary to prevent significant adverse impacts on the environment and local people.

In its Report, the Review Board has prescribed measures, many of which build on Canadian Zinc's commitments made during the EA Report, intended to mitigate the significant adverse impacts on the environment, improve monitoring and managing the potential impacts and which will also address any public concern related to these impacts. With these and other measures to reduce or avoid identified impacts, the Review Board concluded that the Project will be improved, and meaningful actions will mitigate the significant impacts that would otherwise occur.