September 30, 2016

Prairie Creek 2016 Technical Report
Annual Information Form

CZN-TSX
CZICF-OTCQB

VANCOUVER , Sept. 30, 2016 Canadian Zinc Corporation (TSX: CZN; OTCQB: CZICF) ("the Company" or "Canadian Zinc") reports that the Company has re-filed the Prairie Creek 2016 Technical Report, originally filed with SEDAR on May 12, 2016 , to correct an overstatement of the gross smelter revenue in the life-of-mine economic model included in its 2016 Preliminary Feasibility Study. (See Canadian Zinc News Release dated September 14, 2016 .)

All other inputs into the economic model and all technical aspects of the 2016 Preliminary Feasibility Study remain unchanged, including all mineral resource and reserve estimates, mining plans and production rates and estimates of capital and operating costs and assumptions on concentrate treatment charges and penalties.

The revised base case economic model continues to indicate a robust project at consensus forecasts for the long-term prices of lead and zinc and there remains good potential for additional project optimization, enhanced economics and further extending the life of the Prairie Creek Mine.

The revised financial results remain strongly positive and indicate a pre-tax undiscounted cumulative cash flow of $710 million at metal prices of US$1.00 /lb for zinc and lead and US$19 /oz for silver. The revised financial model yields a pre-tax NPV of $284 million at an 8% discount rate, with an IRR of 23%, and a post-tax NPV of $155 million , with a post-tax IRR of 18%.

The 2016 Preliminary Feasibility Study and the Prairie Creek Property Prefeasibility Update NI 43-101 Technical Report (filed on SEDAR on May 12, 2016 ) and the Prairie Creek Property Prefeasibility Update NI 43-101 Technical Report (Amended and Restated) (filed on SEDAR on September 30, 2016 ) were completed by AMC Mining Consultants ( Canada ) Ltd., and Tetra Tech Inc. with input from Canadian Zinc personnel and consultants. Canadian Zinc personnel were primarily responsible for the financial model and inputs and the financial analysis and for Section 22 "Economic analysis" of the Technical Report.

The Company has also re-filed its Form 20F (Annual Information Form) for the year-ended December 31, 2015 , to reflect the correction of the information extracted from the Technical Report referred to in this document.

This news release has been reviewed and approved by Alan Taylor P.Geo . COO & VP Exploration, who participated in the preparation of the Prairie Creek Property Prefeasibility Update NI 43-101 Technical Report (Amended and Restated) and is a Non-Independent QP under National Instrument 43-101 ("NI 43-101") for Canadian Zinc.

The following Qualified Persons have reviewed and approved the content of this news release as it pertains to their areas of expertise and project responsibility.

About Canadian Zinc

Canadian Zinc is a TSX-listed exploration and development company trading under the symbol "CZN". The Company's key project is the 100%-owned Prairie Creek Project, a fully permitted, advanced-staged zinc-lead-silver property, located in the Northwest Territories . Canadian Zinc also owns an extensive land package in central Newfoundland .

Cautionary Statement – Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). Forward-looking statements in this news release include, but are not limited to: statements with respect to the extent and impact of the overstatement described in this news release; expectations regarding the filing of an amended technical report and the expected content of that technical report; statements with respect to the Company's proposed Prairie Creek Mine operations, including life-of-mine, cash flow and other economic projections; the future mine grades, recoveries and production rates expected from the Prairie Creek Mine; the estimation of mineral reserves and mineral resources; the realization of mineral reserve and mineral resource estimates; the terms of any contracts the Company may ultimately enter with respect to the sale of zinc, lead, silver or copper concentrates; and the outlook for future prices of zinc, lead, silver and copper. Such forward-looking statements are made pursuant to the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995.