ZENITH MINERALS LIMITED — Capital/Financing Update 2007

May 24, 2007

PRE-QUOTATION DISCLOSURE

Zinc Co Australia Limited (ZNC) is to be admitted to the official list of the Australian Stock Exchange as of 11.30 am on 29th May 2007 ("Admission Date").

The Company confirms that the following restricted securities are currently on issue:

Class Fully paid ordinary shares	Holder/s Giralia Resources NL	Issue Details Vendor Consideration	Number 40,000,000	Escrow Period 24 from months official οf date quotation of Zinc Co shares
Fully paid ordinary shares	Pacmag Metals NL	Vendor Consideration	300,000	12 from months official date οf quotation of Zinc Co. shares
\$0.25 options expiring on 30/6/2009	Directors	related Held b٧ parties and promoters	1,500,000	24 months from official οf date quotation of Zinc Co. shares

Rodney Michael Joyce Director Zinc Co Australia Limited

24 May 2007