Yukon Zinc Receives New Acquisition Proposal

Yukon Zinc Corporation (TSX VENTURE:YZC) ("Yukon Zinc" or "the Company")
announces today that it has received an unsolicited bid for 100% of the
outstanding shares, options and warrants of the Company ("the Northwest
Proposal") by way of Plan of Arrangement. The Northwest Proposal was made by
Northwest Nonferrous Investment Company, Limited, and Jinduicheng Molybdenum
Group, Ltd. (collectively, "the Investors"). Both corporations exist under the
laws of the People's Republic of China. The proposal results from due diligence
investigation and discussions with the management of the Investors that
commenced in early 2007.


On April 18, 2008, the Company entered into an agreement with Griffin Mining
Limited ("Griffin") under which Griffin will, subject to Yukon Zinc shareholder
approval, acquire all of Yukon Zinc shares by the issue of one Griffin ordinary
shares for nine Yukon Zinc common shares ("the Griffin Proposal") (see April 21,
2008 News Release). A fairness opinion in respect to the Griffin Proposal was
received from the Company's advisors Paradigm Capital Inc. ("Paradigm"). The
agreement with Griffin permits Yukon Zinc to consider any proposal that is
potentially superior ("a Superior Proposal"). Griffin has been advised of the
receipt of the Northwest Proposal and of the intention of the Board to accept it
and to recommend its adoption by the Company's shareholders. As a result,
Griffin has five business days to respond to the Investors' Superior Proposal
and amend its proposal in response to the Northwest Superior Proposal. Subject
to receipt and consideration of any amended proposal that Griffin may submit in
the interim, the Board will meet on May 6, 2008 to determine whether to accept
the Northwest Proposal.


Paradigm has delivered an opinion to the Yukon Zinc Board stating that in its
opinion, the Northwest Proposal is fair, from a financial point of view, to our
shareholders. The completion of a transaction related to either of Northwest or
Griffin proposals is subject to regulatory approvals.


Summary of the Northwest Proposal

The Northwest Proposal provides for acquisition of all outstanding Yukon Zinc
shares at a price of $0.22 per share ("the Purchase Price"), payable in cash.
Each Yukon Zinc option and warrant that is "in-the money" will be purchased for
the cash value. All options and warrants that have an exercise price greater
than the Purchase Price (that is, "out-of-the-money") will be purchased for an
aggregate price of $410,000, according to a purchase schedule for each series of
options and warrants.


The Investors cash offer for Yukon Zinc shares represents a premium of 37.5%
over the closing price of Yukon Zinc shares on Friday April 25th, 2008 ($0.16
per share).  The Northwest Proposal exceeds the effective value of the Griffin
Proposal ($0.197 per YZC share) by approximately 11.7%, calculated on Monday
April 28th, 2008 closing prices for Yukon Zinc and Griffin shares.


The Proposal is structured as a plan of arrangement and is conditional on:

- Approval of 66 2/3% of the votes cast by shareholders at a meeting of Yukon
Zinc shareholders;


- Execution of a definitive acquisition agreement, a draft of which has also
been received; and


- Receipt of court and regulatory approvals, waiver of the Yukon Zinc
shareholder rights plan, and other customary provisions such as no material
adverse change.


There are no lockup or additional due diligence conditions. The Investors have
represented that they are confident, based on discussions with the NDRC (the
Chinese state agency controlling investment activities overseas for Chinese
entities), that all necessary approvals will be obtained without delay and have
the requisite funding in place to do so. The Northwest Proposal is open for
acceptance until noon Vancouver time May 7, 2008.


About Yukon Zinc

Yukon Zinc is a TSX Venture Exchange listed company based in Vancouver. It is
focused on development of its silver-rich Wolverine Project in southeast Yukon
and its large exploration land holdings in the Finlayson and Rancheria
Districts. A bankable feasibility study was completed for the Wolverine Project
by Wardrop Engineering in January 2007 indicating favourable project economics.
The Project has all of its main development permits and enjoys strong support
from the Yukon Government and its local First Nations communities.


About Jinduicheng and Northwest

Jinduicheng is the largest producer of molybdenum and associated products in
Asia and reportedly the third largest in the world. It is publicly-traded on the
Shanghai Stock Exchange after a recent a US$1.2 billion IPO. Jinduicheng's
mining and processing operations are located in Shaanxi province, China.
Northwest represents the Shaanxi state geological bureau. In China Northwest is
one of the top five exploration and mining Bureaus amongst around 100 provincial
Bureaus in terms of revenue and technical capacity. Employing more than 6000
employees including 800 geologists, technologists and engineers, Northwest was
the first bureau in China to conduct exploration projects in partnership with
companies from Western countries.


Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of
applicable Canadian securities laws concerning the business, operations and
financial performance and condition of Yukon Zinc. Forward-looking statements
include, but are not limited to, statements with respect to the future price of
metals, the estimation of mineral reserves and resources, the realization of
mineral reserve estimates, the timing and amount of estimated future production,
costs of production, capital expenditures, costs and timing of the development
of new deposits, success of exploration activities, permitting time lines,
hedging practices, currency exchange rate fluctuations, requirements for
additional capital, government regulation of mining operations, environmental
risks, unanticipated reclamation expenses, timing and possible outcome of
pending litigation, title disputes or claims and limitations on insurance
coverage.

Generally, these forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or variations of such
words and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of activity,
performance or achievements of Yukon Zinc to be materially different from those
expressed or implied by such forward-looking statements, including but not
limited to: risks related to the integration of acquisitions; risks related to
international operations; risks related to joint venture operations; actual
results of current exploration activities; actual results of current reclamation
activities; conclusions of economic evaluations; changes in project parameters
as plans continue to be refined; future prices of metals; possible variations in
ore reserves, grade or recovery rates; failure of plant, equipment or processes
to operate as anticipated; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or financing or in
the completion of development or construction activities. Although Yukon Zinc
has attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking statements, there may
be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Yukon Zinc does not undertake to update
any forward-looking statements that are incorporated by reference herein, except
in accordance with applicable securities laws.
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