Zena Mining arranges $500,000 private placement

Mr. Kevin Hanson reports ZENA ANNOUNCES $500,000 NON-BROKERED PRIVATE PLACEMENT Zena Mining Corp. has arranged a non-brokered private placement consisting of up to 4,166,667 units priced at 12 cents per unit for total proceeds of up to $500,000. Each unit consists of one common share and one non-transferable common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at a price of 16 cents for a period of five years from the date of issuance. Insider participation in the foregoing offering constitutes a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities acquired by the insiders, nor the consideration for the securities paid by such insiders, exceeds 25 per cent of the company's market capitalization. The private placement is subject to regulatory approval and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws.