Yukon Zinc has received an unsolicited bid for 100% of the outstanding shares, options and warrants of the company by way of Plan of Arrangement. The proposal was made by China’s Northwest Nonferrous Investment Co and Jinduicheng Molybdenum Group. It results from due diligence investigation and discussions with the management of the Investors that commenced in early 2007. This follows the company entering into an agreement with Griffin Mining on April 18. The agreement with Griffin permits Yukon Zinc to consider any proposal that is potentially superior. 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 shareholders. As a result, Griffin has five business days to respond to the Investors’ Superior Proposal and amend its proposal.The Northwest Proposal provides for acquisition of all outstanding Yukon Zinc shares at a price of C$0.22 per share, 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 C$410,000, according to a purchase schedule for each series of options and warrants.The cash offer for Yukon Zinc shares represents a premium of 37.5% over the closing price of Yukon Zinc shares on Friday April 25 (C$0.16 per share). The Northwest Proposal exceeds the effective value of the Griffin Proposal by approximately 11.7%, calculated on Monday April 28 closing prices for Yukon Zinc and Griffin shares.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.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 $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. With more than 6,000 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.