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                                                                    Exhibit 99.1

                                NEWS RELEASE FOR
                               IMMEDIATE RELEASE

                           RESPONSE TO HECLA'S LAWSUIT

TORONTO, ONTARIO - JANUARY 23, 2001 - ZEMEX CORPORATION (NYSE, TSE: ZMX)
announced today that it had received notification yesterday of a press release
issued by Hecla Mining Company (NYSE:HL), in which Hecla announced that it had
brought suit against Zemex over the failure of the closing of the purchase of
Hecla's subsidiary, Kentucky-Tennessee Clay Company to occur, and Zemex also
announced that it had received a copy of the complaint in the lawsuit.

Zemex contracted on November 17, 2000 to purchase the shares of K-T Clay for $68
million. In that contract, Hecla specifically represented and warranted to Zemex
that since September 30, 2000, there had been no material adverse change to the
business or financial condition of K-T Clay. The contract provided that Zemex
did not have to close the transaction if Hecla's representations and warranties
were not true and correct in all material respects as of the closing, and did
not have to close if there had been a material adverse change to K-T Clay's
business or financial condition. At the time Zemex signed the contract, Zemex
entered into a binding commitment with Bank of America (Canada) to provide 100%
of the financing for the acquisition of K-T Clay. That commitment piggy-backed
on the material adverse change condition in the purchase and sale agreement so
that the bank was not obligated to fund if a material adverse change to K-T
Clay's business or financial condition occurred. The parties had agreed to a
closing on January 16, 2001.

On January 8, 2001 Hecla informed Zemex that there had been a very significant
deterioration in K-T Clay's operating results in December, 2000. K-T Clay had
suffered a shortfall from K-T's forecast in December alone of well in excess of
three times the threshold for a material adverse change, as defined in the
contract. Zemex immediately notified Hecla that it would not close the
transaction because of this massive deterioration in results, but Zemex
concurrently made it clear to Hecla that it desired to proceed with a
renegotiated transaction that would allow for a quick closing at a valuation
which fairly represented the revised value of the operations of K-T Clay. Zemex
had discussions with representatives of Hecla on January 17, 18 and 19, and
believed that a revised agreement was in sight when it received word on Monday,
January 22, of Hecla's suit.

Richard Lister, president of Zemex Corporation, stated: "We are very surprised
and disappointed by Hecla's attempt to turn K-T Clay's adverse operating results
into a breach of contract lawsuit. The significant operating loss at K-T Clay
was not caused by Zemex; the business was (and still is) owned and operated by
Hecla." Mr. Lister further stated, "Hecla's attempt to claim that Zemex
misrepresented its ability to obtain financing is completely false. Zemex had
fully committed financing for the transaction; that financing is not available
today solely by reason of the material adverse change which has occurred at K-T
Clay." Mr. Lister finally stated, "Notwithstanding Hecla's press release and
lawsuit, Zemex has acted in an entirely appropriate fashion and in the utmost
good faith. Zemex still has a strong desire to purchase K-T Clay at a


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price which is fairly reflective of its value, and is prepared to devote all
resources necessary to accomplish this goal in a timely fashion if Hecla has a
similar willingness."

Zemex Corporation is a diversified producer of industrial minerals and specialty
products and, through its Alumitech division, reprocesses aluminum drosses with
patented zero discharge technology. Zemex currently operates facilities across
the United States and Canada. Its products are used in a variety of commercial
applications and are sold throughout the United States, Canada and Europe.



                                

For further information,
please contact:                    Richard Lister
                                   President and Chief Executive Officer
                                   (416) 365-5667

                                   Allen J. Palmiere
                                   Vice President and Chief Financial Officer
                                   (416) 365-8091



This press release may contain "Forward-Looking Statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. These forward
statements include statements regarding the intent, belief or current
expectation of the Corporation and members of its senior management team,
including, without limitation, expectations regarding prospective performance
and opportunities. Investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from those
contemplated by the Corporation.