Zazu Metals Corporation

Zazu Metals Corporation

May 28, 2009 08:00 ET

Zazu's Lik South: Over 3.3 Bn Lbs of Indicated Zinc Resource

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 28, 2009) - Zazu Metals Corporation (TSX:ZAZ) ("Zazu") is in receipt of a current NI 43-101 resource estimate on the Lik zinc - lead - silver deposit, located 22km from the Red Dog zinc mine of Teck Cominco ("Teck") in northwestern Alaska. This first time disclosure of a current mineral resource confirms Lik as one of the largest undeveloped zinc deposits in the western world.

Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA) completed the resource estimate, constructing a wireframe block model at various cutoff grades for the Lik South deposit, and its offset extension Lik North. Highlights of the resource estimate include (full results are shown on table 1):

Indicated Resource of Lik South

- Over 3.3 billion pounds of zinc

- Over 1 billion pounds of lead

- Over 31 million troy ounces of silver

And the Inferred Resources of Lik North and South:

- Nearly 1.3 billion pounds of zinc

- Nearly 0.5 billion pounds of lead

- Nearly 10 million troy ounces of silver

Lik South is a shallow dipping, near surface, stratiform deposit. Zazu believes the deposit is amenable to open pit mining methods and the associated low operating costs. Lik North is deeper, and Zazu plans to mine it underground with access from the bottom of the Lik South pit.

The size, continuity, and near surface location of the Lik South deposit make it a standout mine development proposition and Zazu immediately initiated a Preliminary Assessment (Scoping) Study. Scott Wilson RPA was retained to complete this work.

Table 1: Current NI 43-101 Resource Estimate for Lik South and North Deposits

                 Zazu Metals Corporation - Lik Deposit, Alaska
                 Lik Deposit Resource Estimate May 7th, 2009

                         Indicated Resources        Inferred Resources
                     Short.                      Short.
            Cut Off   Tons                  Ag    Tons                   Ag
Location   %Pb + Zn    (mm)  Zn%   Pb%  oz/s.t.    (mm)   Zn%   Pb%  oz/s.t.
----------------------------------------------   --------------------------
Lik South        3%  21.13  7.98  2.58    1.53    1.39   6.73  2.09    1.02
                 5%  20.66  8.08  2.62    1.54    1.36   6.80  2.12    1.02
                 7%  18.89  8.37  2.75    1.59    1.12   7.18  2.28    1.06

Lik North        7%                               5.71   9.65  3.25    1.48
                 9%                               5.25   9.96  3.36    1.53
----------------------------------------------   --------------------------
TOTAL       S5%/N7%  20.66  8.08  2.62    1.54    7.07   9.10  3.03    1.39


1. CIM definitions were followed for Mineral Resources.
2. Mineral Resources are estimated at cut-off grades of 5% Pb+Zn within a
   wireframe shell at 3% Pb+Zn for the Lik South deposit. Mineral Resources
   for Lik North were estimated at a cut-off grade of 7% Pb+Zn within a
   wireframe shell of 7% Pb + Zn.
3. Mineral Resources are estimated using an average long-term zinc price of
   US$0.85/lb and an average long term lead price of US$0.65/lb.
4. The Mineral Resource estimate was prepared using Gemcom software. A block
   model was developed and grades interpolated using ordinary kriging.
5. A density value 0.109 tons/cubic ft. was used.

The resource estimate was based on the results of 204 diamond drill holes, totaling 34,460m. Drilling is on 200 ft. sections in the Lik South area, with holes mainly spaced at 100 ft. along section lines. The block model was estimated using 50ft X 50ft X 10ft blocks, with grade interpolation through ordinary kriging.

Zazu is in the enviable position of having a limited number of shares outstanding, no debt, and a strong treasury. Taking Lik from exploration into the early development stages last year, Zazu continues development with the following plans for 2009:

1. Continue ongoing environmental studies as part of future mine permitting through Travis Peterson Environmental (TPE).

2. Receive an analysis by PND Engineers, Inc. of the DeLong Mountains port facility to determine modifications required to ship Lik ore.

3. Receive an analysis by Lounsbury Engineers of the approximate costs and requirements or corridor routes.

4. Have Scott Wilson RPA incorporate the above data into a Preliminary Assessment (scoping) Study.

5. Convert the Lik federal claims package to state claims.

Teck is a 50% joint venture partner in the Lik deposit, however Zazu has the exclusive right to obtain 80% of the property by meeting certain spending commitments by 2018.

This news release was reviewed by Mr. Neil N. Gow, P.Geo., an Associate Consulting Geologist with Scott Wilson RPA, who is a qualified person as defined by National Instrument 43-101.

About Zazu Metals Corporation

Zazu is a Canadian-based exploration company focused on acquiring and developing base metal properties in North America. Zazu's principal asset is its 50% joint venture interest with Teck Cominco in the Lik zinc - lead - silver deposit in northwestern Alaska. Additional information about Zazu is available on its website at

Additional information about the property is on the Teck website ( Zazu is not responsible for the content, accuracy or timeliness of material contained on the Teck Cominco website.


Michael A. Steeves, President and COO

Some of the statements contained in this news release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

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