Zazu Announces Proposed Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 1, 2011) - Zazu Metals Corporation (TSX:ZAZ) ("Zazu") is pleased to announce the arrangement of a non-brokered private placement of C$7,974,252 subject to regulatory approval and closing. Zazu will place 8,860,280 shares at C$0.90 representing 19.9% of the issued and outstanding common shares of the company on a post closing basis.

The purchaser is Zebra Holdings and Investments S.À.R.L. (Zebra), a company owned by a trust settled by the late Adolf H. Lundin.

For a period of two years and for such longer period thereafter as the purchaser owns at least 10% of the issued and outstanding shares on non-diluted basis, the purchaser shall have the right to name a nominee to the board of directors and participate in financings on a pro rata basis. In addition, the purchaser has agreed not to increase its ownership for a period of one year without the approval of management unless Zazu enters into a business combination where Zazu shareholders will own less than 50% of the resulting entity, or a third party offers to acquire 50% or more of the outstanding voting shares of Zazu pursuant to a formal take-over bid.

The proceeds will be used to complete the Feasibility Study on the Lik South deposit, exploration drilling on the contiguous Lik North deposit as well as general operating expenses.

Upon completion of this financing Zazu will have 44,524,051 common shares issued and outstanding.

"We welcome this investment from Zebra, which will provide the Company with sufficient capital to complete a Feasibility Study on the Lik South deposit. We believe that the zinc market will be faced with several large mine closures over the coming years and that Zazu offers investors the opportunity to participate in a high-grade sulphide and open-pittable zinc development story, located proximal to existing infrastructure," said chief executive officer Gil Atzmon. "We also look forward to further exploration of the adjacent Lik North deposit, which already hosts a high-grade Inferred Resource."

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% interest in the Lik zinc - lead - silver deposit in North West Alaska. 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. Zazu is in the enviable position of having a limited number of shares outstanding, a treasury considered sufficient to complete the Feasibility Study and no debt.

Additional information about Zazu is available on its website at www.zazumetals.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Gil Atzmon, Chairman and CEO

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.