Zazu Completes Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 28, 2011) - Zazu Metals Corporation (TSX:ZAZ) ("Zazu") is pleased to announce the completion of a non-brokered private placement. Zazu placed 5,000,000 shares at C$0.45 for gross proceeds of C$2,250,000. Zazu also issued 350,000 purchase warrants to a finder entitling the finder to purchase 1 share per warrant at $0.55 per share, expiring 18 months after closing.

The proceeds will be used to complete a suite of studies on the Lik Deposit with the intent of advancing the project to feasibility as rapidly as possible as well as general corporate overhead. All securities issued pursuant to this private placement are subject to a hold period of four months from closing.

On a post closing basis, Zazu has 35,663,771 common shares issued and outstanding.

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 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.