Zazu Metals Corporation

Zazu Metals Corporation

December 16, 2008 08:30 ET

Zazu Receives More Excellent Results from Lik

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 16, 2008) -

Zazu Metals Corporation (TSX:ZAZ) ("Zazu") is pleased to announce another 12 drill hole results from the summer development program at the Lik zinc - lead - silver deposit, 22km from the Red Dog zinc mine of Teck Cominco ("Teck") in northwestern Alaska. Highlights from these holes include drill hole 160 with 8.78% zinc, 2.52% lead over 65.53m at a depth of 52.12m, and drill hole 201 with 9.77% zinc, 5.0% lead over 20.57m at a depth of 110.70m. Due to the shallow dipping, stratiform nature of the Lik South deposit, true thickness is estimated to equate to 85% to 90% of the sample lengths.

The consistency of the deposit continues to support Zazu management's belief in the enormous potential of the Lik property. The holes were drilled over 1200m of strike length and of the 12 drill holes, 9 contained mineralized intercepts of greater than 15m. Five contained intercepts greater than 25m, the longest of which was 65.53m in drill hole 160.

Results for 55 drill holes of the 58 completed during the summer program are released, representing a combination of infill and step out drilling. All 55 have intersected mineralization; 24 have intercepts of 25m or more of potentially economic sulphide mineralization, and several of the intercepts exceeded 15% zinc + lead such as drill hole 176 announced previously. Please refer to press releases dated August 19th, September 24th, October 29th and December 2nd, 2008 for full data. Field work is now completed for 2008, and assay results are pending for the remainder of the holes.

As of September 30th, 2008, Zazu's treasury was US$5.73mm.

Table 1 provides highlights of assay results for the 12 new drill holes.

A map of the drill hole locations is available at

Table 1. Assay results for holes 44 through 55 of the 58 holes drilled
in 2008.

From To Length Ag
(m) (m) (m) Pb% Zn% Pb+Zn% g/t
DDH-160 52.12 117.65 65.53 2.52 6.26 8.78 37.72
including 52.12 100.58 48.46 3.08 7.02 10.10 26.30
including 52.12 81.69 29.57 4.58 7.91 12.49 24.91
DDH-190 33.83 44.20 10.36 1.59 8.33 9.92 10.79
DDH-191 80.16 86.26 6.10 3.26 6.22 9.48 39.75
AND 96.93 112.93 16.00 1.58 4.90 6.48 109.71
DDH-193 78.64 117.90 39.26 2.51 7.00 9.51 83.31
DDH-196 61.87 74.07 12.19 1.45 7.07 8.52 53.53
DDH-197 8.53 45.11 36.58 0.66 2.56 3.21 17.42
including 8.53 20.42 11.89 0.56 4.20 4.76 9.41
DDH-198 64.92 74.07 9.14 0.59 2.89 3.48 26.83
DDH-199 92.99 125.88 32.89 3.15 7.22 10.37 48.01
DDH-200 85.34 115.37 30.02 1.89 8.59 10.48 3.93
DDH-201 110.70 152.70 42.00 3.08 6.84 9.92 80.78
including 110.70 131.28 20.57 5.00 9.77 14.77 114.56
DDH-202 167.03 169.47 2.44 0.26 0.87 1.13 1.38
DDH-204 147.22 171.30 24.08 3.1 7.40 10.49 97.00
including 147.22 164.29 17.07 4.13 9.24 13.37 116.96

Note: 1) Assays were analyzed by ALS Chemex Laboratories of Fairbanks,
2) It is estimated that true thicknesses are approximately 85% to
90% of the sample lengths. The Lik South deposit is a shallow
dipping stratiform deposit and all drill holes are vertical.

Zazu is currently awaiting assay results on 3 holes. Once the data is received and results are announced, it will be incorporated into an NI 43-101 resource estimate to be prepared by Scott Wilson Roscoe Postle Associates, Inc. (Scott Wilson RPA). Scott Wilson RPA will then combine all work to date and commence preparation of a comprehensive scoping study, and ultimately, a feasibility study. Zazu is in the enviable position of having a limited number of shares outstanding, no debt, and sufficient funds in the treasury to continue development of the Lik deposit in 2009.

The historical mineral resource at the Lik deposit is 26.7mm tonnes grading 9.16% zinc, 3.15% lead and 49 g/t silver, representing one of the largest undeveloped zinc - lead deposits in the world. These historical estimates that predate NI 43-101 are thought to be reliable at current drilling density and are considered to be relevant as they provide an estimate of the approximate size of the Lik deposit. They should not be relied upon until current work is used to update the resource.

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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