Zazu Metals Corporation (TSX: ZAZ, "Zazu") is pleased to announce that Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA) completed a Preliminary Assessment (Scoping) Study on an initial open pit mine on Zazu's Lik Deposit. Based on these results Zazu plans to move the project forward to the pre-feasibility stage. The Lik Deposit is 22km from Teck's Red Dog Mine in North West Alaska.

The study considered both Indicated and Inferred Mineral Resources in the Lik Deposit amenable to open pit mining. The life of mine open pit plan includes the production of 16 million tonnes grading 8.08% zinc, 2.57% lead and 47.9 g/t silver. Scott Wilson RPA estimated the pre-production capital cost as US$352 million including 22% contingency for a 5,500 tonne per day mine and mill with an 8 year mine life. Scott Wilson RPA estimated life of mine operating costs of US$75 per tonne. Their base case assumes metal prices of US$1.00 per pound for zinc, US$0.80 per pound for lead and US$16 per ounce for silver. This demonstrated a pre-tax Internal Rate of Return (IRR) of 9%.

The deposit is highly levered to the zinc price. Using US$1.10 and US$1.20 per pound of zinc in the same model yields pre-tax IRR's of 17% and 23% respectively. The spot zinc price reached US$1.15 in January this year.

Zazu management expects the project economics to improve when the additional Inferred Resources and potential additions from drilling at depth are included in future mine plans. Gil Atzmon, Chairman and CEO stated: "Zazu management anticipates a strong long term zinc price as global zinc demand increases and supply decreases due to upcoming mine closures".

The Preliminary Assessment is an initial investigation of a development scenario for the deposit which contains a number of economic and technical assumptions. It includes Inferred Resources which are considered too geologically speculative to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the reserves development, production, and economic forecasts will be realized.

Scott Wilson RPA led the preliminary assessment study with specialist research and opinion provided by other entities. Scott Wilson RPA completed the required pit design, planning, building and operational estimates.

In May of 2009, Zazu moved the Lik Deposit into early development stage with the updated Mineral Resource estimate completed by Scott Wilson RPA. Their estimate of Lik South is an Indicated Mineral Resource of 18.74 million tonnes grading 8.08% zinc, 2.62% lead and 52.8 g/t silver; plus an Inferred Mineral Resource of 1.23 million tonnes grading 6.80% zinc, 2.12% lead and 35 g/t silver, at a 5% cut off grade. Lik North is an additional 5.18 million tonnes grading 9.65% zinc, 3.25% lead and 51 g/t silver of Inferred Resource at a 7% cut off grade. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Zazu is in the enviable position of having a limited number of shares outstanding, no debt, and a strong treasury. 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.

The Preliminary Assessment was completed by Kevin C. Scott, P.Eng., Principal Metallurgist with Scott Wilson RPA, and R. Dennis Bergen, P.Eng., Associate Principal Mining Engineer with Scott Wilson RPA, both of whom are qualified persons as defined by National Instrument 43-101. The part of this news release pertaining to the Preliminary Assessment Study was reviewed by them. The part of this news release pertaining to the Mineral Resource estimate was reviewed by Dr. William E. Roscoe, P.Eng., Principal Consulting Geologist with Scott Wilson RPA, and Neil N. Gow, P.Geo., Associate Consulting Geologist with Scott Wilson RPA, both of whom are qualified persons 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 in the Lik zinc -- lead - silver deposit in northwestern Alaska. Additional information about Zazu is available on its website at www.zazumetals.com.

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

ON BEHALF OF THE BOARD OF DIRECTORS

Gil Atzmon,
Chairman and CEO