Mr. Gil Atzmon reports

ZAZU METALS FILES POSITIVE PEA FOR LIK ON SEDAR

Zazu Metals Corp. has filed a preliminary economic assessment on the Lik property located in northwest Alaska on SEDAR. Lik is located approximately 22 kilometres from Teck's Red Dog mine.

The PEA considers the open-pit potential of the Lik South deposit. The PEA did not consider Lik North, the contiguous deposit to Lik South, which would be mined using underground methods if economics proved viable.

The production rate and production cost indicate Lik South will be one of the largest and lowest-cost producers of zinc concentrate globally.

The economic analysis results are shown in the attached table.

                    NPV/IRR OF THE LIK SOUTH DEPOSIT 
                 FOR A RANGE OF ZINC PRICES AS INDICATED

                                  $0.92(i)
                              (PEA zinc
                     $0.80        price)       $1.00        $1.10        $1.20

Posttax IRR            2.6%         9.7%        13.4%        17.9%        22.1%
Posttax NPV
at 8 per cent ($76-million) $25-million  $83-million $158-million $233-million
Pretax IRR             3.7%        12.5%        17.3%        23.1%        28.4%
Pretax NPV
at 8 per cent ($60-million) $69-million $148-million $253-million $357-million

(i) Lesser of November's three-year trailing average and 
spot price as of Dec. 12, 2013; for lead -- $1.01 (U.S.) per pound,
silver -- $19.43 (U.S.) per troy ounce.

The results above reflect Lik's sensitivity to zinc prices. Zazu notes analysts' average forecast for zinc in 2015 is $1 per pound (Bloomberg Jan. 31, 2014), with a range of 82 cents to $1.20 per pound. Zazu maintains a constructive outlook on zinc prices based on expected global demand growth and anticipated mine closures.

Model expectations:

• Cash costs to mine gate: 54 U.S. cents per pound;
• Average annual life-of-mine production rate of 234,000 dry tonnes of zinc concentrate and 55,800 dry tonnes of lead concentrate. This would rank Lik South as one of the largest producers of zinc concentrate globally;
• Initial capital expenditure of $352-million (U.S.). Average life-of-mine sustaining capital of $3-million (U.S.) per year;
• Average life-of-mine concentrate grade of 53 per cent zinc for zinc concentrate and 61 per cent lead for lead concentrate;
• In total, 17.1 million tonnes of ore milled at an average grade of 7.7 per cent zinc, 2.6 per cent lead and 47 grams per tonne silver are expected from the Lik South open pit. This would rank Lik South as one of the largest zinc mines globally;
• Lik South mine life of nine years. Lik North would be mined subsequently if economics prove viable. Lik North remains open on strike and depth, and represents exploration opportunity for Zazu;
• The Lik project resource estimate is shown in the table attached below.

The PEA involves the construction of a 5,500-tonne-per-day mill that will produce both zinc and lead concentrate using on-site crushing/grinding and sequential flotation methods.

The PEA is preliminary in nature. Mineral resources that are not mineral reserves do not have demonstrated economic viability. It includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary economic assessment will be realized.

Lik benefits from the existing state-owned infrastructure, consisting of a purpose built haul road and concentrate shipping port. The state entity that owns both the existing road and port, the Alaska Industrial Development and Export Authority, is currently analyzing the construction of a 30-kilometre extension to the road and any port modification requirements to accommodate Lik as part of its prefunding due diligence.

JDS Energy and Mining Inc. led the PEA with specialist research and opinion provided by other consultants. Roscoe Postle Associates Inc. provided a resource estimate and block model for both Lik South and Lik North dated Dec. 31, 2013, as shown in the attached table.

                       MINERAL RESOURCE ESTIMATE

                        Indicated resources         Inferred resources
            Cut-off            Zn     Pb     Ag            Zn     Pb     Ag
Location      Pb+Zn     Mt      %      %    g/t     Mt      %      %    g/t

Open pit
Lik South         5% 16.85   8.04   2.70   50.1   0.74   7.73   1.94   13.4
Lik North         5%  0.44  10.03   2.77   59.0   2.13   8.88   2.94   45.8
                     17.29   8.09   2.70   50.3   2.87   8.59   2.68   37.5
Underground
Lik South         7%  0.69   8.04   3.15   51.0   0.51   6.97   1.59   11.3
Lik North         7%  0.13   8.93   2.93   37.5   1.96   9.22   2.99   45.8
                      0.82   8.18   3.12   48.9   2.47   8.76   2.70   38.7
Total                18.11   8.10   2.72   50.2   5.34   8.66   2.69   38.0

Notes:
1. CIM definitions were followed for mineral resources.
2. Mineral resources are estimated using average long-term prices of
$1.20/pound for zinc, $1.20/pound for lead and $27/ounce for silver.
3. A density value of 3.5 grams per cubic centimetre (0.109 ton per cubic
foot) was used.

The indicated and inferred resources that may be potentially mined by open-pit methods are predominately at Lik South and are constrained by a preliminary Whittle pit shell. The resources that may be potentially mined by underground methods are predominately at Lik North.

The part of this news release pertaining to engineering and financial estimates was reviewed by Robert Matter, PEng, mining engineer at JDS, who is a qualified person as defined by National Instrument 43-101. The part of this news release pertaining to the mineral resource estimate was reviewed by Neil Gow, PGeo, a consulting geologist with RPA, who is a qualified person as defined by NI 43-101. Mr. Matter and Mr. Gow are independent consultants to Zazu. JDS is currently in the process of completing the NI 43-101 technical report supporting the PEA, and an announcement will be made when the report is filed on SEDAR.

We seek Safe Harbor.