Zazu and AIDEA Agree to Continued Studies on the Road and Port

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 1, 2013) - Zazu Metals Corporation (TSX:ZAZ) ("Zazu") is pleased to announce a second Cost Reimbursement Agreement ("CRA") with Alaska Industrial Development and Export Authority ("AIDEA"). This agreement funds studies commissioned by AIDEA to evaluate Zazu's use of AIDEA's haul road and port that currently services Teck's Red Dog Mine.

This follows the successful completion of the original CRA, that funded AIDEA commissioned studies assessing the viability of the Lik Project. These studies satisfied AIDEA's requirement that the project demonstrate sufficient viability to warrant further support.

AIDEA's haul road and port are collectively known as the Delong Mountain Transportation System ("DMTS"). AIDEA financed the construction of the DMTS specifically to develop regional resources such as Lik and the Red Dog Mine. The second CRA studies will:

• Determine if modifications are required for handling Lik concentrate, based on current mine output expectations;
• Produce a Term Sheet detailing the expected cost for Zazu to use DMTS.

These studies will contribute to the Lik Project's feasibility study, identifying Zazu's expected cost and obligations with regard to regional infrastructure requirements.

AIDEA is an enterprise corporation owned by the State of Alaska. Its mission is to fund infrastructure projects considered to economically benefit the State.

The zinc market will be faced with several large mine closures over the next five years, with limited potential for replacement. Zazu aims to develop the Lik Deposit to deliver into this expected supply shortfall. Zazu's completed multiple significant steps towards achieving this goal:

• A positive Preliminary Assessment Study by Scott Wilson RPA, Inc., in 2010;
• Production of a very clean, desirable concentrate from three rounds of metallurgical testing;
• Working mine and infrastructure designs developed from multiple engineering studies;
• Sufficient data for initiating environmental permitting from comprehensive environmental monitoring programs;
• Identifying substantial deposit expansion potential through successful exploration;
• Bringing the majority of permitting under the purview of the State of Alaska by conversion of Zazu's Federal claims to State level claims.

Consequently Zazu is uniquely positioned with a large, high grade deposit with no obvious impediment to development that is entering the feasibility study stage. Zazu is in the enviable position of having a limited number of shares outstanding, a strong treasury and no debt.

Roscoe Postle Associates Inc., (RPA), formerly Scott Wilson Roscoe Postle Associates Inc., completed an updated Mineral Resource estimate in May of 2009. Its 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.

The parts of this news release pertaining to the Mineral Resource estimate was reviewed by Dr. William E. Roscoe, P.Eng., a Principal Consulting Geologist with RPA, and Neil N. Gow, P.Geo., Associate Consulting Geologist with RPA, both of whom are qualified person as defined by National Instrument 43-101.

Items related to engineering portion were reviewed by Wayne Corso P.E., consulting engineer for JDS Energy & Mining Inc, a qualified person as defined by NI 43-101.

About Zazu Metals:

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. Additional information about Zazu including a company presentation is available 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

Cautionary statement:

The TSX does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission or other regulatory has approved or disapproved the information herein.

Forward looking statements:

This news release contains forward-looking statements. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include 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. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.