Zazu Starts Summer Work Program at Lik
FOR: ZAZU METALS CORPORATION
JUN 12, 2012 - 08:00 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 12, 2012) - Zazu Metals Corporation (TSX:ZAZ) ("Zazu") is pleased to announce the start of the 2012 field program at Lik designed to provide the data required to advance the Lik project to feasibility and permitting. The Lik property is located 22 km from Teck's Red Dog Mine in Northwest Alaska.
The global zinc market is forecasted to face a significant supply deficit by 2015 with a series of large zinc mine closures scheduled, and limited new mine development. The Lik project is one of the largest undeveloped zinc assets in the western world, unique in its potential to be developed in a timely manner and deliver a significant volume of concentrate.
Zazu designed the 2012 program to focus on studies needed to enter the permitting stage of project development. Many of the activities are multiyear in duration, and build upon prior years' activities.
The program includes:
- Environmental Baseline Studies on air and water quality monitoring, fisheries, cultural resource assessment, wetlands / soil / vegetation mapping, hydrology and hydrogeology assessments.
- Studies to refine bridge and haul road design and costs. These included field testing of routes, hydrology testing and spring breakup ice and water conditions assessment.
- Refining the resource estimates and pit models based on exploratory and engineering drilling.
- An Acid Rock Drainage study to support permitting.
- Metallurgical studies aimed at improving process design and enhancing recoveries.
- Compiling data acquired from previous seasons with 2012 data to refine mine and infrastructure design.
The two contiguous deposits at Lik, the 18.7 million tonne open pittable Lik South, and the deeper, 5.2 million tonne Lik North are shown on the "Lik Project approximate Resource, Pit and Drill Hole Locations" map at: www.zazumetals.com/s/Projects.asp. It should be noted that this map is provisional, and will change as mine design develops. Zazu intends to develop Lik South first, and then access Lik North from the Lik South Pit all of which is subject to satisfactory feasibility work.
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 and the disclosure of drill results 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 the engineering portion of this year's field program were reviewed by Wayne Corso, P.E., consulting engineer for JDS Energy & Mining Inc., a qualified person as defined by National Instrument 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. Zazu is in the enviable position of having a limited number of shares outstanding, a strong treasury and no debt.
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
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.