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Gold/Mining/Energy : Canadian Rocket Red's Picks -- Ignore unavailable to you. Want to Upgrade?

To: Rocket Red who wrote (19559)	12/24/2009 5:56:48 AM
From: Berry Picker	Read Replies (1) \| Respond to of 19697

ZAZ Zazu Metals Corp (C-ZAZ) - News Release Canadian Zinc acquires 3.4 million Zazu shares 2009-12-23 14:32 ET - News Release Shares issued 30,663,771 ZAZ Close 2009-12-22 C$ 0.22 From News Release (C-CZN) Canadian Zinc Corp Mr. John Kearney of Canadian Zinc reports CANADIAN ZINC: ACQUISITION OF SHARES OF ZAZU METALS CORPORATION Canadian Zinc Corp. has acquired 3.4 million shares of Zazu Metals Corp. representing approximately 11.1 per cent of Zazu's outstanding shares, for a consideration of $650,000. Zazu Metals is listed on the Toronto Stock Exchange. Its principal asset is the Lik zinc-lead-silver deposit, located in northwest Alaska, 22 kilometres from Teck Resource's Red Dog mine, the world's largest zinc producer. The Lik deposit is held in joint venture with Teck American Inc., a wholly owned subsidiary of Teck Resources Limited. Zazu currently owns a 50-per-cent interest in the joint venture and is entitled to earn an 80-per-cent interest, diluting Teck to 20 per cent, by spending $25-million (U.S.) (including development expenditure) by 2018. Teck has a one-time option to convert its 20-per-cent interest to a 2-per-cent net smelter return on presentation of a feasibility study. Zazu is the operator in all scenarios. In May, 2009, Zazu reported a National Instrument 43-101 mineral resource estimate, prepared by Scott Wilson Roscoe Postle Associates Inc., of 20.6 million tons, grading 8.08 per cent zinc, 2.62 per cent lead and 1.54 ounces of silver per ton in the indicated category for the Lik South deposit and 7.07 million tons grading 9.1 per cent zinc, 3.03 per cent lead and 1.39 ounces of silver per ton in the inferred category for the Lik North and Lik South deposits. As reported by Zazu Lik South contains over 3.3 billion pounds of zinc, over one billion pounds of lead and over 31 million ounces of silver. Lik North contains nearly 1.3 billion pounds of zinc, 500 million pounds of lead and nearly 10 million ounces of silver. See Zazu's news in Stockwatch on May 29, 2009, and its technical report filed on SEDAR on July 10, 2009. "We seized this opportunity to acquire a strategic shareholding in Zazu, which controls one of the largest undeveloped zinc-lead deposits in the western world, in proximity to the Red Dog mine, which is almost universally acknowledged as the No. 1 zinc mine in the world," said John Kearney, chairman of Canadian Zinc. "We like the Lik deposit -- it lies adjacent to a great mine and also has significant exploration potential. This investment fits well with our own Prairie Creek mine, which is one of the highest-grade zinc-lead-silver deposits in the world," Mr. Kearney added. The shares in Zazu were acquired for investment purposes. Depending on market and other conditions, Canadian Zinc may from time to time in the future increase or decrease its ownership, control or direction over the shares of Zazu through market transactions, private agreements or otherwise. We seek Safe Harbor.