Zoolander Announces Termination of Consultancy Agreement

TORONTO, ONTARIO--(Marketwire - March 27, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Zoolander Corporation ("Zoolander" or the "Corporation") (TSX VENTURE:ZOO.H) announces that, subject to the TSXV's review and approval in accordance with the policies of the TSXV, the Corporation has entered into a separation agreement with Mr. Lawrence Hood to terminate the engagement of Mr. Hood as a consultant to serve as a director and officer of the Corporation's subsidiaries.

Among other things, the separation agreement provides for a mutual release by Mr. Hood and the Corporation of all claims as well as a release and quit claim by Mr. Hood of any interest or rights to any assets of the Corporation or its subsidiaries, including mineral rights, claims, exclusive prospecting orders, applications and other mining related assets. In consideration, the Corporation agreed to purchase from Mr. Hood US$100,000's worth of the Corporation's shares, at a price of $0.10 per share.

The purchase by Zoolander of its shares from Mr. Hood as contemplated by the separation agreement constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"). Zoolander, as an issuer listed on the TSXV, is exempt from the formal valuation requirement of MI 61-101 for a "related party transaction". In addition, the transaction is exempt from the minority shareholder approval requirement of MI 61-10 for a "related party transaction", as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction exceeds 25% of Zoolander's market capitalization.

Zoolander would like to thank Mr. Hood for his service and contribution to the Corporation and its subsidiaries and wishes him continued success in his future business ventures.

The foregoing information may contain forward-looking statements relating to the future performance of Zoolander. Forward-looking statements, specifically those concerning future performance, expectations concerning the timing results, indications and benefits of exploration, drilling test work and engineering assessments, and other statements that are not historical fact, are subject to certain risks and uncertainties, and actual results may differ materially from Zoolander's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by Zoolander with the TSXV/NEX and securities regulators. Zoolander does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of Zoolander in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or unless an exemption from such registration is available.

Shares Outstanding: 49,987,500