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RNS Number:7400I

Zambezi Resources Ltd


12 September 2006
12 September 2006
Zambezi Resources Limited (AIM:ZRL)
Exploration Update Zambian Copper, Gold and Uranium Projects
?Three drilling rigs operating on priority projects
?Chakwenga Gold Project RC drilling completed, results expected during
September
?Cheowa Copper Project diamond drilling ongoing, results expected during
September
?Mwomboshi Gold Project diamond drilling commenced, results expected
during October
?Oryx Uranium Project trench sampling and spectrometer surveys completed,
results expected during September
Zambezi Resources Limited ("Zambezi" or the "Company"), today announces progress
on exploration activities at its Zambian copper, gold and uranium projects,
where three drill rigs are currently in operation. Detailed reports will be
released for each project when all assay results are to hand.
At Chakwenga, the Company's priority gold project, the first phase of RC
drilling ever conducted on this project has been completed in the vicinity of
the Chakwenga Mine area. 35 holes were completed for a total of 4,899 metres,
over a strike length of approximately 1 kilometre. Holes were drilled on a
section spacing of approximately 100 metres and tested several mineralised
horizons to maximum vertical depths of 70-150 metres. Target zones returned
encouraging intervals of quartz veining hosted by pyrite-bearing schists in
several holes. Assay results are expected during September. The RC rig is now
drilling the first holes into the Kangaluwi-Chisawa copper-gold prospect 10
kilometres southeast of Chakwenga, and will return to Chakwenga for infill and
extension drilling following receipt and assessment of the assay results.
At Cheowa, the Company's priority copper-gold project, diamond drilling of the
previously defined electromagnetic conductors continues. To date, 12 holes have
been completed for 2,278 metres, including 2 holes on Conductor CC01, 8 holes on
Conductor CC02, and 2 holes on Conductor CC03. Assay results have been received
to date only for the first two holes drilled on Conductor CC02. These were
previously reported (see announcement of 25 July 2006), and returned a best
result of 4 metres @ 3.34% copper (CHEDD0002, 74-78m downhole). Subsequent to
the first two holes, further encouraging disseminated pyrite-chalcopyrite
mineralisation ranging in downhole width from 3 to 34 metres has been
intersected at Conductor CC02. Assay results are expected in mid September.
Diamond drilling is planned to continue at this exciting prospect until the end
of the current field season in December.
At Mwomboshi, previous rock chip sampling by the Company returned surface gold
anomalism over a 600 metre strike length of the Mwomboshi shear system (see
announcement of 31 March 2005), with results in excess of 1 g/t gold occurring
over a strike length of some 400 metres. Best results within this zone included
124.16 g/t gold, 53.65 g/t gold, 11.09 g/t gold and 9.51 g/t gold. In addition,
stream-sediment samples collected from streams draining the Mwomboshi shear
system returned gold anomalism over 3 kilometres of strike, with six samples

returning assays greater than 10 ppb Au, including a high of 4,028 ppb Au.
Limited diamond drilling was carried out at Mwomboshi by the Zambian Geological
Survey in 1978, and while no systematic core sampling and gold analysis was
carried out, numerous core intervals were crushed and panned, returning
significant gold tails. Zambezi has recently completed more surface geochemical
sampling and a ground IP geophysical survey, and has now commenced a diamond
drilling programme, initially targeting the highly anomalous 400 metre zone of
the Mwomboshi shear system. Assay results are expected in October.
At Oryx, the Company's priority uranium project, 14 trenches have been completed
for a total of 1,628 metres over the areas of strongest radiometric uranium
anomalism. Channel sampling has been completed and all samples have been
submitted for assay. In addition, detailed spectrometer traverses have been
conducted along all trenches. A strong correlation between spectrometer results
and the limited assay results to hand is evident, with broad uranium
spectrometer anomalies corresponding closely with uranium assay anomalies. Full
assay results are expected in late September, when a more detailed report will
be released. In addition to Oryx, the Company continues to carry out
reconnaissance work on other radiometric uranium anomalies identified during the
2005 geophysical surveys.
Commenting today Julian Ford, Managing Director of Zambezi, said: "Over the next
six weeks, we look forward to further results from our intensive and ongoing
drilling campaigns on our key copper and gold projects. Following positive
results at Cheowa, our copper strategy has been cemented with the announcement
of the Glencore Joint Venture last week. Intensive exploration activity
continues on our gold and uranium projects and we are optimistic of positive
developments".
A detailed version of this announcement, including maps is available from the
Zambezi website at: www.zambeziresources.com
For more information contact:
Julian Ford, Managing Director
Zambezi Resources (Australia)
+61 (8) 9216 9000/+61 (4) 1894 9580

Jeremy Wrathall, Non-Executive Director


Zambezi Resources (London)
Mob: +44 7712 776 100

Laurence Read / Leesa Peters


Conduit PR
+44 20 7429 6666 / +44 7979 955 923
ADDITIONAL INFORMATION
Zambezi was listed on London's AIM market in July 2004 with a large Zambian
exploration portfolio of prospective copper and copper-gold targets in an area
that had been devoid of any exploration for the past 30 years. Zambezi has
achieved a first mover advantage for gold and copper-gold in Zambia which is
fast becoming a favoured exploration destination in Africa. Zambezi has been
successful in identifying a number of gold and copper projects which it is
actively exploring. In October 2005, Zambezi spun out its Nickel assets as a
separately listed company, Zambezi Nickel Limited.
The information in this report that relates to Exploration Results is based on
information compiled by Exploration Director Geoffrey Johnson BSc (Hons), PhD,
Grad Dip Env Sc. Dr Johnson is a full-time employee of Zambezi Resources, and a
Member of the Australian Institute of Geoscientists. Dr Johnson is a Competent
Person as defined in the Australasian Code for Reporting of Exploration Results,

Mineral Resources and Ore Reserves, and consents to the inclusion in the report
of the matters based on the information in the form and context in which it
appears.
This information is provided by RNS
The company news service from the London Stock Exchange
END

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