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Zambezi Resources Limited

Thursday, July 5th, 2007

Zambezi Resources Limited announce an update on its 2007 field season exploration activities at its portfolio of copper projects in southern Zambia.
Zambezi, which was admitted to the Australian Stock Exchange on Tuesday 3 July 2007, commenced its 2007 field season at the beginning of April following the end of the seasonal Zambian rains.
At the Cheowa Project, where Glencore International AG (“Glencore”) is earning an initial 51% interest by spending US$10 million, the Company now has all four planned drill rigs operating and has commenced pre-feasibility work which includes an environmental base line study.
In addition, consultants for the mine planning and geotechnical components of the project have been appointed, while the plant design consultants are expected to be appointed in July. The pre-feasibility study remains on track for completion in May 2008.
At the CC2 prospect at Cheowa – where an initial JORC compliant resource estimate of 1.7 million tonnes at 1.5% copper and 0.5g/t gold was reported earlier this year – a total of 2,833 metres of reverse circulation (“RC”) drilling and 1,395 metres of diamond core drilling has been completed by the end of the first month of exploration activities.
Significantly, the targeting of 3D modelled VTEM conductors at Cheowa has been successful to date, with mineralisation so far defined to depths of 200m over a strike length of 1,000 metres. This mineralisation remains open at depth and along strike. Further step-out holes are now being drilled beyond the modelled CC2 VTEM conductors.
The application of modern geophysical techniques such as VTEM has proved to be an important exploration tool for Zambezi.
Scout diamond drilling of conductors CC13, CC14 and CC15, which occur approximately 7.5 kilometres along strike to the east of CC2, has also
commenced. Assay results from the drilling are expected from August onwards.
At the 100%-owned Chakwenga Gold Project, 1,800 metres RC drilling has been completed to date, while drilling of the Kangaluwi-Chisawa Copper Project, where Zambezi announced a new copper discovery last year, is planned to commence in August.
Field work has also commenced aimed at generating drilling targets at the Mulofwe Project, where a new polymetallic copper, lead & gold project has been identified from rock outcrops just north of the Mulofwe Shear.

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