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Three New Discoveries Highlight Zambian Prospectivity

Wednesday, August 29th, 2007

Zambezi Resources Limited announces the discovery of three new mineralised prospects from its exploration pipeline.
– Rock chip sampling returns excellent results from three new prospects, including
31.50% lead, 11.93% copper and 212.4 g/t silver at Mwapula;
1.58% copper and 12.0 g/t silver at Iron Cap South; and
1.02% copper, 3.86 g/t gold and 21.4 g/t silver at Kamona.
– Seven drilling rigs continuing on priority projects
At the Mwapula prospect from the polymetallic Mulofwe Dome project area, rock chip sampling and mapping has outlined an area of highly anomalous copper-lead mineralisation, including 11.93% copper, 31.50% lead and 212.4 g/t silver, and 1.55% copper, 8.33% lead and 115.8 g/t silver. The mineralisation occurs in quartz veins up to 1.5m in width, associated with malachite, galena, chalcocite and pyrite. The mineralised zone occurs within a 600m wide quartz-veined sheared corridor comprising predominantly quartzo-feldspathic schists and gneisses. The corridor trends north-west, and has been has been defined by mapping over a strike length of 2.4km to date. 97 rock chip samples have been collected from the area, with results received for 28 samples only to date.
At the Iron Cap South prospect from the Mulungushi project area, rock chip sampling and mapping has outlined an area of anomalous copper-silver mineralisation including 1.58% copper and 12.0 g/t silver, and 0.95% copper and 6.6 g/t silver. The mineralisation is associated with a malachite-rich outcrop occurring within chlorite sericite schist, amongst a sequence of quartzites, schists and gneisses. Further assay results are awaited.
At the Kamona prospect, also from the Mulungushi project area, rock chip sampling, soil sampling and mapping has outlined an area of anomalous copper-gold mineralisation, including 1.02% copper, 3.86 g/t gold and 21.4 g/t silver, and 3.26 g/t gold. At Kamona, a number of old prospecting pits, shafts and trenches are developed along two sub parallel quartz veins that occur about 50m apart and contain malachite, pyrite and subordinate amounts of chalcopyrite and bornite. The workings are confined to an 800m wide corridor of sericite-chlorite schists trending northwest over a strike length of 2.3km, and occur in a zone separating a granite mass to the north from metasediments to the south. Gold in soil geochemical anomalies have further extended this zone for another 2.7km to the southeast. Further rock chip and soil assay results are awaited.
The results at these new discoveries demonstrate the prospectivity of Zambezi’s tenement package. The priority in these areas is to define future drill targets by carrying out geochemical sampling and geological prospecting this field season.
Elsewhere, Zambezi is continuing to focus on its priority copper-gold projects at Cheowa and Kangaluwi. Four rigs are currently drilling at Cheowa (Glencore earning 51%) and two rigs are drilling at Kangaluwi (100% owned). The bulk of Zambezi’s 100,000 metre drilling program for the 2007 field season will be conducted on these advanced copper-gold projects. Further results are expected from Cheowa in mid-September, and first results are expected from Kangaluwi in early October.

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