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Zambezi Resources (ZRL)

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Wednesday 03 May, 2006

Zambezi Resources

Drilling to Commence - Cheowa

Zambezi Resources Ltd
03 May 2006

3 May 2006

                    Zambezi Resources Limited (AIM:ZRL)

         Drilling to Commence on Untested Electromagnetic Conductors at
                           Cheowa Copper-Gold Project

   •3D modelling confirms three significant bedrock conductors have never
    been drill tested

   •Conductors interpreted to represent massive sulphide bodies within
    disseminated copper sulphide mineralised halo

   •Drilling to test for the presence of massive copper sulphide bodies to
    commence in May

   •Contract finalised for extension of VTEM survey to be conducted during
    May

Zambezi Resources Limited ('Zambezi' or the 'Company'), the Zambian focused
exploration company, today announces results of 3D modelling on three bedrock
electromagnetic conductors at the Cheowa Copper-Gold Project, located 95
kilometres southeast of Lusaka.

In December 2005, a trial helicopter-borne electromagnetic (VTEM) survey was
conducted at Cheowa over 4 kilometres of a total known copper-gold mineralised
strike length of 15 kilometres. The VTEM technique proved to be ideally suited
to the Cheowa area, and delineated three excellent discrete bedrock conductors.
All three conductors are closely related to copper-gold mineralisation and are
consistent with the presence of tabular bodies of massive sulphides. Geophysical
modeling indicates that depths to the top of the conductors vary from 40-160
metres, with strike lengths of 400-600 metres, and depth extents of 50-300
metres.

Further 3D modelling has incorporated the VTEM data with surface topography and
historical drillholes, and clearly demonstrates that the conductors have never
been intersected by drilling. One historical hole at the western VTEM anomaly
passed just below the position of the interpreted conductor. Six historical
holes at the central VTEM anomaly were drilled to the south of the interpreted
conductor. Best results included 3.78m at 3.49% copper, 2.99m at 3.89% copper
and 2.96m at 4.94% copper from what is now interpreted as disseminated
mineralisation adjacent to the conductor. No drilling has ever been carried out
in the vicinity of the eastern VTEM anomaly.

Diamond drilling to test for the presence of massive copper sulphides will
commence in May, with two drill holes planned at each conductor. In addition,
the VTEM survey will be extended to cover the entire 15 kilometres of known
mineralised strike extent.

Commenting today Julian Ford, Managing Director of Zambezi, said: 'Zambezi looks
forward to the commencement in May of diamond drilling to test for the presence
of massive copper sulphides at Cheowa. If the initial drill results are
encouraging, the VTEM technique will allow the rapid delineation of further
zones of potential mineralisation over the entire 15 kilometres of strike
length.'

For more information contact:

Julian Ford, Managing Director           Jeremy Wrathall, Non-Executive Director
Zambezi Resources (Australia)            Zambezi Resources (London)
+61 (08) 9216 9000/+61 (0) 418 949 580   Mob: +44 7712 776 100

Laurence Read / Leesa Peters
Conduit PR
+44 20 7429 6666 / +44 7979 955 923

A detailed report is available from the Zambezi website at:

www.zambeziresources.com

ADDITIONAL INFORMATION

The Cheowa Copper-Gold Project is located 95 kilometres southeast of Lusaka. The
bulk of historic exploration between the 1920s and 1960s concentrated on copper.
Several exploratory adits and shafts were completed, and exploration work
included stream and soil sampling surveys, sampling of old workings, assorted
ground geophysical surveys and trenching, and a programme of 11 diamond holes.
Soil sampling defined a copper anomaly with a strike length of 15 kilometres and
a width of up to 500 metres at a 200 ppm copper cut-off. Limited trench sampling
over the soil anomalies at Cheowa and Neningombe returned best intersections of
13.7m @ 1.12% copper and 3.8m @ 1.11% copper. Follow-up diamond drilling had a
best intersection of approximately 2.3m @ 5.14% copper in sulphides from 70
metres depth. Despite the existence of an Induced Polarisation (IP) survey,
which is a technique designed to detect the presence of disseminated
mineralisation, these historic holes were sited mainly on geological evidence
rather than geophysical evidence. Little attention was paid to the known gold
anomalism, despite limited assaying returning values of up to 7.78g/t gold over
0.48m in diamond core.

Zambezi's exploration objective at Cheowa has been to confirm the extent of
copper-in-soil anomalism, investigate the gold tenor and its relationship with
the copper mineralisation, and identify the presence of substantial quantities
of sulphides. Exploration results to date have confirmed that mineralisation is
hosted by strongly sheared iron-rich rocks, and the extremely oxidised nature of
these rocks at surface suggests that mineralisation is sulphide-rich at depth.
In late 2005, Zambezi flew an orientation VTEM survey over an area of known
mineralisation to test for the presence of conductive massive sulphides at
depth. The survey covered 25% of the anomalous area delineated by soil sampling
and revealed the presence of three distinct conductors. The coincidence of these
conductors with soil and trench copper-gold anomalism is regarded as extremely
encouraging. Interpretation of the survey data has included calculations to the
depth to the source of the anomalies, allowing precise drill targeting. Diamond
drilling to test for the presence of massive copper sulphides will commence in
May, with two drill holes planned at each conductor. Planned hole depths vary
from 105-200 metres. In addition, the VTEM survey will be extended to cover the
entire 15 kilometres of known mineralised strike extent. A review of historical
records shows further copper and/or gold occurrences that appear to occur along
strike from Cheowa and these are awaiting preliminary geological investigation
by Zambezi.

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. Copper intersections from Cheowa are based on recalculation of
historical data using a 0.5% copper lower cutoff. The information in this report
that relates to the interpretation of geophysical survey data is based on
information compiled by Mr Bill Peters BSc (Hons), who is a Director and Senior
Consulting Geophysicist of Southern Geoscience Consultants. Mr Peters is a
Member of the Australian Institute of Geoscientists, and a Fellow of the
Australasian Institute of Mining and Metallurgy, and is a Competent Person as
defined in the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves. Mr Peters consents to the inclusion in the report of
the matters based on the information in the form and context in which it
appears.


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