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Zambezi Nickel Ltd (LMY)

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Monday 06 November, 2006

Zambezi Nickel Ltd

2006 Exploration Activities

Zambezi Nickel Ltd
06 November 2006

6 November 2006

                             Zambezi Nickel Limited

                          ('Zambezi' or the 'Company')

                     Update on 2006 Exploration Activities

•    20 holes totalling 5,138m of diamond drilling completed at the Mitaba 
     Project, Zambia

•    Mitaba's prospectivity to host significant nickel sulphide mineralisation 
     downgraded

•    Exploration commenced at the Mavita Project in Mozambique and new 
     acquisitions in the SADC region being assessed

Zambezi (AIM Code: ZNI), the AIM-quoted African nickel exploration and
development company, today announces the final results of its substantial
diamond drilling programme designed to test targets at the Mitaba Project in
Zambia, completed on 12 August 2006. The programme consisted of 20 holes for a
total of 5,138 metres, and returned results as follows:

  Drillhole              Coordinates               From (m)          To (m)             Interval              Ni %
                       N               E                                                Width (m)
MHD001                 8,266,264       715,453            10.40            47.00                  36.60*           0.25
                                                          55.50            81.55                  26.05*           0.27
                                                          87.00           145.00                  58.00*           0.26
MHD002                 8,266,388       715,763            21.00            70.00                  49.00*           0.27
                                                         101.70           184.40                  82.70*           0.29
MHD003                 8,266,757       716,502           175.80           214.00                  38.20*           0.24
MHD004                 8,266,634       716,541             1.00            30.60                  29.60*           0.25
                                                          56.30            86.50                  30.20*           0.23
                                                         218.00           280.60                   62.60           0.28
MHD005                 8,266,642       716,698            99.60           132.40                  32.80*           0.30
MHD006                 8,266,639       716,868            24.60            62.00                  37.40*           0.27
                                                          83.00           125.85                  42.85*           0.31
MHD007                 8,266,686       717,025            32.40            82.15                   49.75           0.27
                                                         107.50           133.00                   25.50           0.26
MHD008                 8,266,688       717,200           110.50           174.50                   64.00           0.28
MHD009                 8,266,559       716,390           130.00           176.70                   46.70           0.22
                                                         237.00           281.10                   44.10           0.24
MHD010                 8,266,519       716,242            76.00           101.60                   25.60           0.28
                                                         242.60           269.50                   26.90           0.22
MHD011                 8,266,671       716,206            53.00            90.20                   37.20           0.26
                                                          94.70           127.00                   32.30           0.27
                                                         129.00           164.95                   35.95           0.28
MWD001                 8,264,520       710,411           147.00           227.00                  80.00*           0.22
                                                         267.00           327.00                  60.00*           0.22
MWD003                 8,264,716       710,848           123.00           153.30                  30.30*           0.23
                                                         162.00           192.00                  30.00*           0.21
MWD009                 8,263,441       707,392            68.60            98.90                   30.30           0.24
                                                         100.50           128.00                   27.50           0.23

Coordinate system Arc50 UTM Zone 35S. Holes oriented at -55 degrees to an
azimuth of 351 degrees magnetic. Mineralised intervals calculated on basis of
lower cut-off of 0.2% Ni, minimum mineralised interval of 0.5m, maximum internal
waste of 1m, only mineralised widths greater than 25 metres reported here.
Intervals marked * were previously reported on 20 September 2006.

Detailed geological logging has led to the recognition of several pyroxene-rich
layers within the ultramafic body, which is interpreted as a large layered,
mainly ultramafic intrusive body that has been intruded by a later mafic dyke
swarm. Assay results have not detected the presence of platinum group element
(PGE) mineralisation in these pyroxene-rich layers.

Drilling activity in 2006 revealed thick weathering profiles at both Mitaba Hill
and Mitaba West, with weathering up to 100m deep at Mitaba Hill. This suggests
supergene processes have been more intense than previously appreciated, with no
significant disseminated nickel sulphide mineralisation intersected in fresh
rock. The nickel anomalies reported from historical and recent drilling all
occur within the supergene-weathering zone and are attributed to supergene
enrichment processes. Petrography has shown that the previously reported IP
anomalies relate to remobilised magnetite and disseminated pyrite and pyrrhotite
rather than economic nickel sulphide minerals.

Elsewhere, work has commenced at the Mavita Project in Mozambique, where
stream-sediment sampling is underway over extensive, intense magnetic anomalies
in the northeastern sector of the project area.  A detailed  magnetic survey
will be flown during the last week of November which will significantly
contribute to exploration target selection.

Commenting on today's announcement, Jeremy Wrathall, Chairman of Zambezi said, 
'Mitaba's prospectivity to host significant disseminated or massive nickel
sulphide mineralisation has been downgraded. However, shareholders should heed
that the Company is actively examining opportunities for possible acquisitions
of nickel prospects in the SADC region and exploration has commenced at the
Mavita Project in Mozambique.'

For more information, please contact:

Jeremy Wrathall                    Laurence Read
Zambezi Nickel Limited             Conduit PR
Mob:    +44 771 277 6100           Tel:    +44 20 7429 6666
                                   Mob:    +44 797 995 5923

A pdf copy of this report is available on the Zambezi website at
www.zambezinickel.com

The information in this report that relates to Exploration Results is based on
information compiled by Mr Noel Sheppy, who is a Member of The Australasian
Institute of Mining and Metallurgy. Mr Sheppy is employed by Ripley Resources
Pty Limited. Mr Sheppy has sufficient experience which is relevant to the style
of mineralisation and to the activity which he is undertaking to qualify as a
Competent Person as defined in the 2004 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Sheppy
consents to the inclusion in the report of the matters based on his 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