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Zambezi Resources (ZRL)

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Friday 02 March, 2007

Zambezi Resources

Holding in Company

Zambezi Resources Ltd
02 March 2007

2 March 2007

Zambezi Resources Limited (AIM:ZRL)

                       Change in Significant Shareholding

Zambezi Resources Limited ('Zambezi' or the 'Company') received notice on 1
March 2007 from CIM Special Situations Fund that it had undertaken the following
transactions:

Date             Nature of transaction       Number of ordinary       Price
------------     ----------------------      shares                   ----------
                                             -------------
1 November 2006  Purchase of shares on                      500,000       14.5p
                 market
7 December 2006  Purchase of shares on                      500,000         15p
                 market
31 January 2007  Purchase of shares on                      500,000      16.25p
                 market
1 February 2007  Purchase of shares on                    1,250,000     16.875p
                 market
15 February 2007 Purchase of shares on                      500,000      16.75p
                 market
15 February 2007 Purchase of shares on                      250,000         17p
                 market
19 February 2007 Purchase of shares on                      400,000      16.75p
                 market
20 February 2007 Purchase of shares on                      250,000         17p
                 market
21 February 2007 Purchase of shares on                      250,000      17.25p
                 market
23 February 2007 Purchase of shares on                       50,000         20p
                 market
28 February 2007 Purchase of shares on                      250,000      19.25p
                 market
28 February 2007 Purchase of shares on                      500,000       19.2p
                 market

As a consequence CIM Special Situations Fund has increased its interest in the
Company to 12,620,000 ordinary shares, representing 9.7% of the issued share
capital.

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

Fiona Owen                               Laurence Read / Leesa Peters
Grant Thornton Corporate Finance         Conduit PR
+44 20 7383 5100                         +44 20 7429 6666 / +44 7979 955 923





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