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Zambezi Nickel Ltd (LMY)

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Thursday 24 May, 2007

Zambezi Nickel Ltd

Issue of Equity

Zambezi Nickel Ltd
24 May 2007

                             Zambezi Nickel Limited
                      ('Zambezi Nickel' or the 'Company')

                                Issue of Options

Zambezi Nickel confirms today that at a board meeting of the Company, the
directors approved the issue of options over ordinary shares of 1p each in the
company ('Options') to the following non-executive directors of the Company:

  • 350,000 Options to Julian Ford;
  • 350,000 Options to Geoff Johnson; and
  • 350,000 Options to Jeremy Wrathall.

The Options were issued in lieu of salary for the period 1 November 2006 to 31
April 2007; are exercisable at any time until 31 April 2010 and can be exercised
at a price of 10p per share.

The non-executive directors listed above hold no other Options over the
Company's shares.

For further information contact:

David Youngman, W.H. Ireland Ltd.              Tel:  +44 (0) 161 832 6644
Jim Kerr, Zambezi Nickel Ltd                   Tel:  +61 (0) 8 9216 9000

                      This information is provided by RNS
            The company news service from the London Stock Exchange