TREK METALS LIMITED — Capital/Financing Update 2008

Aug 19, 2008

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ASX Announcement

20 August 2008

Uranium Joint Venture Update

Please find attached an update on exploration progress and results released to the AIM Market of the London Stock Exchange by Lithic Metals and Energy Limited (AIM: LMY), a joint venture partner of Zambezi Resources Limited (“Zambezi”) (AIM: ZRL; ASX: ZRL) on the Mpande Project in Zambia, on 20 August 2008.

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ARBN 124 462 826

Bermuda:

Canon’s Court 22 Victoria Street Hamilton HM12

Australia: 17 Ord Street West Perth PO Box 1796 WA 6872 Tel: (+61-8) 9216 9000 Fax: (+61-8) 9216 9090

Zambia: Mwembeshi Resources Limited Plot 5777N Great East Road Kalundu Lusaka Tel: (+26) (021) 1291 645 Fax: (+26) (021) 1292 411

Stock Exchange Listings: ASX: ZRL AIM: ZRL

Issued Capital: 188,185,279 ordinary shares 13,250,000 options

Directors: Non-Executive Chairman: Brian Rear Managing Director: Julian Ford Exploration Director: Geoff Johnson Non-Executive Director: Jeremy Wrathall Chief Financial Officer: Lloyd Flint

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20[th] August 2008

Lithic Metals and Energy ( ”Lithic” or “the Company” )

Radiometric Survey Discovers Numerous Uranium Targets in Southern Zambia

Lithic Metals and Energy today announces the results of its recently-flown radiometric and magnetic survey over the southern portion of the Mpande licence, Zambia. The results are encouraging, identifying 18 high priority uranium radiometric anomalies.

Lithic, working in conjunction with its joint venture partner Zambezi Resources Limited, has completed 6800 kilometres of airborne radiometric and magnetic survey over highly prospective Proterozoic basement lithology in the southern portion of the Mpande licence.

Commenting on these results, Lithic Managing Director Jim Kerr said “We are very pleased with the results of this survey, which confirms our belief in the uranium prospectivity of our joint venture licences. We have now flown approximately 38,000 kilometres of airborne surveys over our licences, discovering 41 high priority uranium targets in the process. We now have a very full pipeline of quality targets that are currently being assessed by our field teams.”

For further information, please contact:

Jim Kerr, Lithic Metals & Energy Tel: +61 8 9322 5804 David Youngman, WH Ireland Limited Tel: +44 (0)161 832 2714 Laurence Read/Beth Harris, Threadneedle Tel: +44 (0)20 7653 9850 Communications

Uranium Rights Joint Venture

Lithic Metals and Energy entered into a joint venture with Zambezi Resources (AIM/ASX: ZRL) in May 2008, under which Lithic Minerals and Energy has the right to earn 51% of the uranium rights over 6800km² of four granted exploration licences (Chumbwe, Mpande, Mulungushi and Rufunsa) by spending US$5 million over 2.5 years.

With respect to the four exploration licences Lithic can increase its uranium rights in the Chumbwe licence to 75% by completing a definitive feasibility study over the Oryx prospect. It can also increase its uranium rights to 75% over the other three licences by completing a definitive feasibility study (DFS) on any one uranium resource.

Lithic can move to 100% by sole funding mine development after completion of a DFS, assuming Zambezi Resources elects not to contribute pro rata, in which case Zambezi will dilute to a 2.5% Net Smelter Return royalty.

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Mpande – Chumbwe Uranium Radiometric Image

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