TREK METALS LIMITED — Capital/Financing Update 2011

Sep 27, 2011

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ZAMBEZI RESOURCES LIMITED ARBN: 124 462 826 BERMUDA ZAMBIA AUSTRALIA CANON’S COURT PLOT 5697 LEVEL 1, 17 ORD STREET 22 VICTORIA STREET BEU CRESCENT WEST PERTH, WESTERN AUSTRALIA HAMILTON HM12 KALUNDU AUSTRALIA 6005 LUSAKA TEL: +61 8 6555 1879 TEL: +260 211 292101 FAX: +61 8 9398 4104 EMAIL: INFO@ZAMBEZIRESOURCES.COM PO BOX 1796, WEST PERTH WWW.ZAMBEZIRESOURCES.COM WESTERN AUSTRALIA, 6872

ASX Announcement Wednesday, 28 September 2011

Zambezi completes A$10 million Convertible Note Facility to finance the advancement of its Kangaluwi Copper Project

Zambezi Resources Limited (ASX: ZRL) (Zambezi or the Company) is pleased to announce that it has drawn down A$5 million (Tranche A) of the A$10 million convertible note facility (Facility).

The funds raised by the Facility will be applied by Zambezi towards exploration, project evaluation and working capital costs associated predominantly with its Kangaluwi Copper Project. This Facility provides the Company funding to undertake the following:

• additional step out and infill drilling for resource expansion and definition at Chisawa, Kangaluwi and Kalulu deposits (Kangaluwi Copper Project);

• deeper drilling of the structure for strategic control as well as to determine the down dip extent of the mineralisation;

• testing additional oxide potential above the mineralised sulphide material with a shallow drilling program;

• site capital equipment and infrastructure upgrade, e.g.: vehicles, communications, site office and site accommodation; and

• feasibility study assessment work.

The Facility

The key terms of the proposed Facility were announced on the 25[th] July 2011.

The Facility is subject to shareholders’ approval to be held within 90 days from 13 September 2011 being the date of execution of all formal legal documentation. A notice of meeting seeking approvals, including an independent expert’s report, will be sent to shareholders in due course.

Zambezi Resources Limited Frank Vanspeybroeck CEO