TREK METALS LIMITED — Capital/Financing Update 2011

Feb 14, 2011

ASX Announcement 15 February 2011

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Additional significant high grade intersections from Kangaluwi Copper Project confirm extensions of copper mineralisation down dip and along strike

• Further results of assays from previous drilling conducted on the Kangaluwi Copper Project indicate increasing width and copper grade with depth

• Recent results include high grade intersections, up to 17.6% Cu and 2.4 g/t Au

• High grade copper and gold assays confirmed by repeat check assaying

• Wider intersections with higher grades extend down dip and along strike to SE on Kangaluwi limb of synform structure

• Wider intersections point towards potential substantial increases in resource tonnage estimates

• Kalulu prospect requires in-fill drilling to enable previously reported, wider, high grade intersections to be incorporated into JORC resource estimate

• Assay results tracking geophysical VTEM and geochemical soil sampling extending to SE along strike

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ARBN 124 462 826

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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 No. 5697
Beu Crescent
Kalundu
Lusaka
Stock Exchange Listing:
ASX: ZRL
Directors:
Non-Executive Chairman:
David Vilensky
Non Executive Directors:
Simon F Durack
Emmanuel Heyndrickx
Richard Procter
CEO
David Russell
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Zambezi Resources Limited (”Zambezi” or “the Company”) has received additional assay results from samples submitted from deeper intersections from the previous drilling campaigns at its Kangaluwi Copper Project in Zambia. These confirm that the mineralisation extends at depth and in places is wider (up to 7.9m) and higher grade (ranging in grade from 10.4% Cu up to 17.6% Cu) than previously encountered at the Project.

These very high grade intersections have been subjected to repeat check assays, conducted by Genalysis Intertek in Perth, which confirms the high grade of copper mineralisation.

Assay results have been received from multiple intersections from twelve diamond drill holes (KNGDD00 20, 23, 24, 25, 26, 27, 28, 29, 30, 32, 36, 38) and two reverse circulation holes (KNGRC 168, 169), all drilled on the Kangaluwi Prospect, the northern limb of the synform making up the Kangaluwi Copper Project.

These diamond drill samples are from deeper intersections from previous drilling, ranging from 139m to 321m depth and indicate extensions to mineralization at depth.

Significant intersections, with results of check assays in italics, include:

KNGDD0026 between 208.94m to 221.44m with 1.28m at 5.63% Cu, including 0.39m at 17.61% Cu and 2.08 g/t Au ( 16.7% Cu and 1.88 g/t Au ); 7.89m at 2.78% Cu, including 1.7m at 10.44% Cu and 0.55 g/t Au ( 9.63% Cu and 2.13 g/t Au ); and between 259.67m to 262.27m with 2.60m at 0.99% Cu, including 1.24m at 1.43% Cu ( 1.35% Cu ).

KNGDD0028 between 238.77m to 279.9m with 2.40m at 0.86% Cu, including 1m at 1.13% Cu; 5.73m at 0.54% Cu, including 1m at 1.11% Cu; and 2m at 0.48% Cu, including 0.44m at 1.27% Cu

KNGDD0020 between 198.25m and 205.91m with 7.66m at 0.71% Cu, including 2.75m at 1.3% Cu

KNGDD0023 between 181.11m and 184.6m with 3.49m at 0.88% Cu, including 1m at 1.64% Cu

The results of the assays are appended below.

The results from the drilling have tracked the coincident anomalies of the soil geochemistry of the previous soil sampling and the results from the earlier helicopter borne Versatile Time Domain Electromagnetic Survey (“VTEM”) geophysical survey. Some 1810 line km were flown during the Airborne Geophysical Survey conducted by Geotech Airborne Ltd in May 2008. Earlier interpretation of data from the VTEM survey in conjunction with assay results is providing an increasing degree of confidence in a strong correlation between distinct trends in the VTEM data and the position of higher grade copper mineralisation.

The total magnetic intensity responses reflect major changes in the magnetic minerals content in the underlying rocks. The amplitude of the magnetic anomalies is directly related to the structurally controlled sulphide mineralisation. The assay results are tracking SE along strike of the anomalous geochemical and geophysical anomalies along the limbs of the

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synform. This VTEM anomaly extends for around 3.5 kms on the portion flown on the Kangaluwi limb, of which around 1.5 km has not yet been drilled.

According to Zambezi’s consulting resource geologists, Caracle Creek Consulting, the emergence of higher grade intersections at depth may have implications for the current mineralization model being applied to Kangaluwi. Some holes to the SE may not have been drilled deep enough to intersect the mineralised zone given that the plunge is towards the SE and considering that the geochemical signature in that area was poor compared to the rest of the Kangaluwi zone. Given the higher grade intersections now being recorded, it is recommended that additional deeper holes are drilled before closing off the Kanagaluwi side of the orebody.

With higher grade and wider intersections in the hinge zone of the structure at Kalulu, and now higher grades tending SE along the limbs of the synform structure there is evidence for possible substantial increases in resource tonnages both in the hinge zone of the synform and along the strike of the limbs. Additional fill in drilling is required on the Kalulu Prospect before a JORC compliant resource estimate can be made that would include the higher grade wider intersections previously reported.

Commenting on these results Zambezi’s CEO stated that “the ongoing success of the assay programme, now indicating higher grade and wider mineralisation from recently submitted samples, indicates the potential of the Kangaluwi Copper Project both down dip and along strike. In discussions with consulting geologists there are positive indications for mineralization to continue to be intersected following the strong VTEM anomaly which mirrors the geochemical soil sampling conducted previously”.

David Russell – CEO Phone: +61 (0)8 9488 8875 Email: davidr@zambeziresources.com

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Kangaluwi Prospect showing VTEM anomaly (Channel 10), and position of VTEM anomaly axes (red solid lines and red dashed lines) with coincident higher grade mineralisation.

Kangaluwi Limb with VTEM anomaly extending to SE

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2008 High Resolution Heli-Magnetics over Kangaluwi Copper Project showing selected drilling at Kangaluwi and Chisawa Prospects, and selected previous assay results from Chisawa

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VTEM anomaly extending
t SE
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Hole_ID	Northing	Easting	RL	EOH Depth	Inclination	Azimuth	mFrom	mTo	mWidth	Cu%	Au(g/t)	Intercept	Comment
KNGDD0026	8289818.134	786889.274	720.323	300.00	-50	354.50	208.94	210.22	1.28	5.63	0.65	1.28m@5.63% Cu	Inclusive of 0.39m @ 17.61% Cu & 2.08g/t Au(209.83 - 210.22m)
KNGDD0026	8289818.134	786889.274	720.323	300.00	-50	354.50	213.55	221.44	7.89	2.78	0.55	7.89m@2.78% Cu	Inclusive of 1.70m @ 10.44% Cu & 2.41g/t Au(217.30 - 219.00m)
KNGDD0026	8289818.134	786889.274	720.323	300.00	-50	354.50	224.30	224.83	0.53	1.06		0.53m@1.06% Cu
KNGDD0026	8289818.134	786889.274	720.323	300.00	-50	354.50	259.67	262.27	2.60	0.99	0.07	2.60m@0.99% Cu	Inclusive of 1.24m @ 1.43% Cu (260.03 - 261.27m)
KNGDD0027	8290101.614	786590.987	707.846	344.20	-50	354.50	162.30	163.37	1.07	0.49		1.07m@0.49% Cu
KNGDD0027	8290101.614	786590.987	707.846	344.20	-50	354.50	253.20	254.20	1.00	0.95	0.05	1.00m@0.95% Cu
KNGDD0036	8289561.294	787805.692	703.183	301.50	-60	29.50	246.00	247.00	1.00	0.57		1.00m@0.57% Cu
KNGDD0036	8289561.294	787805.692	703.183	301.50	-60	29.50	255.00	256.00	1.00	0.44		1.00m@0.44% Cu

Repeat Assays

Hole_ID	Northing	Easting	RL	**EOH Depth **	Inclination	Azimuth	mFrom	mTo	mWidth	Cu%	Au(g/t)	Intercept	Comment
KNGDD0026	8289818.134	786889.274	720.323	300.00	-50	354.50	208.94	210.22	1.28	5.34	0.59	1.28m@5.34% Cu	Inclusive of 0.39m @ 16.73% Cu & 1.88g/t Au(209.83 - 210.22m)
KNGDD0026	8289818.134	786889.274	720.323	300.00	-50	354.50	213.55	221.44	7.89	2.55	0.49	7.89m@2.55% Cu	Inclusive of 1.70m @ 9.63% Cu & 2.13g/t Au(217.30 - 219.00m)
KNGDD0026	8289818.134	786889.274	720.323	300.00	-50	354.50	224.30	224.83	0.53	0.99		0.53m@0.99% Cu
KNGDD0026	8289818.134	786889.274	720.323	300.00	-50	354.50	259.67	262.27	2.60	0.94	0.03	2.60m@0.94% Cu	Inclusive of 1.24m @ 1.35% Cu (260.03 - 261.27m)

Note:

Intercepts were calculated @ 0.30%Cu minimum cut off and inclusive of 2.00m internal dilution. Width refers to downhole width.

1/3 of detection limit was used for Au values less than detection limit.

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Hole_ID	Northing	Easting	RL	EOH Depth	Inclination	Azimuth	mFrom	mTo	mWidth	Cu%	Intercept	Comment
KNGDD0024	786892.332	8289863.1	713.153	300	-60	354.5	139.3	140.22	0.92	0.47	0.92 m@0.47 % Cu
KNGDD0024	786892.332	8289863.1	713.153	300	-60	354.5	167.66	168.3	0.64	0.35	0.64 m@0.35 % Cu
KNGDD0024	786892.332	8289863.1	713.153	300	-60	354.5	203.2	206.09	2.89	0.31	2.89 m@0.31 % Cu
KNGDD0024	786892.332	8289863.1	713.153	300	-60	354.5	285.3	285.86	0.56	0.42	0.56 m@0.42 % Cu
KNGDD0025	786588.821	8290150.3	699.588	287.2	-50	354.5	209.2	210.22	1.02	0.31	1.02 m@0.31 % Cu
KNGDD0025	786588.821	8290150.3	699.588	287.2	-50	354.5	215	218.54	3.54	0.43	3.54 m@0.43 % Cu
KNGDD0026	786889.274	8289818.13	720.323	300	-50	354.5	164.97	167.97	3.00	0.46	3.00 m@0.46 % Cu
KNGDD0026	786889.274	8289818.13	720.323	300	-50	354.5	175.9	178.45	2.55	0.56	2.55 m@0.56 % Cu
KNGDD0028	786941.715	8289784.16	720.642	351.1	-50	354.5	232.55	234.95	2.40	0.86	2.40 m@0.86 % Cu	Inclusive of 1.00m @1.13% Cu (233.24 - 234.24m)
KNGDD0028	786941.715	8289784.16	720.642	351.1	-50	354.5	238.77	244.5	5.73	0.54	5.73 m@0.54 % Cu	Inclusive of 1.00m @1.11% Cu (243.50 - 244.50m)
KNGDD0028	786941.715	8289784.16	720.642	351.1	-50	354.5	275.6	277.6	2.00	0.48	2.00 m@0.48 % Cu	Inclusive of 0.44m @1.27% Cu (277.16- 277.60m)
KNGDD0028	786941.715	8289784.16	720.642	351.1	-50	354.5	278.91	279.9	0.99	0.31	0.99 m@0.31 % Cu
KNGDD0029	786636.188	8289987.61	722.601	314.15	-50	354.5	229.18	230.72	1.54	1.30	1.54 m@1.3 % Cu
KNGDD0030	786988.925	8289794.03	720.525	350.5	-50	5.5	308.52	309.12	0.60	1.13	0.60 m@1.13 % Cu
KNGDD0030	786988.925	8289794.03	720.525	350.5	-50	5.5	314	315.6	1.60	0.59	1.60 m@0.59 % Cu
KNGDD0030	786988.925	8289794.03	720.525	350.5	-50	5.5	319.76	321	1.24	0.51	1.24 m@0.51 % Cu
KNGDD0032	787040.173	8289839.65	716.092	300	-50	354.5	204	206	2.00	0.75	2.00 m@0.75 % Cu
KNGDD0032	787040.173	8289839.65	716.092	300	-50	354.5	277	278	1.00	0.34	1.00 m@0.34 % Cu
KNGDD0032	787040.173	8289839.65	716.092	300	-50	354.5	282	283.4	1.40	0.46	1.4 m@0.46 % Cu
KNGRC0168	787786.795	8289934.77	763.619	150	-50	354.5	50	51	1.00	0.55	1.00 m@0.55 % Cu
KNGRC0168	787786.795	8289934.77	763.619	150	-50	354.5	55	56	1.00	0.31	1.00 m@0.31 % Cu
KNGRC0168	787786.795	8289934.77	763.619	150	-50	354.5	88	90	2.00	0.76	2.00 m@0.76 % Cu
KNGRC0169	787790.285	8289931.31	763.764	120	-60	29.5	85	86	1.00	0.46	1.00m@0.46 % Cu

Coordinate system Arc 1950 UTM Zone 35S. Mineralized intervals reported on basis of lower cut off of 0.3% Cu and inclusive of 2.0m internal dilution. Mineralisation dipping to S at approximately 35 degrees. Mineralised widths reported on downhole basis, true width approximately downhole width x 0.98. Azimuths reported on UTM grid north = 5.5 degrees magnetic. KNGDD prefix denotes diamond drill (DD) holes. KNGRC prefix denotes reverse circulation (RC) drill holes.

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Ms Chiedza Nematadzira BSc Hon Geology and Borniface Nquni, MAIG, of Caracle Creek Consulting Zambia who are Competent Person as defined by the Australasian Code for the Reporting of Exploration Results, Mineral Resources or Ore Reserves (JORC Code 2004 Edition) and who consent to the inclusion in this report of the matters based on the information in the form and context in which it appears .

Qualifying Statement

This release may include forward-looking statements. These forward-looking statements are based on Zambezi’s expectations and beliefs concerning future events. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Zambezi, which could cause actual results to differ materially from such statements. Zambezi makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of this release.

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