TREK METALS LIMITED — Capital/Financing Update 2012

Mar 19, 2012

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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 Tuesday, 20 March 2012

Robust Kan aluwi Co er Pro ect Results g pp j

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• Latest assay results continue to support both the continuity and tenor of the mineralisation observed at the Kangaluwi Copper project.

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• All outstanding primary copper assay results have been received and reported from the 2011 resource development drilling program.

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• Results to date point towards substantial increases in resource tonnage estimates.

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New assay results received at the 100% owned Kangaluwi Copper Project include:-

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Kangaluwi Prospect Chisawa Prospect
 5m @ 1.13% TCu from 189m  4m @ 1.05% TCu from 262m
 5m @ 1.00% TCu from 319m  4m @ 1.36% TCu from 240m
 12m @ 1.01% TCu from 361m  5m @ 1.96% TCu from 169m
 4m @ 1.54% TCu from 337m  5m @ 0.73% TCu from 337m
 4m @ 1.17% TCu from 335m
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Figure 1: Project Location Map

1

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The directors of Zambezi Resources Limited ( ZRL ) are pleased to provide further assay results from the DD program from its Kangaluwi, Chisawa and Kalulu Prospects, part of the 100% owned Kangaluwi Copper Project ( the Project ) in Zambia (Figure 2).

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Figure 2: Mining Licence 15547

1.0 Kalulu Prospect

Mineralisation at Kalulu is currently interpreted over a strike length >1.2 km, within a complex northeast-southwest trending shear zone.

Previous exploration drilling along strike of the dominant geochemical anomaly has been selectively in-filled between and along section lines, resulting in drill coverage sufficient to begin the Resource Classification process (Figure 3).

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Figure 3: Kalulu 2011 Drilled Holes

Assay results are reported from 7 diamond holes. These holes were drilled along sections 9800E, 10550E, 10650E, 10700E, 10750E and 10950E, with all significant intersections tabulated herewith.

Assay results to date reveal that mineralisation is still open down dip and across strike, requiring further development drilling to evaluate the resource potential to the east and at depth.

Table 1: Kalulu Prospect – DD Drilling Assay Results

					EOH Depth								Intercepts calculated above 0.5% TCu
	Hole_ID	Northing	Easting	RL		Inclination	Azimuth	mFrom	mTo	mWidth	Cu%	**Intercept **
	KLUDD0039	8289740	784128	659	400.0	-60.0	320.0	89.0	93.0	4.0	0.37	4.0m@0.37%TCu	1.0m@0.83%TCu from 91m
	KLUDD0039	8289740	784128	659	400.0	-60.0	320.0	99.0	109.0	10.0	0.20	10.0m@0.20%TCu
	KLUDD0039	8289740	784128	659	400.0	-60.0	320.0	150.0	153.0	3.0	0.25	3.0m@0.25%TCu
	KLUDD0039	8289740	784128	659	400.0	-60.0	320.0	157.0	159.0	2.0	0.62	2.0m@0.62%TCu	1.0m@0.78%TCu from 157m
	KLUDD0039	8289740	784128	659	400.0	-60.0	320.0	163.0	164.0	1.0	0.10	1.0m@0.10%TCu
	KLUDD0039	8289740	784128	659	400.0	-60.0	320.0	303.0	305.0	2.0	0.57	2.0m@0.57%TCu
	KLUDD0039	8289740	784128	659	400.0	-60.0	320.0	354.0	368.0	14.0	0.28	14.0m@0.28%TCu
	KLUDD0040	8290111	784654	633	231.0	-60.0	320.0	61.0	63.0	2.0	0.14	2.0m@0.14%TCu
	KLUDD0040	8290111	784654	633	231.0	-60.0	320.0	66.0	66.8	0.8	0.20	0.8m@0.20%TCu
	KLUDD0040	8290111	784654	633	231.0	-60.0	320.0	167.0	168.0	1.0	0.22	1.0m@0.22%TCu
	KLUDD0040	8290111	784654	633	231.0	-60.0	320.0	199.0	200.0	1.0	0.12	1.0m@0.12%TCu
	KLUDD0040	8290111	784654	633	231.0	-60.0	320.0	220.0	223.7	3.7	0.31	3.7m@0.31%TCu
	KLUDD0041	8290250	784730	660	231.8	-60.0	320.0	52.0	53.0	1.0	0.18	1.0m@0.18%TCu
	KLUDD0041	8290250	784730	660	231.8	-60.0	320.0	65.0	70.6	5.6	0.22	5.6m@0.22%TCu
	KLUDD0041	8290250	784730	660	231.8	-60.0	320.0	76.0	82.0	6.0	0.35	6.0m@0.35%TCu	1.0m@0.85%TCu from 80m
	KLUDD0042	8290181	784722	659	234.0	-60.0	320.0	55.0	56.0	1.0	0.32	1.0m@32.00%TCu

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					EOH Depth								Intercepts calculated above 0.5% TCu
	Hole_ID	Northing	Easting	RL		Inclination	Azimuth	mFrom	mTo	mWidth	Cu%	**Intercept **
	KLUDD0042	8290181	784722	659	234.0	-60.0	320.0	72.2	73.0	1.0	0.13	1.0m@0.13%TCu
	KLUDD0042	8290181	784722	659	234.0	-60.0	320.0	95.0	118.0	23.0	0.40	23.0m @ 0.40%TCu	2.2m @ 1.93% TCu from 100m 1.8m @ 1.03% TCu from 115.2m
	KLUDD0042	8290181	784722	659	234.0	-60.0	320.0	163.0	167.0	4.0	0.28	4.0m@0.28%TCu
	KLUDD0043	8290386	784958 680		240.0	-60.0	320.0	101.0	110.0	9.0	0.20	9.0m@0.20%TCu
	KLUDD0043	8290386	784958	680	240.0	-60.0	320.0	113.8	141.0	27.2	0.50	27.2m @ 0.50%TCu	9.0m @ 0.77%TCu from 116m 4.0m@0.84%TCu from 131m
	KLUDD0043	8290386	784958	680	240.0	-60.0	320.0	149.0	162.0	13.0	0.42	13.0m @ 0.42%TCu	2.0m @ 1.06%TCu from 152m 2.0m@0.98%TCu from 159m
	KLUDD0043	8290386	784958	680	240.0	-60.0	320.0	192.0	193.0	1.0	0.50	1.0m@0.50%TCu
	KLUDD0044	8290320	784874	697	300.0	-60.0	320.0	57.0	58.0	1.0	0.11	1.0m@0.11%TCu
	KLUDD0044	8290320	784874	697	300.0	-60.0	320.0	90.0	92.0	2.0	0.16	2.0m@0.16%TCu
	KLUDD0044	8290320	784874	697	300.0	-60.0	320.0	108.0	108.5	0.5	0.27	0.5m@0.27%TCu
	KLUDD0044	8290320	784874	697	300.0	-60.0	320.0	124.0	125.0	1.0	0.15	1.0m@0.15%TCu
	KLUDD0044	8290320	784874	697	300.0	-60.0	320.0	132.0	137.0	5.0	0.71	5.0m@0.71%TCu	3.0m@1.04% TCu from 134m
	KLUDD0044	8290320	784874	697	300.0	-60.0	320.0	144.0	150.0	6.0	0.35	6.0m@0.35%TCu
	KLUDD0044	8290320	784874	697	300.0	-60.0	320.0	174.0	178.0	4.0	0.11	4.0m@0.11%TCu
	KLUDD0044	8290320	784874	697	300.0	-60.0	320.0	218.0	227.0	9.0	0.23	9.0m@0.23%TCu
	KLUDD0044	8290320	784874	697	300.0	-60.0	320.0	234.0	235.0	1.0	0.13	1.0m@0.13%TCu
	KLUDD0044	8290320	784874	697	300.0	-60.0	320.0	239.0	240.0	1.0	0.13	1.0m@0.13%Tcu
	KLUDD0044	8290320	784874	697	300.0	-60.0	320.0	270.0	276.0	6.0	0.11	6.0m@0.11%TCu
	KLUDD0044	8290320	784874	697	300.0	-60.0	320.0	281.0	282.0	1.0	0.12	1.0m@0.12%Tcu
	KLUDD0046	8290299	784776	658	250.0	-60.0	320.0	38.0	40.4	2.4	0.34	2.4m@0.34%TCu
	KLUDD0046	8290299	784776	658	250.0	-60.0	320.0	50.0	51.0	1.0	0.15	1.0m@0.15%TCu
	KLUDD0046	8290299	784776	658	250.0	-60.0	320.0	59.1	63.1	4.0	0.56	4.0m@0.56%TCu	1.0m@1.16%TCu from 62m
	KLUDD0046	8290299	784776	658	250.0	-60.0	320.0	75.0	77.0	2.0	0.18	2.0m@0.18%TCu
	KLUDD0046	8290299	784776	658	250.0	-60.0	320.0	81.0	82.0	1.0	0.12	1.0m@0.12%TCu
	KLUDD0046	8290299	784776	658	250.0	-60.0	320.0	110.0	112.0	2.0	0.20	2.0m@0.20%TCu
	KLUDD0046	8290299	784776	658	250.0	-60.0	320.0	114.0	116.0	2.0	0.30	2.0m@0.30%TCu
	KLUDD0046	8290299	784776	658	250.0	-60.0	320.0	153.0	158.0	5.0	0.24	5.0m@0.24%TCu
	KLUDD0046	8290299	784776	658	250.0	-60.0	320.0	166.0	167.0	1.0	0.13	1.0m@0.13%TCu
	Note:

Intercepts calculated @ 0.10% TCu with 2m maximum internal dilution off down-hole width.

2.0 Chisawa Prospect

Previous exploration drilling along strike of the principal geochemical anomaly has been selectively in-filled between and along RC and DD drill sections to a 100m x 100m grid.

In total, 40 diamond holes have been drilled for 8,632m over a 3 km mineralised corridor.

Updated assay results have confirmed the mineralised system is still open along strike and down dip.

Further resource development drilling at depth, down dip and along strike, will be required to evaluate its full potential.

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Figure 4: Chisawa Drilled Holes

Assay results received are reported from 6 diamond holes. These were drilled along sections 11400E to 12600E, with significant intersections tabulated below:

Table 2: Chisawa Prospect – DD Drilling Assay Results

				EOH Depth								Intercepts calculated above 0.5% Tcu
Hole_ID	Easting	Northing	RL		Inclination	Azimuth	mFrom	mTo	mWidth	Cu%	Intercepts@ 0.1%TCu
CHSDD0035	789322	8285682	684	342.2	-50	43.00	212.9	213.7	0.73	0.14	0.73m@0.14%TCu
CHSDD0035	789322	8285682	684	342.2	-50	43.00	229.0	229.6	0.55	0.24	0.55m@0.24%TCu
CHSDD0035	789322	8285682	684	342.2	-50	43.00	234.0	236.0	2.00	0.37	2.00m@0.37%TCu
CHSDD0035	789322	8285682	684	342.2	-50	43.00	257.0	257.2	0.22	0.10	0.22m@0.10%TCu
CHSDD0035	789322	8285682	684	342.2	-50	43.00	262.0	266.0	4.00	1.05	4.00m@1.05%TCu	4.00m@1.05%TCu from 262m
CHSDD0036	788324	8287020	681	400.0	-50	49.00	46.0	55.0	9.00	0.19	9.00m@0.19%TCu
CHSDD0036	788324	8287020	681	400.0	-50	49.00	65.0	69.0	4.00	0.24	4.00m@0.24%TCu
CHSDD0036	788324	8287020	681	400.0	-50	49.00	73.0	74.0	1.00	0.18	1.00m@0.18%TCu
CHSDD0036	788324	8287020	681	400.0	-50	49.00	95.0	96.6	1.60	0.16	1.60m@0.16%TCu
CHSDD0036	788324	8287020	681	400.0	-50	49.00	140.0	146.0	6.00	0.15	6.00m@0.15%TCu
CHSDD0036	788324	8287020	681	400.0	-50	49.00	239.0	240.0	1.00	0.76	1.00m@0.76%TCu	1.00m@0.76%TCu from 239m
CHSDD0037	789091	8285970	692	350.0	-50	43.00	178.0	181.0	3.00	0.20	3.00m@0.20%TCu
CHSDD0037	789091	8285970	692	350.0	-50	43.00	183.0	185.0	2.00	0.15	2.00m@0.15%TCu
CHSDD0037	789091	8285970	692	350.0	-50	43.00	190.0	193.0	3.00	0.24	3.00m@0.24%TCu
CHSDD0037	789091	8285970	692	350.0	-50	43.00	210.0	211.0	1.00	0.11	1.00m@0.11%TCu
CHSDD0037	789091	8285970	692	350.0	-50	43.00	214.0	217.3	3.30	0.10	3.30m@0.10%TCu
CHSDD0037	789091	8285970	692	350.0	-50	43.00	236.0	244.0	8.00	0.76	8.00m@0.76%TCu	4.00m@1.36%TCu from 240m
CHSDD0037	789091	8285970	692	350.0	-50	43.00	294.0	295.0	1.00	0.13	1.00m@0.13% TCu

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				EOH Depth								Intercepts calculated above 0.5% Tcu
Hole_ID	Easting	Northing	RL		Inclination	Azimuth	mFrom	mTo	mWidth	Cu%	Intercepts@ 0.1%TCu
CHSDD0037	789091	8285970	692	350.0	-50	43.00	306.0	306.7	0.70	0.18	0.70m@0.18% TCu
CHSDD0038	788545	8286968	672	276.6	-50	43.00	16.0	19.0	3.00	0.13	3.00m@0.13% TCu
CHSDD0038	788545	8286968	672	276.6	-50	43.00	70.0	71.0	1.00	0.28	1.00m@0.28% TCu
CHSDD0038	788545	8286968	672	276.6	-50	43.00	80.0	81.0	1.00	0.10	1.00m@0.1% TCu
CHSDD0038	788545	8286968	672	276.6	-50	43.00	110.0	111.0	1.00	0.14	1.00m@0.14% TCu
CHSDD0038	788545	8286968	672	276.6	-50	43.00	157.0	175.0	18.00	0.71	18.00m@0.71% TCu	5.00m@1.96% TCu from 169m
CHSDD0038	788545	8286968	672	276.6	-50	43.00	189.2	190.0	0.80	0.69	0.80m@0.69% TCu
CHSDD0039	788578	8286362	700	400.6	-50	43.00	204.0	207.8	3.80	0.12	3.80m@0.12%TCu
CHSDD0039	788578	8286362	700	400.6	-50	43.00	248.0	249.0	1.00	0.45	1.00m@0.45%TCu
CHSDD0040	787702	8287340	713	400.2	-50	43.00	191.0	198.0	7.00	0.18	7.00m@0.18%TCu
CHSDD0040	787702	8287340	713	400.2	-50	43.00	204.0	205.0	1.00	0.14	1.00m@0.14%TCu
CHSDD0040	787702	8287340	713	400.2	-50	43.00	219.0	224.0	5.00	0.16	5.00m@0.16%TCu
CHSDD0040	787702	8287340	713	400.2	-50	43.00	227.0	228.0	1.00	0.17	1.00m@0.17%TCu
CHSDD0040	787702	8287340	713	400.2	-50	43.00	241.0	243.0	2.00	0.19	2.00m@0.19%TCu
CHSDD0040	787702	8287340	713	400.2	-50	43.00	336.0	343.0	7.00	0.57	7.00m@0.57%TCu	5.00m@0.73% Cu from 337m
Note:

Intercepts calculated @ 0.10% TCu with 2m maximum internal dilution off down-hole width.

3.0 Kangaluwi Prospect

A total 10 diamond holes were drilled for 4,021m.

These were drilled on selected sections along strike, to test the mineralisation at depth and down dip of the defined resource.

Mineralisation is currently interpreted over a strike length > 4.1 km, and lies within a series of complex regional structures, incorporating a number of sub parallel-mineralised zones.

Results received to date confirm mineralisation is still open down dip and at depth.

Additional development drilling will be required at depth to evaluate the full potential of down dip, across strike and plunge continuity of multiple sub parallel-mineralised zones currently identified at Kangaluwi.

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Figure 5: Kanagaluwi Drilled Holes

Assay results received to date are reported from 10 DD holes. These holes were drilled along sections 787 800E to 786 800E, with significant intersections tabulated below:

Table 3: Kanagaluwi Prospect – DD Drilling Assay Results

				EOH Depth							Intercepts above 0.1% Tcu
Hole_ID	Northing	Easting	RL		Inclination	Azimuth	mFrom	mTo	mWidth	Cu%		Intercepts calculated above 0.5% TCu
KNGDD0039	8289769	787092	714	291.0	-50.0	360.0	147.0	163.0	16	0.58	16.00m @ 0.61%TCu	1.00m @ 1.11% TCu from 148m 1.00m @ 0.70%TCu from 151m 8.00m@0.77%TCu from 155m
KNGDD0039	8289769	787092	714	291.0	-50.0	360.0	166.0	167.0	1	0.24	1.00m@ 0.24%TCu
KNGDD0039	8289769	787092	714	291.0	-50.0	360.0	177.0	184.0	7	0.21	7.00m@0.21%TCu
KNGDD0039	8289769	787092	714	291.0	-50.0	360.0	263.0	264.0	1	0.60	1.00m@0.60%TCu
KNGDD0039	8289769	787092	714	291.0	-50.0	360.0	273.0	278.0	5	0.89	5.00m@ 0.89%TCu	4.00m@1.03%TCufrom 274m
KNGDD0040	8289717	787093	712	450.3	-50.0	360.0	183.0	205.4	22.4	0.62	2240 062 %TC	8.00m @ 0.88% TCu from 183m, including 5.00m @ 1.13%TCu from 186m 7.60m @ 0.83 %TCu from 195.40m, including 3.00m@ 0.98%TCufrom 199m
											.m @ . u
KNGDD0040	8289717	787093	712	450.3	-50.0	360.0	209.0	216.5	7.5	0.18	7.50m@0.18%TCu
KNGDD0040	8289717	787093	712	450.3	-50.0	360.0	231.0	233.0	2	0.10	2.00m@ 0.10 %TCu
KNGDD0040	8289717	787093	712	450.3	-50.0	360.0	253.0	256.0	3	0.10	3.00m@0.10 %TCu
KNGDD0040	8289717	787093	712	450.3	-50.0	360.0	319.0	327.0	8	0.70	8.00m @ 0.70 %TCu	5.00m @ 0.99 % TCu from 319m, including 3.00m@1.38%TCu,
KNGDD0040	8289717	787093	712	450.3	-50.0	360.0	337.0	352.0	15	0.32	15.00m@0.32 %TCu	4.00m@0.72%TCu from 343m
KNGDD0040	8289717	787093	712	450.3	-50.0	360.0	358.0	360.0	2	1.03	2.00m@1.03%TCu	2.00m@1.03%TCufrom358m
KNGDD0040	8289717	787093	712	450.3	-50.0	360.0	374.0	375.0	1	0.12	1.00m@ 0.12%TCu
KNGDD0040	8289717	787093	712	450.3	-50.0	360.0	388.0	389.0	1	0.12	1.00m@0.12% TCu
KNGDD0040	8289717	787093	712	450.3	-50.0	360.0	391.0	393.0	2	0.14	2.00m@ 0.14%TCu
KNGDD0040	8289717	787093	712	450.3	-50.0	360.0	395.0	396.0	1	0.16	1.00m@ 0.16%Cu
KNGDD0040	8289717	787093	712	450.3	-50.0	360.0	403.0	406.0	3	0.10	3.00m@0.10% TCu
KNGDD0041	8289607	786780	708	410.4	-60.0	360.0	361.0	373.0	12	1.08	12.00m@1.08% TCu	8.10m@1.37% TCu from 363.45m
KNGDD0041	8289607	786780	708	410.4	-60.0	360.0	380.0	388.0	8	0.17	8.00m@0.17% TCu
KNGDD0041	8289607	786780	708	410.4	-60.0	360.0	395.0	397.0	2	0.19	2.00m@ 0.19%TCu
KNGDD0042	8289720	787233	710	416.2	-60.0	360.0	131.0	132.0	1	0.23	1.00m@0.23% TCu
KNGDD0042	8289720	787233	710	416.2	-60.0	360.0	154.0	155.0	1	0.35	1.00m@ 0.35%TCu
KNGDD0042	8289720	787233	710	416.2	-60.0	360.0	165.0	168.0	3	0.12	3.00m@0.12% TCu
KNGDD0042	8289720	787233	710	416.2	-60.0	360.0	208.0	215.0	7	0.15	7.00m@0.15% TCu
KNGDD0042	8289720	787233	710	416.2	-60.0	360.0	227.0	235.0	8	0.38	8.00m@ 0.38%TCu	1.00m@1.13%TCufrom 228m
KNGDD0042	8289720	787233	710	416.2	-60.0	360.0	238.0	239.0	1	0.10	1.00m@0.10% TCu
KNGDD0042	8289720	787233	710	416.2	-60.0	360.0	242.0	249.0	7	0.64	7.00m@0.64% TCu	2.00m@1.65% TCu from 244m

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				EOH Depth							Intercepts above 0.1% Tcu
Hole_ID	Northing	Easting	RL		Inclination	Azimuth	mFrom	mTo	mWidth	Cu%		Intercepts calculated above 0.5% TCu
KNGDD0042	8289720	787233	710	416.2	-60.0	360.0	258.0	261.0	4	0.13	3.00m@ 0.13%TCu
KNGDD0042	8289720	787233	710	416.2	-60.0	360.0	266.0	268.0	2	0.13	2.00m@0.13% TCu
KNGDD0042	8289720	787233	710	416.2	-60.0	360.0	271.0	271.6	0.6	0.50	0.06m@ 0.50%TCu
KNGDD0042	8289720	787233	710	416.2	-60.0	360.0	277.0	279.8	2.8	0.29	2.80m@0.29% TCu
KNGDD0042	8289720	787233	710	416.2	-60.0	360.0	284.0	285.0	1	0.19	1.00m@0.19% TCu
KNGDD0042	8289720	787233	710	416.2	-60.0	360.0	305.0	315.0	10	0.35	10.00m@ 0.35%TCu	1.00m@1.43%TCufrom309m
KNGDD0042	8289720	787233	710	416.2	-60.0	360.0	319.0	323.0	4	0.25	4.00m@0.25% TCu
KNGDD0042	8289720	787233	710	416.2	-60.0	360.0	366.0	370.0	4	0.20	4.00m@0.20% TCu
KNGDD0043	8289598	787380	694	450.0	-60.0	360.0	250.0	254.0	4	0.38	4.00m@0.38%TCu
KNGDD0043	8289598	787380	694	450.0	-60.0	360.0	257.0	262.0	5	0.14	5.00m@0.14%TCu
KNGDD0043	8289598	787380	694	450.0	-60.0	360.0	265.0	266.0	1	0.10	1.00m@ 0.10%TCu
KNGDD0043	8289598	787380	694	450.0	-60.0	360.0	269.0	270.0	1	0.18	1.00m@0.18%TCu
KNGDD0043	8289598	787380	694	450.0	-60.0	360.0	279.0	285.0	6	0.10	6.00m@0.10%TCu
KNGDD0043	8289598	787380	694	450.0	-60.0	360.0	336.0	348.0	12	0.68	12.00m@ 0.68%TCu	4.00m@1.54%TCufrom337m
KNGDD0043	8289598	787380	694	450.0	-60.0	360.0	359.0	361.6	2.6	0.13	2.60m@0.13%TCu
KNGDD0044	8289622	787090	703	450.0	-60.0	360.0	214.0	215.0	1	0.10	1.00m@ 0.10%TCu
KNGDD0044	8289622	787090	703	450.0	-60.0	360.0	220.0	224.0	4	0.10	4.00m@0.10%Tcu
KNGDD0044	8289622	787090	703	450.0	-60.0	360.0	234.0	239.0	5	0.47	5.00m@0.47%TCu	1.00m@1.57% TCu from 235m
KNGDD0044	8289622	787090	703	450.0	-60.0	360.0	311.0	316.0	5	0.18	5.00m@ 0.18%TCu
KNGDD0044	8289622	787090	703	450.0	-60.0	360.0	365.0	366.4	1.41	0.18	1.41m@0.18%TCu
KNGDD0044	8289622	787090	703	450.0	-60.0	360.0	393.0	398.0	5	0.26	5.00m@0.26%TCu
KNGDD0044	8289622	787090	703	450.0	-60.0	360.0	402.0	403.0	1	0.10	1.00m@ 0.10%TCu
KNGDD0044	8289622	787090	703	450.0	-60.0	360.0	406.0	408.0	2	0.16	2.00m@0.16%TCu
KNGDD0044	8289622	787090	703	450.0	-60.0	360.0	417.0	418.0	1	0.15	1.00m@0.15%TCu
KNGDD0044	8289622	787090	703	450.0	-60.0	360.0	420.0	421.0	1	0.13	1.00m@ 0.13%TCu
KNGDD0045	8289600	787577	703	399.0	-60.0	360.0	237.0	238.0	1	0.16	1.00m@0.16%TCu
KNGDD0045	8289600	787577	703	399.0	-60.0	360.0	253.0	255.0	2	0.12	2.00m@ 0.12%TCu
KNGDD0045	8289600	787577	703	399.0	-60.0	360.0	265.0	271.0	6	0.27	6.00m@0.27%TCu
KNGDD0045	8289600	787577	703	399.0	-60.0	360.0	275.0	276.0	1	0.10	1.00m@0.10%TCu
KNGDD0045	8289600	787577	703	399.0	-60.0	360.0	288.0	289.0	1	0.16	1.00m@ 0.16%TCu
KNGDD0045	8289600	787577	703	399.0	-60.0	360.0	302.0	308.0	6	0.14	6.00m@0.14%TCu
KNGDD0046	8289526	787682	691	353.6	-60.0	360.0	257.0	262.0	5	0.20	5.00m@ 0.20%TCu
KNGDD0046	8289526	787682	691	353.6	-60.0	360.0	276.0	278.0	2	0.11	2.00m@0.11%TCu
KNGDD0046	8289526	787682	691	353.6	-60.0	360.0	282.0	291.0	9	0.32	9.00m@ 0.32%TCu
KNGDD0046	8289526	787682	691	353.6	-60.0	360.0	294.0	313.0	19	0.30	19.00m@ 0.30%TCu
KNGDD0046	8289526	787682	691	353.6	-60.0	360.0	323.0	328.0	5	0.14	5.00m@0.14%TCu
KNGDD0047	8289359	787791	679	350.4	-60.0	360.0	307.0	309.0	2	0.14	2.00m@ 0.135%Tcu
KNGDD0047	8289359	787791	679	350.4	-60.0	360.0	324.0	325.0	1	0.10	1.00m@0.10%TCu
KNGDD0047	8289359	787791	679	350.4	-60.0	360.0	329.0	332.0	3	0.12	3.00m@ 0.12%TCu
KNGDD0047	8289359	787791	679	350.4	-60.0	360.0	334.0	342.0	21	0.33	21.00m@ 0.33 %TCu	3.00m@1.4%TCufrom336m
KNGDD0048	8289574	786932	703	450.0	-60.0	360.0	205.0	206.0	1	0.11	1.00m@0.11%TCu
KNGDD0048	8289574	786932	703	450.0	-60.0	360.0	292.0	293.0	1	0.17	1.00m@ 0.17%TCu
KNGDD0048	8289574	786932	703	450.0	-60.0	360.0	310.0	311.0	1	0.16	1.00m@ 0.16%TCu
KNGDD0048	8289574	786932	703	450.0	-60.0	360.0	315.0	316.0	1	0.29	1.00m@0.29%TCu
KNGDD0048	8289574	786932	703	450.0	-60.0	360.0	324.0	325.0	1	0.20	1.00m@0.20%TCu
KNGDD0048	8289574	786932	703	450.0	-60.0	360.0	340.0	344.0	4	0.32	4.00m@0.32%TCu
KNGDD0048	8289574	786932	703	450.0	-60.0	360.0	358.0	368.0	10	0.26	10.00m@ 0.26%Tcu	1.00m@1.04%TCufrom362m
KNGDD0048	8289574	786932	703	450.0	-60.0	360.0	367.0	368.0	1	0.11	1.00m@ 0.11%TCu
KNGDD0048	8289574	786932	703	450.0	-60.0	360.0	376.0	378.0	2	0.13	2.00m@0.13%TCu
KNGDD0048	8289574	786932	703	450.0	-60.0	360.0	381.0	384.5	3.5	0.57	3.50m@0.57%TCu	1.50m@1.02%TCu from 385m

Note:

Intercepts calculated @ 0.10% TCu with 2m maximum internal dilution off down-hole width.

4.0 Multi Element Analysis

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• Assay results received from the re-sampling (2011) of diamond core have identified anomalous titanium and silver mineralisation in zones marginal to the main copper zones.

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Early intersections of interest include:-

• CHSDD0039: 27.90m @ 1.1% Ti from 34.8m to 62.7m and 1m @ 2.08 g/t Ag from 4.0m

• KLUDD0034: 20m @ 1.2% Ti from 133m to 153m and 27m @ 0.9g/t Ag from 133m to 160m

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• KLUDD0041: 17.8m @ 1.36% Ti from 214m to 231.8m and 35m @ 0.9g/t Ag from 136m to 171m; and 1m @ 0.48 Ag g/t from 230m including 2m @ 1.8 g/t Ag from 229m.

Note: Intercepts were calculated using 0.5g/t Ag and 1.0% Ti cut-off’s with 1m maximum internal dilution off down-hole width

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Semi-Quantitative XRD and QEMSCAN mineral analysis to be undertaken of the diamond core to identify the Titanium and Silver species and other elements not previously identified.

Requirements for further metallurgical test work associated with titanium and silver for beneficiation testwork will be governed by outcomes from the mineral analysis.

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Approximately 7,500 samples to date, submitted for multi-element analysis at ALS analytical laboratories in Johannesburg South Africa. Further results are anticipated over the next 4-6 weeks.

5.0 Activities

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• A multi-element sampling program of drill core from 2011 resource development drilling is expected to be completed early April.

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• Pre-2011, sample pulps have been re-submitted to ALS laboratories in Perth (WA) as part of an umpire quality assurance, analytical program.

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• Sample pulps from 2011 resource development drilling program are to be collected from A. Knight Laboratory and prepared for despatch to ALS Laboratory in Johannesburg (SA), as part of an additional umpire (quality assurance) analytical program.

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• Selected check assay repeats of sample pulps from ZRL’s 2008 RC drilling at Kalulu have been submitted to Genalysis laboratories in Perth (WA). Results will be cross referenced to data in 2008 database as part of a historical database audit.

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• Prior to a resource estimate update, a field check of all drill hole collars coordinates is to be undertaken. This survey program will employ high precision DGPS instrumentation.

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• All outstanding sample analysis, relevant QA/QC and data audits are scheduled for completion by late April. AMC Consultants have been engaged to create an auditable database, which will meet JORC Code reporting requirements.

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6.0 Corporate

Sunbird Resources Limited

Zambezi Resources Limited has entered into a Share Purchase Agreement with Sunbird Resources Limited (Sunbird) to divest its uranium interests in Zambia in order to focus on its Kangaluwi Copper Project.

The consideration for the disposal is $500,000 payable in scrip in Sunbird by 2.5 million ordinary shares at an issue price of 20¢ per share conditional upon various terms and conditions including listing. Zambezi shareholders shall receive a priority offer under their Prospectus.

7.0 Project Background

The Kangaluwi, Chisawa and Kalulu prospects are three high quality prospects within the 100% owned Kangaluwi Copper Project. The Project is covered by a 245 km[2] Mining Licence, 180 km east of Lusaka, Zambia. Numerous geophysical targets in the Project area are yet to be evaluated, with only one quarter of the 28 km strike length drill tested to date.

Current Mineral Resource estimates for the Project stands at 23.4 Mt grading 0.85% Cu for approximately 200 Kt contained copper from the Kangaluwi and Chisawa prospects. Additional resource is anticipated from the Kalulu prospect.

Prospect	Measured	Measured	Indicated	Indicated	Inferred	Inferred	Totals	Totals
	Tonnes (t)	Grade (% Cu)	Tonnes (t)	Grade (% Cu)	Tonnes (t)	Grade (% Cu)	Tonnes (t)	Grade (% Cu)
Kangaluwi Chisawa	- -	- -	8,907,000 -	0.78 -	- 14,535,983	- 0.90	8,907,000 14,535,983	0.78 0.90
Totals	-	-	8,907,000	0.78	14,535,983	0.90	23,442,983	0.85

The current 22,000 m drilling program will form the basis of a revised Mineral Resource estimate for copper and gold, as a basis for a future Bankable Feasibility Study.

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8.0 Competent Persons Statement

The information in this announcement that relates to Exploration Results and Mineral Resources is based on information compiled by Ms Chiedza Nematadzira and Borniface Nquni, of Caracle Creek Consulting Zambia. Both are members of the Australian Institute of Geoscientists and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 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.

The information in this announcement that relates to Exploration Results is based on information compiled by Robert McPherson, Country Manager, Geology Zambia. Robert McPherson is employed as a Geologist for Zambezi Resources and is also a member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Robert McPherson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Zambezi Resources Limited Frank Vanspeybroeck CEO