TREK METALS LIMITED — Director's Dealing 2011

Jan 27, 2011

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ASX Announcement

28 January 2011

Amended Appendix 3Y

Attached herewith is an amended Appendix 3Y to the form lodged earlier today with the ASX, which information has now been included on an updated form Appendix 3Y.

For Further Information please contact:

Simon Durack Non-Executive Director Zambezi Resources (Australia) + 61 (08) 9488 8894

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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 Stock Exchange Listing: ASX: ZRL Directors: Non-Executive Chairman: David Vilensky Non Executive Directors: Simon F Durack Richard Procter Emmanuel HeyndrickX CEO David Russell

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity ZAMBEZI RESOURCES LIMITED ARBN 124 462 826

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	DAVID VILENSKY
Date of last notice	7/8/09

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	INDIRECT
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	COILENS CORPORATION PTY LTD – Mr David Vilensky’s private company
Date of change	11/1/11
No. of securities held prior to change	Nil
Class	Fully paid ordinary shares
Number acquired	500,000
Number disposed	Nil
Value/Consideration Note: If consideration is non‐cash, provide details and estimated valuation	$12,637
No. of securities held after change	500,000 fully paid ordinary shares
Nature of change Example: on‐market trade, off‐market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy‐back	On‐market trade

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	N/A
Nature of interest
Name of registered holder (if issued securities)
Date of change
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed
Interest acquired
Interest disposed
Value/Consideration Note: If consideration is non‐cash, provide details and an estimated valuation
Interest after change

Part 3 –[+] Closed period

Part 3 –+Closed period
Were the interests in the securities or contracts detailed above traded during a+closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?
If prior written clearance was provided, on what date was this provided?

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011