TREK METALS LIMITED — Major Shareholding Notification 2007

Jul 5, 2007

Form 603 Corporations Act 2001 Section 671B

Notice of Initial Substantial Holder

To: Zambezi Resources Ltd ACN/ARSN:

1. Details of substantial holder (s)

Name: FMR Corp. and FIL ACN/ARSN (if applicable)

The holder became a substantial holder on 5 July 2007

** Please note that this is a revised version of the form dated 5 July 2007 **

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of Securities (4)	Number of securities	Person's votes (5)	$\sqrt{6}$ Voting power (6)
Ordinary shares	15,656,802	8.46%	46%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
FMR Corp. & FIL		656.

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of securities	Class and number of securities
FIL & FMR Corp.	FID FDS - EURO SMALLER CO POOL	15,656,802
Total	15,656,802	$8.46\%$

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)	Class and number of securities ordinary shares
		Cash/non-cash USD
FMR Corp. & FIL	06 March 2007	0.3892	250,000
FMR Corp. & FIL	13 March 2007	0.3962	150,000
FMR Corp. & FIL	16 March 2007	0.3825	242,531
FMR Corp. & FIL	28 March 2007	0.3553	2,184,000
FMR Corp. & FIL	21 May 2007	0.3753	13,520
FMR Corp. & FIL	29 May 2007	0.3969	13,520
FMR Corp. & FIL	19 June 2007	0.3808	3,333,333

Please note that the trades shown in bold in the above table are dispositions of shares.

FMR Corp. & FIL became a substantial shareholder in Zambezi Resources Ltd as a result of the company listing on the Australian Stock Exchange on 5 July 2007.

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are all follows:

Name and ACN/ARSN (if	Nature of association
applicable)
FMR Corp./FMR Co.,	FMR Co. is the adviser to the registered holders named in Section 4 and has
FMTC	power under its management agreements to dispose of the subject shares.
	FMR Co. is a wholly-owned subsidiary of FMR Corp., a Delaware corporation.
	Edward C. Johnson 3d is chairman of FMR Corp. and owns in excess of 10% of
	the voting power of FMR Corp. and may thereby be deemed an associate of FMR
	Co.
	However, neither FMR Corp. nor Edward C. Johnson 3d has sole power to vote or
	direct the voting of, or to dispose of or direct the disposition of, the subject shares.
	FMR Co. carries out such voting under written guidelines established by the Board
	of Trustees of the Funds which are the registered holders.
	Fidelity Management Trust Company ("FMTC") is a trust company organized
	under the laws of Massachusetts and is a wholly-owned subsidiary of FMR Corp.
	Because FMTC and FMR Co. are under the common control of FMR Corp., FMTC
	may be considered a related body corporate and hence an "associate" of FMR
	Corp., as such term is used in the Corporations Law.
	FMTC's relevant interest consists of the power to dispose of, and may also consist
	of the power to vote or direct the voting of, the shares for the institutional accounts
	with which it has a management agreement.
FIL	FIL is the adviser to the registered holders named in Section 4 above, each of
	which is an investment company organized under the laws of a jurisdiction other
	than the United States, and has power under its management agreements to
	dispose of the subject shares.
	Edward C. Johnson 3d is chairman of FIL and owns in excess of 20% of the voting
	power of FIL. By reason of his ownership of the "prescribed percentage" of FIL,
	Mr. Johnson may be deemed the holder of a relevant interest in the subject shares
	and a substantial shareholder.
	FIL has power to vote and dispose of the shares of the Funds which it advises.

7. Addresses

The addresses of the persons named in this form are as follows:

Name	Address
FMR Corp., FMR Co., FMTC	82 Devonshire Street, Boston, MA 02109
"F1L	PO Box HM 670, Hamilton HMCX, Bermuda

Sign Here __

Dated 6 July 2007

Kemal H Selim

Risk Director

Duly authorized under Powers of Attorney dated August 25, 2004 by Eric D. Roiter by and on behalf of FMR Corp. and its direct and indirect subsidiaries, and Fidelity International Limited and its direct and indirect subsidiaries.