ZNI Zambezi Nickel

RNS Number:2554C
Zambezi Nickel Ltd
02 May 2006

2 May 2006

                       Commencement of Drilling at Mitaba

*        Diamond drill programme commenced on 28 April 2006

*        New prospecting licences issued over Mitaba and Paulwi



Zambezi Nickel Limited ("Zambezi" or the "Company") (AIM Codes: ZNI and ZNIO),
the AIM-quoted African nickel exploration and development company, today
announces that the diamond-drilling programme at its Mitaba Project has
commenced. The entire 4,540 metres programme is expected to be carried out
between April and August 2006.



Zambezi can also confirm that MR Nickel Limited, its wholly owned Zambian
subsidiary, was granted new prospecting licenses over Mitaba and Paulwi on 12
April 2006. As highlighted in Zambezi's Admission Document, Mwembeshi Resources
Limited agreed to transfer the prospecting rights over Mitaba and Paulwi to MR
Nickel Limited under the terms of an agreement dated 19 August 2005, with the
applications to transfer the projects into the name of MR Nickel Limited being
lodged with the Zambia Mines Department after Admission. A Zambian prospecting
licence confers exclusive rights to carry on prospecting operations for a period
of two years, renewable for up to six years from the initial granting, so
Zambezi has the potential to carry out exploration on these projects up to 12
April 2012.



Commenting on the announcement, Paul Rankine, CEO of Zambezi said, "The
commencement of drilling at Mitaba highlights our strategy to fast track our
prospects into production."



For more information, please contact:



Paul Rankine                             Laurence Read
Zambezi Nickel Limited                   Conduit PR
Tel:       +44 20 7193 3728              Tel:       +44 20 7429 6666
Mob:       +44 795 280 7110              Mob:       +44 797 995 5923



A PDF version of this release is available on the Zambezi website at
www.zambezinickel.com





ADDITIONAL INFORMATION

*        African focused pure nickel exploration/development company

*        Admitted to London's AIM Market in October 2005, raising #1.6 million

*        Exploration rights over 3 prospects on 2 project areas (Mitaba &
         Paulwi) in Zambia

*        Identified a major nickel sulphide bearing structure which has been
         trenched & drilled (Mitaba)

*        Exploiting shared cost/infrastructure opportunities with AIM quoted
         Zambezi Resources Limited

*        Strong position from which to acquire nickel prospects in the region

*        Strategy to fast-track regional nickel prospects into production

*        First stage target - JORC Resource - Q4 2006


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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