RNS Number:2109X
Zambezi Nickel Ltd
24 May 2007




                             Zambezi Nickel Limited
                      ("Zambezi Nickel" or the "Company")

                                Issue of Options


Zambezi Nickel confirms today that at a board meeting of the Company, the
directors approved the issue of options over ordinary shares of 1p each in the
company ("Options") to the following non-executive directors of the Company:


  * 350,000 Options to Julian Ford;
  * 350,000 Options to Geoff Johnson; and
  * 350,000 Options to Jeremy Wrathall.


The Options were issued in lieu of salary for the period 1 November 2006 to 31
April 2007; are exercisable at any time until 31 April 2010 and can be exercised
at a price of 10p per share.

The non-executive directors listed above hold no other Options over the
Company's shares.



For further information contact:

David Youngman, W.H. Ireland Ltd.              Tel:  +44 (0) 161 832 6644
Jim Kerr, Zambezi Nickel Ltd                   Tel:  +61 (0) 8 9216 9000




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

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