Corporate Update

 

TIDMZRL 
 
RNS Number : 7875P 
Zambezi Resources Ltd 
31 March 2009 
 

31 March 2009 
Zambezi Resources Limited 
 
 
Corporate Update 
 
 
Zambezi Resources Limited ("Zambezi" or the "Company") (AIM: ZRL; ASX:ZRL) today 
announces that it has reached agreement with all its major creditors to extend 
the standstill arrangement (announced 28 November 2008) to 30 April 2009. Under 
the terms of the standstill agreement, Zambezi has deferred the payment of debts 
to the Company's key suppliers until the end of April 2009. 
 
 
The extended moratorium will allow Zambezi the opportunity to raise additional 
funds for its projects in Zambia. Zambezi securities will remain suspended from 
trading on ASX and AIM whilst these discussions are ongoing. 
 
 
The Company is continuing discussions with various parties with a view to 
refinancing the Company. This includes discussions being led by the Company 
itself and also discussions through intermediaries acting on the Company's 
behalf. The current strategy is aimed at minimising ongoing costs while 
retaining the intellectual property, knowledge base and management team that the 
Company has built up over the past five years. 
 
 
 
 
 
 
For more information contact: 
 
 
+------------------------------+----------------------------+ 
| Julian Ford, Managing        | Simon Edwards / Adam Lloyd | 
| Director                     | Evolution Securities Ltd   | 
| Zambezi Resources            | + 44 20 7071 4300          | 
| (Australia)                  |                            | 
| [phone]           |                            | 
| [phone]          |                            | 
+------------------------------+----------------------------+ 
|                              |                            | 
+------------------------------+----------------------------+ 
| Fiona Owen                   |                            | 
| Grant Thornton UK LLP        |                            | 
| [phone]             |                            | 
+------------------------------+----------------------------+ 
 
 
 
 
ADDITIONAL INFORMATION 
Zambezi is listed on London's AIM market and the Australian Securities Exchange 
(ASX & AIM Ticker: ZRL) and currently has two main projects, Cheowa and 
Kangaluwi. The Company is focused on discovering and developing large 
Copper-Gold projects in southern Zambia. The Cheowa project is a joint venture 
with Glencore International AG, who have earned a 51% interest in the project. 
The Company believes that the Kangaluwi project has the potential to be a world 
class open pit copper deposit. To date the Company has spent over US$ 10 million 
on the project and drilled over 50,000 metres, testing 8km's of the 28km's of 
strike length. The Company also has a Uranium Joint Venture on approximately 50% 
of its tenement area with Lithic Metals and Energy. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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