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Zambezi Resources said Thursday during the quarter ended Dec. 31, 2008, field work on Zambezi's projects in Zambia was restricted to environmental rehabilitation of drill sites and access tracks.
Focus for the quarter centred on rationalisation and compliance of the Company's license holdings in Zambia to meet full compliance with the new 2008 Zambian Mines Act. As part fulfilment of this process Licenses PL 225 and PL 226 have been relinquished.
One application for renewal of a portion of Mulungushi PL 224 has been granted to date and approved by the Zambian Dept of Mining and Minerals Development. The remainder are pending approval in early February 2009.
Results are still pending from drilling completed on the Kangaluwi Copper Project and the Mulofwe Project with 17,800 analytical results still awaited.
At the Cheowa Copper-Gold Project, Glencore International met its expenditure commitment of $16 million in Q4, 2008 to earn an initial 51% interest in the project.
A Shareholders Agreement to convert the joint venture into an Incorporated Joint Venture was completed between Zambezi and Glencore in Dec. 2008.
Glencore now own 51% and Zambezi 49% of Chalimbana Resources, a Bermudan registered company that owns the assets of the two former joint ventures for the Chongwe Copperbelt or Chalimbana and Cheowa projects.
Field work carried out during the Dec. quarter consisted solely of environmental rehabilitation of drill sites and access. Results of a prefeasibility study are expected in Q1, 2009.
At the 100% owned Kangaluwi Copper Project field work consisted of environment rehabilitation of drill pads and access. Data validation was ongoing and an in-house scoping study for the project was instigated.
A significant number of drill hole assays are still pending for the Chisawa and Kangaluwi Prospects. These samples are expected to be assayed in Q1, 2009.
The results of these assays will be used to calculate a 2004 JORC compliant resource estimate for the Chisawa and Kangaluwi Prospects. This is expected to be completed in H1, 2009.
Lithic Metals and Energy Uranium Joint venture. Field work continued in Q4, 2008 and focused on following up from results of the interpretation of the extensive high resolution helimagnetic and radiometric surveys over the Mulungushi, Mpande and Chumbwe licenses. These surveys were designed to extend high resolution geophysical coverage into these uranium project areas, and provide vital information on the structural, lithostratigraphic and radiometric framework of the projects. Lithic are the JV managers of this exploration work. Results are pending.
No work was done during Q4, 2008 on the Uranium Mineral Rights joint venture with Rio Tinto at the Mulofwe project. Drilling is planned to be carried out in Q1 or Q2, 2009 on targets identified by field work in 2008.
The Company's prime strategic objective will be to reassess its strategic direction, being cognisant of the new economic realities that now exist.
There remain substantial resource and mostly copper opportunities within the African Sub-Saharan region. The Company will remain focused where it has a competitive advantage.
This follows the agreement, announced yesterday, with Astron for a three staged recapitalisation plan which envisages an initial investment of A$580,000 and following shareholder approval, an additional investment of A$3.42 million.
In addition the Company will issue an unsecured note for $6 million to Astron subject to various conditions including shareholder approvals.
(END) Dow Jones Newswires
01-29-09 0421ET
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