RNS Number:2227B
Zambezi Nickel Ltd
07 April 2006

                             Zambezi Nickel Limited

                                (the "Company")

                              Exercise of options


The Company announces that it has issued 19,254 new ordinary shares of 1p each
in the Company ("Ordinary Shares") following the exercise of options at 10p per
share. Application has been made for the Ordinary Shares to be admitted to
trading on AIM and dealings are expected to commence on 13 April 2006. Following
this exercise of options the enlarged issued share capital of the Company is
33,534,197 Ordinary Shares and the number of options trading on AIM is
4,709,913.


For further information please contact:


Paul Rankine, Zambezi Nickel Limited                       Tel: +44 795 280 7110

David Youngman, WH Ireland Limited                         Tel: +44 161 832 2174



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

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