TIDMZRL 
 
RNS Number : 5788R 
Zambezi Resources Ltd 
01 May 2009 
 

1 May 2009 
Zambezi Resources Limited 
 
 
(AIM: ZRL; ASX: ZRL) 
 
 
Corporate Update 
 
 
Zambezi Resources Limited ("Zambezi" or the "Company") (AIM: ZRL; ASX:ZRL) today 
announces that, further to announcements on 28 November 2008 and 31 March 2009, 
it has reached agreement with all its major creditors for the conversion of debt 
to ordinary shares at AUD$0.02 cents per share subject to shareholder approval. 
Shareholder approval will be sought for the issue of 161,685,161 ordinary 
shares. 
 
 
Following the issue of these shares, the Company will have 388,561,335 ordinary 
shares in issue, assuming that no additional ordinary shares are issued by the 
Company in the interim period. 
 
 
The creditors have also agreed to extend the existing standstill arrangements to 
the earlier of the shareholder approval for the conversion of debt or 30 June 
2009. The moratorium will allow Zambezi the opportunity to prepare a notice of 
meeting seeking the requisite shareholder approval and then to raise 
additional funds for its projects in Zambia. 
 
 
The Company is continuing discussions with various parties with a view to 
refinancing the Company on its own behalf and through intermediaries acting on 
its behalf. This includes sourcing interim funding until adequate funding for 
the foreseeable future has been secured. The Company's current strategy is aimed 
at minimising on going costs while retaining the intellectual property and 
knowledge base 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)                  |                            | 
| +61 (08) 9216 9000           |                            | 
| +61 (0) 418 949 580          |                            | 
|                              |                            | 
+------------------------------+----------------------------+ 
| Fiona Owen                   |                            | 
| Grant Thornton UK LLP        |                            | 
| +44 20 7383 5100             |                            | 
+------------------------------+----------------------------+ 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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