RNS Number:4247L
Zambezi Nickel Ltd
02 November 2006

2 November 2006


                              Exercise of Options


Zambezi Nickel Limited ("Zambezi" or the "Company") (AIM Code: ZNI), announces 
that it has issued 1,804,859 new ordinary shares of 1p each in the Company 
("Ordinary Shares") following the exercise of options ("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 7 November 2006. 
Following this exercise of Options, the enlarged issued share capital of the 
Company is 35,382,369 Ordinary Shares. All Options not exercised on or before 
31 October 2006 have automatically lapsed and no longer trade on AIM.

For further information, please contact:

Paul Rankine, Zambezi Nickel Limited           Tel: +44 20 7193 3728

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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