News

August 15, 2008

Zambezi Resources Drops Everything To Focus On Kangaluwi

By Rob Davies

The liquidity crisis is now forcing explorers to make some tough decisions as to exactly which sweets in the shop they want to buy. Many companies are now facing the problem of having a limited amount of money to spend on a number of attractive exploration targets, and Zambezi Resources offers a very good case study. The company has just taken the tough decision that it will drop everything else and concentrate all its efforts on its Kangaluwi copper project in southern Zambia.

Managing director Julian Ford told Minews that he feels this deposit could be a company maker. To progress work on this deposit he has stopped activity on all the other properties. That includes the Cheowa project where a resource of 6.5 million tonnes at a grade of 1.13% copper and 0.30 grammes per tonne gold has already been established from work that was funded by Glencore in return for a 51 per cent stake. The single RC rig that Zambezi has is now working on Kangaluwi to test the remaining...