Speaking on state TV the military reported that they have engaged in talks with the country’s leader about the best way forward for the African nation and would reveal the outcome of discussions as soon as possible.
It comes after the army ordered armed forces onto the streets, took control of state TV and placed Mr Mugabe under house arrest on Tuesday.
However, they have denied they are launching a take over, insisting the events were a "bloodless takeover" of power in order to remove “criminals” surrounding Mugabe.
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But news of a breakthrough in talks seemed to contradict reports that Zanu-PF were preparing to depose the preisdent.
Leaders of the ruling party were meeting today to draft a resolution calling for him to be sacked this weekend or face impeachment.
In their national TV address, the military added they had made “significant progress” in its operation.
Members of the Zimbabwe Government are among those arrested.
Talks between the deposed leader and senior members of the military, including General Constantino Chiwenga who is believed to have been behind the coup, had been taking place all day yesterday.
And the smiling President was pictured overnight posing with members of the military. On Friday he even travelled to a university graduation ceremony in Harare, leading to renewed speculation about his position.
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