February 23, 2005
TORONTO, ONTARIO - Tsodilo Resources Limited ("Tsodilo" or the "Company") (TSX Venture Exchange: TSD) is pleased to announce that it has negotiated a non-brokered private placement of 461,570 units of the Company (the "Units") at a price of $1.15 per Unit for proceeds to the Company of $530,806. Each Unit consists of one common share of the Company and half a warrant of the Company, each full such warrant entitling the holder to purchase one common share of the Company at a price of $1.15 for a period of two years. Closing of this transaction is subject to regulatory approval. Proceeds from this financing will be added to the Company's working capital.
Tsodilo Resources is an international diamond exploration company engaged in the search for economic kimberlites at its Newdico and Gcwihaba projects in northwest Botswana. The Republic of Botswana is the largest producer of diamonds, by value, in the world. Tsodilo has a 75% stake in Newdico while Trans Hex Group, a South African diamond mining and marketing company, holds the remaining 25%. The southern Gcwihaba Project area is 100% held by Tsodilo subsidiary Gcwihaba Resources (Pty) Limited. Tsodilo manages the exploration of both license areas. The design and conduct of the Company's exploration program is the responsibility of Peter Walker, a professional geologist registered with the South African Council for Natural Scientific Professions. Please visit the website, www.TsodiloResources.com, for additional information and background on our projects.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control, which may cause actual results or performance to differ materially from those currently anticipated in such statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
James M. Bruchs - President and Chief Executive Officer: E-Mail JBruchs@TsodiloResources.com
Head Office: Telephone +1 416 572 2033 Facsimile + 1 416 5724164