- Tsodilo Resources Limited ("Tsodilo" or the "Company") (TSX Venture Exchange: TSD) is pleased to announce that the drill investigation of priority 1 and 2 magnetic anomalies in the Newdico (Pty) Limited ("Newdico") and Gcwihaba Resources (Pty) Limited ("Gcwihaba") license blocks in northwest Botswana is set to commence. The Company's Atlas Copco CT14 diamond drill rig was moved to site over the weekend and drilling will begin shortly.
Since the grant of licenses in February to the Company's Gcwihaba subsidiary (see Press Release February 26, 2008), the Company's geophysical crew has been conducting detailed magnetic surveys over Gcwihaba license PL50/2008 and Newdico license PL67/2005. The initial survey grid covers an area of approximately 1,300 square kilometers and the grid lines are a tight line spacing of 100 meters and data is collected at 10 meter station intervals to better define and interpret the area. The ground surveys have picked up numerous targets that were not apparent on the aero-magnetic survey that was flown at a height of 80 meters and 250 meter line spacing in the late 1990's. Several of these new targets are co-incident to kimberlite indicator mineral ("KIM") recoveries but could not be attributed to any target anomaly as the previous data was too coarse to make an association.
The ground geophysical magnetic survey is conducted using the Company's portable cesium magnetometer, Model G-859 Mineral Mag, manufactured by Geometrics. An additional magnetometer has been order and will be on site in mid-May. According to James M. Bruchs, President and CEO, "The data that we are getting in these areas is opening up these blocks that were previously viewed as not prospective as the KIM's which were recovered in regional soil sampling programs in these areas could not be attributed to target anomalies, however, we now believe that they can. To conduct such large ground geophysical surveys is difficult and time consuming but with the second magnetometer we will be able to do 40 to 50 line kilometers per day and stay ahead of our drill crew". Initial diagrams of the magnetic survey can be seen on the Company's website at: /s/Imagery.asp
and then scroll down to Gcwihaba Resources (Pty) Limited - Diamond PL050 / 2008. In addition to the detailed ground magnetic survey that the Company is performing, data from Geotech's time-domain electromagnetic system (VTEM) survey which covers much of these two license blocks will be made available to the Company in a short period. "We are very encouraged about what we have seen so far. These Newdico and Gcwihaba license blocks will be gone over with the finest equipment there is, hopefully adding to the significant number of highly promising targets we have already identified", comments Mr. Bruchs.
Tsodilo Resources Limited is an international diamond exploration company engaged in the search for economic kimberlites at its Newdico (Pty) Limited ("Newdico') and Gcwihaba Resources (Pty) Limited ("Gcwihaba") projects in northwest Botswana. The Republic of Botswana is the leading producer of diamonds, by value, in the world and the world's second-largest producer by volume. Its mines are amongst the most profitable in the world and they are a member of the Kimberley Process Certification Scheme (KPCS) which imposes extensive requirements on its members to enable them to certify shipments of rough diamonds as 'conflict-free'. The country is democratically ruled, boasting a growing economy and a stable political environment.
The Company has an 93% stake in Newdico (16,800 square kilometers under diamond license) while Trans Hex Group, a South African diamond mining and marketing company, holds the remaining 7%. The southern and northern Gcwihaba project area (7,500 square kilometers under diamond license and 3,800 square kilometers under base and precious metals licenses) is 100% held by the Company. Tsodilo manages the exploration of both the Newdico and Gcwihaba license areas. Overall project supervision of the Company's exploration program is the responsibility of Macdonald Kahari, Pr. Sci. Nat., B.Sc. (Physics and Geology), M.Sc. (Exploration Geophysics), a qualified professional registered with the South African Council for Natural Scientific Professions and a Qualified Person under NI 43-101 and he has reviewed and approved the contents of this release. The Company has offices in Toronto, Canada and Gaborone and Maun, Botswana. Please visit the Company's 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 + 1 416 987 4369