TORONTO, CANADA - Tsodilo Resources Limited (TSX Venture Exchange: TSD) ("Tsodilo" or the "Company") is pleased to announce that at its Annual Meeting of shareholders held on May 8, 2008, the following directors were elected: R. Stuart Angus, James M. Bruchs, David J. Cushing, Jonathan R. Kelafant and Patrick C. McGinley. The shareholders approved the appointment of KPMG, Chartered Accountants, Johannesburg, South Africa as Auditors of the Company.
Grant of Stock Options
Under the terms of its Stock Option Plan, following the annual meeting of shareholders, Tsodilo granted 350,000 options to five directors and an employee at an exercise price of CDN$0.70 per share. These options vest as to 25% immediately, and 25% on each of the sixth, twelfth and eighteenth month anniversaries of the date of the grant. The options are valid for five years.
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:
Head Office: Telephone +1 416 572 2033
Facsimile + 1 416 987-4369