May 04, 2009 Election Of Directors And Appointment Of Auditor
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 4, 2009, 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 Ernst & Young LLP, Chartered Accountants, Vancouver, Canada 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 300,000 options to five directors and 110,000 options to three employees at an exercise price of C$0.70 per share. These options vest as to 25% immediately (May 4, 2009); 25% on each of the sixth (November 4, 2009); twelfth (May 4, 2010); and, eighteenth (May 4, 2010) month anniversaries of the date of the grant. The options are valid for five years.
The Company has an 94% stake in Newdico (9,400 square kilometers under diamond license) while Trans Hex Group, a South African diamond mining and marketing company, holds the remaining 6%. The southern and northern Gcwihaba project area (4,310 square kilometers under diamond license and 11,400 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. 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