- Tsodilo Resources Limited ("Tsodilo" or the "Company") (TSX Venture Exchange: TSD) is pleased to announce that at its Annual and Special Meeting of shareholders held May 4, 2010, the following directors were elected: R. Stuart Angus, James M. Bruchs, David J. Cushing, Michiel C.J. de Wit, Jonathan R. Kelafant and Patrick C. McGinley. The shareholders also approved the appointment of Ernst & Young LLP, Vancouver, Canada, as Auditors of the Company and voted to increase the number of shares reserved for issuance under the Company's Stock Option Plan to 3,942,120.
Grant of Stock Options
Under the terms of its Stock Option Plan, following the annual meeting of shareholders, Tsodilo granted 550,000 options to six directors and one employee at an exercise price of C$2.23 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 and metals exploration company engaged in the search for economic kimberlites and metal deposits at its Newdico (Pty) Limited ("Newdico') and Gcwihaba Resources (Pty) Limited ("Gcwihaba") projects in northwest Botswana. The Company has an 95% 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 5%. The southern and northern Gcwihaba project area (6,856 square kilometers under diamond license and 13,400 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. Overall supervision of the Company's exploration program is the responsibility of Dr. Mike de Wit, President and COO of the Company and a "qualified person" (as such term is defined in National Instrument 43-101).
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.
This press release may contain forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the development of the Company's projects) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in equity markets, political developments in Botswana and surrounding countries, changes to regulations affecting the Company's activities, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties involved in interpreting exploration results and the other risks involved in the mineral exploration business. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
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 - Chairman and Chief Executive Officer - JBruchs@TsodiloResources.com
Mike de Wit - President and Chief Operating Officer - MdeWit@TsodiloResources.com
Head Office - Telephone +1 416 572 2033, Facsimile + 1 416 987 4369