January 13, 2011 Program Update Resumption of Phase I Drill Program
TORONTO, CANADA - Tsodilo Resources Limited (TSX Venture Exchange: TSD) ("Tsodilo" or the "Company") is pleased to announce the resumption of its Phase I drilling program in northwest Botswana. Results reported to date document the presence of base and precious metals, rare earth minerals, and uranium on the Company's license blocks.
Drilling operations resumed in the northern portion of the Company's license blocks where an extensive layered magnetite unit has been identified extending some 60km in length. This is also the area where the Company will complete its first, or reconnaissance, drilling phase. This program is scheduled to be completed by the end of the 1st quarter and will provide complete first-pass coverage of all of prospecting licenses along an extended area of mineralization.
A Phase II drill program is set to commence immediately after Phase I operations and will focus on the following target areas:
First: Further exploring and delineating the mineral resources in the areas immediately surrounding first phase drill holes which have returned positive assay results from the laboratories;
Second: Further exploring and delineating mineral resources in areas where positive soil samples were identified from a regional geochemical sampling program.
Third: Clear geophysical targets that have been modeled as ultra-mafic intrusions.
To complete the 1st and 2nd drilling phases in the scheduled time frames, the Company ordered an additional Atlas Copco CT14 drill rig. The construction of the drill rig in Sweden is near completion and it will be mounted on an IVECO 6x6 TRAKKER truck before being shipped to Botswana. The rig will be operational on site in the 2nd quarter.
Dr. Joan Carles Melgarejo and his team from the University of Barcelona have just completed a preliminary review of the core samples at the Company's facility in Maun, Botswana. Dr. Melgarejo has been working on the mineralization model to assist the Company to focus its target selection over this large license area. Dr. Melgarejo and his colleagues were the first to identify and report on the presence of gold and rare earth elements ('REE') in submitted core samples. - see press release of November 10, 2010.
About Tsodilo Resources: 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 96% stake in Newdico (3,940 km² under Precious Stone - diamond licenses) while Trans Hex Group, a South African diamond mining and marketing company, holds the remaining 4%. The Gcwihaba project area (5,870 km² under Precious Stone - diamond licenses; 12,810 km² Metal (base, precious, platinum group, and rare earth) licenses; and, 1,430 km² under Radioactive Minerals 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. Dr. de Wit has reviewed the information contained herein and approved the contents of this Press 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.
National Instrument 43-101 - Standards of Disclosure for Mineral Projects, Form 43-101F1 and Companion Policy 43-101CP requires that the following disclosure be made: All references contained herein with respect to the potential quantity and grade derived by any method is at this stage of development conceptual in nature. At the present time, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
This press release contains 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.