October 25, 2002
TORONTO, CANADA - Tsodilo Resources Limited (TSX Venture Exchange: TSD) is pleased to announce that it has negotiated a non-brokered private placement of 236,130 units of the Company (the "Units") at a price of $0.50 per Unit for proceeds to the Company of $118,065. Each Unit consists of one common share of the Company and half a warrant of the Company, each full such warrant entitling the holder to purchase one common share of the Company at a price of $0.50 for a period of two years. Closing of this transaction with arms length individuals, is subject to regulatory approval. Proceeds from this financing will be added to the Company's working capital.
Tsodilo Resources is an international diamond exploration company engaged in the search for economic kimberlites at its Ngami project in northwest Botswana. The design and conduct of the Company's exploration program is the responsibility of Dr. Andrew Moore, a professional geologist registered with the South African Council for Natural Scientific Professions.
FOR FURTHER INFORMATION PLEASE CONTACT:
James M. Bruchs - President and Chief Executive Officer: E-Mail firstname.lastname@example.org
Dr. Andrew E. Moore - Vice President, Exploration: E-Mail email@example.com
Stephen Woodhead - Chief Financial Officer and Corporate Secretary: E-Mail firstname.lastname@example.org
Head Office: Telephone +1 416 572 2033 Facsimile + 1 416 572 4164