- Tsodilo Resources Limited ("Tsodilo" or the "Company") (TSX Venture Exchange: TSD) is extremely pleased to announce that Dr. Murray W. Hitzman has agreed to join the Company's board of directors effective July 25, 2011.
Dr. Hitzman is one of the world's foremost authorities on Iron Oxide Copper-Gold (IOCG) deposits. In 1992, Dr. Hitzman co-authored the seminal paper on IOCGs prior to publishing one of the first papers on the origin of the giant Olympic Dam IOCG deposit in 1993.
Following a recent on-site examination of the Company's core at its facility in Maun, Botswana, Dr. Hitzman, concluded that "the Tsodilo property in northwest Botswana holds incredible potential for the near term discovery of valuable iron, copper, gold, and uranium resources. I very much look forward to working with Tsodilo's management to unlock the value of this exciting area."
Dr. Hitzman's resume is summarized below:
Murray W. Hitzman received BA degrees in Earth Science and Anthropology from Dartmouth College in 1976, an MS in geology from the University of Washington, Seattle in 1978, and a Ph.D. from Stanford University in 1983 and a certificate in Environmental Management from George Washington University (1995). Dr Hitzman began work in the mining industry with Anaconda in 1976 at the Yerington porphyry copper mine in Nevada and subsequently worked for Anaconda in Alaska from 1977 through 1982. From 1982 through 1993, Dr. Hitzman worked throughout the world for Chevron Resources Company and initiated and managed base and precious metal exploration projects in Papua New Guinea, Brazil, Spain, Ireland, France, Germany, Italy, Tanzania, Canada, and the United States. He was largely responsible for the Lisheen Zn-Pb-Ag deposit discovery in Ireland (1990) and served as manager of the project (1990 -- 1993) guiding it through exploration and pre-feasibility, including engineering and environmental studies.
In 1993, Dr. Hitzman was named Geological Society of America Congressional Fellow and served from September, 1993 to August, 1994, on the staff of U.S. Senator Joseph Lieberman (D - CT) working on natural resource and environmental issues. Dr. Hitzman was named Executive Branch Fellow by the American Association for the Advancement for Science / Sloan Foundation during 1994. As the Executive Branch Fellow he served as a senior policy analyst in the White House Office of Science and Technology Policy from September, 1994 through March, 1996, specializing in natural resource, environmental, and geoscience issues.
In June, 1996, Dr. Hitzman became the Charles F. Fogarty Professor of Economic Geology at the Colorado School of Mines, and in 2002 was named Head of the Department of Geology and Geological Engineering at the Colorado School of Mines. He was awarded the Society of Economic Geologists Silver Medal in 1999 and served as President of the Society during 2005. In 2004, Dr. Hitzman was named as the Chair of the Committee on Earth Resources for the U.S. National Research Council.
"With his world-class expertise on IOCG complexes and his extensive knowledge of the Copperbelt (Zambia and Democratic Republic of Congo) as well as having a distinguished international reputation as an economic geologist amongst major mining companies, Dr. Hitzman is a very significant addition to Tsodilo," stated James M. Bruchs, Chairman and CEO. "Dr. Hitzman's knowledge and experience will play a key role as we move into our Phase II exploration program and begin to define our various mineral deposits, it is a very exciting time for the Company and I am excited to have Dr. Hitzman on board as we go forward " according to Dr. Mike de Wit, President and CEO.
The Company further announces that in terms of the Stock Option Plan of the Company and a policy adopted by the board of directors in September 2002, 100,000 stock options were granted to Dr. Hitzman at CDN $1.19 per common share. These options are valid for five years and vest in four equal instalments on July 25, 2011, January 25, 2012, July 25, 2012 and July 15, 2012.
About Tsodilo Resources Limited:
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 97% stake in Newdico (3,949 km² under Precious Stone - diamond licenses) while Trans Hex Group, a South African diamond mining and marketing company, holds the remaining 3%. The Gcwihaba project area: 3,728 km² under Precious Stone - diamond licenses; 12,096 km² Metal (base, precious, platinum group, and rare earth) licenses; and, 6,925 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
James M. Bruchs
Chairman and Chief Executive Officer
Dr. Mike de Wit
President and Chief Operating Officer
Telephone +1 416 572 2033
Facsimile + 1 416 987 4369