News Releases

March 25, 2003
Private Placement
TORONTO, CANADA - Tsodilo Resources Limited (TSX Venture Exchange: TSD) is pleased to announce the closing of the private placement previously announced on March 7, 2003.

In a non-brokered private placement, 315,122 units of the Company (the "Units") were issued at a price of $0.50 per Unit for proceeds to the Company of $157,561. 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. Mr. James M. Bruchs, the Chief Executive Officer and a director of the Company is the beneficial purchaser of 75,434 Units, to hold 1,954,344 common shares or 34.43% of the issued and outstanding common shares of the Company. Dr. Andrew Moore and Mr. Patrick McGinley, both directors of the Company, purchased 75,652 and 29,900 Units respectively, to hold 443,652 and 91,920 common shares. Proceeds from this financing will be added to the Company's working capital.

In addition, with respect to the placement of 100,000 Units with participants located in New Zealand, a commission of 8% is to be paid to an agent, Mr. William Rae. In settlement of this obligation, 8,000 Units are to be issued to Mr. Rae. 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.

The common shares, warrants and warrant shares are subject to a statutory hold period under securities laws of 12 months, expiring on March 24, 2004 and the certificates evidencing such securities will bear a legend to that effect. Consequently, the common shares, warrants and warrant shares may only be resold during such 12 month period in accordance with appropriate statutory exemptions from the prospectus requirements of the securities laws or if appropriate consents or discretionary orders have been obtained.

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

FOR FURTHER INFORMATION PLEASE CONTACT:

James M. Bruchs -- President and Chief Executive Officer: E-Mail jbruchs@tsodiloresources.com
Dr. Andrew E. Moore -- Vice President, Exploration: E-Mail amoore@tsodiloresources.com
Stephen Woodhead -- Chief Financial Officer and Corporate Secretary: E-Mail swoodhead@tsodiloresources.com
Head Office: Telephone +1 416 572 2033 Facsimile + 1 416 572 4164
COREBOX
Tsodilo Resources Limited
Canada Trust Tower, BCE Place
161 Bay Street, P.O. Box 508
Toronto, ON Canada M5J 2S1
Telephone: (416) 572-2033
Fax: (416) 987-4369
Website: www.TsodiloResources.com/
Email: