News Releases

May 29, 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 May 16, 2003.

In a non-brokered private placement, 535,906 units of the Company (the "Units") were issued at a price of $0.50 per Unit for proceeds to the Company of $267,953. 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 31,768 Units, to hold 1,986,112 common shares or 31.72% of the issued and outstanding common shares of the Company. Dr. Andrew Moore, Exploration Vice President and a director of the Company, purchased 20,718 Units, to hold 465,870 common shares, with arms length third parties subscribing for 90% of the Units. Proceeds from this financing will be added to the Company's working capital.

The common shares, warrants and warrant shares are subject to a statutory hold period under securities laws of 12 months, expiring on May 26, 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 and Gcwihaba projects 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.


James M. Bruchs -- President and Chief Executive Officer: E-Mail
Dr. Andrew E. Moore -- Vice President, Exploration: E-Mail
Stephen Woodhead -- Chief Financial Officer and Corporate Secretary: E-Mail
Head Office: Telephone +1 416 572 2033 Facsimile + 1 416 572 4164
Tsodilo Resources Limited
1 King Street West, Suite 4800
Toronto, ON Canada M5H 1A1
Telephone: (416) 800-4214
Fax: (416) 987-4369