July 08, 2003
Announcement Of A Joint Venture Between Tsodilo Resources And SouthernEra Resources In Northwest Botswana
TORONTO, CANADA - Tsodilo Resources Limited (TSX Venture Exchange: TSD) and SouthernEra Resources Limited (TSX: SUF / AIM: SRE) are pleased to announce that they have agreed in principal to conclude a 50/50 joint venture to explore for primary source diamond deposits in northwest Botswana.
Tsodilo will contribute an initial 7 prospecting licences, approximately 7,000 square kilometres, granted earlier this year to Tsodilo's wholly owned Botswana subsidiary: Gcwihaba Resources (Proprietary) Limited, to a joint venture that will require both parties to contribute equally to an approved exploration program, or be subject to dilution. Either party would retain a minimum 5% carried interest.
The project area lies immediately to the south of Tsodilo's existing Ngamiland Project, a joint venture between itself (75%) and Trans Hex Group Limited (25%). Tsodilo will be the Operator of the Gcwihaba Project; while SouthernEra will have the right to earn an additional 5% interest, by arranging 100% of the finance required for the development of a mine, if so requested by Tsodilo following the receipt by the joint venture of a positive feasibility study.
The conclusion of a detailed joint venture agreement is subject to the approval of the boards of directors, as well as any necessary regulatory approvals in Canada and Botswana.
Tsodilo Resources is an international diamond exploration company engaged in the search for economic kimberlites at its Ngamiland 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.
SouthernEra Resources is an independent producer of platinum group metals and diamonds. The company also has an extensive Platinum Group Metal and diamond exploration program. The common shares are listed on the Toronto Stock Exchange and the London Stock Exchange's AIM market.
The TSX and TSX Venture Exchanges do not accept responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tsodilo Resources Limited
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
SouthernEra Resources Limited
Dr. Sally Eyre - Vice President, Corporate Affairs
Telephone + 1 416 359 9282 Facsimile + 1 416 359 9141 E-mail email@example.com