September 01, 2015 Mark Scowcroft Joins Tsodilo Resources Limited's Board of Directors
TORONTO, CANADA - Tsodilo Resources Limited (TSX-V: TSD) ("Tsodilo" or the "Company") is pleased to announce the appointment of Mark Scowcroft to its Board of Directors as a non-executive director, effective September 1, 2015.
Mr. Scowcroft has 26 years' experience in managing and investing in diamond exploration projects in Botswana, beginning his career in 1989 as a geologist with De Beers Prospecting Botswana (Pty) Limited, after graduating in 1988 from the Royal School of Mines, Imperial College, London with a B.Sc. (Honours) degree in Mining Geology.
In 1995, Mr. Scowcroft left De Beers to pursue a career as an independent diamond exploration consultant. As a consulting geologist to the Auridium JV in the late 1990's, he was the first geologist to highlight the economic potential of kimberlite BK16 in reports to the Botswana government. Soon thereafter, in collaboration with fellow diamond geologist, Dr. Leon Daniels, Mr. Scowcroft spearheaded efforts to re-evaluate the geology and economic potential of known kimberlites in the Orapa Kimberlite Field, and was an early proponent of Botswana's now common practice of offering junior exploration companies the opportunity to re-explore kimberlites which had in earlier exploration been thought to have insufficient economic potential.
In 2002, Mr. Scowcroft co-founded African Diamonds PLC (AIM:AFD), in which he was the largest shareholder and executive director responsible for Botswana operations.
Mr. Scowcroft was a founding director of Boteti Mining, a joint venture between African Diamonds and De Beers, and personally negotiated the inclusion in the joint venture by De Beers of a number of kimberlites, including kimberlite AK6. AK6 is located in the Orapa Kimberlite Field and lies approximately 15 kilometers from BK16. AK6 was purchased from the three vested parties by Lucara Diamond Corporation for approximately $120M USD. The Karowe Mine on the AK6 kimberlite continues to be mined by Lucara Diamond Corporation and is one of the world's leading producers of very high value diamonds. Karowe is known for containing rare Type IIa diamonds of exceptional size, colour and clarity.
Mr. Scowcroft said, "I am delighted to have been invited onto the board of Tsodilo Resources and to assist with the further development of BK16, a kimberlite I know well and which I believe is the most prospective of the known, un-evaluated, diamondiferous kimberlites in Botswana. I firmly believe that BK16 has the potential to become the next hard-rock diamond mine in Botswana".
"With his decades of experience in the successful discovery and development of diamond resources in Botswana, and his personal prior experience with kimberlite BK16, Tsodilo is excited to have Mark aboard", commented Mike de Wit, Tsodilo's President and COO.
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 Mr. Scowcroft at CDN $0.70 (closing price on August 31, 2015) per common share. These options vest as to 25% effective September 1, 2015, and 25% on each of the sixth, twelfth and eighteenth month anniversaries of the date of the grant. The options are valid for five years.
About Tsodilo Resources Limited: Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Newdico (Pty) Limited ("Newdico") and Gcwihaba Resources (Pty) Limited ("Gcwihaba") projects in northwest Botswana. The Company has a 98% stake in Newdico (851 km2 under Precious Stone - diamond licenses). The Gcwihaba project area: 494 km2 under Precious Stone - diamond licenses; 11,158 km2 Metal (base, precious, platinum group, and rare earth) licenses; and, 6,925 km2 under Radioactive Minerals licenses is 100% held by the Company. The Company has a 75% stake in Bosoto (Pty) Ltd. Tsodilo manages the exploration of the Newdico, Gcwihaba and Bosoto 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.
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.
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.
