Tsodilo Resources Limited

Published : July 18th, 2016

Tsodilo Resources Limited BK16 Update

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Tsodilo Resources Limited BK16 Update

TORONTO, CANADA - Tsodilo Resources Limited (TSX-V: TSD) ('Tsodilo' or the 'Company') is pleased to announce that it has completed a share repurchase and royalty fee agreement with its Bosoto (Pty) Ltd minority shareholders. The minority shareholders' 25% equity interest has been purchased for a 2% gross proceeds royalty derived from the sale of diamonds mined from Bosoto's BK16 kimberlite project. The result of this transaction is that Tsodilo now has a 100% interest in Bosoto and its BK16 exploration project.

The diamondiferous BK16 kimberlite pipe is located within the Orapa Kimberlite Field ('OKF') in Botswana and contains rare and valuable Type IIa diamonds. In 2015, 11 million carats of diamonds were mined in the OKF and produced such notable diamonds as the 1,109 carat 'Lesedi La Rona' and the 813 carat 'Constellation' from Lucara Diamond Corporation's Karowe (AK6) mine.

Phase 1 of the BK16 evaluation program is ongoing and is currently making preparations for a large diameter drill program ('LDD'), including the refurbishment of the company's 10 tons/hour dense medium separation ('DMS') plant previously used in the evaluation of the AK6 kimberlite (now the Karowe Diamond mine) owned by Lucara Diamond Corporation and the development of an environmental management plan focused on the LDD work and DMS operation. The LDD program is planned to recover 2,000 to 3,500 tonnes of kimberlite LDD for initial grade and quality analysis.

'It is an exciting time with respect to the evaluation of BK16 and I encourage the reader to visit the company's website www.TsodiloResources.com to learn more about BK16 and keep abreast of its progress', commented James M. Bruchs, Chairman & CEO.

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 Bosoto (Pty) Limited ('Bosoto') and Gcwihaba Resources (Pty) Limited ('Gcwihaba') projects in Botswana and its Idada 361 (Pty) Limited ('Idada') project in Barberton, South Africa. The Company has a 100% stake in its Gcwihaba project area consisting of twenty-two (22) metal (base, precious, platinum group, and rare earth) prospecting licenses and eight (8) radioactive mineral licenses all located in the North-West district of Botswana. The Company has a 100% stake in Bosoto (Pty) Ltd. which holds the BK16 kimberlite project in the Orapa Kimberlite Field in Botswana. Additionally, Tsodilo has a 70% stake in Idada Trading 361 (Pty) Limited which holds the gold and silver exploration license in the Barberton area of South Africa. Tsodilo manages the exploration of the Gcwihaba, Bosoto and Idada projects. 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.

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.

Neither the TSX Venture Exchange ('TSXV') nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts 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
[email protected]

Dr. Mike de Wit
President and Chief Operating Officer
[email protected]

Head Office
Telephone +1 416 572 2033
Facsimile + 1 416 987 4369
Website http://www.TsodiloResources.com

View News Release in PDF Format:

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Botswana | South Africa | All
Gold and Silver Prices for these countries : Botswana | South Africa | All

Tsodilo Resources Limited

CODE : TSD.V
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Tsodilo Resources is a exploration company based in Canada.

Tsodilo Resources holds various exploration projects in Botswana, in Brazil and in Central African Republic.

Its main exploration properties are BAMINGUI REGION (BOUNGOU RIVER) in Central African Republic, BARRA GRANDE / RIO GRANDE in Brazil and NGAMILAND in Botswana.

Tsodilo Resources is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 15.9 millions as of today (US$ 12.7 millions, € 11.1 millions).

Its stock quote reached its highest recent level on December 31, 2004 at CA$ 2.95, and its lowest recent point on April 06, 2020 at CA$ 0.05.

Tsodilo Resources has 41 770 000 shares outstanding.

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Financings of Tsodilo Resources Limited
4/22/2013Closes Private Placement Financing Agreement with First Quan...
9/14/2012Closes Private Placement Financing Agreement With IFC
9/3/2012Agrees to Private Placement Financing with IFC Investment of...
12/16/2009Private Placement
8/5/2009private placement
8/3/2009Private Placement
6/3/2009Private Placement
2/23/2009Private Placement
11/17/2008Private Placement
3/11/2008Private Placement
3/5/2008Private Placement
Nominations of Tsodilo Resources Limited
7/23/2011Dr. Murray W. Hitzman Joins Tsodilo Resources Limited Board ...
Project news of Tsodilo Resources Limited
11/26/2013Exploration Program Update
7/24/2013Dr Alistair Jeffcoate of Rio Tinto named Project Manager / C...
7/22/2013Exploration Program Update
6/19/2013Exploration Program Presentation - Wednesday, June 19, 2013
4/18/2013Announces Strategic Partnership with First Quantum Minerals ...
10/24/2012Inside Mining Magazine - Recent Article on Tsodilo Resources...
5/16/2012Excellent Davis Tube Recovery Results Received For Xaudum Ir...
3/19/2012Exploration Program Update
6/16/2011(Ngamiland)Phase 1 - Exploration Reconnaissance Program Completed
Corporate news of Tsodilo Resources Limited
7/18/2016Tsodilo Resources Limited BK16 Update
5/31/2016Tsodilo Resources Limited Confirms the Presence of Rare and ...
4/29/2016Tsodilo Resources Limited Closes Private Placement Financing
4/26/2016Tsodilo Resources Limited Announces Non-Brokered Private Pla...
4/8/2016AGM 2016
4/8/2016Tsodilo Resources Limited Annual and Special Meeting Results
4/8/2016Tsodilo Resources Limited Awarded Gold and Silver Prospectin...
9/1/2015Mark Scowcroft Joins Tsodilo Resources Limited's Board of Di...
8/5/2015Tsodilo Resources Limited Announces Non-Brokered Private Pla...
7/15/2015Exploration Geological Model and Exploration Target for BK16
6/22/2015Takes Possession of Previously Recovered Diamonds from BK16
4/2/2015AGM 2015
3/27/2015Annual General Meeting Results
1/2/2015Tsodilo Resources Limited Announces Grant of Stock Options
1/1/2015Botswana Among Least Risky Countries
12/30/2014Tsodilo Resources Limited Announces Non-Brokered Private Pla...
12/15/2014Conceptual Geological Model for BK16
11/4/2014BK16 Geophysical Surveys Completed
1/22/2014Exploration Target of 5 to 7 Billion Tonnes of Iron Ore for ...
12/30/2013Engages SRK Consulting (U.K.) Limited to Prepare an Initial ...
12/17/2013Exciting Metallurgical Results Confirm Premium Grade Magneti...
11/20/2013Announces Definitive Option Agreement with First Quantum Min...
9/12/2013First Quantum Minerals Commences Initial Drill Program
9/10/2013First Quantum Minerals Commences Spectrem Airborne Electro-...
9/3/2013Modern Mining - August 2013
4/22/2013CORRECTION FROM SOURCE: Tsodilo Resources Limited Closes Pri...
10/29/2012Announces Adoption of a Shareholder Rights Plan
6/21/2012Exporation Program Presentation
5/9/2012Drill Results Confirm the Potential of the Xaudum Iron Ore P...
4/11/2012Strategic New Prospecting Licenses Awarded
12/5/2011Exporation Program Update
3/18/2011Announces Positive Micro-Diamond Results
2/17/2011Notice of Annual General Meeting
6/24/2010and IFC Finalize C$5,000,000 Equity Investment
6/10/2010Summary of Proposed IFC Investment
5/11/2010IFC Discloses Intention To Consider An Equity Investment Of ...
4/30/2010Dr. Mike de Wit Appointed President and Chief Operating Offi...
11/3/2009Dr. Mike de Wit Joins Tsodilo Resources Limited Board of Dir...
8/13/2009Kimberlite Confirmed At 21512A And 21641A
7/31/2009Awarded Key Diamond Exploration Licenses And Metals Explorat...
5/6/2008 Commencement Of Drilling Operations
2/26/2008Awarded Key Diamond Exploration Licenses in Botswana
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