Tsodilo Resources Limited (TSX.V: TSD) 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.
