UPDATE: Legal Action Against Botswana Ministry of Minerals & Energy
TSODILO RESOURCES LIMITED
UPDATE: Legal Action Against Botswana Ministry of Minerals & Energy
December 1, 2022 Trading Symbol: TSXV: TSD #12012022
TORONTO, ONTARIO - Tsodilo Resources Limited ("Tsodilo" or the "Company") (TSX-
V: TSD) (OTCQB: TSDRF) (FSE: TZO) wishes to provide a corporate update with respect to
its legal action Botswana Ministry of Minerals & Energy (MME).
Since the filing of the complaint against MME on October 31, 2022 (see, Tsodilo Resources
Ltd. - News Releases), there has been an overwhelming request for proceeding filings and
related documentation pertinent to the matter. To be fully transparent and meet the volume of
requests, the Company has established landing page(s) regularly updated to include all records
related to th e litigation. See, Botswana Litigation for litigation documents and Tsodilo
Resources Ltd. - MME for related documents.
XAUDUM IRON FORMATION (XIF)
About the XIF Project
• The project is located in the North -West District of Botswana and is proximate to the
Namibian border and lies twenty-two (22) miles from the town of Divundu in Namibia.
The Walvis Bay-Ndola-Lubumbashi Development Corridor (previously known as the
Trans-Caprivi) line linking Zambia and Namibia is planned to pass through Divundu ,
providing access to Walvis Bay, Namibia’s deep -sea port. The project is also located
within forty-three (43) miles of the proposed Mucusso line to Angola’s Namibe Port.
• Preliminary work on the Xaudum Iron project has defined a CIM compliant Inferred
Mineral Resource Estimate of 441 million tonnes (Mt) with an average grade of 29.4%
Fe, 41.0% SiO2, 6.1% Al2O3 and 0.3% P for the Block 1 magnetite XIF.
• Block 1 is a fraction of the pot ential XIF magnetite resource. An extrapolated
exploration target has defined the XIF to be in the order of 5 to 7 billion tonnes at 15 -
40% Fe. This exploration target was generated by inversion modelling of ground
magnetic geophysical data which was com pared and moderated to volumes from
drilling data within Block 1 and its potential quantity and grade is conceptual in nature.
To date, there has been insufficient exploration to define a mineral resource other than
in Block 1 and it is uncertain if furthe r exploration will result in the target being
delineated as a mineral resource. See Press Release of 9/14/2014 on the Company’s
website for further details.
• Metallurgical magnetic separation results (Davis Tube Recovery) show that an average
concentrate of 67.2% Fe, 4.2% SiO2, 0.5% Al2O3, 0.07% P is obtained at P80 grind
size of 80 microns, although higher grades are possible at finer P80’s. See Press
Release of 12/17/2013 on the Company’s website.
• Further exploration will be focused on Block 2a where the Company expects an
increase in the resource.
An informational presentation of the project outlining more information can be found on the
Company’s website at https://www.tsodiloresources.com/i/pdf/Tsodilo-Iron-Project-
Overview_May-2021_Website.pdf .
More technical information can be found in a report prepared by SRK Consulting (UK) Ltd.
for Gcwihaba Resources (Pty) Ltd. titled “Mineral Resource Estimate for the Xaudum Iron
Project (Block 1), Republic of Botswana” with an effective date of August 29, 2014 and filed
on SEDAR under the Company’s profile at www.sedar.com.
About Tsodilo Resources Limited
Tsodilo Resources Limited is an international diamond and metals exploration company
engaged in the search for economic diamond, metal deposits and industrial stone at its Bosoto
(Pty) Limited ("Bosoto"), Gcwihaba Resources (Pty) Limited ("Gcwihaba") and Newdico (Pty)
Ltd. ("Newdico) projects in Botswana. The Company has a 100% stake in Bosoto (Pty) Ltd.
which holds the BK16 kimberlite p roject in the Orapa Kimberlite Field (OKF) in Botswana
and the PL216/2017 diamond prospection license also in the OKF. The Company has a 100%
stake in its Gcwihaba project area consisting of five metal (base, precious, platinum group, and
rare earth) prosp ecting licenses all located in the North -West district of Botswana. The
Company has a 100% interest in its Newdico industrial stone project located in Botswana’s
Central District. Tsodilo manages the exploration of the Newdico, Gcwihaba, and Bosoto
projects. Overall supervision of the Company's exploration program is the responsibility of
McDonald Kahari (Pr. Sci. Nat.) a "qualified person" as such term is defined in National
Instrument 43-101.
FOR FURTHER INFORMATION, PLEASE CONTACT:
James M. Bruchs Chairman and Chief Executive Officer [email protected]
Telephone +1 416 800 2124 Facsimile + 1 416 987 4369
Website www.TsodiloResources.com
This press release may contain 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 pertaining to the use of proceeds, the impact of strategic partnerships and
statements that describe the Company's future plans, objectives or goals) 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, changes in general e conomic
conditions, market volatility, 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, exploration and development risks, 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 r equired 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 a guarantee of future performance and accordingly undue reliance should
not be put on such statements due to the inherent uncertainty therein.
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, uncertainties relating to availability and cost of
funds, timing and content of work programs, results of exploration activities, interpretation of
drilling results and other geological data, risks relating to variations in the diamond grade
and kimberlite lithologies; variation s in rates of recovery and breakage; estimates of grade
and quality of diamonds, variations in diamond valuations and future diamond prices; the state
of world diamond markets, reliability of mineral property titles, changes to regulations
affecting the Co mpany's activities, delays in obtaining or failure to obtain required project
approvals, operational and infrastructure risk and other risks involved in the diamond
exploration and development 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. Alt hough the Company
believes that the assumptions inherent in the forward - looking statements are reasonable,
forward-looking statements are not a guarantee of future performance and accordingly undue
reliance should not be put on such statements due to their inherent uncertainty.
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 cau se actual results or performance to differ materially from those
currently anticipated in such statements.