Business
Tsodilo Resources Limited Annual Meeting
Tsodilo Resources Limited Annual Meeting
About this update from Tsodilo Resources Limited
[{"type":"text","content":"Tsodilo Resources Limited Annual Meeting\n\n\n\nTsodilo Resources Limited Annual Meeting \n\nElection of Directors\n\nToronto, Ontario CANADA, May 08, 2008 /FSC/ - Tsodilo Resources Limited (TSD - TSX Venture), (\"Tsodilo\" or the \"Company\") is pleased to announce that at its Annual Meeting of shareholders held on May 8, 2008, the following directors were elected: R. Stuart Angus, James M. Bruchs, David J. Cushing, Jonathan R. Kelafant and Patrick C. McGinley. The shareholders approved the appointment of KPMG, Chartered Accountants, Johannesburg, South Africa as Auditors of the Company. \n\nGRANT OF STOCK OPTIONS\n\nUnder the terms of its Stock Option Plan, following the annual meeting of shareholders, Tsodilo granted 350,000 options to five directors and an employee at an exercise price of CDN$0.70 per share. These options vest as to 25% immediately, 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. \n\nTsodilo Resources Limited is an international diamond exploration company engaged in the search for economic kimberlites at its Newdico (Pty) Limited (\"Newdico') and Gcwihaba Resources (Pty) Limited (\"Gcwihaba\") projects in northwest Botswana. The Republic of Botswana is the leading producer of diamonds, by value, in the world and the world's second-largest producer by volume. Its mines are amongst the most profitable in the world and they are a member of the Kimberley Process Certification Scheme (KPCS) which imposes extensive requirements on its members to enable them to certify shipments of rough diamonds as 'conflict-free'. The country is democratically ruled, boasting a growing economy and a stable political environment.\n\nThe Company has an 93% stake in Newdico (16,800 square kilometers under diamond license) while Trans Hex Group, a South African diamond mining and marketing company, holds the remaining 7%. The southern and northern Gcwihaba project area (7,500 square kilometers under diamond license and 3,800 square kilometers under base and precious metals licenses) is 100% held by the Company. Tsodilo manages the exploration of both the Newdico and Gcwihaba license areas. Overall project supervision of the Company's exploration program is the responsibility of Macdonald Kahari, Pr. Sci. Nat., B...