Tsodilo Resources Limited announced that its advanced evaluation program on the Xaudum Iron Formation (XIF) project is progressing as planned. Drill and assay results confirm that Block 2a located 10 kilometers south of Block 1 is a continuation of the same Block 1 magnetite rich units which will result in a significant increase in the resource tonnage for the XIF project upon completion of the Block 2a drill program. Assay Results for 10 holes drilled in Block 2a show the following: Ten (10) evaluation drill holes were drilled within the Block 2a area of the XIF totaling 2,046.40 meters; 1,197.70 meters of highly magnetic magnetite rich iron mineralization of the same type as seen in Block 1 were intersected; Drilling results indicate that Block 2a contains the same three magnetite resource lithological units that are seen in Block 1 with the following average grades; 35.6% Fe is the average Block 2a grade of the major Banded Magnetite BIF unit coded MBA (inclusive of weathered material); 35.5% Fe was the average Block 1 grade for MBA; 25.1% Fe is the average Block 2a grade of the major Magnetite Diamictite Schist unit coded DIM (inclusive of weathered material); 20.8% Fe was the average Block 1 grade for DIM; 25.0% Fe is the average Block 2a grade of the minor Magnetite Garnet Schist unit coded MGS (inclusive of weathered material); 22.1% Fe was the average Block 1 grade for MGS; These results confirm that the units in Block 2a are a continuation of the same magnetite rich iron formation 10 kilometers south of Block 1; Based on metallurgical Davis Tube Recovery (DTR) magnetic separation (P80 of 80 micron) results for Block 1, a general average high-grade iron concentrate of 66 - 67% Fe and above can be expected from Block 2a; Block 2a will represent a significant increase in the XIF resource tonnages as it is of a similar size to Block 1. Assay Results: XRF assays results have been returned from ALS Chemex for ten (10) drill holes from Block 2a totaling 755 samples consisting of 1,197.70 meters of intersected mineralization showing significant magnetite rich resource material of the same type as seen in Block 1. The Company has defined a CIM compliant Inferred Mineral Resource Estimate within Block 1 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 magnetite XIF in Block 1. The hole-by-hole breakdown is shown in Table 2 below. Block 2a will represent a significant increase in the XIF resource tonnage upon completion of the drilling program. Block 2a Drill Plan Continuation The Company is looking to expand its XIF resource into Block 2a and these assay results represent the first 10 drill hole results from Block 2a (black crosses). These 10 drill holes show that the Company can expect a significant resource increase in this area. Block 2a has been split into an initial "primary area" to be drilled which will result in an initial resource to coincide with the Company's Preliminary Economic Assessment (PEA). The remaining "next stage" Block 2a planned drilling will then be drilled. The background of the Figure 1 map shows the First Vertical Derivative (FVD) of the ground magnetic survey data. The drill plans shown on Figure 1 will be continually reviewed and revised to ensure that they are optimal and will result in a resource to be included in mineral resource estimation (MRE) updates. Sampling and QAQC (Quality Control and Quality Assurance): The split mineralized core (half core) is sampled at two-meter intervals, these two-meter samples are measured for density using the Archimedean method of weighing dry and then weighing submerged in water. The density measurements are supplemented with QAQC check samples to ensure precision and repeatability of the density measurements. The two-meter samples from the split cores are then bagged and labeled, and consigned for crushing, pulverizing (pulp creation) and XRF chemical assay. 755 samples from these holes were analyzed by ALS Chemex for XRF assay analysis, this included QAQC check samples. All returned XRF assay results are checked that they pass QAQC before they are uploaded into the Company's drillhole database. Standards are checked against control limits; blanks are checked for contamination; and, duplicates are plotted against the original to ensure reproducibility of the process. All QAQC assays have satisfactorily passed the QAQC checks and the assay data has been uploaded into the database.