Tsodilo Resources Limited has announced that Mark Scowcroft has been appointed to its board as a non-executive director, effective September 1, 2015.
Scowcroft has 26 years experience in managing and investing in diamond exploration projects in Botswana, beginning his career in 1989 as a geologist with De Beers Prospecting Botswana (Pty) Limited, after graduating in 1988 from the Royal School of Mines, Imperial College, London with a B.Sc. (Honours) degree in Mining Geology.
“I am delighted to have been invited onto the board of Tsodilo Resources and to assist with the further development of BK16, a kimberlite I know well and which I believe is the most prospective of the known, un-evaluated, diamondiferous kimberlites in Botswana. I firmly believe that BK16 has the potential to become the next hard-rock diamond mine in Botswana,” Scowcroft said following his appointment.
In 1995, Scowcroft left De Beers to pursue a career as an independent diamond exploration consultant. As a consulting geologist to the Auridium JV in the late 1990’s, he was the first geologist to highlight the economic potential of kimberlite BK16 in reports to the Botswana government.
Soon thereafter, in collaboration with fellow diamond geologist, Dr. Leon Daniels, Scowcroft spearheaded efforts to re-evaluate the geology and economic potential of known kimberlites in the Orapa Kimberlite Field, and was an early proponent of Botswana’s now common practice of offering junior exploration companies the opportunity to re-explore kimberlites which had in earlier exploration been thought to have insufficient economic potential.
In 2002, Scowcroft co-founded African Diamonds PLC (AIM:AFD), in which he was the largest shareholder and executive director responsible for Botswana operations.
Scowcroft was a founding director of Boteti Mining, a joint venture between African Diamonds and De Beers, and personally negotiated the inclusion in the joint venture by De Beers of a number of kimberlites, including kimberlite AK6.
AK6 is located in the Orapa Kimberlite Field and lies approximately 15 kilometers from BK16. AK6 was purchased from the three vested parties by Lucara Diamond Corporation for approximately $120M USD. The Karowe Mine on the AK6 kimberlite continues to be mined by Lucara Diamond Corporation and is one of the world’s leading producers of very high value diamonds. Karowe is known for containing rare Type IIa diamonds of exceptional size, colour and clarity.
“With his decades of experience in the successful discovery and development of diamond resources in Botswana, and his personal prior experience with kimberlite BK16, Tsodilo is excited to have Mark aboard,” added Mike de Wit, Tsodilo’s President and COO.
The company further announced that in terms of the Stock Option Plan of the Company and a policy adopted by the board of directors in September 2002, 100,000 stock options were granted to Scowcroft at CDN $0.70 (closing price on August 31, 2015) per common share.
“These options vest as to 25% effective September 1, 2015, 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.”
Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Newdico (Pty) Limited (“Newdico”) and Gcwihaba Resources (Pty) Limited (“Gcwihaba”) projects in northwest Botswana.