8th Jul 2008 07:00
8 July 2008
POLO RESOURCES LIMITED
("Polo Resources" or "the Company")
Drilling commences on Hud Coal Project in the South Gobi Coal Basin, Mongolia
Polo Resources (AIM:PRL), the natural resources investment and mining company, is to commence a 3,000 metre diamond drilling programme on the Hud Coal Project in the South Gobi Coal Basin, Mongolia. The drill programme will be completed in two months and will consist of fifteen 200 metre deep holes in five sections, each 400 metres apart. Recent exploration on the Hud Coal Project has identified several coal seams with surface exposures from 10 to 30 metres in trench intervals and over 700 metres in strike length.
Mapping and trenching has located coal outcropping along the thrust contact of the Carboniferous-Permian unconformity. Given the flat topography of this region of the Gobi this location of coal is considered to be significant as it is analogous to the thrusted area of Permian coal as exposed in the MAK and South Gobi Sands mines in the western part of the Gobi Basin.
The Hud Coal Project covers 52,193 ha and is located 71 kilometres southwest of one of the worlds largest coking coal occurrences at Tavan Tolgoi. Coal has been field tested to show some coking properties and trenching samples have been submitted to the Central Asia Laboratory for analysis. The Hud project is one of 11 coal occurrences that Polo Resources has acquired in the South Gobi area.
Neil Herbert, Deputy Chairman of Polo Resources, said:
"The Hud Coal Project, with its excellent location and outcropping Permian Coal, represents a significant discovery in the South Gobi. Over the next few months drilling will determine coal widths but initial coal strike lengths would indicate excellent potential."
The information contained in this announcement has been reviewed by Paul Ingram, CEO & Director of Polo, P.Geo, AIMM, MICA, BSc Geo. Mr. Ingram has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Qualified Person for the purposes of this announcement.
Contacts:
|
Polo Resources Limited Neil Herbert, Deputy Chairman |
Tel: +27 11 269 4906 |
|
Canaccord Adams Ryan Gaffney |
Tel: +44 (0) 20 7050 6500 |
|
Financial Dynamics Ben Brewerton Edward Westropp |
Tel: +44 (0) 20 7831 3113 |
About the Company
Polo is an emerging energy company focused on acquiring and developing advanced stage coal and uranium properties in Asia, Australia and Africa. For complete details on Polo Resources Limited, management encourages investors and interested parties to view its public documents at www.poloresources.com.
CAUTIONARY STATEMENT
The AIM Market of the London Stock Exchange plc does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of Polo Resources Limited. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Polo Resources Limited assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
Related Shares:
POL.L