18th Aug 2008 07:00
18 August 2008
POLO RESOURCES LIMITED
("Polo Resources" or "the Company")
Drilling intersects coal on the Hud Project in South Gobi
Polo Resources (AIM:PRL), the natural resources investment and mining company, is pleased to announce the initial four diamond drill holes completed on its Hud Coal Project have intersected coal seams in every hole from a thickness of 4 to 6 metres at depths ranging from 10 to 35 metres. The holes are spread over a 3km distance with coal outcropping over 6km. The two month drill programme is ongoing and a total of fifteen, 200 metre deep drill holes are planned in five sections, each 400 metres apart.
Previous exploration on the Hud Coal Project has identified several coal seams with surface exposures from 10 to 30 metres in trench intervals. 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.
Neil Herbert, Deputy Chairman of Polo Resources, said:
"We are very pleased to be able to announce the first drill results from our South Gobi region which are most encouraging and we look forward to completing the drill programme in September.
"We will continue to evaluate our other license areas in South Gobi and look forward to updating investors as we progress with our exploration as well as the mine development at Ereen."
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:
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Polo Resources Limited Neil Herbert, Deputy Chairman
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Tel: +27 11 269 4906 |
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Canaccord Adams Ryan Gaffney
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Tel: +44 (0) 20 7050 6500 |
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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 and Australia. 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.
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