9th Nov 2009 07:50
Monday 9 November 2009
Polo Resources Limited("Polo" or the "Company")
Increased Strategic Stake in Extract Resources
Polo Resources (PRL), the AIM listed mining company with uranium and coal interests in Africa, Australia and Asia, is pleased to report that it has acquired additional shares in Extract Resources Limited ("Extract"), increasing Polo and its associates' aggregate interest in Extract to 25,027,849 ordinary shares of Extract representing 10.32% of the issued ordinary share capital of Extract. Polo is directly interested in 9.26% of Extract's issued share capital or 22,450,849 ordinary shares.
Neil Herbert, Managing Director of Polo Resources, said:
"We have continued to increase our investment in Extract throughout 2009 reflecting the exceptional drill results achieved at Extract's Rossing South project. We continue to fully support Extract and its development plans. The rapid progress being made in advancing this exceptional uranium project will continue to create value for Polo as Extract builds on its current mineral resource basis for the ongoing Feasibility Study."
- Ends -
Contacts:
|
Polo Resources Limited Neil Herbert, Managing Director |
+ 27 82 404 36 37 |
|
Canaccord Adams Limited Mike Jones/Ryan Gaffney |
+ 44 (0) 20 7050 6500 |
|
Financial Dynamics Ben Brewerton / Ed Westropp |
+ 44 (0) 20 7831 3113 |
About the Company
Polo is an emerging energy company currently focused on acquiring and developing advanced stage uranium and coal projects. For complete details on Polo Resources Limited, management encourages investors and interested parties to view its public documents filed on AIM Exchange at www.poloresources.com.
CAUTIONARY STATEMENT
The AIM Market of 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 potential values, the future plans and objectives of Polo Resources Limited. There can be no assurance that such statements will prove to be accurate, achievable or recognizable in the near term. 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