Minfer Update/Subscription of Shares

8th February 2011

Polo Resources Limited("Polo" or "the Company")

Corporate Update/Subscription for Ordinary Shares in MinFer Holdings Limited

Further to the announcements of 9 November 2010 and 17 November 2010, Polo Resources Limited (AIM and TSX: POL) announces that on 4 February 2011 it made a US$5m investment in MinFer Holdings Limited ("MinFer").

MinFer is a company incorporated in the British Virgin Islands which (together with its wholly-owned subsidiary Minfer Do Brazil Mineracao Ltda ("Minfer Subsidiary")) is engaged in the acquisition of, and exploration of, iron ore projects in Brazil. The MinFer Subsidiary is the holder of options to acquire a number of interests in iron ore projects in Brazil.

Pursuant to a Subscription Deed with Minfer dated 4 February 2011, Polo has subscribed for 51,731,199 new ordinary shares in the capital of Minfer representing 30 per cent of the enlarged issued share capital of MinFer (the "Subscriber Shares") at a price of US$0.0966534 per Subscriber Share (the "Subscription") in cash. Pursuant to the Subscription Deed MinFer has also granted to Polo a warrant to subscribe for a total of 25,865,600 ordinary shares at a price per share of US$0.14498 capable of exercise for a period of two years from 4 February 2011 (the "Warrant").

For so long as Polo holds not less than 10% of the issued share capital from time to time of MinFer and for so long as Minfer is not listed on any stock exchange, Polo hasthe right to appoint a director to the board of MinFer, the first such appointee being Mr. Neil Herbert. In addition, for so long as Polo is a shareholder of MinFer, any further allotments of MinFer shares shall first be offered to Polo on a pro rata basis. As part of the subscription, Polo has given notice that it will not exercise the option it was granted pursuant to the Option Deed announced on 9 November 2010 and 17 November 2010 and Minfer has agreed to refund any sums advanced by Polo pursuant to the Option Deed and to apply these sums to the subscription price payable by Polo.

Minfer intends to use the proceeds from the placement to establish a compliant mineral resource within the next 12 months.

Contacts:

Polo Resources Limited

Neil Herbert, Executive Co-Chairman

+ 27 82 404 36 37

Canaccord Genuity Limited

Andrew Chubb / Bhavesh Patel

+ 44 (0) 20 7050 6500

Toronto

James McVicar

Heenan Blaikie LLP

+1 416 643 6903

Blythe Weigh Communications

Tim Blythe

Ana Ribeiro

Matthew Neal

+44 (0) 20 7 138 3204

About the Company

Polo Resources is a natural resources investment company focused on investing in undervalued companies and projects with strong fundamentals and attractive growth prospects. The Company will primarily invest in companies with producing assets and/or resources and reserves that have been verified under internationally recognised reporting standards. For complete details on Polo Resources: 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.