26th May 2009 09:54
For immediate release 26 May 2009
Polo Resources Limited ("Polo Resources", "Polo" or "the Company")
Polo calls for EGM of Extract
Polo Resources Limited (AIM: PRL) announced today that it is in the process of requisitioning an EGM of Extract Resources Limited ("Extract"), to appoint Stephen Roland Dattels as a director of Extract.
Polo has a 9.08 % interest in Extract and Mr Dattels has a beneficial interest in 0.92 % of Extract.
Guy Elliott, a director of Polo, also has an interest of 0.01% in Extract.
Mr Dattels has significant experience in the Uranium sector. He is currently a Director of Berkeley Resources Limited which is a developer of Uranium resources in Spain. Previously, he was the founder of UraMin Inc, which developed the Trekkopje Deposit in Namibia to feasibility study as a heap leaching Uranium project. UraMin Inc was sold in July 2007 for $2.5 billion to Areva, the French Government owned fully integrated Uranium company, which has made a substantial capital commitment to Namibia, largely towards the development of the Trekkopje Deposit to its intended commercial production in 2010.
Mr Dattels said today that:
"Polo is committed to seeing the development of the Rossing South Deposit owned by Extract as a stand alone operation.
Work undertaken by Polo's technical advisor on a conceptual plan for the Rossing South Deposit, based on publicly available information, indicates that production is feasible as early as Q4 2011. This may be achievable as a 100% heap leaching operation, depending on the scheduling and results of feasibility work being undertaken by Extract."
Contacts:
|
Polo Resources Limited Neil Herbert, Managing Director |
Tel: +27 82 404 36 37 |
|
Canaccord Adams Mike Jones/Ryan Gaffney |
Tel: +44 (0) 207 050 6500 |
|
Financial Dynamics Ben Brewerton Edward Westropp |
Tel: +44 (0) 20 7831 3113 |
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