PRL Polo Res.(See LSE:POL)

 

TIDMPRL 
 
RNS Number : 8061P 
Polo Resources Limited 
31 March 2009 
 

31 March 2009 
 
 
 
 
Polo Resources Limited 
("Polo" or the "Company") 
 
 
Strategic Investment in Extract Resources 
 
 
Polo Resources announced today that as at Friday 27 March 2009 it, together with 
its Executive Chairman Stephen R. Dattels and Deputy Chairman Neil Herbert, 
(directly and indirectly) owned a relevant interest in 12,608,239 ordinary 
shares of Extract Resources Limited ("Extract") representing 5.7 % of the issued 
ordinary share capital of Extract. 
 
 
Mr. Dattels, Executive Chairman, said: 
 
 
"Polo has made a strategic decision to refocus its human and financial resources 
in the uranium sector. Polo's previously announced agreement with Berkeley 
Resources Ltd. was the initial step in the Company's programme of acquisitions. 
The investment in Extract, the owner of the Rossing South uranium deposit in 
Namibia, is a further major commitment of Polo's financial resources in what the 
Directors believe could be the largest uranium discovery in the world. We 
believe Rio Tinto's 15.57% shareholding in Extract represents an endorsement of 
Extract's prospects and of the Rossing South deposit in particular,  Polo 
considers it necessary for Kalahari and  Extract to remain independent 
from Rio in order for them to fully secure the inherent value of Extract's 
projects for their shareholders. Polo understands that Kalahari shareholders 
voiced the same concerns when they refused to endorse the potential merger 
between Extract and Kalahari over concerns that Rio Tinto could emerge with a 
controlling interest. In the opinion of Polo this would be "value destructive" 
to Extract shareholders. An additional concern is the fact that Rio Tinto's 
Extract shareholding has or may be transferred to The Rossing Joint Venture 
which is 15% owned by the Government of Iran. Any such transfer would normally 
require the prior consent of the Australian Treasurer under Australian foreign 
investment laws and it is unclear if this approval has or will be obtained. The 
Directors of Polo further believe that there are many better alternatives to 
create value for Extract shareholders than a joint venture with Rio Tinto." 
 
 
 
 
Contacts: 
 
 
+--------------------------------------------------+------------------------+ 
| Polo Resources Limited                           |   + 27 82 404 36 37    | 
| Neil Herbert, Executive Deputy Chairman          |                        | 
|                                                  |                        | 
+--------------------------------------------------+------------------------+ 
| Canaccord Adams Limited                          |  + 44 (0) 20 7050 6500 | 
| Mike Jones/Ryan Gaffney                          |                        | 
|                                                  |                        | 
+--------------------------------------------------+------------------------+ 
| Financial Dynamics                               |  + 44 (0) 20 7831 3113 | 
| Ben Brewerton / Ed Westropp                      |                        | 
|                                                  |                        | 
+--------------------------------------------------+------------------------+ 
 
 
 
 
About the Company 
Polo is an emerging energy company focused on acquiring and developing advanced 
stage coal and uranium properties. 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. 
 
 
ENDS 
 
 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCEAEDFDFSNEFE 
 

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