PRL Polo Res.(See LSE:POL)

 

TIDMPRL 
 
RNS Number : 9236Q 
Polo Resources Limited 
21 April 2009 
 

21 April 2009 
 
 
 
 
Polo Resources Limited 
("Polo" or the "Company") 
 
 
 
 
Management Agreement Signed with AmPat for Mongolia Assets 
 
 
Agreement and proposed Peabody JV to allow Polo to focus on Uranium portfolio 
 
 
Polo Resources (AIM: PRL), the mining and investment company with interests in 
coal and uranium, announces that it has entered into a performance fee agreement 
with American Patriot International, LLC ("AmPat"), of Evansville, Indiana, to 
manage Polo's investment in Mongolia. AmPat's executives have more than a 
quarter century of experience in the development and operation of surface and 
underground coal mines. 
 
 
AmPat has extensive joint venture operating experience with both private and 
public international companies such as Chevron Corporation and Peabody Energy 
Corporation ("Peabody"), with which Polo is forming the Peabody-Polo Resources 
joint venture for all of its Mongolian assets that will be managed under this 
agreement. 
 
 
The management agreement with AmPat, which is subject to the formation of the 
joint venture with Peabody, will allow Polo to focus on building its portfolio 
of uranium interests, a sector where Polo's management team has extensive 
experience and a track record of success. 
 
 
AmPat's operating style is focused on profitability, controlling capital and 
creating long term value. As partner and operator of Black Beauty Coal Company 
("Black Beauty") the executives developed and grew 10 operating mines to over 25 
million tons of annual production per year. This was accomplished with 
eighty-eight successive profitable quarters creating substantial long-term value 
to its shareholders. When Peabody, a partner for a number of years, acquired its 
final interest, Black Beauty was the largest producer in the U.S. Illinois Coal 
Basin. 
 
 
AmPat executives have been instrumental in arranging the joint venture between 
Peabody and Polo in Mongolia. Peabody, the world's largest private sector coal 
company, has signed a subscription agreement to acquire a 50% interest in the 
Peabody-Polo joint venture to be formed to hold all of Polo's coal and uranium 
assets in Mongolia.  Through this joint venture, Peabody aims to cultivate the 
large undeveloped coal resources of Mongolia. 
 
 
Polo's association with AmPat provides Polo with added confidence that the 
relationship with Peabody can be optimized and properties of merit may be 
brought into production in a timely manner. 
 
 
Under the terms of the deal, AmPat will receive an annual fee of US$300,000, 25% 
of any royalty payments on mineral sales received by Polo and a performance fee 
of 20% of any distributions received by Polo in excess of US$50 million or a 
higher amount if Polo contributes additional funds to the joint venture. In 
addition, a representative of AmPat will be appointed to the Polo Board of 
Directors. 
 
 
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 
 
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