PRL Polo Res.(See LSE:POL)

 

TIDMPRL 
 
RNS Number : 5653T 
Polo Resources Limited 
08 June 2009 
 

8 June 2009 
 
 
 
 
Polo Resources Limited 
("Polo" or "the Company") 
 
 
Exploration planned for the 2009 Mongolian field season 
 
 
Polo Resources (PRL), the AIM listed mining company with coal and uranium 
interests in Africa, Australia, Mongolia, Europe and Bangladesh, announces the 
2009 exploration plans for its Mongolian coal interests. 
 
 
Following the signing of the joint venture agreement with Peabody Energy 
Corporation (NYSE:BTU) ("Peabody") the two companies have agreed plans for the 
2009 exploration field season, continuing the work carried out by Polo in 2008. 
The bulk of the work planned for 2009 will focus on the joint venture's 32 
exploration licenses in the South Gobi region, covering 649 km2, where large 
deposits of coking coal have already been discovered. 
 
 
For the 2009 field season, a minimum of 60 line kilometres of geophysical 
surveys and 6,000 metres of drilling has been planned. Initial work will 
concentrate on areas where outcropping coal seams were found in three licenses 
last year, namely Val (12483X), Hud (4522X) and Naruun North (10566X). 
 
 
In early May 2009, a five hole, 1,000 metre drilling programme commenced at the 
Erds brown coal project (13045X) aimed at significantly increasing the defined 
resources and allowing for a JORC-compliant resource statement to be compiled 
later this summer. 
 
 
Field crews have been mobilised to the Val coal project in the South Gobi to 
continue surface mapping and trenching the strike extensions of several thick 
coals seams identified and drilled in 2008. In June 2009, a second phase of 
drilling and geophysics is planned for Val, aimed at significantly expanding the 
coal resources. 
 
 
Neil Herbert, Managing Director of Polo, said: 
 
 
"Following the completion of the JV agreement with Peabody in May, the two 
parties have moved quickly to agree the exploration programme for the 2009 
season.  The cost of the planned work programme will be covered by the 
investment Peabody has made into the joint venture company and we look forward 
to announcing the results of this exploration programme later this year." 
 
 
 
Contacts: 
 
 
+--------------------------------------------------+------------------------+ 
| Polo Resources Limited                           |  + 27 82 404 36 37     | 
| Neil Herbert, Managing Director                  |                        | 
|                                                  |                        | 
+--------------------------------------------------+------------------------+ 
| 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 Resources Limited is an AIM listed mining and exploration group focused on 
investing in or acquiring and developing advanced stage uranium assets. It 
currently has an investment portfolio of uranium and coal interests, and 50% of 
a joint venture with Peabody Energy Corporation, formed to hold all of Polo's 
coal and uranium assets in Mongolia. 
 
 
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 
 
 MSCBLGDLXUGGGCI 
 

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