Rossing South Resource Upgrade


 

TIDMPRL 
 
RNS Number : 0944V 
Polo Resources Limited 
03 July 2009 
 

 
 
Friday 3 July 2009 
Polo Resources Limited 
("Polo" or "the Company") 
 
 
Rossing South Resource Upgrade 
 
 
Polo Resources (PRL), the AIM listed mining company with uranium and coal 
interests in Africa, Australia, Europe and Asia, is pleased to report that 
Extract Resources Limited ('Extract'), in which Polo holds a 9.06% interest, has 
announced a resource upgrade at Zone 1 of the Rossing South deposit. 
 
 
Yesterday Extract announced results from recent drilling at its wholly 
owned Rossing South Uranium Project in the Republic of Namibia. The announcement 
presented evidence suggesting that uranium mineralisation 
extended beyond the 
current Zone 1 and Zone 2 exploration areas.  Positive spectrometer results 
(non-chemical assay) from "scout drilling" along the strike of the geophysical 
feature extended for several kilometres beyond current resource areas.  There is 
evidence that the geophysical lineament extends from the Rossing South Resource 
Zones to the Ida Dome Resource area, also controlled by Extract.  Both the 
Rossing South Zone 1 and Zone 2 mineralisation also remain open down-dip within 
the mineralised Zones. 
 
 
Scout work has also indentified what appears to be secondary near-surface 
mineralisation (calcrete) in paleochannels adjoining the alaskite linear 
feature. 
 
 
Extract has also announced a resource upgrade at Zone 1 of the Rossing South 
deposit. The new resource, calculated following JORC Code guidelines, has 
increased to 147 Mt @ 449ppm for a total resource of 145 Mlbs U3O8 (previously 
108Mlbs @ 430ppm). This represents a 36% increase in contained uranium, and an 
improvement in grade. This includes an Indicated resource of 24Mlbs @ 527ppm, 
and an Inferred resource of 121Mlbs @ 436ppm. This resource upgrade excludes 
Zone 2, for which a maiden JORC resource is expected to be completed in August 
2009. An increase in grade has also been reported, with a conversion to 
indicated classification under the JORC reporting code. 
 
 
Stephen Dattels, Chairman of Polo Resources, said: 
 
 
"This resource upgrade on Zone 1 at Rossing South provides confirmation that 
Rossing South is a world class uranium project. 
 
 
"With the forthcoming Zone 2 maiden resource scheduled to be announced in August 
2009 we believe Extract has the potential to establish an even larger resource 
base over the next two months. We are optimistic that we will see a significant 
increase to the Zone 1 resource once the entire Extract tenement is explored, 
which could position Rossing South as one of the largest uranium deposits in the 
world." 
 
 
Mr. Douglas Christopherson is the responsible Qualified Person, for the 
preparation of the technical information in this news release.  Mr. 
Christopherson is founding Registered Member (Member Number 558900RM) of the 
Society for Mining, Metallurgy and Exploration Inc. (SME) and a member of The 
South African Institute of Mining and Metallurgy (SAIMM). 
 
 
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 is an emerging energy company focused on acquiring and developing advanced 
stage uranium and coal 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 
 
 MSCUUUCCMUPBGUW
Polo Res.(See LSE:POL) (LSE:PRL)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024