PRL Polo Res.(See LSE:POL)

 

TIDMPRL 
 
RNS Number : 4552V 
Polo Resources Limited 
10 July 2009 
 

Friday 10 July 2009 
 
 
Polo Resources Limited 
("Polo" or "the Company") 
 
 
Polo Resources (PRL), the AIM listed mining company with uranium and coal 
interests in Africa, Australia, Europe and Asia, is pleased to announce that 
West Australian Metals Limited (ASX: WME) in which Polo has an 11.1% interest 
plans to embark on an extensive drilling campaign at its 80%-owned 
Marenica Uranium Project in Namibia, in August 2009. 
 
 
Following WME's recent A$9.9 million fund raising it is setting aside a A$5 
million budget to be spent over the next six months.  An initial 5,000-metre RC 
drill programme is designed to infill areas of wide-spaced drilling completed in 
2008 to reduce the spacing from 320m by 160m to 120m by 80m. Representatives 
from SRK Consulting will be on on site to supervise QA/QC procedures.  The new 
campaign will also include a 100-hole exploration program to the west of the 
known resource. Ground radiometrics and mapping have recently been completed in 
this area, which will be tested for additional secondary uranium resources. 
 
 
A further 5,000m is allocated to exploration for primary mineralisation within 
and north of the Marenica dome following on from successful results achieved in 
exploration diamond drilling.  The company is in the process of obtaining drill 
clearances, with drilling planned to start in August.  Following completion of 
this exploration programme WME intends to begin a scoping study later this year. 
 
 
Neil Herbert, Managing Director of Polo Resources, said: 
 
 
 "We look forward to the results from this extensive drill programme.  WME has 
an 80% interest in Marenica and has already announced a JORC compliant Inferred 
Resource of 111 million tonnes at 140ppm U3O8 for 34 million pounds of contained 
U3O8 in near-surface palaeochannels, similar to that found at the Trekkopje 
uranium mine currently being brought to production by Areva which is located 
within 40kms and which is expected to become one of the world's 10 largest 
uranium mines by 2011." 
 
 
 
 
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                      |                        | 
+--------------------------------------------------+------------------------+ 
 
 
 
 
 
 
Glossary 
+---------------------------+----------------------------------------+ 
| Areva                     | the French government-owned fully      | 
|                           | integrated uranium company.            | 
+---------------------------+----------------------------------------+ 
|                           |                                        | 
+---------------------------+----------------------------------------+ 
| Diamond Drilling          | mineral exploration hole complete      | 
|                           | using a diamond set or diamond         | 
|                           | impregnated drill bit for retrieving a | 
|                           | cylindrical core of rock (at depth)    | 
+---------------------------+----------------------------------------+ 
|                           |                                        | 
+---------------------------+----------------------------------------+ 
| Inferred Resource         | that part of a mineral resource for    | 
|                           | which quantity, grade or quality,      | 
|                           | densities, shape and physical          | 
|                           | characteristics can be estimated with  | 
|                           | a low level of confidence. It is       | 
|                           | inferred from geological evidence and  | 
|                           | limited sampling and reasonably        | 
|                           | assumed, but not verified, geological  | 
|                           | and grade continuity. The estimate is  | 
|                           | based on limited information and       | 
|                           | sampling gathered.                     | 
+---------------------------+----------------------------------------+ 
|                           |                                        | 
+---------------------------+----------------------------------------+ 
| Palaeochannel             | a 'fossil' or inactive drainage        | 
|                           | channel containing sediments that were | 
|                           | deposited under a previously active    | 
|                           | sedimentary environment.               | 
+---------------------------+----------------------------------------+ 
|                           |                                        | 
+---------------------------+----------------------------------------+ 
| Ppm                       | parts per million, equal to gram per   | 
|                           | tonne. 1 ppm = 1 gram per (metric)     | 
|                           | tonne.                                 | 
+---------------------------+----------------------------------------+ 
|                           |                                        | 
+---------------------------+----------------------------------------+ 
| QA/QC                     | Quality Assurance and Quality Control  | 
|                           | procedures                             | 
+---------------------------+----------------------------------------+ 
|                           |                                        | 
+---------------------------+----------------------------------------+ 
| U3O8                      | Triuranium octaoxide. 1 ppm U308 =     | 
|                           | 0.848 ppm U.                           | 
+---------------------------+----------------------------------------+ 
 
 
 
 
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 
 
 DRLGLGDRXGBGGCG 
 

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