Berkeley Resources Update (Replacement)


 

TIDMPRL TIDMBKY 
 
RNS Number : 0686W 
Polo Resources Limited 
22 July 2009 
 

Correction - This replaces the announcement released at 7am and changes the 
figure of Euro 25 million to Euro 20 million in the opening paragraph. 
 
Wednesday 22 July 2009 
 
 
Polo Resources Limited 
("Polo" or "the Company") 
 
 
Berkeley Resources Update 
 
 
Polo Resources (PRL), the AIM listed mining company with uranium and coal 
interests in Africa, Australia, Europe and Asia, is pleased to provide this 
update following an announcement on 21 July 2009 by Berkeley Resources Limited 
(ASX: BKY) ("Berkeley"), in which Polo has an 15.07% interest. 
 
 
Highlights of Berkeley's Announcement: 
 
 
  *  Berkeley completed a Co-operation Agreement with ENUSA under which it can 
  acquire 90pc of ENUSA's uranium mining assets in Salamanca province in Spain for 
  a payment of Euro 20 million. 
 
 
 
  *  An 18 month Feasibility Study commenced on the Salamanca Uranium Project on 26 
  May 2009 and consultants have been engaged to assist with the study including 
  AMC Consulting to perform resource modeling and mine planning and Golder 
  Associates for environmental and permitting work. 
 
 
 
  *  Within Salamanca province Berkeley has the following mineral resources and 
  exploration targets: 
 
 
 
  *  An Inferred JORC resource for the Salamanca Retortillo deposit totaling 16.9m 
  lbs of U3O8 at an average grade of 563ppm 
 
 
 
  *  Exploration targets totaling 16-19.5 MT at 400-500ppm (for 14-21.5 Mlbs of U3O8) 
  for the Mina Fe area deposits and 25.5 - 29 MT at grades ranging from 450-500ppm 
  (approximately 28-29 Mlbs U3O8), both were extensively explored by ENUSA 
 
 
 
  *  Column leach testwork on samples of mineralisation from the Retortillo deposit 
  returned very encouraging results in the range of 80-85% recovery. 
 
 
 
 
 
Neil Herbert, Managing Director of Polo Resources said: 
 
 
"ENUSA's uranium mine in Salamanca was operated successfully until 2001 and the 
restart of this project is a significant opportunity for Berkeley for a 
relatively small capital investment compared to those associated with a new 
mining project." 
 
 
The Salamanca Uranium Project incorporates the Mina Fe deposits (Sageras/Zona M 
and Mina D) and the nearby Quercus Plant, Alameda and the Retortillo deposits. 
The Feasibility Study will focus initially on mining the Mina Fe deposits for 
processing through the Quercus Plant utilising heap leaching or dynamic 
leaching, or a combination of the two. The Study will also address the potential 
for subsequently sourcing additional feed for the plant from the Alemeda and 
Retortillo deposits. 
 
 
A full copy of Berkeley's press release is available at 
www.berkeleyresources.com.au 
 
 
The Mina Fe area and Alameda deposits have been extensively explored by ENUSA 
but do not presently have JORC compliant resources. Berkeley's targets are 
conceptual in nature and based on a review of the available data on the projects 
to date. As there has been significant exploration to define a JORC compliant 
Mineral Resource, it is uncertain whether further exploration will result in the 
determination of a Mineral Resource. 
 
 
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                                         |                        | 
+--------------------------------------------------+------------------------+ 
|                                                  |                        | 
+--------------------------------------------------+------------------------+ 
| ENUSA                                            | Enusa Industrias       | 
|                                                  | Avanzada, SA           | 
|                                                  |                        | 
+--------------------------------------------------+------------------------+ 
| 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. | 
|                                                  |                        | 
+--------------------------------------------------+------------------------+ 
| MT                                               | million tonne          | 
+--------------------------------------------------+------------------------+ 
| ppm                                              | parts per million,     | 
|                                                  | equal to gram per      | 
|                                                  | tonne. 1 ppm = 1 gram  | 
|                                                  | per (metric) tonne.    | 
|                                                  |                        | 
+--------------------------------------------------+------------------------+ 
| 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 
 
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