Extract Releases Maiden Zone 2 Resource


 

TIDMPRL 
 
RNS Number : 0849W 
Polo Resources Limited 
22 July 2009 
 

22 July 2009 
 
 
 
 
Polo Resources Limited 
("Polo" or "the Company") 
 
 
Extract Releases Maiden Zone 2 Resource at Rossing South 
 
 
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") announced today a JORC inferred resource 
estimate for Zone 2 Rossing South property of 102 Mt at an average grade of 543 
ppm for 122 Mlbs U308. 
 
 
The additional resource at Zone 2 represents an 84% increase to the total 
resources at Rossing South at grades even higher than those discovered in Zone 
1. The maiden Zone 2 Resource, combines with the upgraded Zone 1 resource for a 
total Rossing South resource of 267 Mlbs U3O8 at 487ppm at a 100ppm cut-off 
grade. Extract's total JORC compliant resource at the Husab Uranium Project is 
now 292 M lbs U3O8 at 439ppm and the Rossing South deposit remains open in 
multiple directions and at depth. 
 
 
Stephen R. Dattels, Polo's Chairman, said: 
 
 
"In our opinion, the Rossing South Deposit has the potential for a further 
significant increase in its resource base given the exploration success to date. 
After only 18 months of resource drilling Extract has discovered a resource that 
ranks as one of the largest uranium deposits in the world. Extract's management 
has consistently under-promised and over-delivered and we expect rapid 
development of the Rossing South Project which has the potential to become one 
of the world's largest operating uranium mines." 
 
 
Polo Resources owns 9.06 % of Extract and together with its Chairman, Stephen R. 
Dattels owns 9.98%. Extract is the 100% owner of the Husab Uranium Project which 
contains the Rossing South and Ida Dome deposits. 
 
 
The full details of Extract's announcement can be found at 
www.extractresources.com. 
 
 
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             |                                                    | 
|                      |                                                    | 
+----------------------+----------------------------------------------------+ 
| JORC                 | the Australasian Joint Ore Reserves Committee Code | 
|                      |                                                    | 
+----------------------+----------------------------------------------------+ 
| Mlbs                 | million pounds                                     | 
|                      |                                                    | 
+----------------------+----------------------------------------------------+ 
| Mt                   | million tones                                      | 
|                      |                                                    | 
+----------------------+----------------------------------------------------+ 
| 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.    | 
|                      |                                                    | 
+----------------------+----------------------------------------------------+ 
 
 
 
 
The information contained in this announcement has been reviewed by Paul Ingram, 
Director of Polo, P.Geo, AIMM, MICA, BSc Geo. Mr. Ingram has sufficient 
experience relevant to the style of mineralisation and type of deposit under 
consideration and to the activity which he is undertaking, to qualify as a 
Qualified Person for the purposes of this announcement. 
 
 
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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