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Polo Resources Limited – Investment Update (Excerpt)
Hamilton, Bermuda – 01 July, 2013 – In a filing to the Bermuda Stock Exchange, Polo Resources Limited ("Polo" or "the Company"; Tickers: AIM: POL and BSX: POL.BH), reports that Nimini Holdings Limited (“Nimini”), the Sierra Leone gold exploration and development company which is 90 per cent owned by Polo, has completed a new independent Mineral Resource Estimate (“MRE”) for its Komahun Gold Project in eastern Sierra Leone.
The new MRE will be fully documented in an NI 43-101-compliant Technical Report to be filed on www.sedar.com and on Polo’s website (www.poloresources.com within 45 days of this press release.
The new MRE, performed by The MSA Group (Pty) Ltd. (“MSA”) is based on a total of 408 drill holes (94,319 metres of diamond drilling). It includes the results from an additional 163 diamond drill holes and four deflections (for a total of 55,250 m), completed after 20 February 2012, the effective data cut-off date for the previous MRE completed by SGS Canada Inc. (“SGS”) which was announced in a press release dated 19 June 2012 and detailed in an NI 43-101-compliant Technical Report filed on www.sedar.com on 3 August 2012.
Executive Co-Chairman and Managing Director of Polo, Michael Tang commented:
“With its significant increase in Mineral Resources, the MRE provides a solid platform for the Preliminary Economic Assessment (“PEA”), the technical inputs for which are scheduled to be completed in early July. The date of publication of the PEA Press Release is in part dependent on the outcome of discussions with the Government of Sierra Leone regarding the fiscal terms which will apply to this project, which will be the first large-scale underground gold mine in Sierra Leone.”
About the Company
Polo Resources is a natural resources investment company focused on investing in undervalued companies and projects with strong fundamentals and attractive growth prospects. For further details on Polo Resources please see our website: www.poloresources.com
For further information, please contact:
Polo Resources Limited
Ian Burns, Finance Director
+27 787 312 919
ZAI Corporate Finance Ltd (nominated adviser)
Ray Zimmerman, Peter Trevelyan-Clark,
Steve Feng
+44 (0) 20 7060 2220
Liberum Capital
Tim Graham, Thomas Bective
+44 (0) 20 3100 2000
Blythe Weigh Communications
Tim Blythe, Robert Kellner
+44 (0) 207 138 3204