2013-03-13 15:46:54 -
Toronto, Ontario CANADA, March 13, 2013 /FSC/ - Polo Resources Limited (POL - TSX, POL - AIM), ("Polo" or "the Company"),the natural resources exploration investment company with interests in gold, oil and gas, coal and iron ore, today announces results for the six months ended 31 December 2012.
* Net Asset Value per share at 8 March 2013 is 36.2 pence per share at close of business and 36.2 pence per share at 31 December 2012.*
* Nimini Mining Limited was awarded a large-scale Mining Licence in November 2012, for an initial 25-year period. That Licence covers the whole area (100 square kilometres) formerly held under the Nimini East and West exploration licences.
* Nimini is currently investing in
a drilling programme, with particular emphasis on the delineation of strike extensions of the Komahun deposit to the north-east and south-west.
* Polo acquired in excess of 10 million Signet Petroleum Limited ("Signet") shares in return for new shares in Polo Resources, increasing the Company's interest in Signet to 48.21 per cent. Polo holds the option to subscribe for an additional 2.225 million Signet shares and a two-year warrant over an additional 1.43 million shares. Should these options be exercised, Polo's interest in Signet would rise to 54.9 per cent.
* Signet is exploring a number of oil and gas concessions in Africa, and has processed and interpreted the relevant 2D seismic data over its Namibian acreage (Block 2914B). The initial interpretation of the Namibian data has identified a potentially major structure, which will now become the focus of intensive study and evaluation.
* First Energy Capital Corp. has been appointed by Signet to assess strategic alternatives for Mnazi Bay and to seek farm-in partners for the company's blocks in Namibia and Benin.
* Polo reports net cash and short-term investments totalled US$42.5 million at 31 December 2012 and US$34.56 million at close of business at 8 March 2013, to fund future investments, which Polo continues actively to review.
* Polo reports US$5.0 million write-down in investment in Canadian iron ore explorer Ironstone Resources Limited.
* Post the period end, following the approval of its shareholders at its Annual General Meeting, every 10 existing ordinary shares as at 5.00 p.m. on 6 February 2013 was consolidated into one new ordinary share of no par value ("New Ordinary Share").
* The 31st December 2012 figures are based on the post consolidation shares in issue.
Neil Herbert, Executive Co-Chairman and Managing Director of Polo Resources said:
"In the six months to 31 December 2012, significant progress has been made across Polo's investment portfolio."
"Nimini's further exploration of the Komahun Gold Project is encouraging. Plinian Capital Limited's excellent management of Nimini has led to the award of an Environmental Licence, a large-scale Mining Licence and the completion of exploratory drilling programmes that suggest the extension of the mineralisation of the gold deposit at Komahun."
"Signet has also made significant progress. The company's recent identification of a potentially major structure in Namibia, exploration progress in Tanzania and the award of an exploration block in offshore Sierra Leone, demonstrates the value of Signet to Polo's portfolio. Our recent purchase of further shares in Signet underlines our confidence in its projects and potential."
"The developments of the last six months have further bolstered our confidence in Polo's strategy to deliver returns to shareholders through the continued development of current projects and the review of new investment opportunities. We are looking forward to the developments over the next six months."
For further information, please contact:
Polo Resources Limited +27 787 312 919
Ian Burns, Finance Director
Investec +44 (0) 20 7597 5970
Neil Elliot, George Price, Mark Wellesley-Wood
Liberum Capital +44 (0) 20 3100 2228
Chris Bowman, Tim Graham
Blythe Weigh Communications +44 (0) 207 138 3204
Tim Blythe, Robert Kellner, Kawthar Badda *
Toronto +1 416 367 6459
Borden Ladner Gervais LLP
Jeffery Barnes, Habeeb Syed
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 recognisable 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.
The company is pleased to announce that the complete Unaudited Interim Results for the six months ended 31 December 2012, can be found on the company's website (www.poloresources.com) and has been filed with SEDAR, (www.sedar.com).
The complete announcement can be downloaded by clicking on the following link: www.usetdas.com/maps/polo/PoloInterimResults2012.pdf
To view this press release as a PDF file, click onto the following link:
Source: Polo Resources Limited (TSX - AIM: POL) www.poloresources.com
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