Last checked at 20 Aug 2009 07:00
For immediate release
20 August 2009
Polo Resources Limited ("Polo" or the "Company")
Disposal of shares in Berkeley Resources Ltd
Polo Resources (AIM:PRL), the AIM listing company with uranium and coal interests in Africa, Australia, Europe and Asia, announces that it has disposed of 8,221,893 ordinary shares in Berkeley Resources Ltd ("Berkeley") for A$8,484,276.41, representing 6.66 per cent of Berkeley's issued share capital. Following this disposal Polo has an interest in 10,388,181 ordinary shares in Berkeley as well as options over a further 5,670,037 ordinary shares.
The funds received from the disposal will be used to meet Polo's liquidity requirements and provide resources to focus on other value adding uranium opportunities.
Neil Herbert, Managing Director of Polo Resources, said: "Polo remains supportive of Berkeley Resources with the substantial resource base at the Salamanca Regional Uranium Project well placed to deliver into the forecast uranium production shortfall for a relatively small capital investment."
Polo does not presently anticipate making any further sales of Berkeley shares.
Contacts:
| Polo Resources Limited Neil Herbert, Managing Director | + 27 82 404 36 37 |
| Canaccord Adams Limited Mike Jones / Ryan Gaffney | + 44 (0) 20 7050 6500 |
| Financial Dynamics Ben Brewerton / Ed Westropp | + 44 (0) 20 7831 3113 |
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