POL.L Regulatory News (POL)

5 December 2012

Polo Resources Limited

("Polo" or the "Company")

NIMINI ANNOUNCES DRILLING RESULTS AND

AN EXPLORATION UPDATE FOR ITS KOMAHUN GOLD PROJECT IN SIERRA LEONE

Polo Resources Limited (AIM, TSX: POL), the natural resources investment company with interests in gold, oil and gas, coal and iron ore, today announces that Nimini Holdings Limited ("Nimini"), Polo's 90 per cent owned Sierra Leone focused gold exploration and development company, has released further drilling results for its flagship Komahun gold project, together with an exploration update.

Nimini has developed a new nomenclature for the Komahun deposit to encompass the former "Main Zone" in addition to the strike extension bodies that have been, or are currently being, delineated by exploration activities. The deposit has been segmented into Blocks 1, 2 and 3. The new nomenclature is as follows and is shown in Figure 1.

·; Block 1: The former Main Zone (comprising mineralised Zones 1, 2 and 3) which is some 440 m in strike extent;

·; Block 2: The eastwards extension of Zone 2 from Block 1 to the eastern limit of the Zone 2 wireframe (as defined in the Technical Report dated 3 August 2012) being some 360 m in strike extent; and

·; Block 3: The newly discovered strike extension, from the eastern limit of Block 2 to the eastern boundary of the Mining Licence (see Press Release of 26 November), of a potential 430 m strike extent.

Note: For all figures referenced in this release, see the following link:

http://www.rns-pdf.londonstockexchange.com/rns/7511S_-2012-12-4.pdf 

Highlights:

·; Drill results received from Block 3 to date imply strike continuity for approximately a further 250 metres eastwards from Block 2, with assay results outstanding from further holes drilled for another 200 metres to the east towards the Nimini Mining Licence eastern boundary

·; 11.60 g/t over 5 m from 83 m in NWKD307 and 15.81 g/t over 5 m from 154.50 m in NWKD312 as part of the maiden drill programme in Block 3

·; 5.72 g/t over 11.77 m from 381.50 m in NWKD301, which lies to the east of the currently modelled extent of Zone 1, Block 1

·; 6.84 g/t over 13.5 m from 366 m in NWKD300 at the current depth-limit of the existing Indicated Mineral Resource wireframe for Zone 2, Block 1

·; 15.18 g/t over 12.85 m from 339.70 m in NWKD296A near the modelled Inferred Mineral Resource south-western extent of Zone 1, Block 1

·; 6.46 g/t over 3.61 m from 476.89 m in NWKD294 which has intersected mineralisation down-dip and to the east of the currently defined Zone 3, Block 1 Inferred Mineral Resource wireframe

·; 6.20 g/t over 4.08 m from 383.08 m in NWKD292 in Zone 2, Block 1

·; 5.44 g/t over 2.67 m from 311.00 m (Zone 1), 8.49 g/t over 3.56 m from 318.08 m (Zone 2) and 5.56 g/t over 3.31 m from 346.26 m (Zone 3) in NWKD290 (infill hole)

·; 25.23 g/t over 6.24 m from 341.80 m in NWKD289 (Zone 2, Block 1), an infill hole designed to increase the extent of the Indicated Mineral Resource wireframe

·; 6.46 g/t over 6.85 m from 347.00 m in NWKD288 (Zone 1, Block 1)

·; 14.34 g/t over 3.91 m from 520.59 m in NWKD304 which extends the depth of Block 1 mineralisation by some 55 m below surface

The results reported in this release are inclusive of all diamond core drilling at Komahun subsequent to those reported in the Press Release dated 18 September 2012, up to and including assay results received by 27 November 2012. This drilling includes 10,745 m in 31 holes for which complete assay results have been received (see Table 1 below). The results reported here include some of the depth extension and infill programme in Block 1 (assay results are awaited for the balance) and partial results from the maiden drill programme on Block 3. No results from Block 2 are reported in this release as assay results are awaited from the laboratory. Of the 31 holes reported here, 9 holes (for a total of 3,130 m) were abandoned, predominantly within a persistent talc schist unit located at depth in the hanging wall of the mineralised zones in Block 1, before intersecting significant mineralisation. A total of 37 significant intersections have been returned from the balance of the 22 holes and deeper drilling on Block 1 is currently underway. This drilling has been collared from the footwall (being the north-western side) of the mineralised zones, in order to ameliorate potential issues associated with this talc schist unit.

Executive Co-Chairman and Managing Director of Polo, Neil Herbert commented:

"The board of Polo is pleased with these results and the progress being made at Nimini. These results, together with those to follow upon completion of this programme in mid-December 2012, will inform the next Global Mineral Resource Estimate to be published in the first quarter of 2013.The extension towards the eastern boundary of the Mining Licence is especially promising in terms of adding to the overall strike length at Komahun and its potential to enhance the results of the Pre-Feasibility Study to be published early in the second quarter of 2013."

Exploration and development update: Komahun

The current Global Indicated Mineral Resource Estimate at Komahun (based on data as at 20 February, 2012) is 521,000 ounces of gold at 4.59 g/t with a further 263,000 ounces of gold at 3.64 g/t in the Inferred category, as set out in the Technical Report dated 3 August 2012 (the "MRE").

The ongoing, fully-funded, 21,000 metre in-fill and depth extension drill programme commenced in May 2012. An additional, fully-funded, 7,500 m of drilling was initiated in September 2012, with the objective to delineate resources on strike in Block 3, in addition to compensating for some of the metres lost due to abandoned holes in Block 1, as described above. As of 27 November 2012, a total of 27,152 m of drilling had been completed, with the balance planned for completion by 15 December 2012, prior to the Christmas shutdown. This release reports the results of 10,745.67 m of drilling in holes with complete assay results. The 18 September 2012 press release reported the results from 7,848 m of the programme, such that the September release and this current release cumulatively report on approximately 18,594 m of drilling with the remaining balance to be reported upon completion of the drill programme and receipt and verification of assay results.

The drill programme has, to date, proven the presence of significant mineralisation in Block 3, an area hitherto untested. Drilling has established Block 1 continuity to a depth of some 200 m below mean sea level (being some 300 m deeper than the current MRE wireframes for Block 1) although assay results from hole NWKD305W do not meet the minimum grade reporting requirements in this release, returning 0.63 g/t over 2 m. It is uncertain at this stage whether this lower grade at this deeper level is diagnostic of the deposit geometry or rather a single poorly mineralised intersection.

Significant intersections are reported in Table 2, being defined as having a minimum composited grade of 1.8 g/t over a minimum down hole length of 2 m with a maximum internal dilution of 2 m at 0.0 g/t. These parameters have been selected as representing reasonable scenarios for selective mining and are also aligned with the current 1.8 g/t cut off in the MRE.

Block 1 Results

Significant results continue to be generated from drilling in Block 1, as part of the infill programme aimed at converting a large proportion of the Technical Report's Inferred Resources into Indicated Resources, as well as the down-dip extension of Block 1 mineralisation contained within Zones 1, 2 and 3. Results of all intersections which satisfy the reporting requirements discussed above are presented in Table 2. Hole NWKD286 has resulted in the addition of approximately 50 m strike to the northeast beyond the limits of the current Zone 1 wireframe and returned 7.80 g/t over 9.81 m. Similarly, NWKD301 has extended both Zone 1 and Zone 3 to the north-east by about 40 m, returning 5.72 g/t over 11.77 m for Zone 1 beyond its currently defined extent. NWKD294 has extended the down-dip extent of Zone 3 by some 50 m, returning 6.46 g/t over 3.61 m. NWKD304 has extended Block 1 down-dip by approximately 55 m, returning 14.34 g/t over 3.91 m for Zone 2, whereas NWKD293 has resulted in an additional 45 m of down-dip extent (beyond NWKD304), albeit at a lower grade of 1.82 g/t over 2.62 m for Zone 1. Significant high-grade intersections have been returned from the infill programme, notably 25.23 g/t over 6.24 m for Zone 2 in NWKD289 and 15.18 g/t over 12.85 m for Zone 1 in NWKD296A.

Block 3 Results

Holes NWKD312 and NWKD307 have returned length-weighted intersections of 15.81 g/t over 5.00 m from 154.50 m and 11.60 g/t over 5.00 m from 83.00 m respectively and suggest the presence of high-grade mineralisation in Block 3. These intersections are supplemented by a further three intersections in excess of 2 g/t over 2 m in holes NWKD309 and NWKD310 and have collectively allowed for the provisional delineation of two mineralised zones (EE1A and EE1B - see Table 2) in Block 3. Further drilling has been completed and is underway that will allow for a more robust interpretation of Block 3 mineralisation upon completion of the current drill programme.

Longitudinal sections for all mineralised zones are presented in Figures 3 to 5 below illustrating all significant, post-MRE intersections.

Screen Fire Assays

The ongoing implementation of screen-fire assays for visible gold-bearing and high-grade (>15 g/t) samples continues to produce significant grade uplift in these assayed samples, with an average uplift of some 25 per cent. in gold grade in comparison to routine fire assay techniques, which are known to potentially under-report gold values in coarse gold bearing samples. These results are tabulated in Table 3 and include results from resampling of historical visible-gold bearing intersections as well as original assays on holes reported in this release.

Regional Exploration

Pitting and soil sampling on the Titimbaia geochemical anomaly has been completed and assay results will be interpreted in due course. Preparations are currently being made for an Induced Polarisation (IP) survey at Komahun, scheduled to commence in January 2013. The survey will use the modelled response from test surveys over Block 1 to attempt to generate regional targets in structurally complex areas and areas overlain by untested soil geochemical or grab sample anomalies.

Qualified Person:

The technical information contained in this announcement has been reviewed by Dr Brendan Clarke, the Geological Operations Manager of The MSA Group. Dr Brendan Clarke is a Member of the Geological Society of South Africa and a Professional Natural Scientist (Pr.Sci.Nat) registered with the South African Council for Natural Scientific Professions. Dr Clarke has sufficient experience relevant to the style of mineralisation under consideration and to the activities which are being reported, to qualify as a Qualified Person for the purposes of this announcement and has reviewed the results of the best-practice quality assurance - quality control (QAQC) protocol implemented by Nimini and is satisfied with the accuracy and precision of the results reported in this release.

For complete disclosure of the Nimini resource estimate, based on data as at 20 February 2012, refer to the Technical Report prepared in compliance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects and filed on SEDAR at www.sedar.com on 6 August 2012.

For further information, please contact:

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.

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.

Table 1: Summary of drillholes reported in this release. All assays have been received for these holes whereas holes with incomplete assay results will be reported in the next release

Table 2: Komahun Assay Results

(all results with minimum 2.0 m downhole composite length, composited grade greater than 1.8 g/t and internal dilution less than 2.0 m at 0 g/t)

Table 3: Routine Fire Assay vs. Composited Screen Fire Assay Results for Holes Reported in this Release

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