19 Mar 2014 07:00
19 March, 2014
Polo Resources Limited
("Polo" or the "Company")
POLO ACQUIRES A 12.7 PER CENT STAKE IN CELAMIN HOLDINGS NL
Polo Resources Limited (AIM and BSX: POL), announces that it has taken up a placement by Celamin Holdings NL (Celamin), an ASX listed company holding phosphate interests in Tunisia, representing a strategic 12.7 per cent stake in the expanded fully paid capital of Celamin for an investment of A$1.2 million.
Celamin will be advancing a bankable feasibility study on the Chaketma phosphate project. Phosphate mining has been undertaken in Tunisia for over one hundred years. There is good in-country phosphate expertise and extensive infrastructure to support the development of a mine and process plant to enable the export of phosphate rock.
Drilling to date has intersected thick mineralised zones averaging over 15 metres at favourable depths, outcropping at surface in places and at grades that generally exceed 20 per cent phosphorous pentoxide (P2O5). Independent metallurgical studies have verified the potential to produce marketable concentrate acceptable to international offtakers.
Celamin holds an agreed 51 per cent interest in the licences along with its Tunisian partner holding 49 per cent.
Michael Tang, Executive Chairman of Polo, said "This is an excellent opportunity for Polo Resources to add phosphate to its suite of projects through this investment in Celamin."
Polo Resources Limited Kudzayi Denenga, Investor Relations | + 27 (0) 787 312 919 |
ZAI Corporate Finance Ltd (nominated adviser) Ray Zimmerman, Peter Trevelyan-Clark | +44 (0) 20 7060 2220 |
Liberum Tim Graham, Thomas Bective | +44 (0) 20 3100 2000 |
Blytheweigh Tim Blythe, Halimah Hussain | +44 (0) 207 138 3204
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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 the Company's 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.