Uranium investment update


 

TIDMPRL 
 
RNS Number : 9629V 
Polo Resources Limited 
20 July 2009 
 

Monday 20 July 2009 
 
 
Polo Resources Limited 
("Polo" or "the Company") 
 
 
A- CAP Resources Commences Bankable Feasibility Study at the Letlhakane Uranium 
Project 
 
 
Polo Resources (PRL), the AIM listed mining company with uranium and coal 
interests in Africa, Australia, Europe and Asia, is pleased to announce that 
A-Cap Resources Limited (ASX: ACB), in which Polo has an 19.9% interest, has 
appointed Lycopodium Minerals Pty Ltd as manager of the Bankable Feasibility 
Study ("BFS") on the Letlhakane Uranium Project in Botswana. A-Cap envisage the 
completion of the BFS, which includes significant resource drilling and 
metallurgy studies, in the third quarter of 2010 at an estimated cost of A$6.5 
million. A-Cap has also budgeted A$2 million for exploration drilling outside 
the resource area at Gorgon South and Serule, and on the the acquisition of new 
airborne radiometric data for prospecting licenses in the Makghadighadi pans 
area. 
 
 
The Letlhakane Uranium Project global Mineral Resource estimated by SRK and 
announced in June 2008 contains 280 MT of Ore at a grade of 158ppm U3O8 for 
44,500 tonnes of U3O8 (based on a 100ppm cut-off). 
 
 
A scoping study completed in 2008 by     SRK showed that a project designed to 
exploit the oxide and calcrete portions of the global resource could be 
economically viable with a projected cash cost of $US34/lb U3O8. 
 
 
Based on these results A-Cap has begun the BFS study which is expected to run 
for one year. In addition, as a crucial input to the BFS, A-Cap has also 
appointed Optiro Pty Ltd. to undertake the Mineral Resource modelling at the 
Letlhakane Uranium Project. A-Cap expects that a Resource update will be 
announced in the fourth quarter of 2009. 
 
 
Neil Herbert, Managing Director of Polo Resources, said: 
 
 
"A-Cap is making excellent progress since we acquired our stake in May 2009. 
The commencement of the bankable feasibility study is a key milestone for A-Cap 
and the Letlhakane project has the potential to become Botswana's first uranium 
mine." 
 
 
 
 
Contacts: 
 
 
+--------------------------------------------------+------------------------+ 
| Polo Resources Limited                           | + 27 82 404 36 37      | 
| Neil Herbert, Managing Director                  |                        | 
|                                                  |                        | 
+--------------------------------------------------+------------------------+ 
| Canaccord Adams Limited                          | + 44 (0) 20 7050 6500  | 
| Mike Jones / Ryan Gaffney                        |                        | 
|                                                  |                        | 
+--------------------------------------------------+------------------------+ 
| Financial Dynamics                               | + 44 (0) 20 7831 3113  | 
| Ben Brewerton / Ed Westropp                      |                        | 
+--------------------------------------------------+------------------------+ 
 
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 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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