FSC / Press Release
Polo Resources Limited: Nimini Update on Komahun Gold Project in Sierra Leone
Toronto, Ontario CANADA, January 10, 2013 /FSC/ - Polo Resources Limited (POL -
TSX, POL - AIM), ("Polo" or the "Company"), 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 an update for its
Komahun Gold project.
In December 2012, Nimini completed its 28,500 metres in-fill, depth and strike
extension drilling programme which commenced in May 2012. An NI 43-101 compliant
global mineral resource update, based on all drilling results to date, is
expected to be published in the first quarter of 2013.
Based upon the success of the 2012 programme, in January 2013 Nimini will
commence a resource expansion drilling programme of approximately 26,000 metres
with the objective of significantly adding to the expanded resource defined by
the 2012 programme. This programme is targeting areas of open mineralisation at
depth in two zones along a strike length of approximately 870 metres and in two
new zones along a strike length of approximately 900 metres. The drilling
programme completion is scheduled for May, 2013. Upon receipt of final assays, a
further global mineral resource update will be compiled and published.
Note: For the figure referenced in this release, see the following link:
With reference to Figure 1 included in the press release dated 5 December 2012,
the expansion drilling programme is expected to provide data that may:
* Extend the expected maiden inferred resource of Block 3 (expected to be to a
depth of approximately 250 metres) to a depth of approximately 600 metres below
surface over a potential strike distance of approximately 450 metres
* Extend the inferred resource of Block 2 to a depth of approximately 700 metres
below surface over a potential strike distance of approximately 420 metres
* Add to the small inferred resource of the more structurally complex Fault
Offset to a depth of approximately 450 metres below surface over a potential
strike distance of approximately 170 metres
* Add to the small inferred resource of the Southern Structure to a depth of
approximately 370 metres below surface and extend the strike distance to
approximately 700 metres
To assist with the interpretation of, and define drill targets for, the Fault
Offset and the Southern Structure, an Induced Polarisation/Resistivity ("IP")
survey will also commence in January. The application of IP to these areas will
be subject to achieving positive results on five test lines over the known
mineralisation at Komahun. Additionally, a structural expert will be appointed
to assist with defining these structures.
A sterilisation drilling campaign to check for mineralisation will commence
during the first quarter of 2013 beneath the planned plant, camp and tailings
Technical fieldwork in support of a feasibility study is also planned for
completion prior to the onset of the rainy season in June. This will mainly
comprise the excavating of pits and core drilling to assess ground conditions
for the planned infrastructure, such as around the access portals, roads
approaches and bridge buttresses. In addition a satellite survey,
geo-hydrological testing programme and obtaining representative samples for
uniaxial compressive strength testing for rock engineering purposes will be
included in the programme.
All of the programmes set out above will be fully funded through to the end of
March 2013 and will continue thereafter subject to additional funding; Polo is
reviewing options in this regard.
In order to be fully compliant with the requirements of NI 43-101 and to include
inferred resources in the technical-financial model, a Preliminary Economic
Assessment ("PEA"), rather than a Pre-Feasibility Study as previously advised,
is scheduled to be published in the second quarter of 2013. The PEA will provide
direction to the subsequent feasibility study.
Executive Co-Chairman and Managing Director of Polo, Neil Herbert commented:
"The board of Polo continues to be pleased with the progress which Nimini is
making, having completed its infill and depth and strike extension drilling
programme and shortly commencing the resource expansion programme at its
flagship Komahun Gold project.
"We look forward to announcing the results of the Global Mineral Resource
Estimate to be published in the first quarter 2013 and subsequently the results
of the Preliminary Economic Assessment scheduled for publication early in the
second quarter of 2013."
Analyst Conference Call
Polo Resources will be hosting a conference call for analysts on Nimini's recent
progress at 11:00 am on Thursday 10 January 2013. The call will include an
update from Bradford Mills, Managing Director of Plinian Capital, followed by a
question and answer session.
To join the conference call, please dial +44 (0) 20 3003 2666 and provide the
The technical information contained in this announcement has been approved 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.
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:
Polo Resources Limited
Ian Burns, Finance Director
+ 27 82 404 36 37
Neil Elliot, George Price, Mark Wellesley-Wood
+44 (0) 20 7597 5970
Chris Bowman, Tim Graham
+44 (0) 20 3100 2228
Blythe Weigh Communications
Tim Blythe, Robert Kellner
+44 (0) 207 138 3204
Borden Ladner Gervais LLP
Jeffery Barnes, Habeeb Syed
+1 416 367 6459
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:
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.
To view this press release as a web page, click onto the link below:
Source: Polo Resources Limited (TSX - AIM: POL) http://www.poloresources.com
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-0- Jan/10/2013 13:33 GMT
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