Polo Resources Ltd.: Net Asset Valuation

FSC / Press Release 
Polo Resources Ltd.: Net Asset Valuation 
Toronto, Ontario CANADA, January 15, 2013 /FSC/ - Polo Resources Limited  (POL -
TSX, POL - AIM), 
Objective: To deliver attractive returns to investors through a global natural
resources and mine development focused portfolio. Polo Resources Limited ("Polo
Resources" or "the Company") selects, acquires and manages substantial
investments in companies and projects with strong value enhancement potential
and attractive growth prospects. 
Listing: Polo Resources is traded on the AIM market of the London Stock Exchange
and the Toronto Stock Exchange (TSX), under the trading symbol POL. 
Net Asset Valuation, as at 31 December 2012 
-***- 
------------------------------------------------------------------------ 
Price       % Change      Asset          Pound/m     % 
(Pence/Share) in Period(1)  Allocation
------------------------------------------------------------------------
Net Asset
  Value         3.62         -5.48    Listed Investments     4.6    4.72
------------------------------------------------------------------------
Diluted Net
Asset Value     3.62         -5.48   Unlisted Investments    66.8  68.51
------------------------------------------------------------------------
Ordinary Share
  Price         2.48         -15.93 Short-term Investments, 
Cash and Receivables    26.1  26.77
------------------------------------------------------------------------ 
Total listed & unlisted  97.5
------------------------------------------------------------------------ 
-****- 
(1) As at 30 September 2012 Net Asset Value ("NAV") per share was 3.83 pence
and the share price was 2.95 pence. 
Significant Investments 
-***- 
------------------------------------------------------------------------- 
Investment          Description       Polo Holdings    Value    % of 
(%)      (pound-m)   NAV
-------------------------------------------------------------------------
Nimini Holdings   Gold project developer       90         24.1     24.73 
Limited         in Sierra Leone with 
Indicated Resources of 
521,000 oz gold at the 
Komahun Gold Project.
-------------------------------------------------------------------------
Signet Petroleum  African oil & gas explorer  48.21        27.3     28.01 
Limited           with substantial 
concessions across Africa, 
particularly Tanzania 
and Namibia.
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Regalis Petroleum    A private oil and         8.32         4.8      4.92 
Limited               gas company 
focussed on 
acquiring and exploring 
high impact exploration 
assets in Africa. 
The company has an offshore 
project in Namibia and 
other opportunities in an 
advanced stage 
in sub-Saharan Africa
------------------------------------------------------------------------- 
Ironstone          Canadian resource        15.70         8.0     8.21
 Resources Limited   development company, 
owner of the Clear Hills 
Iron Ore/Vanadium Project
-------------------------------------------------------------------------
GCM Resources        Developers of the         29.8         4.6     4.72 
plc            Phulbari Coal Project, 
Bangladesh
-------------------------------------------------------------------------
Equus Petroleum      Kazakhstan energy         1.95         2.6     2.64 
plc            and petroleum company
------------------------------------------------------------------------- 
Total                                                    71.4    73.23
------------------------------------------------------------------------- 
-****- 
OVERVIEW: Polo Resources' NAV decreased slightly during Q4 2012. The NAV closed
at 3.62 pence per share on 31 December 2012 compared to 3.83 pence per share on
30 September 2012. The decrease in NAV during the quarter is primarily
attributable to two factors; an increase in issued share capital resulting from
the Signet transaction and secondly, a reduction in the share price of GCM
Resources plc. 
Neil Herbert, Executive Co-Chairman and Managing Director commented: 
"During the quarter we continued to invest in both gold and oil and gas
projects. Polo funded a significant drill programme at the Komahun gold deposit
in Sierra Leone and increased its interest in African oil and gas explorer
Signet Petroleum. 
"Substantial progress was made at our 90 per cent-owned Sierra Leone gold
project in the three months since our last net asset value statement.  Nimini
secured a large-scale Mining Licence in November 2012, covering the total area
of both the Nimini East and West exploration licences, and concluded lease
agreements with local chiefdoms enabling the use of the Mining Licence area for
the operation of a proposed gold mine. On the exploration front the extension of
the deposit eastward appears promising and has potential to increase gold
resources significantly. We expect to publish a new global mineral resource
estimate in Q1 2013 and a Preliminary Economic Assessment is expected to be
completed in Q2 2013, after which we will consider a fast-tracked Definitive
Feasibility Study that would allow Nimini to move to an early decision for mine
development, plant construction and first gold production. 
"With respect to Polo's oil and gas portfolio, the identification by Signet
Petroleum of a potentially significant structure on the company's Namibian
acreage as well as a possible up-dip extension of BG/Ophir's Chaza 1 gas well in
offshore Tanzania are both exciting, and broaden and strengthen Signet's asset
base.  We expect further technical analysis of these and Signet's other projects
early in 2013 and have recently increased our interest to 48.21 per cent of
Signet's issued share capital with an option enabling Polo to increase its
holding to over 50 per cent." 
Highlights of activity during the last three months: 
* Following the encouraging results obtained through recent exploration at the
Nimini Holdings Limited ("Nimini") gold project in Sierra Leone, Nimini has
developed a new nomenclature for the Komahun deposit to encompass both the
former "Main Zone" and strike extension bodies that are being delineated by
exploration activities. Recent commercial grades intersected at Komahun include
15.81 g/t over 5.00 metres and 15.18 g/t over 12.85 metres.  Results obtained to
date will be incorporated into a new global mineral resource estimate, to be
published in Q1 2013. 
* In December 2012, Nimini completed its 28,500-metre in-fill, depth and strike
extension drilling programme, which commenced in May 2012. Based on the success
of the 2012 programme, in January Nimini will commence a resource expansion
drilling programme of approximately 26,000 metres, targeting areas of open
mineralisation within previously drilled zones. Completion is scheduled for May
2013, after which a further global mineral resource update will be compiled and
published. 
* Signet Petroleum Limited ("Signet") has processed and interpreted the relevant
2D seismic data over its Namibian acreage (Block 2914B). The initial
interpretation has identified a potentially major structure ("Prospect A"),
which will now become the focus of intensive study and evaluation. Initial
interpretation suggests that Prospect A may be a significant four-way dip
closure located approximately 90 km west-south-west of the nearby Kudu gas
field, operated by Tullow Oil plc, and has an area of approximately 30 km by 25
km. Further technical resources will be dedicated to the interpretation of the
2D data set. 
* On 27 December 2012, Polo Resources announced that it had acquired a further
850,000 shares in Signet, bringing the Company's interest in Signet to
17,863,093 Signet Shares, or 48.21 per cent of Signet's issued share capital. 
* Regalis Petroleum Limited ("Regalis") has already acquired a 70 per cent
operating interest in Block 2813B offshore Namibia where 2D seismic data has
recently been acquired and is currently being interpreted. Regalis is well
capitalised to build a strong exploration footprint across Africa and to drive
asset upside through exploration, including 2D and 3D seismic acquisition. 
* GCM Resources ("GCM") has intensified efforts to achieve approval for the 572
million tonne (JORC compliant) Phulbari thermal and semi-soft coking coal
project in Bangladesh through further engagement with the local community and
direct engagement with the Government. Recently, the Government of Bangladesh
has requested that the local administration of the Phulbari area support GCM's
activities. (www.gcmplc.com). 
* After three successful drilling campaigns to bring Ironstone's Clear Hills
iron and vanadium resource into NI 43-101 compliance, the company is currently
focused on completing its process flowsheet work in partnership with Hatch
Engineering (Toronto, ON).  The processing of the oolitic ironstones has been
scaled from laboratory tests to recently completed continuous bench-top pilot
testing at Hazen Research (Golden, CO).  The Hazen results exceeded
expectations, with high-purity metallic iron created.  Preliminary analytical
results support the deportment of deleterious elements into the gangue.
Ironstone is presently attempting to raise funds in support of a major
pre-commercial processing pilot campaign at FL Schmidt (Bethlehem, PA) in Q3
2013. A Preliminary Economic Assessment or Preliminary Feasibility Study is
expected to follow later in the year. (www.ironstoneresources.com) 
* Equus Petroleum plc ("Equus") is developing the Sarybulak oilfield in the
prolific oil producing South Turguay Basin in Kazakhstan. Sarybulak has been
under Test Production since 2008, with all production being sold into the
domestic market. Equus is currently working to construct oil gathering and
processing facilities, gas handling facilities and drilling sufficient wells to
develop the Sarybulak field fully. Once the Test Phase is completed in early
2013, it is intended that applications will be submitted for Production and
Export licences (www.equuspetroleum.com) 
* Polo Resources maintains a strong cash position of US$23.94 million and
continues to review new investment opportunities 
Outlook: Polo Resources expects to deliver NAV growth over the medium term.
Management continues to assess its investment portfolio and takes a cautious
approach to new investments in the current market environment. Polo Resources
announces estimated NAV figures on a quarterly basis. 
Other information:
Polo Resources has announced its intention to undertake a consolidation of all
issued no par value Ordinary Shares in the Company on a 10:1 basis, carrying the
same rights as to voting, dividends and return on capital that attach to the
existing Ordinary Shares. This consolidation proposal requires shareholder
approval and will be subject to a vote at the Company's Annual General Meeting,
to be held on 30 January 2013. 
Director share dealings: A share acquisition was reported on 21 December 2012. 
Polo Resources became an investment company for AIM purposes on 30 June 2010,
with a NAV of 7.2 pence/share. In the two years to 30 June 2012, the Company
paid special dividends totaling 5 pence/share following the disposal of certain
coal and uranium interests. 
Shares in Issue: 
-***- 
---------------------------
 Trading      AIM and TSX
---------------------------
Ordinary    2,696,228,938
---------------------------
Code:            POL
---------------------------
ISIN          VGG6844A1075
--------------------------- 
-****- 
Financial Calendar
Year End: 30 June 
Board
Neil L. Herbert (Executive Co-Chairman and Managing Director)
Stephen R. Dattels (Executive Co-Chairman)
Ian Burns (Finance Director)
Guy Elliott (Senior Non-Executive Director)
Ian Stalker (Non-Executive Director)
James Mellon (Non-Executive Director)
Bryan Smith (Non-Executive Director) 
Nominated Advisor
Investec Bank plc
Neil Elliot, George Price +44 (0) 20 7597 5970 
Joint Brokers
Investec Bank plc: Chris Sim +44 (0) 20 7597 5970
Liberum Capital Limited: Tim Graham +44 (0) 20 3100 2225 
Contact
Polo Resources Limited
Ian Burns, Finance Director
+27 82 404 36 37
info@poloresources.com 
Blythe Weigh Communications
Tim Blythe, Robert Kellner
+44 (0) 20 7138 3204 
Registered Number: 1406187
Craigmuir Chambers
Road Town, Tortola
British Virgin Islands VG 1110 
Polo Resources Limited is incorporated in the British Virgin Islands.
Further information is available on www.poloresources.com 
Important Information 
This document is issued by Polo Resources. The information contained in this
document is not intended to and does not constitute an offer, solicitation,
inducement, invitation or commitment to purchase, subscribe to, provide or sell
any securities, service or product or to provide any recommendations which
should be relied upon for financial, securities, investment or other advice or
to take any decision based on such information. Individual advice should be
sought from legal, financial, personal and other advisors before making any
investment or financial decision or purchasing any financial, securities or
investment-related service or product. 
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 complete details on Polo Resources refer to:
www.poloresources.com. 
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. 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 assumes no obligation to update forward-looking statements should
circumstances or management's estimates or opinions change. 
The Company's exploration and investment activities may also be affected by a
number of risks, including legal, political, environmental, economic, financing,
permitting, commodity, exploration and development and other market risks which
are normal to the industry and referenced in greater detail in the Company's
2012 Annual Report for the period ending 30 June 2012, filed on the Company's
profile on www.sedar.com. 
To view this press release as a web page, click onto the link below:
http://www.usetdas.com/pr/polo15012013.htm 
Source: Polo Resources Limited (TSX - AIM: POL) http://www.poloresources.com
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-0- Jan/15/2013 14:30 GMT
 
 
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