RNS Number : 7939S Polo Resources Limited 26 May 2009
For immediate release 26 May 2009
Polo Resources Limited ('Polo Resources', 'Polo' or 'the Company')
Polo calls for EGM of Extract
Polo Resources Limited (AIM: PRL) announced today that it is in the process of requisitioning an EGM of Extract Resources Limited ('Extract'), to appoint Stephen Roland Dattels as a director of Extract.
Polo has a 9.08 % interest in Extract and Mr Dattels has a beneficial interest in 0.92 % of Extract.
Guy Elliott, a director of Polo, also has an interest of 0.01% in Extract.
Mr Dattels has significant experience in the Uranium sector. He is currently a Director of Berkeley Resources Limited which is a developer of Uranium resources in Spain. Previously, he was the founder of UraMin Inc, which developed the Trekkopje Deposit in Namibia to feasibility study as a heap leaching Uranium project. UraMin Inc was sold in July 2007 for $2.5 billion to Areva, the French Government owned fully integrated Uranium company, which has made a substantial capital commitment to Namibia, largely towards the development of the Trekkopje Deposit to its intended commercial production in 2010.
Mr Dattels said today that:
'Polo is committed to seeing the development of the Rossing South Deposit owned by Extract as a stand alone operation.
Work undertaken by Polo's technical advisor on a conceptual plan for the Rossing South Deposit, based on publicly available information, indicates that production is feasible as early as Q4 2011. This may be achievable as a 100% heap leaching operation, depending on the scheduling and results of feasibility work being undertaken by Extract.'
Looks like Mr Dattels might not be such a hurry to sell after all?
Regards
Steve
EXT Price at posting:
$4.98 Sentiment: LT Buy Disclosure: Held
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