|Net Asset Valuation, as at 31 December 2012|
|Price (Pence/Share)||% Change in Period (1)||Asset Allocation||£m||%|
|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|
|Investment||Description||Polo Holdings (%)||Value (£m)||% of NAV|
|Nimini Holdings Limited||Gold project developer in Sierra Leone with Indicated Resources of 521,000 oz gold at the Komahun Gold Project.||90||24.1||24.73|
|Signet Petroleum Limited||African oil & gas explorer with substantial concessions across Africa, particularly Tanzania and Namibia.||48.21||27.3||28.01|
|Regalis Petroleum Limited||A private oil and 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||8.32||4.8||4.92|
|Ironstone Resources Limited||Canadian resource development company, owner of the Clear Hills Iron Ore/Vanadium Project||15.70||8.0||8.21|
|GCM Resources plc||Developers of the Phulbari Coal Project, Bangladesh||29.8||4.6||4.72|
|Equus Petroleum plc||Kazakhstan energy and petroleum company||1.95||2.6||2.64|
“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
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|
About the CompanyPolo 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.