TORONTO, April 8 /CNW/ - Polo Resources, the AIM and TSX ("POL") listed mining company with coal and uranium interests in Africa, Australia and Asia, announced today that its Executive Chairman, Stephen Dattels, has advised Polo that he has resigned as a non-executive director of Extract Resources Limited ("Extract"), effective immediately. Polo has a strategic shareholding in Extract.
Stephen Dattels, Executive Chairman of Polo, said:
"While I have served on the Extract Board, Extract has made significant progress in identifying the potential of its Rossing South asset as one of the leading development uranium projects in the world today. Polo is a major investor in, and supporter of, Extract."
"However, for its own reasons, Polo has previously announced the evaluation of a range of strategic options to enhance shareholder value with respect to its shareholding in Extract."
"Extract commenced its own review of strategic options in May 2009."
"In view of all these developments, and the demands of my other commitments, including in particular as Executive Director of Polo, I have decided to resign from the Board of Extract."
"I would like to take the opportunity to congratulate the other members of the Board of Extract, and its management team and employees, on their success in recent times, and wish them well for what I expect will be a successful future."
About the Company
Polo is an emerging energy company currently focused on acquiring and developing advanced stage coal and uranium projects. 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.
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.
SOURCE Polo Resources Limited
For further information: For further information: Polo Resources Limited, Neil Herbert, Chairman, + 27 82 404 3637; Canaccord Adams Limited, Ryan Gaffney/Bhavesh Patel, + 44 (0) 20 7050 6500; Financial Dynamics, Ben Brewerton/Ed Westropp, + 44 (0) 20 7831 3113