TORONTO, May 28 /CNW/ - Further to the execution of the memorandum of understanding between Winsway Coking Coal Holdings Ltd. ("Winsway"), Peabody Energy Corporation (NYSE: BTU) ("Peabody") and Polo, as announced on 24 May 2010, Polo is pleased to announce that on 27 May 2010 Winsway paid the non-refundable deposit of US$1.75 million to Polo.
Negotiations with respect to the sale of Polo's interests in Peabody-Polo Resources BV continue and a further announcement will be made in due course.
About the Company
Polo is an emerging energy company focused on acquiring and developing advanced stage coal and uranium properties. For complete details on Polo Resources Limited, management encourages investors and interested parties to view its public documents filed on AIM Market 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, Executive Co-Chairman, + 27 82 404 36 37; Canaccord Adams Limited: Ryan Gaffney, + 44 (0) 20 7050 6500; Toronto: James McVicar, Heenan Blaikie LLP, (416) 643-6903; Financial Dynamics: Ben Brewerton/Ed Westropp, + 44 (0) 20 7831 3113