Introduction

Polo aims to become a major international coal mining and exploration group with additional interests in uranium and iron ore. The Company is focused on acquiring and developing interests in projects that are strategically located to serve the increasing global demand for coal, in particular to feed the robust demand of Asia.

Polo holds a diversified portfolio of coal and uranium licences in Mongolia. The geology of Mongolia is highly prospective for significant mineral deposits; however, the countrys resources have been vastly under-explored and under-developed. Polo has specifically targeted areas of significant known coal resources that are near the necessary infrastructure to export coal into the growing energy markets of adjacent China and Russia.

Polos strategy in Mongolia is to fast track into development the Union Coal Project and the Ereen Coal Project in 2008. Polo is targeting total production of 1 Mt of coal per annum commencing in the fourth quarter of 2008. Polo also plans to define 1 Bt of high quality coal resources by 2010.

Polo also holds a strategic interest in GCM Resources plc, an AIM listed (ticker code: GCM) resource development company with a wholly owned subsidiary operating in Bangladesh and investments in South Africa. GCM Resources plc is developing a coal mine and power plant project in Bangladesh, the Phulbari Project.

Market cap: 190.408m

Major Shareholders

The Company's issued share capital consists of 1,170,622,425 Ordinary Shares of no par value.

The Company does not hold any Ordinary Shares in Treasury.

As of 17 March 2008 the Company is aware of the following persons who hold, directly or indirectly, voting rights representing 3% or more of the issued share capital of the Company to which voting rights are attached:

Name
Number of Ordinary Shares
Percentage of issued share capital

RAB Capital Plc
97,240,425
8.31%

TPG-Axon Partners (Offshore) Ltd
71,907,000
6.14%

Capital Research and Management Company
65,740,000
5.62%

Angstrom Capital Limited
60,000,000
5.13%

Chiropo Company SA
60,000,000
5.13%

Libra Advisors, LLC*
45,450,000
3.88%

Perella Weinberg Partners Xerion Master Fund Ltd
41,960,000
3.58%

TPG-Axon Capital
37,043,000
3.16%

Seamans Capital Management Ltd.
36,870,000
3.15%

* Note: Libra Advisors LLC is the investment manager of two funds, Libra Fund LP (holding 36,760,000 Ordinary Shares) and Libra Offshore Ltd (holding 8,690,000 Ordinary Shares).

RNS Number : 7427U
Polo Resources Limited
19 May 2008



For immediate release 19 May 2008




NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION




Polo Resources Limited
('Polo Resources' or 'the Company')



Preliminary Approach to GCM Resources plc




Polo Resources Limited ('Polo') (AIM:PRL) which owns 29.72% of the issued shares of GCM Resources plc ('GCM') (AIM:GCM) confirms that it has made an approach to the board of GCM as announced by GCM this morning, which may or may not lead to an offer being made by Polo for GCM.




The approach to GCM is a pre-conditional cash offer for all the issued and to be issued share capital of GCM at 175p per share (which represents an approximately 50.7% premium to the volume weighted average price for the 20 trading days ending on 16 May 2008) and is subject to financing. Such an offer would be consistent with Polo's strategy of building a significant and diversified portfolio of coal producing, development and exploration assets. Polo intends to work with the management of GCM and, if a formal offer is made, intends to seek shareholder approval to change its name to GCM Resources Limited.




Polo wishes to make it clear that its approach is subject to the arrangement of necessary funding. This announcement does not amount to a firm intention to make an offer and, accordingly, there can be no certainty that any offer will be made even if the necessary funding is arranged.




A further announcement will be made as appropriate.




For further information

Polo Resources increases Mongolian coal and uranium licences to 59
AFX


LONDON (Thomson Financial) - Polo Resources Ltd. said it continues to consolidate its Mongolian interests, increasing the number of exploration and mining licences it holds to 59, of which 26 are focused on coal and another 33 are focused on uranium.

Deputy chairman Neil Herbert said: 'Polo is continuing to rapidly advance its Mongolian interest with the acquisition of further licence areas. These licence areas include 57,004 hectares of exploration licences in the strategically located South Gobi district close to China as well as projects in the east and west of the country.'

The coal- and uranium-focused investment and mining company added that the South Gobi in particular is known for its Permian coal basins with both coking and good quality thermal coal. The group also said it has an active exploration and drill programme on these coal projects.

Polo Resources to raise 80.6 mln pounds by placing up to 620 mln shrs at 13p/shr
AFX


LONDON (Thomson Financial) - Polo Resources Ltd. said it plans to raise up to 80.6 million pounds by placing 620 million shares at 13 pence each to finance potential acquisitions and for general working capital purposes.

The coal and uranium focused investment and mining company said the proceeds will help it take advantage of the current strong pipeline of available new investment opportunities in the coal sector.

The company said it will also consider smaller, bolt-on acquisitions.

RNS Number : 6989V
Polo Resources Limited
02 June 2008



2 June 2008




POLO RESOURCES LIMITED

('Polo Resources' or the 'Company')




Results of Cash Placing


Further to the announcement by the Company dated 30 May 2008 setting out details of a cash placing and following completion of the bookbuilding process, Polo Resources is pleased to announce the placing of a total of 620,000,000 ordinary shares (the 'Placing Shares') at a price of 13 pence per Placing Share ('the Placing'), raising gross proceeds of approximately 80.6 million (which is estimated to be US$150 million net of expenses).




Of the shares, a total of 248,000,000 new ordinary shares (the 'Firm Placing Shares') have been placed firm by BMO Nesbitt Burns Inc. and Canaccord Adams Limited (the 'Managers') and 372,000,000 additional new Ordinary Shares (the 'Conditional Placing Shares') have been placed by the Managers subject to shareholder approval at a meeting of shareholders of the Company (the 'General Meeting') which has been convened for 3 June 2008.




The Placing is conditional upon, inter alia, admission of the Placing Shares to trading on AIM. It is expected that admission of, and settlement for, both the Firm Placing Shares and the Conditional Placing Shares will be at 8.00 a.m. on 4 June 2008.




All the Placing Shares will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of no par value each in the capital of the Company, including the right to receive all dividends and other distributions declared, made or paid after the date of issue.

Of Interest:

Rumour of the day

Caledon Resources, which is trying to increase coal production from its Cook Mine in Queensland, Australia, rose 11p to 121p amid high volume. It could be a bid target if production reaches commercially viable levels. Polo Resources has built a 12 per cent stake and was rumoured to be picking up two million more shares in the market.

http://business.timesonline.co.uk/tol/business/markets/article4054484.ece

watch this one start flying. Not many investors know PRL have stakes in WTN, CDN , GCM as well as a huge number of licencees for coal and uranium. A gem of a story unfolding here, look who they have on board! A board full of highly respected deal makers. I'm acquiring a million shares at present. I reckon the present NAV must be close to 25p just with the ever increasing prices of the 3 mentioned stocks.

edit somebody just bought 800,000 at 16p. Get ready for 20p next few days as the stock breaks out.

well kate I thought I was all alone !! :))

no, not many researched this yet which kind of suits me at the moment. My only concern is having cash tied up as they've stated some deals could be reverse takeovers under aim rules. I suspect though given the much proven track record of the directors deals will be tied up quickly. Approaching its breakout level i see.

RNS Number : 8770V
Polo Resources Limited
03 June 2008


3 June 2008
Polo Resources Limited
("Polo", "Polo Resources" or "the Company")

Result of EGM
Polo Resources Limited (AIM: PRL) is pleased to announce that shareholder approval was
granted at a General Meeting of the Company held
today to amend the Company's articles of association in order to empower the Directors to
allot additional shares either for cash to raise
additional funds for the Company or as consideration for the acquisition of non-cash assets by
the Company.
Accordingly, following the Company's announcement dated 2 June 2008, it is expected that
admission of 620,000,000 ordinary shares
(being both the Firm Placing Shares and the Conditional Placing Shares, as defined in that
announcement) will take place at 8 am on
Wednesday 4 June 2008.
Following admission of the placing shares, the total issued share capital will be
1,794,239,816 shares, all of which are voting shares.

things moving very swiftly. ;-)
and that's a big wink....

I bought in this am, and in profit already. Not sure what game S Dattels is playing
but he knows the coal situation, only time will tell which direction he goes but
he seems to be in favour with the institutions.
His investments in both CDN and GCM are doing very nicely and makes one wonder which way he will go? Only time will tell us.
cyril

does this stock has any links with cdn.

Caledon Resources says Polo Resources ups stake in co to 18.5 pct
AFX


LONDON (Thomson Financial) - Coal-focused investment company Polo Resources Ltd. has upped its stake in coal miner Caledon Resources Ltd. to 18.5 percent, according to a filing to the stock exchange.

In a series of transactions between May 29 and June 3, Polo increased the number of shares it held in Caledon from 21.5 million to 36.1 million.

Polo has gradually been raising its interest in Caledon since March, when it bought 11 million shares, or a stake of over 6 percent.

In May, Caledon raised A$15 million via a public offer and placing in Australia, closed early due to strong demand.

Published date:Thursday, June 5, 2008
The coal investor prepares itself for a shopping spree

by Dan Coatsworth

Coal investor Polo Resources has raised 80.6 million in a share placing to strengthen its finances for acquisitions and working capital.

Since listing on Aim in September 2007, Polo has acquired 12% of Australian producer Caledon Resources and three Mongolian companies owning 14 coal licences. Last month it proposed to buy GCM Resources subject to funding, having already acquired 29.72% of the share capital. At the suggested 175p-a-share level, Polo would need 60 million to complete the transaction, more than covered by the latest fund raising. A formal takeover offer was expected as Shares went to press.

Should the deal succeed, Polo plans to use the GCM name as its new group identity. GCM, formerly Asia Energy, has spent years trying to develop the Phulbari coal project in Bangladesh: severely opposed as an estimated 50,000 people would need re-housing. Polo would also inherit a 3.45% stake in near-term producer Coal of Africa. GCM originally paid 2.4 million for a 15% investment in December 2006, since diluted.


Other stories from : Prospector

www.sharecrazy.com

RNS Number : 0204W
Polo Resources Limited
05 June 2008










5 June 2008







Polo Resources Ltd

('Polo Resources' or 'the Company')




Holding in Company




Polo Resources was notified on 4 June 2008 that Southpoint Capital Advisors LP owns 77,500,000 Ordinary Shares representing 4.32% of the issued share capital of Polo Resources plc.

12.5m shares just been sold price still 19.5p.

Timesonline
6th June 2008

Polo Resources, the coal investor that focuses on the Far East, rose 2p to 19p as South Point Capital Advisors, the hedge fund of New Yorker Robert Butts, took a 4 per cent stake. Mr Butts bought last month a 3 per cent stake in Polos bid target GCM Resources, up p at 171p.

Looks promising, and may make a mint with a hole. :-)

Caledon Resources says Polo Resources ups stake in company to 21.57 pct
AFX


LONDON (Thomson Financial) - Coal miner Caledon Resources Plc. said coal-focused investment company Polo Resources Ltd. has lifted its stake in Caledon to about 42.46 million shares, or 21.57 percent, from 36.11 million shares, or 18.5 percent.

Polo has been gradually raising its interest in Caledon since March, when it bought 11 million shares, or a stake of over 6 percent.

In May, Caledon raised A$15 million via a public offer and placing in Australia, closed early due to strong demand.

Anybody in this one out there looks good to me

In the Times today

SMALLER COMPANIES:

'The soaring price of coal is something that may be on the mind of
Stephen Dattels, the Canadian mining entrepreneur who chairs
POLO RESOURCES, up 1p at 20.75p. Polo has increased its stake
in CALEDON RESOURCES from 18.5% to 21.6%. The company does
not have the cash to bid for Caledon at present prices, but Mr
Dattels, who chaired Caledon, is opposed to Robert Alford, his
successor. Caledon fell 1.25p to 134.75p'

12 June 2008





Polo Resources Limited
('Polo Resources' or the 'Company')




Significant New license areas acquired by Polo in the South Gobi Coal Basin




Polo Resources Limited (AIM:PRL), has increased its exploration license areas in the prolific South Gobi Coal Basin, currently holding a total of 24 licenses in this area with a further 10 licenses under option. Should Polo exercise all these Options it will hold a total license area of 6,783 km2 a significant increase from the 570 km2 previously held. These license areas contain Permian and Carboniferous age sediments that host the thermal and coking coal deposits of the region such as the Tavan Tolgoi project and Baruun Naran.




Within Polo's holdings in the South Gobi are 11 known coal occurrences. The licenses include the southern and western boundaries of the Baruun Naran Project held by QGX that extends from the Tavan Tolgoi deposit and has in recent times defined more than 200Mt of thermal and coking coal and has a prefeasibility study completed showing excellent returns.




Seismic surveying has commenced at Polo's Naruun North License that will help to define the coal located in 8 holes during the 2006 campaign. The coal outcrops over 3 km and occurs in multilayered sequences with thicknesses from 2 to 12 metres. Naruun North lies 7.8 km north of the Coal mines of MAK and South Gobi Sands and has testing which has revealed coal of similar quality. The areas are ideally situated for the export of coal into China.



A total of 43 diamond drill holes have been completed on the Union Prospect. Drilling has defined a coal seam with an average thickness of 60 metres dipping gently to the west. The maximum true thickness of coal intersected was 146 metres. Coal has been intersected over more than 60% of the 2.82 km2 license area and is exposed in the small open cut. A review of the permits associated with this mining license is underway to evaluate the potential to exploit this discovery. SRK has been appointed to complete a resource calculation for the project.




Neil Herbert, Deputy Chairman of Polo, said:




'Polo is focusing on the South Gobi Coal Basin which produces high quality coal for export to China and thereby positioning the Company in respect of the anticipated significant growth in both coking and thermal coal production in this strategically important region.'

Lets hope we see forward movement

GCM flying today, i wonder if PRL still own 29%(40m) if so a good return which should help the valuation?
cyril

Yep they doo !!!!!

Just wondering where Morgan Stanley are getting all their shares from?
cyril

hbos, lol

Caledon Resources says Polo Resources ups stake in company to 22.45 percent
AFX


LONDON (Thomson Financial) - Coal miner Caledon Resources Plc. said coal-focused investment company Polo Resources Ltd. has lifted its stake in Caledon to 44.34 million shares, or 22.45 percent, from 43.26 million shares.

Polo has been raising its interest in Caledon since March, when it bought 11 million shares, or a stake of over 6 percent.

On June 12, Polo terminated its discussions with GCM Resources Plc. regarding its 175 pence a share possible cash offer for GCM.

Polo said the reason for the termination concerned the length of time it might take for the GCM board to agree to the offer, and it did not want its pursuit of other opportunities to be impacted by lengthy negotiations.

this share is plummeting!!

Guess why?

why?

Perhaps market perception sees POLO having paid quite a premium for a minority shareholding in a coal mine. If they cannot complete the purchase of CDN and no other bidder emerges what are they going to do?

IMO some of the up side over the last week was Speculation on the Bid for GCM/CDN .... but this is still a share to watch IMO at the 12p mark as not lets forget (the Mongolian Acquisition Agreement). + in the prolific South Gobi Coal Basin, currently holding a total of 24 licenses in this area with a further 10 licenses under option. Should Polo exercise all these Options it will hold a total license area of 6,783 km2 a significant increase from the 570 km2 previously held. + .30% stake in GCM which has gone from 100 to 300 in two weeks ! DYOR !

Smiler o - what you make of the latest rns ?

Caledon Resources says Polo Resources lifts stake in company to 24.44 percent
AFX


LONDON (Thomson Financial) - Coal miner Caledon Resources Plc. said coal-focused investment company Polo Resources Ltd. has lifted its stake in Caledon to about 48.38 million shares, or 24.44 percent, from 44.99 million shares.

Polo has been raising its interest in Caledon since March, when it bought 11 million shares, or a stake of over 6 percent.

On June 12, Polo terminated its discussions with GCM Resources Plc. regarding its 175 pence a share possible cash offer for GCM.

Polo said at the time the reason for the termination concerned the length of time it might take for the GCM board to agree to the offer, and it did not want its pursuit of other opportunities to be affected by lengthy negotiations.

Well IMHO PRL hold 30% of GCM @3.00= JUST OVER 43m CDN 24.4%@1.50 = JUST OVER 72m


You never Know you may even see another Bid On GCM ?? PRL @ 12p Could see some up side in the Near Future ?GCM @3 CDN@1.50 with licenses etc this should be around 15p mark at least ???

CALEDON RESOURCES PLC



NOTIFICATION OF MAJOR INTERESTS IN SHARES



Caledon Resources plc (the 'Company') (AIM: CDN, ASX:CCD ) announces that it was notified on 25 June 2008 by Polo Resources Limited that, following the purchase of Ordinary shares of 5p ('Ordinary Shares') on 23 June 2008, Polo Resources Limited is now interested in 49,485,196 Ordinary Shares. This shareholding represents 23.91% of the Company's present issued share capital.



The shares acquired are held in the name of Pershing Nominees Limited and Bank of New York (Nominees) Limited on behalf of Polo Australasia Limited, a wholly owned subsidiary of Polo Resources Limited and in the name of Polo Australasia Limited.

this goes down every day recently.....bombing down

bad week for a lot !! Have you seen TMC chart scot !!!

i'll check it out

nice start to the day

POLO RESOURCES LIMITED

('Polo Resources' or 'the Company')




COMPLETION OF 28 DRILL HOLE PROGRAMME ON KHASAAT COAL PROJECT IN MONGOLIA




Polo Resources (AIM:PRL), the natural resources investment and mining company, is pleased to announce the successful completion of a 28 drill hole programme on its Khasaat coal project in Sayshand Province, Mongolia.




The programme, completed in three months using 2 Universal drill rigs, was comprised of five diamond drill holes and 23 open percussion drill holes with a total of 3,245 metres drilled. The programme was designed to validate a non-compliant resource estimate dating from 1990 which was based on 68 diamond drill holes. The 28 drill holes were drilled on a 400 x 400 metre pattern over the license area (133Ha).




Coal was intersected in all 28 drill holes and occurs as a flat multilayered seam with demonstrated continuity. Seam thickness ranged from 25 to 70 metres true thickness with depths to top of contact ranging from surface to 55 metres. This highlights the low strip ratios (estimated at approximately 3:1) that would be required to mine the deposit and its high suitability for open pit extraction.




SRK Consultants has been engaged to complete a resource statement for the deposit in accordance with internationally recognised standards (JORC Standard). Once complete Polo Resources intends to submit the resource statement for submission to the Mongolian Government and seek to progress the Exploration Licence to a Mining License for this project.




Neil Herbert, Deputy Chairman of Polo Resources, said:

'The project is conveniently situated for coal export lying 70 kilometres from the nearest railway terminal and approximately 205 kilometres from the Chinese border. Khasaat coal is typically good quality thermal coal much in demand in China and the project's thick seams and low stripping ratios indicate attractive extraction costs'.




The information contained in this announcement has been reviewed by Paul Ingram, CEO & Director of Polo, P.Geo, AIMM, MICA, BSc Geo. Mr. Ingram has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Qualified Person for the purposes of this announcement.



As I said in post 37 !! : )

After yesterday's news this, surely will put a smile on your face.
http://www.investegate.co.uk/Article.aspx?id=200807010700109328X
cyril

Not much of a rise considering the news

Give it time to .. slow but sure....Interesting to see what happens with GCM over the next two weeks or so !

Its still at the stage of jam tomorrow, its the difference between investing and trading. Just a lot of patience required?
cyril

Yep... I just want it to get back closer to the 20 p mark asap

2 July 2008

POLO RESOURCES LIMITED

('Polo Resources' or 'the Company')

Commencement of drill programme on the Erdentsogt Coal Project in Mongolia

A drill programme has commenced on the Polo Resources 100% owned Erdentsogt Coal Project. This is the second phase of drilling on the project following an earlier six drill hole programme.

The project consists of 5 exploration licenses in the Dornogovi Coal Basin in south eastern Mongolia with a total area of 1,577km2. To date more than 30 line kilometres of seismic survey have been completed on the project highlighting

the significant extension of the coal within the basin. The results from previous drilling and exploration indicate continuity of the coal seam over a distance of 5.5 kilometres with seam thickness varying between 45 to 106 metres outcropping at surface. The coal seam is dipping slightly (approximately 2 degrees) to the north within the license area.

Neil Herbert, Deputy Chairman of Polo Resources, said:

'The large coal seam on Erdentsogt and its close proximity to China may make this project suitable for supplying the considerable demand for thermal coal currently being experienced in Northern China. The project is situated approximately 120 kilometres north of the Chinese frontier and we are evaluating options for transporting the coal.'

The information contained in this announcement has been reviewed by Paul Ingram, CEO & Director of Polo, P.Geo, AIMM, MICA, BSc Geo. Mr. Ingram has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Qualified Person for the purposes of this announcement.

July 02, 2008
Undeterred By Riots In Mongolia, Polo Resources Speeds Towards Production

By Alastair Ford

Whats happening at Polo Resources? You might well ask, given the recent shenanigans revolving around the companys 24.4 per cent stake in fellow coal miner Caledon Resources. And you might well ask, given the companys 29.7 per cent stake in fellow coal company GCM Resources, which has almost doubled in value over the last few months. And you might well ask, given the recent violence and newly declared state of emergency in Mongolia, where Polo has an attractive-looking portfolio of directly held coal assets.

The one common denominator in all these situations is coal, and though there is some uranium in the company, its coal thats the real driver at the moment. The most recent bust-up with Caledon goes back to March, when Caledon was suffering from a bit of a working capital squeeze, as start-up production from the companys Australian coal assets was repeatedly delayed. The answer from the Caledon perspective was a fresh fund-raising and Australian listing, but Polo had other ideas. For one thing, the Polo team felt that the mooted price of the fundraising was too cheap. The money was eventually raised at 53p, and since, at their current 118p, Caledons shares are now at a significant premium to that placing price, the Polo argument now looks to have had legs. That said, the original Caledon argument that the Australian market rates small coal companies at a greater premium than Aim also look valid.

At the time accusations and counter-accusations flew around, both on and off the record, but Polos room for manoeuvre was unexpectedly restricted when a share suspension over-ran its course, and when its own fund-raising fell short of the original target. Caledon struggled onto the ASX, got its operations up and running, and now looks, according to ABN Amro, fairly priced on a projected 2009 forward multiple of seven times earnings. The broker forecasts net profits of just under A$95 million for the same year, but cautions that the companys Magatar continuous miner system has yet to fully prove itself.

Polo, meanwhile, may have been diluted, and its mooted offer for Caledon fizzled, but its still sitting on a sizeable shareholding in a company that may yet offer a serious takeover premium, or that it may yet bid for itself. Polo deputy chairman Neil Herbert wont say that, of course, especially since Caledons price is so much higher now than when the idea of a Polo bid was first seriously tabled back in March. Hes rather reluctant even to refer to Polos 61 million cash pile as a war-chest. A sizeable chunk of that will go towards development of the companys Mongolian assets in any case. But he has no qualms about admitting that Polo is acquisitive. Indeed, thats what Polos always said, and its acted accordingly.

Some time ago it floated the idea of offering 175p per share for GCM Resources, the coal company run by Steve Bywater which has assets in Bangladesh and a stake in Coal of Africa, and was formerly known as Asia Energy. To date, the average cost per share of Polos 29.7 per cent stake in GCM is 153p. At the time of the potential offer, GCMs shares werent as strong as they are now, so the offer wasnt out of bounds. Polo remains on friendly terms with GCM, but couldnt agree on a final price. Given that GCM now trades at 276.5p, it looks like management at both companies were on the right track the offer was too low from a GCM perspective, but would have been a good deal for Polo if it had pulled it off. Whether GCMs flagship Phulbari asset is ultimately actually worth anything is another matter, since development delays there may yet drag on for years or even decades.

So acquisitive it may be, but for the time being, both Polo and the market appear to have had enough of all the posturing and counter-posturing that went on earlier in the year. Mr Herbert is now keen to move on, and to get the focus back to operational matters. That means Mongolia. Mr Herberts precise timing wasnt exactly fortuitous, since even as he was speaking to Minesite, riots in Mongolias capital Ulan Bator were gathering momentum. Eventually five people were killed and hundreds injured in protests about electoral fraud.

But the following day, Mr Herbert gets on the phone to say that as far as Polos projects are concerned, hes not overly worried by the recent turn of events. He was straight onto country manager and chief operating officer Tony Bainbridge once he heard about the riots, and received plenty of reassurance. My understanding, says Mr Herbert, is that its all calm. The ruling party has emerged as the clear winner, and, unlike the situation that followed another much more famous and recently disputed election, that of Zimbabwe, substantive grounds for disputing the result are less obvious. The accusation is fraud, but the margin of victory was quite large unlike in Mongolias last election. More significantly for Polo, and for other operators out there like Rio Tinto and Robert Friedland, if the result stands there ought to be greater clarity about the countrys mining law going forwards.

Polo holds 46 coal licenses in Mongolia, covering just under 95,000 hectares of ground. Internal company estimates show that three of these properties, Union, Erdentsogt, and Khasaat, hold around 1,000 million tonnes of sub-bituminous thermal coal, while theres also 170 million tonnes of coking coal on two properties, Ereen and North West. Recently the company has been aggressively drilling, and there should be a steady stream of results coming out into the market going forward.

The real upside, though could well come from the companys South Gobi holdings, where a resource has yet to be delineated, but which lie in vicinity of the assets on the back of which South Gobi Energy Resources has built itself into a C$4 billion company on the TSX Venture Exchange. Polo is looking at fairly near-term production from both Union and Ereen. Its not yet clear which will come on stream first, but no new funds will be required to get either up and running, and Mr Herbert doesnt sound like hes over-egging the pudding when he says trial production should begin before the year end and that hed like to get a million tonnes out of Ereen in fairly short order. Costs should come in at around US$10 per tonne, and although reports of local coal prices vary wildly, that ought to generate good healthy margin for the company.

The market didnt seem too bothered by the Mongolian rioting, and actually marked up Polos shares by 0.25p to 12.5p in early trading in London after news of the violence broke. That mild strengthening of Polos price was more likely due to continued overall bullishness on coal, and specifically the latest resource update from Caledon, since the London market has in any case little of awareness of the Mongolian political situation. The wider picture certainly looks good. Global shortages and rising demand continue to lift coal prices, according to recent daily commentary from broker Fairfax. The broker adds that one major constraint in getting coal to markets has been a lack of port capacity in Australia. That wont be a problem for Polo, though, which sits plumb in between the two key markets of Russia and China. Mongolia has huge potential as a mining district, adds Fairfax. Lets just hope it holds together as a country.

Polo Resources starts drilling on Hud Coal project in Mongolia
AFX


MUMBAI (Thomson Financial) - AIM-listed Polo Resources Ltd. said it has begun drilling at the Hud Coal project in the South Gobi Coal Basin in Mongolia, with completion expected in two months.

'Given the flat topography of this region of the Gobi this location of coal is considered to be significant...' the company said, adding that recent exploration on the project has identified several coal seams.

'Over the next few months drilling will determine coal widths but initial coal strike lengths would indicate excellent potential,' said deputy chairman Neil Herbert.

Polo Resources ups stake in Caledon Resources to 25.2 percent
AFX


LONDON (Thomson Financial) - Coal-focused investment company Polo Resources Ltd. has lifted its stake in coal miner Caledon Resources Plc. to about 52.2 million shares, or 25.2 percent, from 51.7 million shares, according to a filing to the stock exchange.

Polo has been gradually raising its interest in Caledon since March, when it bought 11 million shares, or a stake of over 6 percent.

On June 12, Polo terminated discussions with GCM Resources Plc. on a 175-pence-a-share possible cash offer for GCM.

Polo said at the time it did not want its pursuit of other opportunities to be affected by the potentially lengthy negotiations required to obtain the GCM board's recommendation.

Polo Resources Limited
('Polo Resources' or 'the Company')




Production to commence at Ereen Coal Mine in Mongolia

Polo Resources (AIM:PRL), has approved a capital investment of approximately US$9 million at its Ereen coal open-pit mine and has commissioned trial mine production of 500,000 tonnes of ore over the six months beginning October 2008. Trucking permits have been received and construction of a 32km haulage road is underway to the town of Erdenet in northern Mongolia where there are loading facilities for the Trans-Siberian Railway. Orders for trial mining equipment which includes haulage trucks, excavators and caterpillars have been placed.

To date 14 polycrystalline diamond drill holes have been completed and further drilling is taking place to define a mineral resource. Initial coal specifications indicate thermal coal with calorific values of more than 6,000 kcal/kg received and tests for coking content are currently underway. The thermal coal specifications indicate very low moistures and ash content which is in demand by the local power industry to increase the calorific value of the blend of brown coals used for power generation. Production from the trial mine has been contracted for sale at commercial rates to Ergenet Copper Mine in Mongolia.

Neil Herbert, Deputy Chairman of Polo Resources, said:




'We are very pleased to be starting our first coal mining operation in Mongolia so quickly after the purchase of Ereen earlier this year. The commencement of the production on the Ereen Coal Mine will also provide valuable operating experience in the country before we reach the development stage of our much larger coal projects in the South Gobi Coal Basin.'

The samples were submitted to the internationally accredited Central Laboratory Services in Mongolia. Ereen coal returned the following specifications:

Thermal, Coking Coal Forecasts Raised by Macquarie on Shortages

By Stuart Wallace

July 14 (Bloomberg) -- Thermal and coking coal estimates for 2009 through 2015 were raised by Macquarie Bank Ltd. because of ``structural shortages'' caused by Chinese and Indian demand and delays in mine expansions.

Thermal coal, used in power plants, will average $180 a metric ton next year, compared with an earlier forecast of $140 a ton, the bank said in an e-mailed report dated July 11. Hard coking coal, used by steelmakers, will average $350 a ton, compared with a previous estimate of $300 a ton.

To contact the reporter on this story: Stuart Wallace in London at swallace6@bloomberg.net

Last Updated: July 14, 2008 01:50 EDT

more than 20p to just 7p in very quick time....ouch

what happened to kathy bates....she sure disappeared quick

Market did not help + offer for GCM did not go Through BUT IMHO @ 6p COULD MAKE some profit in time with No negative news ?

No still here, have been adding as the market brought these down to silly levels. Nice rise today on high volume. Still have a target of 50p a year out. Research whose behind the co and you'll see what a juicy investment Polo will turn out to be. There's a co on the TSE valued at $4 billion with similar Mongolian interests like PRL have. A few calm market days and we'll be back heading for 20p. Lots of good stuff going on here.

From The Times
July 23, 2008
Polo Resources boosted by Caledon deal
Smaller companies
Robert Lindsay

Stephen Dattels, the Canadian mining entrepreneur, came a step closer yesterday to realising his dream of building Polo Resources into a pan-Asian coalminer supplying power-hungry China and India.

Polo has built a 29 per cent stake in GCM Resources, the Bangladeshi miner (down 1p at 177p) and has taken a 25 per cent stake in Caledon Resources, the Australian miner that Mr Dattels founded.

At Caledons annual meeting in London yesterday, it emerged that Polo, which is focused on Mongolia, had given Caledon its voting rights for the meeting. In return, the board of Caledon has handed Mr Dattels two boardroom seats, one for him and one for a nominee of his choosing. This arrangement will give Mr Dattels and Polo considerable control at Caledon, which is increasing production of coking coal at its Queensland mine. Caledon shares fell 1p to 78p. while Polo Resources gained 1.575p to end the day at 8.625p. Polo begins production at its first mine in October. There is also talk of Russian interest in its Mongolian coal.
comment:

http://business.timesonline.co.uk/tol/business/markets/article4381103.ece

Nice, talk of a Russian deal is the biggy here. Dattels starting to make things happen as just like he did at Uramin.

6/7 p was a good buy !! you never know may well see a tic up soon ! ;)

Caledon Resources appoints Polo Resources chair Dattels non-exec director UPDATE
AFX


(add information regarding Polo's holding in Caledon)

LONDON (Thomson Financial) - Caledon Resources Plc. said it has appointed Polo Resources Ltd. chairman Stephen Dattels as a non-executive director of the company.

Along with Dattels, who is a former chairman of Caledon, David Weill, a partner at Chiliogon Partners LLP. has also been named a non-executive director.

Coal-focused investment company Polo Resources has been gradually increasing its stake in coal miner Caledon and currently holds 52.2 million shares, or 25.2 percent.

In a statement Wednesday, Caledon said concurrent to the two director appointments, it has signed an agreement with Polo Resources to ensure its subsidiaries 'are operated independently from Polo and companies associated with it'.

The agreement imposes share dealing restrictions on Caledon directors who are in a business relationship with Polo from being in possession of of unpublished price sensitive information or inside information in relation to Caledon Resources.

Caledon chairman Robert Alford said: 'We expect to continue to evolve the board's composition in line with the Company's future developments and shareholder base.'

It was tipped late this afto by a well known tipsheet. Should move nicely higher on monday.

29 July, 2008


Polo Resources Limited
('Polo Resources' or 'the Company')


Ereen Mine Update


Ereen Road Construction ahead of schedule

Polo Resources (AIM:PRL), the natural resources investment and mining company, is pleased to announce that its Ereen open pit mine is due to come onto production in October 2008 and the construction of the new road from the mine to the Erdenet Rail Loading Facility in northern Mongolia, is ahead of schedule.

Production is expected to commence mid October at the rate of around 100,000 tonnes per month.

The 32 kilometre main haulage road is 30% complete and is being constructed to an all-weather standard. It is anticipated that the road will be completed by mid October, ahead of schedule. Haulage of coal to Erdenet is expected to commence on completion at the rate of 100,000 tonnes per month.

Polo has also signed an agreement with Sojitz, a major coal trader, to review offtakes of coal from Ereen and Union Coal Projects. Ereen coal is in high demand due to its high calorific value (>6500 kcal/kg air dried) for use as a high end thermal igniter coal at Chinese power stations.

Neil Herbert, Deputy Chairman said:


'We are pleased to report that construction of the main haulage road is ahead of schedule. This all-weather road will enable the efficient and rapid transfer of coal from minesite to rail loading facility and then on to our off-take partners. Sale prices for this coal are high and will allow Polo to make significant returns on the small capex investment it has made.

'The Ereen project allows Polo to get valuable experience of mining in the region before we reach the development stage of our much larger coal projects in the South Gobi Coal Basin.'


- Ends -

It's going up. 12p next stop early next week.

Caledon Resources Starts To Deliver, Which Should Please Major Shareholder Polo Resources Too


By Rob Davies



In the mining markets a share price that shoots up from 40p to 140p and then back to 80p would normally be assumed to belong to an exploration company that had discovered a new deposit. So it went with Goldsource Mines and its recent coal discovery in Saskatchewan. But the share price movements mentioned above dont relate to any new discovery. Rather its the recent trading pattern of Caledon Resources, which is already up and running as coal producer.
Although some of the price action was due to the big increase in coal prices this year, most of it was due to Polo Resources, which earlier this year built up a 25 per cent stake in Caledon. Its average entry cost has been estimated at about 100p a share, so the current level of 80p is a bit painful. Since that buying spree, Polo has appointed two people to the Caledon Board. But what was slightly odd was that these appointments were made the day after the AGM was held, so shareholders didnt get a chance to vote. Mark Trevan, managing director of Caledon, said this was because the board meeting at which the appointments were made was itself held after the AGM.

Anyhow, one of the new appointees is Stephen Dattels, who was a former chairman of Caledon when it was a Chinese gold explorer. Older investors will recall that he used to be on the board of Barrick when it kicked off in the mid eighties. He was also heavily involved in Uramin before it was sold at great profit to Areva. But now that some of the dust has settled, Mark Trevan is unsure what Polos plans are now, but he ascribes the weakness in the share price to nothing more than the general malaise in equities, which is hitting smaller commodity stocks especially hard.

In any case, Caledon is now up and running and producing high quality coking coal at the rate of 55,000 tonnes a month, almost double the production rate at the start of the year. In the short term the target is to increase production to 100,000 tonnes a month in order to achieve the 600,000 to 700,000 tonnes production planned for this year. For the next three years output at the companys Cook mine then should stabilise at about one million tonnes a year, although Mark believes there is scope ultimately to take it to two million tonnes. On the companys projections total output rises to two million tonnes in 2013 and rises again to four million tonnes by 2015. However, by then about half Caledons output should be coming from the nearby and as yet undeveloped Minyango mine.

Unfortunately none of the required expansions can happen until the Queensland Government improves the infrastructure to allow the coal to be transported to the coast and put on a ship. The immediate constraint is the railway, but work is being done to improve the line by putting in passing places and other features to add capacity. Longer-term the issue is the port facilities. Studies have been carried out on building a new facility at Wiggins Island, but nothing will be built there for a year or two yet. Exactly who will finance it has not been resolved either. Mark thinks it could be an industry solution, although the costs wouldnt sit on the balance sheets of producers. The Queensland state government has certainly been keen to cash in on the coal boom by increasing the royalty from seven per cent to 10 per cent, but that extra revenue wont go into infrastructure. In fact with the coal price at US$280 a tonne, and then some, the state will be getting a big increase in income in any event, so the additional royalty really is cream on the cake.

Its well known that the run up in coal prices was partly due to heavy rain in Queensland earlier this year, which curtailed production. Nevertheless, demand is remaining firm even as supply comes back on stream, and Mark says the industry is expecting prices at next years contract negotiations to be rolled over from this years, or maybe even to go higher. Thats obviously good news, but with the massive increase in costs the industry has experienced in the last few years miners need those higher prices.

So now that production is approaching targeted levels, Marks focus is to reduce unit costs, and, as he says, the best way to do that in mining is to increase output. The mining method of using the new Magatar system with the ABM 25 miner allied to a mobile haulage unit is settling down well. Initially the rock bolting density was very high, but experience has shown this can be reduced with no adverse effects on ground conditions. Cutting down the number of rock bolts will save a lot of time, allowing the machine to be used for production instead. Another improvement will be using the new drift to access the pit bottom. This will save four kilometres of underground travelling for the workforce from the original access to the face. All these things should help productivity, profits and the share price. And that will undoubtedly please Polo Resources.

18 August 2008

POLO RESOURCES LIMITED

Drilling intersects coal on the Hud Project in South Gobi

Polo Resources (AIM:PRL), the natural resources investment and mining company, is pleased to announce the initial four diamond drill holes completed on its Hud Coal Project have intersected coal seams in every hole from a thickness of 4 to 6 metres at depths ranging from 10 to 35 metres. The holes are spread over a 3km distance with coal outcropping over 6km. The two month drill programme is ongoing and a total of fifteen, 200 metre deep drill holes are planned in five sections, each 400 metres apart.

Previous exploration on the Hud Coal Project has identified several coal seams with surface exposures from 10 to 30 metres in trench intervals. Mapping and trenching has located coal outcropping along the thrust contact of the Carboniferous Permian unconformity. Given the flat topography of this region of the Gobi, this location of coal is considered to be significant, as it is analogous to the thrusted area of Permian coal as exposed in the MAK and South Gobi Sands mines, in the western part of the Gobi Basin.


The Hud Coal Project covers 522km2 and is located 71 kilometres southwest of one of the worlds largest coking coal occurrences at Tavan Tolgoi. Coal has been field tested to show some coking properties and samples have been submitted to the Central Asia Laboratory for analysis. The Hud project is one of 11 coal occurrences that Polo Resources has acquired in the South Gobi coal basin, with the combined license area covering a total of 6,834km2 in the region.

Neil Herbert, Deputy Chairman of Polo Resources, said:

'We are very pleased to be able to announce the first drill results from our South Gobi region which are most encouraging and we look forward to completing the drill programme in September.

'We will continue to evaluate our other license areas in South Gobi and look forward to updating investors as we progress with our exploration as well as the mine development at Ereen.'
cyril

Polo Resources finds coal at Hud site, Mongolia

Aug 18 (Reuters) - Natural resources investment and mining company Polo Resources Ltd (3PO.L: Quote, Profile, Research, Stock Buzz) on Monday said it intersected coal seams from the initial four diamond drill holes completed on its Hud Coal Project in South Gobi in Mongolia.

The two-month drill programme is ongoing and a total of 15, 200-metre deep drill holes are planned in five sections, each 400 metres apart, the company said.

The Hud project is one of 11 coal occurrences that Polo Resources has acquired in the South Gobi coal basin, with the combined licence area covering a total of 6,834 square kilometres in the region, it said.

.

.19 August 2008

POLO RESOURCES LIMITED

Start of drill Programme on the Val Coal Project in South Gobi

Polo Resources (AIM: PRL), the natural resources investment and mining company, announces that drilling has commenced with two diamond drill rigs at the Val Coal Project in Mongolia, which has multi layered seams outcropping over 8 kilometres on the axis of folding in the Upper Permian Sedimentary sequence. Mapping of the coal shows the seams draped over tight anticlinal structures that display thickening of the seams up to 8 metres on the apex of the anticline hinge areas.

The Val Coal Project covers 22,089 hectares and is located 262 kilometres west of one of the world's largest coking coal occurrences at Tavan Tolgoi. The drill programme is planned to include a total of 25 200 metre deep drill holes in 12 sections along the 8 kilometres of outcrop.

Neil Herbert, Deputy Chairman of Polo Resources, said:

'We are very pleased to have begun a second drill programme in South Gobi following the acquisition and initial exploration of these properties. Initial exploration of the Val coal project has been encouraging and we look forward to announcing the results of this drilling programme in due course.'
cyril

l

Progressive Capital Management Ltd
Energy Sector (Small Cap)
Update August 22nd 2008

Polo Resources PLC (AIM, PRL)
Strong Buy 5.50 pence

Overview
Since listing Polo has made significant progress in achieving its aim to become a major international coal mining and exploration group with additional interests in uranium and iron ore. The Company is focused on acquiring and developing interests in projects that are strategically located to serve the increasing global demand for coal to feed the strong demand of China and to a lesser degree Russia and India.
Polo now holds a diversified portfolio of 11 coal and uranium licenses in Mongolia. The geology of Mongolia is highly prospective for significant mineral deposits and the countrys resources have been vastly under-explored and under-developed. Polo has specifically targeted areas of significant known coal resources that are near the necessary infrastructure to export coal into the growing adjacent energy markets.
Polos strategy in Mongolia is to fast track into development the Union Coal Project and the Ereen Coal Project in late 2008. Polo is targeting total production of 1 Mt of coal per annum commencing in the fourth quarter of 2008. Polo also plans to prove 1 Bt of high quality coal resources by 2010, a pleasingly aggressive business plan made achievable due to the enormous geographical expanse of Polos licences in Mongolia.
Polo also holds strategic interests in Caledon Resources plc (CDN) and GCM Resources plc (GCM), both AIM listed. GCM is a resource development company with a wholly owned subsidiary operating in Bangladesh and investments in South Africa. Of most relevance is the world class coal mine and power plant project GCM are developing in the Phulbari region, Bangladesh. Delays are largely due to the Bangladeshi government seeking to increase the royalty payment from 6% suggested by GCM to 13% to reflect the growth in coal prices since the agreement was originally signed in 2005. We anticipate the project should receive the green light later in 2008 and supporting this view was the more amiable reception towards the 8th coal policy draft recently submitted to the Bangladeshi Government Energy Advisory Committee. This latest draft policy not only endorses open-pit mining but also stresses the urgency of coal extraction in the face of falling domestic gas production. Polos stalled attempt to buy GCM on the cheap at 175p in anticipation of the Phulbari coal mine approval was a typically audacious move by Stephen Dattels and the GCM board was understandably cool in its response preferring to wait for value to be more fully realised post production. Nevertheless Polo acquired a tidy 29.9% of GCM at an average price of circa 140 pence a stake not to be sneezed at, and with the wider region continuing to suffer from a shortage of coal due to insatiable demand and production bottlenecks, the large minority acquisition could prove a steal if and when the mine secures approval.
Caledon Resources Plc was also on the receiving end of Polos aggressive acquisition program (PRL has acquired of 25% of CDN stock). Caledon appears to have resolved at least some of the logistical and production issues in Africa and output is to be stepped up to a sustainable ceiling in 2009/10. Interestingly, Polo negotiated seats on the CDN board in return for passing voting rights to CDN management, a promising and rare sign of the trust and singular focus of the combined management teams.
In summary, recent updates from the company reassure us that 2009 promises to be a year of fundamental change and achievement for Polo, with 2010 likely to see first significant earnings relative to the current oversold and depressed price of 5.5 pence. Our enthusiasm for PRL is clearly shared by a number of resource specialist institutions who during June 2008 raised 80.6m for PRL (620,000,000 shares at 13 pence). The successful fund raise was made all the more impressive with so many of the usual investors hoarding cash in an attempt to rebuild credit crunched balance sheets.

Coal The New Black Gold
Whilst many commodities have suffered truly mind-boggling price volatility over the past 9-12 months the strategic, fundamental and cyclical case for coal remains intact. Drivers for continued high prices include:
i. Chinese Demand China, after decades of exporting coal, is now an importer and the recently proposed tax on coal exports by the Beijing authorities will only serve to create a high and sustainable floor on international coal prices. Interestingly, despite the temporary reduction in Chinese industrial activity in an effort to cleanse the air around Beijing Olympic sites, power shortages persist as have electricity black-outs for tens-of-millions of Chinese. Exact figures are hard to establish but some energy commentators suggest coal will have to meet up to 90% of the electricity generation burden in China until at least 2012.
ii. Protectionist Policies India, despite its enormous coal reserves, also suffers significant shortfall in supply and the only noises coming out of Indian coal industry are positively and increasingly protectionist as the country continues to try, (and fails), to meet energy output and infrastructure targets. Similar protectionist noises are being heard from Russia, the 3rd leg of the BRIC empire. Such anti free-market gestures merely equate to continued abnormal profits for producers and the rush for proven assets is perfectly illustrated by BHP Billitons monopoly seeking move on Rio Tinto, at whatever price it takes.
iii. Production Bottlenecks and Exploration Bureaucracy Whilst demand continues to outstrip supply, production bottlenecks in Australia and the mind-numbing length of time it takes Energy Ministry bureaucrats to rubber stamp coal exploration and production licenses means the case for coal in 2008 is as bright as it was for both gold and oil in the not so distant past.

Earnings Visibility
Polos earnings visibility naturally contains a large element of subjective analysis on exploration success, production timetables, future coal prices, and the ability of Stephen Dattels and the rest of the PRL team to turn their vision into reality. Excluding GCM and CDN earnings we conservatively anticipate 2010 earnings per share to equate to 4.9 pence increasing to 9.1 pence by 2015. Forecasts of eps including pass-through earnings from CDN and GCM are more difficult to ascertain as the variation between worst case and best case scenarios are significantly dependent on the enormous Phulbari project start date and the yet to be agreed royalty rate. A PRL price target, excluding any CDN and GCM contribution, based on 10x earnings would lead to a share price of 49 pence within 2 years and 91 pence sometime thereafter. This figure is clearly vulnerable to new issue dilution but as we anticipate PRL to be cash flow positive in 2010 much of the costs relating to exploration and production expansion could be met without the need for new equity.

Disclaimer
This note contains forward looking statements relating to exploration that may or may not lead to the discovery of proven assets. Changes to government legislation and royalty rates may also impact on earnings and cash flow. Coal prices may fall temporarily or over a more prolonged period leading to a further impact on earnings. The ability of the PRL management team to execute the company business plan is also dependent on numerous factors some of which are beyond the Directors control.

This note is not for retail use, nor is it an instruction or recommendation to buy PRL stock at the current price. Progressive Capital Management Ltd, an independent company, and including its subsidiaries or related companies do not hold PRL stock or any instrument or derivative exposed to PRL stock and is not remunerated directly or indirectly by PRL or any company in which PRL has a legal relationship.

This report is available only to institutions and professional investors who are classified as expert or qualified investors. More detailed analysis of the coal sector and/or PRL is available on request at cost.

Stock classifications
Strong Buy stock anticipated to appreciate significantly within 24 month period.
Buy stock anticipated to appreciate moderately within 24 month period.
Hold no significant price appreciation or depreciation anticipated within 24 month period.
Sell stock vulnerable to moderate depreciation within 24 month period
Strong Sell stock vulnerable to significant depreciation within 24 month period

tipped in shares mag today I believe and the sp has gone down !.... usual kiss o' death! reaction to a mention in shars mag....(not in these myself)

lol -- lets hope this recovers asap

2 September, 2008


Polo Resources Limited
('Polo Resources', 'Polo' or 'the Company')


Polo intersects 33.5m of coal in South Gobi at Hud Project

Significant coal seam discovered in South Gobi license area

1,029 metre, nine hole appraisal drilling programme completed

Further appraisal of deeper coal seams planned

Polo has intersected a significant coal seam following the completion of a 1,029 metre, nine hole appraisal programme at its Hud project in the South Gobi Basin which is located 75 kilometres from the world class Tavan Tolgoi Mine site. A summary of the coal intersected in these holes is included below.




Significantly a coal seam of 16.5 metres apparent thickness was intersected at depth in hole HUD005 indicating that thicker coal is present at depth and the early holes only drilled the thinner upper seams and needs to be extended to depth. The prospect is displaying multilayered seams with continuity over 6 kilometres at surface. These holes are considered significant with drilling occurring over a strike of 1.5 kilometres.




Given the Permian Age of the host rocks which correlates to Tavan Tolgoi coal age and the high reflectance values of the coal intersected, this would suggest this coal needs to be tested for coking properties.


Neil Herbert, Deputy Chairman said:

'We are very pleased to be able to bring you these positive results from our South Gobi license area.

'Drilling at the Hud Coal Project continues to advance well with significant coal intersections. We look forward to testing the coal for coking properties and reporting the results of the drill programme in due course.'

Contacts:

Polo Resources Limited

Neil Herbert, Deputy Chairman
Tel: +27 11 269 4906

Canaccord Adams

Mike Jones
Tel: +44 (0) 207 050 6500

Financial Dynamics

Ben Brewerton

Edward Westropp
Tel: +44 (0) 20 7831 3113








Total Meters Drilled
1029.4

Note: The intersections quoted above are from geological on-site logging and confirmed by down-hole geophysical logging. Down-hole coal analyses have not yet been completed.




About the Company

Polo is an emerging energy company focused on acquiring and developing advanced stage coal and uranium properties in Asia and Australia. 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.




CAUTIONARY STATEMENT

The AIM Exchange 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 the future plans and objectives of Polo Resources Limited. There can be no assurance that such statements will prove to be accurate. 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.


This information is provided by RNS
The company news service from the London Stock Exchange

I like the statement of possible "coking coal". But i think the market reaction to
all the news, suggests they require a better idea of the type returns that can be expected from this part of the world?
cyril

Polo Resources Limited

('Polo Resources', 'Polo' or 'the Company')

Notification concerning interests in shares of the Company

The Company was informed on 2 September 2008 by Morgan Stanley that as at 28 August 2008 Morgan Stanley Securities Limited holds an interest of 92,414,000 ordinary
shares, representing 4.93% of Polo's issued share capital.

Sept 23 (Reuters) - Sept 23 (Reuters) - British coal miner Caledon Resources
Plc on Tuesday said Polo Resources Ltd upped its stake in the company to about
55 million shares, or 26.3 percent, from about 54 million shares.
Australian coal investment company Polo has been gradually raising its
interest in Caledon since March, when it bought 11 million shares, or a stake of
over 6 percent.
cyril

is this worth buying into ??? ive had my eye on this company for some time now?? can anyone inliten me???

Their far less risky stock about, if your interested in coal CHL or CBM?

cyril

llewellyn (post 77).

IMO yes.

In summary,resource update due any time now,"Ereen" project to start commercial production next month.(1 million tonnes of coal per year) with ready markets in China, Russia and Japan.(200 million tonnes in total).

"Erds" project,east of Mongolia reckoned to contain 750 million tonnes of coal.

"South Gobi" project, the "jewel in the crown."

29.8% stake in GCM. (Global Coal Management)

27% stake in CDN. (Caledon Resources)


All for a market cap. of 81 million. DYOR.

Polo as i mentioned is for me a risk, yes it has potential vast resources but where the problem rises is that we know not how much they will recieve for the
coal when produced? Mongolia is usually very demanding when it comes to royaties and taxes,so for that reason i urge caution?
CHL is exactly the opposite with a Goverment contract to supply 2 new power stations in 2010 and expects to start producing in just over 14 months? Its 20year contract is off the top my head, is for iust under 900,000tonnes/year initiallyand i price at a slight discount to the market price.
CBM assets in WTN alone are equivilent to its market capital, and WTN is up for sale and will probably double in value if taken up? It has the assets of CHL,50%
of the Welsh coal company Energybuild and further assets in a gold producer.
Those are my thoughts, however to each is own?
cyril

Multiple Coal Seams in Early Drilling at the Val Project, Mongolia

Second significant coal seam discovered on Polo's South Gobi license areas

Polo Resources, the natural resources investment and mining company, is pleased to announce results from the initial drilling programme on its Val exploration project in the South Gobi basin. A total of 6 holes for 470 metres have been completed so far, spread out along 1 kilometre of strike of the outcropping coal; the results of these holes are shown below. Mapping and trenching work has uncovered coal over 8 kilometres in this region and shows that the system consists of multi-layered coal seams with up to 19 metres apparent thickness. Hole VAL005 has intersected a total of 4 seams with apparent thickness of greater than 4 metres, being 9 metres, 7 metres, 4 metres and 19 metres in a hole of total depth of 96 metres. This is a significant discovery and the Company is planning step outs to evaluate the potential of this hole.

The Val Project is situated in the central part of the South Gobi basin between Tavan Tolgoi (reserves of over 6 Bt of coal), and South Gobi Energy Resources ('SGS') (Ovoot Tolgoi project with reserves - including indicated and infe

Multiple Coal Seams in Early Drilling at the Val Project, Mongolia

Second significant coal seam discovered on Polo's South Gobi license areas

Polo Resources, the natural resources investment and mining company, is pleased to announce results from the initial drilling programme on its Val exploration project in the South Gobi basin. A total of 6 holes for 470 metres have been completed so far, spread out along 1 kilometre of strike of the outcropping coal; the results of these holes are shown below. Mapping and trenching work has uncovered coal over 8 kilometres in this region and shows that the system consists of multi-layered coal seams with up to 19 metres apparent thickness. Hole VAL005 has intersected a total of 4 seams with apparent thickness of greater than 4 metres, being 9 metres, 7 metres, 4 metres and 19 metres in a hole of total depth of 96 metres. This is a significant discovery and the Company is planning step outs to evaluate the potential of this hole.

The Val Project is situated in the central part of the South Gobi basin between Tavan Tolgoi (reserves of over 6 Bt of coal), and South Gobi Energy Resources ('SGS') (Ovoot Tolgoi project with reserves - including indicated and inferred - of 404Mt coal).

The area is hosted by an Upper Permian Sedimentary Sequence that also contains the SGS mine and is located in similar setting adjacent to well banded sandstones of Triassic age. The area is 62 kilometres to the North East of the SGS-MAK mines and is the northern limb of the large anticlinal feature dominating this part of the South Gobi basin.

The project is 87 kilometres from the Ceke loading station on the Chinese border making this project well positioned for the sale of coal into China. Samples have been submitted for analysis to the Central Laboratory of Mongolia and the results will be announced in due course. Areas of Permian coal in the South Gobi coal basin typically have coking coal properties ranging from 30% to 80% content.

Neil Herbert, Deputy Chairman of Polo Resources said: 'Early results from both of our initial exploration projects in the South Gobi coal basin have been most encouraging. We look forward to continuing to progress both of these together with the remaining nine project areas in the region, while at the same time bringing the Ereen coal mine to production in the coming weeks.'
cyril

Been researching this, looks interesting but there seems to be many large sells in recent weeks?

A sign of the times ! But yes one to watch !

below 3p, glad I held on but is this a screaming buy now?

I think so !!

Hope so as I got in last thursday, if they do achieve eps of 4.9p in 2010 then current sp will be bargain basement. May add later as story unfolds.

Polo Resources says retains strong financial position with $81 mln in cash
AFX


LONDON (Thomson Financial) - Polo Resources Ltd. said it retains a strong financial position with $81 million in cash and added cash burn has been reduced by $1 million per annum.

The mining company said coal production has started in Mongolia.

The company expects the Ereen coal mine to become cash generative during the fourth quarter of 2008 and said the resulting funds will be used for the exploration programmes underway in the South Gobi Basin.

The company said it continues to evaluate strategic options regarding its 26.3 percent interest in Caledon Resources Plc. and its 29.8 percent interest in GCM Resources Plc.

TFN.newsdesk@thomson.com

Added earlier this week and nice to log-on and see sp increasing with good buying.
May well add again.

Andy i'm pasting my CDN post,

Yes i agree that polo are worth looking at now, its been worked out that the
value is worth over 4p alone for their holdings in CDN and GCM+ cash. Of course with the Mongolian assets which we are led to believe will show profit this quarter, makes it well undervalued.
Back to CDN and todays rise, trading around 28p is stunning and just goes to show that its possible to pick up some real bargains at present.
cyril

Andy that valuation should have read CDN,GCM and cash = over 4p,have edited the previous post.
cyril

Today there were far more buys than sells, as the last two 2.5m trades were buys.
Wish I'd been in a position to get more this morning but these are a bargain even at 3p with 30% upside on current valuation.
Predicted in 2009/2010 for EPS of over 4p so trading on potential future PE <1.
I know in current climates PE ratios are out of the window but when things return to normal this could be a real multi-bagger as the demand will always be there for energy once the current "financial" crisis is through and coal is needed in the part of the world where they are operating, not to mention the positions in both CDN and GCM. Interesting times ahead

Interesting yes, but it would be nice to see some accounts which they don't appear to have produced since their share placing.

Well somebody thinks there'r worth a punt?




The Company was informed on 14 November 2008 by Luxor Capital Group, LP ('LCG') that as at 14 November 2008 LCG holds an interest of 94,501,000 ordinary shares, or 5% of Polo's issued share capital.
cyril

RNS Number : 3107K
Polo Resources Limited
17 December 2008



17 December 2008







POLO RESOURCES LIMITED




('Polo Resources' or 'the Company')




Ereen Mine Update




Polo Resources (AIM:PRL), the mining company focused on developing coal assets in Mongolia, announces that it is scaling back the ramp up of production at its Ereen coal mine in Mongolia as a result of the deteriorating coal market in Asia. The Company planned to reach coal production of 90,000 tonnes per month in 2009 but will postpone full production until such time that new marketing arrangements have been put into place to ensure the sales of Ereen coal. The Company's ongoing exploration programme in the South Gobi Coal Basin is unaffected and remains on schedule.

Neil Herbert, deputy Chairman, said:

'The timing of the ramp up of production at our Ereen coal mine has unfortunately coincided with a significant and un-anticipated deterioration in the Asian coal market, which has affected our ability to achieve coal sales from Ereen.

'We have significantly slowed the pace of the planned ramp up in mine production and will consider slowing it further in 2009, while alternative coal marketing opportunities and potential strategic partnerships are evaluated. Ereen is a low-cost producer of high quality thermal coal and we are confident that short term factors affecting the sale of Ereen coal in the Asian market will only be temporary and will not affect the longer term viability of the mine.'

Yet another lame duck?

no, poor coal prices in this market. out of Polo's hands.... time to wait methinks.

If They cant see that ....... ;)

RNS Number : 0723L
Polo Resources Limited
05 January 2009



5 January 2009




Polo Resources Limited
('Polo Resources', 'Polo' or 'the Company')




Notification concerning interests in shares of the Company




The Company was notified on 2 January 2009 by Stonehill Capital Management LLC ('Stonehill') that as of December 29, 2008, Stonehill Institutional Partners, LP and Stonehill Offshore Partners Limited had the following interests in the Company's issued share capital:




Registered Shareholder


Holding of Ordinary Shares


Percentage of issued share capital of the Company












Stonehill Institutional Partners, LP


33,766,500


1.802 %

Stonehill Offshore Partners Limited


34,363,500


1.833 %





Stonehill are investment advisors to Stonehill Institutional Partners, LP and Stonehill Offshore Partners Limited and accordingly, Stonehill are interested in aggregate in 68,130,000 Ordinary Shares representing 3.635 % of Polo's current issued share capital.

Selftrade opened offering 250,000 @ 2.25p, now 25,000 @ 2.35p. Although "O trades" most are given as sells at upto 2.42p? Bought in 1st thing, feel this is undervalued with plenty of cash and some interesting assets.
cyril

Beware EK/TW long in this one massive losses on their holding in CDN and GCM plus no coal being mined in Mongolia.

Halifax thanks for your imput, appreicated. Yes your right they've suspended
coal production until a more attractive price is attainable, as for EK. he's stating that they're a good buy upto 3p which is covered by their cash reserves, CDN and GCM are bonus. As i understand it with GCM is the permission has been granted for coal exploration, just some haggling over the level of rights payments, CDN in
cash saving mode and also waiting for coal prices to pick up.
Bit of a gamble i agree but seems reasonably safe, more of a long term punt so
patience required. aimho
cyril

WORK ON MINING DEPOSITS A PRIORITY, SAYS BAYAR
At a meeting with journalists as part of the program to mark 100 days of the government, members of the Cabinet restated their commitment to industrialization, stabilizing the banking system, and getting the economy going. The Prime Minister said, Our two parties decision to join hands in forming a government has been proved right. The unity is needed to tackle substantial economic and social problems. Our present priority is to start work on the two large mining deposits. Preliminary negotiations are under way and we should be prepared with our offer before February 1.
Mr. Bayar referred to the difficulties posed by the volatile economic situation worldwide, and hoped foreign investors would continue to be interested in Mongolias mineral resources.
Source: en.News.mn

MARUBENI OBTAINS FIRST RIGHTS TO THREE URANIUM MINES
Marubeni Corp, Japan's fifth-biggest trading company, has obtained first rights to conduct feasibility studies in Mongolian uranium mines. A company spokesman has said the success of Marubeni, set to become the first Japanese firm to acquire stakes in uranium mines in Mongolia, comes at a time when demand for the nuclear fuel is expected to rise as China goes through a nuclear building spree to boost clean energy use. Marubeni aims to obtain stakes in 2009 in three mines in Mongolia, the spokesman said, including Dornod and Gurvanbulag, developed by Canadian firms Khan Resources Inc. and Western Prospector. The company aims to start production in 2012, he said. It is unclear how much Marubeni will pay to hold stakes in the three mines, as well as for their development costs. Mongolia, whose uranium mines were abandoned after the collapse of the Soviet Union, sits on about 2 percent of the world's uranium reserves.
Source: thomsonreuters.com

Over 5m traded today,rising to 2.4p before some hefty sells late pm,probably
profit taking? With AGM due on the 23rd it'll be an interesting couple of weeks,
with cash of 52m as stated on the 19th Dec, a M/Cap of just over 40m its seems to be a fair punt imo?
cyril

Polo says Denham approach undervalues assets
MoneyAM
Coal miner Polo Resources has received an approach from Denham Commodity Partners Fund which, it says, 'signifcantly undervalues' the company's assets.

Deputy chairman Neil Herbert said, 'We are pleased with the interest shown in Polo's assets and believe it illustrates the potential resource and significant value available to the company, as well as the strategic importance of our Mongolian licenses.

'However, this approach does not appropriately reflect the value of our assets, particularly considering our strong working capital position of approximately $78 million and equity stakes in Caledon Resources(26.3%) and GCM Resources (29.8%).

'Caledon has announced that it is having discussions which may lead to an offer for the Company and GCM is working with the newly elected government of Bangladesh to move the Phulbari Coal Project forward, both of which would greatly enhance their value.'

At bargain level imho, current SP lower than the cash in hand. Couple that with its
interest in CDN (25%+, which is under offer)), GCM and of course our Mongolian assets makes this well undervalued, perhaps double digits?
cyril

Aye agree ; )

Just picked this up,

From UK Analyst
Polo (PRL) said that it has received a bid approach from Denham Commodity Partners Fund V LP, which may or may not lead to a cash offer being made for the company. Polo said the offer (which top tipster Tom Winnifrith understands was pitched at 4p) is too low. At current prices, Polo is valued at 53 million pounds. It has net cash of around 51 million pounds. Its shares in Caledon are worth 13.6 million pounds and its shares in GCM are worth 5.9 million pounds. On top of this, it has Mongolian coal assets which are in Tom Winnifrith's view - worth more than the rest of the company put together. Mr Winnifrith understands that big news from Mongolia is also imminent and moved his stance back up to 'buy at anything less than 4p'. Polo shares finished the day 0.7p higher at 2.85p.

So 40% upside on present offer, beginning to look a no-brainer?
imo
cyril

And their's more,

Polo Resources Limited (AIM: PRL) today announced the execution of an agreement with Peabody Energy Corporation (NYSE: BTU) ('Peabody') pursuant to which Peabody would have the option to acquire up to a 50% interest in a joint venture formed to hold all of Polo's coal and mineral interests in Mongolia. The aggregate cash consideration to be paid, if all options are exercised, is US$73.2 million.

The assets to be contributed to the joint venture include Polo's portfolio of Mongolian coal licenses, with a substantial number of these licenses being located in the South Gobi coal region which hosts some of the largest coking and thermal coal deposits in close proximity to China.

In addition, Peabody would be granted warrants to subscribe for up to 15% of the fully-diluted share capital of Polo. The transaction is expected to close during the first quarter of 2009 subject to the completion of Peabody's due diligence review or otherwise at Peabody's option. The key terms of the agreement are set out at the end of this announcement.

Stephen R. Dattels, Polo's Executive Chairman, commented that 'Polo is excited about the opportunity to join forces with a company of the calibre of Peabody. This alliance will provide the mining expertise and funding required to develop our existing asset base and unlock the currently unrecognized value of Polo's Mongolian interests.'

'A joint venture with Polo's existing platform will accelerate the development of Peabody's presence in one of the world's premier undeveloped coal regions,' said Greg Boyce, Chairman and Chief Executive Officer of Peabody. 'Because Polo has existing assets, coal resources and personnel in Mongolia, this transaction advances our goal of expanding our presence in high-growth, high-margin markets.'

Peabody is the world's largest private-sector coal company. Its coal products fuel approximately 10 percent of all U.S. electricity generation and 2 percent of worldwide electricity.

Polo is an emerging energy company focused on acquiring and developing advanced stage coal and uranium properties in Asia and Australia. For complete details on Polo Resources Limited, management encourages investors and interested parties to view its public documents at www.poloresources.com.

cyril

I love this, this is not just some Peabody divisional director saying this , this is the CEO AND CHAIRMAN !

"A joint venture with Polo's existing platform will accelerate the development of Peabody's presence in one of the world's premier undeveloped coal regions," said Peabody Chairman and Chief Executive Officer Greg Boyce. "Because Polo has existing assets, coal resources and personnel in Mongolia, this transaction advances our goal of expanding our presence in high-growth, high-margin markets

First offer on the table has anyone any idea where this might be going yet?

lesbeme; were're all in the dark,waiting for further news?

cyril

Thanks Cyril, thought it was just me.

Finished the day up, 3/3.1p on nice volume 2m sells/ 6m buys from a L2 trader?

Also this sounds encouraging,

Baltic Dry index up on signs of recovery
By Javier Blas

Published: February 4 2009 11:17 | Last updated: February 4 2009 11:17

The Baltic Dry index benchmark for freight costs for dry bulk commodities such as iron ore, coal and iron rose almost 15 per cent, the biggest daily increase in almost 25 years, on signs of a recovery in the raw materials trade.

Shipping brokers said that demand for the largest vessels, known as Capesizes, was slowly recovering as Chinese steelmakers bought more iron ore from Australia and Brazil after running down their ore inventories.

cyril

Today another one moves into the 3% club.

Yes scoots and check out Friday afternoon's trading where demand would imo have caused the rise in SP.
cyril

Aye I am still keen on this one, around the 2p mark was a good price to get in at IMHO up from here !!(WITH LUCK)

Both RHPS and IC recommend buying and a mention in the FT in an article on Mongolia, so within 2 weeks of news of the Peabody deal?
cyril

Smiler; here's news to put a bigger grin on your face.

POLO RESOURCES LIMITED
(Polo Resources or "the Company")


NI 43-101 Technical Report Completed for the Union Coal Mine in Mongolia


Polo Resources Limited (AIM: PRL) announced today that it has received a
completed NI 43-101 Technical Report on its Union Project from Micromine Pty Ltd
of Australia. The report demonstrates Measured and Indicated coal resources of
44.5 and 50.2 million tonnes (Mt), respectively, for a total of 94.7 Mt. An
additional 38.4 Mt are classified as Inferred.
cyril

From RHPS;

Is this the most obviouse BUY of the year?

With Peabody's decision by the 21st and still able to get them at 2.65p?

IS THIS A BARGAIN OR WHAT?

aimho
cyril

Aye Still Smiling : )

Prl's coverage nearer the end.

http://miningbeat.blogspot.com/2009/03/some-of-aims-smaller-coal-miners-have.html

cyril

covered in what? ..... shit? coal dust? glory?

Take your pick?
I will be interested to see what happens next week,with Peabody expected to
make its mind up by the 23rd? 5 more trading days to go.

GCM up over 50%, as we hold almost 30%, should make a difference?
cyril

Some hefty buys late in the day, news by the 21st, so looking good?
cyril

SP on the move,news should be out Friday, looking for 4p++.
cyril

Put a spanner in my trading plan,

On 27 January 2009, Polo Resources Limited (AIM: PRL) announced the execution of an agreement with Peabody Energy Corporation (NYSE: BTU) ('Peabody') pursuant to which Peabody would have the option to acquire up to a 50% interest in a joint venture formed to hold all of Polo's coal and mineral interests in Mongolia.

Both parties to the Option Deed have entered into a supplementary agreement (the 'Deed of Variation') on 17 March 2009, to extend the expiry date of the Option exercise period from 21 March 2009 to 31 March 2009.
cyril

D/Post
cyril

Polo Resources Limited
('Polo' or the 'Company')




Polo expands uranium interests with acquisition of significant interest in Berkeley Resources Ltd




Polo Resources Limited (AIM:PRL), announces that it has signed a subscription agreement with Berkeley Resources Ltd ('Berkeley') pursuant to which, subject to the conditions (described below) being satisfied, Polo will subscribe for 10 million new ordinary shares in Berkeley at AS$0.50 each (the 'Subscription Shares'), and will be granted 5 million attaching options over new ordinary shares in Berkeley, exercisable at AS$0.75 each, within 4 years of the date of issue (the 'Subscription Options').




Neil Herbert, Deputy Chairman, said:

'Polo is pleased to announce the expansion of its energy interests with this significant investment in Berkeley Resources Ltd which is currently evaluating a restart of the Salamanca Regional Uranium Mine in Spain. The management of Polo will be applying its significant experience in the Uranium sector which included the development of UraMin Inc which was subsequently sold to Areva for US$2.5 billion in 2007.'




The subscription by Polo is conditional on:



(a) receipt by Berkeley of the approval of the Spanish Council of Ministers for the

transaction described in the announcement by Berkeley dated 10 December

2008 ('Minister Consent'); and



(b) in respect only of 1,350,000 of the Subscription Shares and 675,000 of the

Subscription Options, the approval of the Berkeley shareholders at a general meeting of

the company (the 'Berkeley General Meeting').




Details of the Subscription Agreement




Under the terms of the Subscription Agreement, subject to Ministerial Consent, Polo has subscribed for 8,650,000 ordinary shares in Berkeley representing 7.7 per cent. of Berkeley's issued share capital (the 'T1 Shares'). Polo will pay consideration of AS$4,325,000, and as well as the T1 Shares has been granted an option over 4,325,000 ordinary shares of Berkeley (representing 3.7 per cent. of Berkeley's issued share capital on a diluted basis), exercisable for a period of 4 years from the date of grant at an exercise price of AS$0.75 (the 'T1 Options'). If exercised, the T1 Options would give Polo a direct interest in 11.13 per cent. of the issued share capital of Berkeley.




As part of the deal to acquire the T1 Shares, Stephen Dattels will be appointed as a non-executive director of Berkeley upon completion of the issue of the T1 Shares.

cyril

; ) Going the right way !

PRL ;ooks like its been screwed by Peabody, $73 down to $28m plus a 1% royalty.
sold out making +0.8p/share disappointing but still a profit.
cyril

market doesn't seem to like the RNS issued today

initially I thought well of the deal so bought a few more ..... however Polo appear to have handed the company over to Peabody and the running of prl interests to another firm "Ampat" on a fee paying basis. Then to stir the pot further we hear of "deals" with Berkeley Extract Kalahari some of which seem to be an attempt to frustrate another company viz. Rio Tinto. Am I dreaming all this, or got the story wrong, or should someone send the men in white coats to collect me.

Does anyone understand what has happened.

Perhaps the pie is falling from the sky!

Someone up the apple cart?? 40mil sells....Wow

but taken at higher price than morning sp? encouraging?

136

Some serious buying going on today, 136million traded???
cyril

noticed this as well, its holding in CDN is doing well as well.

I wonder if Peabody want a bigger say in this??

Just maybe the rejected earlier bidder has been buying up stock ready to do a spoiler and thereby make peabody make a counter offer.

easy money for the party who made the initial takeover approach..

Been watching for a while but got into these this morning.
2517

Yep, Im in this one. it is doing good so far

All GOOD, gcm DOING WELL !!

Directors dealing as reported in yesterdays newspaper.

Deal of the day

'Polo Resources, the mineral investor that is switching from coal in Mongolia to uranium assets in Africa, placed new shares at 3.85p to raise $10 million for further uranium investments. Stephen Dattels, the founding chairman, acquired six million shares, raising his total stake from 3.89 per cent to 4.55 per cent. Other directors also bought in'.
cyril

24 June 2009










BERKELEY RESOURCES LIMITED




On 24 June 2009, Berkeley Resources Limited ('Berkeley' or 'the Company') was notified via the filing of a Form 604 with ASX, that Polo Resources Limited had a registered shareholding as at 22 June 2009 of 14,130,074 shares in the Company, representing 11.44 per cent of the issued share capital.







Enquiries - Managing Director: Matt Syme Tel: +61 417 906 717
RBC Capital Markets: Martin Eales Tel: +44 20 7029 7881

















This information is provided by RNS
The company news service from the London Stock Exchange

END


HOLEAPKLAEPNEEE

Polo acquires significant interest in Uranex NL further expanding its uranium interests into Tanzania







Polo Resources (PRL), the AIM listed mining company with coal and uranium interests in Africa, Australia, Europe and Asia, announces that it has signed a subscription agreement with Uranex NL (ASX:UNX) ('Uranex') subject to which it will acquire 5,700,000 new ordinary shares representing 5.98% of the enlarged share capital of Uranex for an investment of A$2,280,000 as part of a share placement by Uranex of 11,818,265 million new Fully Paid Ordinary Shares at an issue price of 40cents (A$0.40) per share raising A$4,727,306.



The placement is expected to be completed on or about June 26 2009.




The funds raised through the share placement will be used to augment working capital and to accelerate the exploration and development of Uranex's advanced Manyoni (Bahi) project in Central Tanzania and a second Tanzanian tenement area, Mkuju, in southern Tanzania which encompasses areas underlain by highly prospective Karoo sediments. Uranex recently commenced a Pre-Feasibility Study on the Manyoni Project, following positive Scoping Study results. The current Manyoni JORC Inferred Resource is 15 million pounds of U3O8 above 100ppm U3O8.




In addition to the its Tanzanian projects Uranex has the Thatcher Soak project in Western Australia which has a JORC compliant resource of 11 million pounds of contained U3O8 at an average grade of 290ppm U3O8, based on a cut off of 150ppm U3O8.




Stephen Dattels, Executive Chairman, said:

'We are very pleased to announce the further expansion of our Southern African uranium interests with this significant investment in Uranex. We are particularly excited by the potential of the Manyoni and Mkuju Tanzanian projects as a compliment to our holdings in Namibia and Botswana, which we see as a considerable value driver for shareholders.




Polo has assembled African uranium interests in Namibia, Botswana and now Tanzania. Its uranium interests in Southern Africa include Extract and West Australian Metals in Namibia; A-Cap and Impact in Botswana; and now Uranex in Tanzania. Polo also has an interest in Berkeley Resources which has uranium interests in Spain.'

cyril

Polo Resources Limited
('Polo' or 'the Company')




Polo Resources (PRL), the AIM listed mining company with uranium and coal interests in Africa, Australia, Europe and Asia, is pleased to announce that West Australian Metals Limited (ASX: WME) in which Polo has an 11.1% interest plans to embark on an extensive drilling campaign at its 80%-owned Marenica Uranium Project in Namibia, in August 2009.




Following WME's recent A$9.9 million fund raising it is setting aside a A$5 million budget to be spent over the next six months. An initial 5,000-metre RC drill programme is designed to infill areas of wide-spaced drilling completed in 2008 to reduce the spacing from 320m by 160m to 120m by 80m. Representatives from SRK Consulting will be on on site to supervise QA/QC procedures. The new campaign will also include a 100-hole exploration program to the west of the known resource. Ground radiometrics and mapping have recently been completed in this area, which will be tested for additional secondary uranium resources.




A further 5,000m is allocated to exploration for primary mineralisation within and north of the Marenica dome following on from successful results achieved in exploration diamond drilling. The company is in the process of obtaining drill clearances, with drilling planned to start in August. Following completion of this exploration programme WME intends to begin a scoping study later this year.




Neil Herbert, Managing Director of Polo Resources, said:




'We look forward to the results from this extensive drill programme. WME has an 80% interest in Marenica and has already announced a JORC compliant Inferred Resource of 111 million tonnes at 140ppm U3O8 for 34 million pounds of contained U3O8 in near-surface palaeochannels, similar to that found at the Trekkopje uranium mine currently being brought to production by Areva which is located within 40kms and which is expected to become one of the world's 10 largest uranium mines by 2011.'
cyril

Speculative Buy rating from Growth Company Investor

http://www.growthcompany.co.uk/recommendations/1061382/polo-resources.thtml

Polo Resources (AIM:PRL), the AIM listing company with uranium and coal interests in Africa, Australia, Europe and Asia, announces that it has disposed of 8,221,893 ordinary shares in Berkeley Resources Ltd ('Berkeley') for A$8,484,276.41, representing 6.66 per cent of Berkeley's issued share capital. Following this disposal Polo has an interest in 10,388,181 ordinary shares in Berkeley as well as options over a further 5,670,037 ordinary shares.




The funds received from the disposal will be used to meet Polo's liquidity requirements and provide resources to focus on other value adding uranium opportunities.




Neil Herbert, Managing Director of Polo Resources, said: 'Polo remains supportive of Berkeley Resources with the substantial resource base at the Salamanca Regional Uranium Project well placed to deliver into the forecast uranium production shortfall for a relatively small capital investment.'




Polo does not presently anticipate making any further sales of Berkeley shares.
cyril

PRL taking up their full entitlement from Extract fund raising, in addition they have expressed a willingness to buy shares from the fund raising that others will forego. Appears to be no shortage of funds at PRL. I'm sure these will make a mint one day. Sorry about that.
2517

SP progressing well, hope that's not the kod.
2517

Re rns---that looks like a useful chunk of coal.
2517

sp responding. I believe this has the makings of a substantial co in the future, with interests in several projects.
2517

Arather tardy annoucement regarding R/South.

Polo Resources (PRL), the AIM listed mining company with uranium and coal interests in Africa, Australia, Europe and Asia, is pleased to report that Extract Resources Limited ('Extract'), in which Polo holds 21.4 million shares (ASX:EXT A$9.29/share*), has announced confirmation of a new zone of uranium at Rossing South.

But what is interesting is the value,
21.4m *A$9.8 which is the present EXT SP = 119.5
This against a M/Cap of 105.5
add to this CDN +GCM holding along with assets in Mongolia gives a very ubderated company.
cyril

Just got into these after seeing 3 directors investing heavily into this stock...
RNS's just released

1.4m and 3m director buys @ 5p
2517

for info....sat in my inbox this one but may be pertinant
Canaccord Adams on Polo Resources*
Canaccord Adams maintained its "buy" recommendation on Polo Resources* (PRL) following the company's final results. The broker's note read:
Our view
We consider that the statement was in line with expectations.
Although the company reported a large loss, the company is effectively an investment company and therefore its working capital position and the value of its investments are considered to be of the most significance.


Key features
Polo released results for the year to June 09, on Friday 16 October, after the close of the market.
The company reported a loss of US$63 million, or 3.2p/share, after a writedown of US$44 million on its Mongolian coal assets.
Working capital at 14 October 2009 was reported to be US$17 million and the value of its listed investments US$302 million.
The statement indicates that the company has continued to build its stake in Extract Resources (EXT : ASX | not rated), which now stands at 22.4 million shares, the value of which is equivalent to 4.3p/share, accounting for 53% of the companys NAV or 86% of its share price.
The company states that it intends to make further strategic value-adding investments in advanced staged commodity projects.


Valuation
The companys current NAV is 8.02p per fully diluted, in-the-money share.
At a price of 5.0p/share, it is currently trading at a discount of 38% to its NAV.

for info....sat in my inbox this one but may be pertinant
Canaccord Adams on Polo Resources*
Canaccord Adams maintained its "buy" recommendation on Polo Resources* (PRL) following the company's final results. The broker's note read:
Our view
We consider that the statement was in line with expectations.
Although the company reported a large loss, the company is effectively an investment company and therefore its working capital position and the value of its investments are considered to be of the most significance.


Key features
Polo released results for the year to June 09, on Friday 16 October, after the close of the market.
The company reported a loss of US$63 million, or 3.2p/share, after a writedown of US$44 million on its Mongolian coal assets.
Working capital at 14 October 2009 was reported to be US$17 million and the value of its listed investments US$302 million.
The statement indicates that the company has continued to build its stake in Extract Resources (EXT : ASX | not rated), which now stands at 22.4 million shares, the value of which is equivalent to 4.3p/share, accounting for 53% of the companys NAV or 86% of its share price.
The company states that it intends to make further strategic value-adding investments in advanced staged commodity projects.


Valuation
The companys current NAV is 8.02p per fully diluted, in-the-money share.
At a price of 5.0p/share, it is currently trading at a discount of 38% to its NAV.

More good news from Extract Resources ( PRL has 9% stake)
2517

Lots of comments here, from a few posters, but I'm concerned that the Co. Polo (PRL) - is listed on AIM, yet I can't find it in (my copy of) REFS, furthermore it is registered in the British Virgin Islands, not known for its ship-tight regulation and has a Registrar in Jersey ( DYOR).

Has anyone (here), been to an AGM - where/when was it?
What was your impression of the meeting . . . . ?

Anyone else got concerns...?

Hangon,theirs a chance for anyone to attend this years AGM on the 18th Nov,its in Paris,it would make a nice break,mixing business with pleasure?
Todays news informing us of an increased stake(22.48m) in EXT amounts to a value of 110m against a M/Cap of just 105m,with a lot more for free.
cyril

hangon.

No concerns here,just look at our holdings in EXT,CDN,GCM,all potential takeover targets in the near future,plus Mongolian assets/Peabody deal.

By the way if you wish to attend the next AGM it is being held on Wednesday 18 November 2009........in PARIS!

Prl taking a tempory hit due to the CDN bid being cancelled imo?

if one checks out its assets then a picture of a very undervalued company becomes visable.
EXT 10.3% of a 983.73m company = 101m (9.26%direct)
CDN 26,2% of 92.39m = 24.2
GCM 29.8& of 35m = 10.4m

Makinf a total of over 135m along with Mongolian assets as from their Finals

Entered into a 50-50 joint venture in Mongolia with Peabody Energy Corporation (NYSE: BTU) ("Peabody"), the world's largest private-sector coal company, to develop Polo's Mongolian assets.

o Completed NI 43-101 Technical Report for the Union Project.

o Announced a positive JORC compliant resource statement for the Erds Project, with thermal coal resources estimated at 254 million tonnes in the Indicated category and 553 million tonnes in the Inferred category.

$16.9m at 14th Oct but have since increased their stake in EXT.

All in all this against a M/Cap of less than 94m

cyril

Some weakness atm in metals, (although not sure how uranium is fairing) so could be a good time for me to add some more PRL as the outlook for uranium is quite positive.
niceonecyril, your sum of the parts also seem to indicate an undervaluation.
2517

China nuclear power programme will up uranium demand tenfold
China does not see uranium supplies as an obstacle in achieving its massive nuclear energy program which will up demand around ten times.


Author: David Stanway
Posted: Thursday , 10 Dec 2009

BEIJING (Reuters) -


China is driving ahead with an ambitious programme to expand its atomic energy capacity over the next decade, raising questions about its ability to find the uranium it will need, at home or abroad.

Total capacity reached 9.1 gigawatts by the end of 2008, and the government fully expects to hit its official 40 gigawatt target well before the 2020 deadline.

China currently operates 11 reactors and has 17 under construction, but has 124 more on the drawing boards, according to industry group the World Nuclear Association (WNA).

The expansion programme will cause its demand for uranium to rocket 10-fold by 2030, making it the world's second biggest consumer of the radioactive metal following the United States, according the WNA forecasts.

Zhang Guobao, the country's senior energy official, has repeatedly stated that China intends to raise the bar "by a large margin", and those in the know believe it should easily smash its existing targets.

Pan Zhiqiang, director of science and technology at the China National Nuclear Corporation (CNNC), one of the country's two major state-owned nuclear developers, said last month that "reaching 70 GW before 2020 will not be a big problem." [ID:nPEK128796]

"There are also estimates that by 2030, total capacity will reach 200 gigawatts, and by 2050, 1,000 gigawatts," he said.

Concerns have been raised about the availability of sufficient fuel to feed the growing demand in China and elsewhere, but Pan discounted any immediate problems.

He claimed there was "absolutely no problem" finding the uranium to run 40 gigawatts of capacity, either within China's borders or through overseas acquisitions.

Over the longer term, however, others concede that acquiring enough of the key ingredient in nuclear power generation could be a big challenge.

"The uranium market in the future faces a lot of uncertainties with not a small supply shortage," said Zhou Zhenxing, who heads the uranium development unit at the China Guangdong Nuclear Power Corporation (CGNPC), the second of China's big nuclear firms.

RAISING THE BAR

When China announced in a 2006 policy document that it would aim for 40 GW of nuclear capacity by 2020, sceptics noted this meant finding the wherewithal to bring at least two reactors into operation every year. They also pointed out plans were already behind schedule, with no new projects due until 2011, and bureaucratic problems had already delayed others.

But momentum was quickly regained. China had 11 reactors in operation by the end of last year, using a variety of "second-generation" designs from Russia, Canada and France as well as its own research institutes, and there are now another 24 -- with 25.4 GW of capacity -- approved or under construction.

U.S.-based Westinghouse Electric, now owned by Toshiba (6502.T) is building four of its new AP1000 reactors in coastal Zhejiang and Shandong provinces, securing a much-needed showcase for its untested "third-generation" designs. In exchange, China was granted a generous technology transfer agreement that would make the AP1000 the model for its own "localised" reactors.

Meanwhile, France's Areva (CEPFi.PA) agreed to build two of its European Pressurised Reactors for the Taishan nuclear project in southeast China's Guangdong.

China's own nuclear contractors are already looking well beyond the 40 GW target, with Zhou of CGNPC saying his company was already planning to increase capacity.

With every province and region keen to grab a stake in the lucrative nuclear sector, both CGNPC and CNNC have been scouring the country for potential projects. Every province along the eastern coast is building new reactors, and a multitude of cities in China's interior are also lobbying to become the country's first inland nuclear plant.

URANIUM SCRAMBLE

The need to feed such growing capacity has required the two state-owned giants to hunt the globe for new sources of fuel -- with CGNPC chasing uranium reserves in Kazakhstan, Uzbekistan, Australia and Namibia, and CNNC signing deals to explore and develop in Mongolia and Niger.

China has been developing its own uranium mines since the 1950s, mainly in the remote northwest. But total output is a state secret, and it is unclear whether it will be enough to power the dozens of reactors due to go online before 2020.

According to figures from the China Nuclear Industry Association, China has currently developed only a third of the uranium required to fuel 40 gigawatts of capacity by 2020, and exploration needs to be stepped up if China wishes to avoid being exposed to the volatile foreign market.

"The exploitation rate of Chinese uranium mines is actually very low right now, so there is room to improve the supply volume," said He Kun, a professor at the Nuclear and New Energy Technology Research Institute at Tsinghua University.

Zhou of CGNPC said his company alone would need more than 10,000 tonnes of uranium per year by 2020.

With CGNPC likely to control about half of China's nuclear capacity by then, that would put total annual demand at around 20,000 tonnes, a massive increase on the 769 tonnes produced in 2008, according to World Nuclear Association estimates.

Pan of CNNC conceded that there was an urgent need to develop new mines for the longer term.

"Uranium supplies don't constitute an obstacle to the development of nuclear power in China, but we must strengthen our prospecting work, and our research into prospecting technologies. This is absolutely crucial."

Pan said the supply problem has been overstated, however, noting that both Japan and South Korea have managed to keep their reactors running despite having no uranium of their own.

"Uranium is a commodity and we can import it, and also participate in international uranium mining projects. People say that uranium isn't very plentiful, but I don't agree."

(Reporting by David Stanway, Editing by Eric Onstad and Hans Peters.

Hope that 102m was a buy.
2517

PRL 4.675p +0.225p

Marked up at the start. PRL has an Stake in Extract Resources ........


Korea Electric May Bid for Stake in Extract Resources

business week

Yes PRL have 9.26% of EXT with a M/Cap of 1227.57m(up over 14%),i make that 113.67m against a M/cap of 93m.
cyril

Interims out today and make very comfortable reading.

Neil Herbert, Managing Director, said:

"This has been a period in which Polo has accelerated its development and
earnings potential in the near term and has seen significant growth in the
market value of its investments. We are reviewing the various options open to us
to maximise best value from these investments over time.

"As at 19 March 2010 Polo had a net cash position of US$27 million and listed
investments of US$250 million, equivalent to 6.43p per Polo share.

"Post period end we have also announced our intention to dual list on the TSX,
to take advantage of the mining investment expertise contained within the
Canadian capital markets, as we seek to increase the shareholder value."

* Based on the closing prices on 19 March 2010

cyril

No prices here ?....

No they have changed from PRL to POL, I tried yesterday with POL but nothing appeared, I've not tried today.
2517

rf---POL is ok.
2517

Flying this am,on the back of GCM. Correct SP not coming up,5.7p to buy at present.
cyril

Just worked put why, the epic esmbol is now POL.
cyril