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).

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.