Polo Resources gave an encouraging update on the process to find a buyer or partner for Signet Petroleum as it reported a “high level of interest” in the assets.
Big picture - Why invest in Polo Resources
Polo Resources Snapshot
The experienced management team that guides our strategic decisions specialises in the identification of under-valued investment opportunities – both listed and unlisted – that are either at an early stage in their operational development or have latent value that has yet to be realised.
Investment targets primarily fit into the category of companies with producing assets and/or reserves and resources that have been verified using internationally recognised reporting standards (such as NI 43-101).
Well financed, strategically experienced and backed by a core portfolio in the gold, oil & gas, coal, iron ore and phosphate sectors – large-scale investments include Nimini Holdings Limited (90%), Signet Petroleum Limited (42%), Regalis Petroleum Limited (8.32%), Equus Petroleum plc (1.95%), GCM Resources plc (27.8%), Ironstone Resources Limited (15.7%), Blackham Resources Limited (4.2%) and Celamin Holdings NL (12.7%) – Polo Resources is well poised to continue its development, to build upon its recent performance and to make further timely investments in a selection of value-adding natural resource opportunities.
Gold Projects, Sierra Leone
90% equity interest
Nimini is a gold exploration and mine development company with firm tenure over its Nimini Mining Licence and Matotoka Exploration Licence in Sierra Leone.
- Two gold projects: Nimini, including the Komahun Gold Project (in the Kono district), and Matotoka (in the Tonkolili district)
- Flagship Komahun Gold Project has Canadian NI 43-101 compliant Indicated Mineral Resources of 0.55 Moz gold and Inferred Mineral Resources of 0.34 Moz gold as at June 2013, at a cut-off grade of 2.4g/t
- At a cut-off grade of 1.8g/t, a 21% increase in Indicated Mineral Resources and 60% increase in Inferred Resources at Komahun since the June 2012 MRE
- June 2013 MRE based on total of 408 drill holes (94,319 metres of diamond drilling) and includes the results from an additional 163 diamond drill holes and four deflections (for a total of 55,250 m), completed after 20 February 2012, the effective data cut-off date for the June 2012 MRE (and detailed in an NI 43-101-compliant Technical Report filed on www.sedar.com on 6 August 2012)
- Environmental Impact Assessment Licence awarded in August 2012
- Mining Licence awarded in November 2012 for an initial 25-year period, covers an area of 100 km2 (the total area previously covered by exploration licences), including the Komahun Project area
- Preliminary Economic Assessment (PEA) will be based on the June 2013 MRE, with PEA technical inputs scheduled to be completed in Q3 2013. Publication date of the PEA Press Release in part dependent on outcome of discussions with the Government of Sierra Leone regarding the fiscal terms which will apply to this project
- Situated along strike of the northern border of Amara Mining Plc’s Baomahun gold deposit (Indicated Mineral Resources of 2.24 Moz and Inferred Mineral Resources of 0.54 Moz), Matotoka is an 81-square kilometre early-stage exploration project, 100% owned by Nimini
Michael Tang (aged 40) Executive Co-Chairman and Managing Director
Mr. Tang is the principal of Mettiz Capital Limited (“Mettiz”), an investment company with significant corporate and financial experience in natural resources, power generation, manufacturing and real estate. Mr. Tang qualified as a barrister in London and holds a Bachelor of Laws degree from the London School of Economics and Political Science.
Kian Meng Cheah (aged 40) Non-Executive Director
Mr. Kian Meng Cheah has more than 16 years banking and investment management experience with financial institutions in South East Asia including Standard Chartered Bank and Merrill Lynch International. He has held a number of private company directorships in Singapore and Malaysia involved in private equity and real estate investment. He is an Executive Director and a member of the Investment Committee of Infiniti Premium Resources Ltd., a fund focusing on resource-based industries with current investments in gold mines across Asia, Australia and Africa. Mr. Cheah holds no interest in the issued ordinary share capital of Polo.
Mr. Cheah is also an Executive Director of the Select Equity Growth Ltd. fund with a focus across diversified sectors in South East Asia, Hong Kong and Australia. He holds a Bachelor of Commerce (Accounting) from Curtin University of Technology, Australia.
Gary Lye (aged 61): Non-Executive Director
Mr. Lye has over 40 years’ experience in natural resources having held senior positions with several leading mining companies. He is currently CEO of Asia Energy Corporation (Bangladesh) Pty Ltd., operating subsidiary of GCM Resources plc where he is COO. From 1994 - 2003 he was with Kalgoorlie Consolidated Gold Mines Pty Ltd as manager of strategic mine development at their Super Pit operations in Kalgoorlie, Western Australia.
He has previously acted as Manager of Mining Research for CRA in Perth, Western Australia and spent many years with Bougainville Copper Ltd. in Papua New Guinea. Gary has a Master's Degree in Rock Mechanics from the Royal School of Mines in London and an Honours Degree in Geology from the University of Queensland, Australia. He is a member of the Australian Institute of Mining and Metallurgy (AUSIMM).
Polo Resources Limited
P.O. Box 38
South Africa 2157
Registered Office Address:
Road Town, Tortola
British Virgin Islands VG 1110
T: +27 787 312 919
F:+27 (0) 86 537 0543
Investor Relations Contact:
T: +27 787 312 919
ZAI Corporate Finance Ltd
1 Hobhouse Court, Suffolk Street
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Ropemaker Place, Level 12
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Solicitors to the Company as to Canadian Law
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Toronto, Ontario, Canada
Solicitors to the Company as to BVI Law
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