Resignation of Director from Extract Resources
April 08 2010 - 4:16AM
UK Regulatory
TIDMPOL
RNS Number : 8779J
Polo Resources Limited
08 April 2010
8 April 2010
Polo Resources Limited
("Polo" or the "Company")
Resignation of Polo Director from Extract Resources Board
Polo Resources, the AIM and TSX ("POL") listed mining company with coal and
uranium interests in Africa, Australia and Asia, announced today that its
Executive Chairman, Stephen Dattels, has advised Polo that he has resigned as a
non-executive director of Extract Resources Limited ("Extract"), effective
immediately. Polo has a strategic shareholding in Extract.
Stephen Dattels, Executive Chairman of Polo, said:
"While I have served on the Extract Board, Extract has made significant progress
in identifying the potential of its Rossing South asset as one of the leading
development uranium projects in the world today. Polo is a major investor in,
and supporter of, Extract."
"However, for its own reasons, Polo has previously announced the evaluation of a
range of strategic options to enhance shareholder value with respect to its
shareholding in Extract."
"Extract commenced its own review of strategic options in May 2009."
"In view of all these developments, and the demands of my other commitments,
including in particular as Executive Director of Polo, I have decided to resign
from the Board of Extract."
"I would like to take the opportunity to congratulate the other members of the
Board of Extract, and its management team and employees, on their success in
recent times, and wish them well for what I expect will be a successful future."
- Ends -
Contacts:
+-------------------------------------------+--------------------+
| Polo Resources Limited | + 27 82 404 3637 |
| Neil Herbert, Chairman | |
| | |
+-------------------------------------------+--------------------+
| | |
+-------------------------------------------+--------------------+
| Canaccord Adams Limited | + 44 (0) 20 7050 |
| Ryan Gaffney/ Bhavesh Patel | 6500 |
| | |
+-------------------------------------------+--------------------+
| Financial Dynamics | + 44 (0) 20 7831 |
| Ben Brewerton / Ed Westropp | 3113 |
| | |
+-------------------------------------------+--------------------+
About the Company
Polo is an emerging energy company currently focused on acquiring and developing
advanced stage coal and uranium projects. For complete details on Polo Resources
Limited, management encourages investors and interested parties to view its
public documents filed on AIM Exchange at www.poloresources.com.
CAUTIONARY STATEMENT
The AIM Market of London Stock Exchange plc does not accept responsibility for
the adequacy or accuracy of this release. No stock exchange, securities
commission or other regulatory authority has approved or disapproved the
information contained herein. All statements, other than statements of
historical fact, in this news release are forward-looking statements that
involve various risks and uncertainties, including, without limitation,
statements regarding potential values, the future plans and objectives of Polo
Resources Limited. There can be no assurance that such statements will prove to
be accurate, achievable or recognizable in the near term. Actual results and
future events could differ materially from those anticipated in such statements.
These and all subsequent written and oral forward-looking statements are based
on the estimates and opinions of management on the dates they are made and are
expressly qualified in their entirety by this notice. Polo Resources Limited
assumes no obligation to update forward-looking statements should circumstances
or management's estimates or opinions change.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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