Polo Resources Limited CELAMIN HOLDINGS LTD - INVESTMENT UPDATE (8471U)
July 17 2018 - 2:00AM
UK Regulatory
TIDMPOL
RNS Number : 8471U
Polo Resources Limited
17 July 2018
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
17 July 2018
Polo Resources Limited
("Polo" or the "Company")
CELAMIN HOLDINGS LIMITED - INVESTMENT UPDATE
Polo Resources Limited (AIM: POL), the multi-sector investment
company with interests in oil, gold, coal, copper, phosphate,
lithium, iron and vanadium, notes that its investee company,
Celamin Holdings Limited ("Celamin") (ASX: CNL), has announced the
grant of two new exploration permits in Tunisia prospective for
zinc and lead.
The two permits, Djebba and Zeflana, cover 32 square kilometres.
A historical zinc-lead resource is included at Djebba.
The zinc-lead resource is a historical estimate and not reported
in accordance with the JORC Code. A competent person has not done
sufficient work to classify the historical estimate as a mineral
resource and/or reserve in accordance with the JORC Code and it is
not certain that following evaluation and/or further exploration
work that the historical estimate will be able to be reported as a
mineral resource or ore reserve in accordance with the JORC Code.
According to ASX Listing Rule 5.12, additional information must be
provided in a market announcement that contains historic estimates.
This information is currently being assessed by CSA Global and an
updated announcement will be provided in due course. CSA Global has
significant expertise in this type of mineralisation in Tunisia
having managed projects for Albidon and Zinifex from 2004-2009.
Both permits were officially gazetted in early July 2018 in
Tunisia with a three-year term, with two further three-year
renewals, from 3 July 2018. The permits are held 100% by the
company's subsidiary Celamin Ltd.
Initial work programs on the permits will involve a compilation
of historical data and reconnaissance ground-work to help set the
first phase of exploration on both permits.
Celamin Chairman Martin Broome stated: "We are delighted to
receive the grant of the Djebba and Zeflana exploration permits
that provide Celamin with a foot hold on some of Tunisia's most
prospective ground for base metals. We have not been sitting still
whilst working to recover our rights over the Chaketma Phosphate
Project, and it is a credit to our Tunisian staff and technical
advisers that the company was able to secure the grant of these new
exploration permits projects at a time of high zinc prices,
including one that hosts a significant zinc deposit. We are
confident that this heralds a new period of success for the company
as we look forward to beginning exploration activities and working
with the various Tunisian agencies."
In addition to the current enforcement process underway to
recover its interest in the Chaketma Phosphate Project, Celamin
continues to review other new opportunities in Tunisia consistent
with its strategy to build a portfolio of resource assets to add
shareholder value. In conjunction with these activities, Celamin is
progressing its strategy to engage with a new local partner.
For further information on the Djebba and Zeflana permits,
including past ownership and historical data, please refer to the
Celamin announcement which can be found at
http://www.celaminnl.com.au/.
Change of Company Name and Type
Following shareholder approval at the 2017 Annual General
Meeting of Shareholders held on 28 May 2018, the company announces
that the Change of Company name and type to Celamin Holdings
Limited has now been finalised.
For further information, please contact:
Polo Resources Limited
- Kudzayi Denenga, Investor Relations +27 (0) 787 312 919
Allenby Capital Limited (Nominated
adviser & joint broker)
- John Depasquale +44 (0)20 3328 5657
Liberum Capital (Joint broker)
- Henry Freeman +44 (0) 20 3100 2000
Blytheweigh (Public relations)
- Julia Tilley, Simon Woods +44 (0) 207 138 3204
About the Company
Polo Resources Limited is a multi-sector investment company
focused on investing in undervalued companies and projects with
strong fundamentals and attractive growth prospects. For complete
details on Polo, please refer to: www.poloresources.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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