POLO Resources has increased its stake in Australian mining group Extract Resources, taking its overall interest in the company to 10,32 per cent, the company announced yesterday. Together with Kalahari Minerals and Rio Tinto, Polo is one of Extract’s largest shareholders.
The company runs the Rössing South uranium project in Namibia, which could eventually be one of the world’s largest uranium mines.The move saw Polo and its associates buy 2 627 000 shares to take the overall holding to 25 027 849 shares, with Polo itself taking on 50 000 shares to take its direct stake to 9,26 per cent.Neil Herbert, the Managing Director of Polo Resources, said: ‘We have continued to increase our investment in Extract throughout 2009 reflecting the exceptional drill results achieved at Extract’s Rössing South project.’The rapid progress being made in advancing this exceptional uranium project will continue to create value for Polo as Extract builds on its current mineral resource basis for the ongoing feasibility study.’ – SmallCapNews.co.uk
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