Polo Resources LSE (PRL) the London and Toronto listed natural resources investment and development company, announce today that they have widened their spectrum of investment interests that could now see Polo investing in production, processing and infrastructure support services associated with the market the board has a tremendous experience in, namely mining, oil and gas. Polo's track record to date would suggest them moving into some large scale investments in this sector and could probably mean the company would look towards taking stakes in smelters, mills, refineries, port or rail infrastructure and a variety of other support services such as drilling companies.
Co-Chairman of Polo, Neil Herbert said,
"The expansion of our investing policy is designed to enable Polo to deliver more diversified earning potential to shareholders from a broader spectrum of revenue generating businesses with exposure to the natural resources arena.
Using its extensive knowledge and experience in the natural resources sector the Board has identified significant growth potential across the support, production and infrastructure value chains within mining and oil and gas. Continued investment in commodity exploration, development and production by large multi-national and mid-tier companies continues to drive earnings, investment and development opportunities.”
Wednesday 28 December 2011
URU Metals. LSE: URU Positive Outlook Heading Into 2012
For immediate release
28 December 2011
URU Metals Limited
("URU" or the "Company")
Unaudited Condensed Consolidated Interim Financial Statements
For the six months ended 30 September 2011 available at www.urumetals.com
CHAIRMAN'S STATEMENT
I am delighted to present to our shareholders and stakeholders, the interim report and accounts of the Group for the six months ended 30 September 2011 (the "Period").
Whilst in the prior year the Group distributed shares in Kalahari Minerals, by way of a dividend in specie, this period, we have added to the underlying value of your Group by investing in projects with the potential to host world-class nickel and uranium deposits.
HIGLIGHTS
The highlights of our progress during the six months ended 30 September 2011, and to the date of this report, can be summarised as follows:
NIGER - URANIUM EXPLORATION
The drilling and exploration programme at our In Gall and Irhazer licensed areas continued into the start of the rainy season in June and then re-commenced on 18 November 2011. Whilst we look forward to receiving positive results from these operations, the Group continues to evaluate the security risks within that country and remains ever mindful of the safety of our employees and contractors whilst in the field.
SOUTHERN AFRICA - NICKEL EXPLORATION JOINT VENTURE
Last year the announcement of the Group's diversification into a nickel joint venture signalled our intention to diversify our exploration efforts into metals and minerals outside uranium. In January 2011 the joint venture announced the acquisition of a further target area of which we hope to shortly announce further positive results. To date, we have spent almost all the required funding to meet our obligations under the joint venture and look forward to these projects delivering further value to shareholders during 2012.
MANAGEMENT AND BOARD
As announced, the Group's Finance Director and Company Secretary Mr. Gordon Cassidy passed away suddenly on 14 September 2011. The Board was deeply saddened by the news, as Gordon had made a substantial contribution to the development of the Group almost from its inception and he will be missed by the URU Metals team. Mr. Russel Swarts who has been with the Group from June 2008 has been appointed as chief financial officer.
OUTLOOK
Since incorporation, the Company has sought to widen its strategy in the field of metals exploration and development and continues to seek to develop a diverse portfolio of exploration and development projects either organically or through acquisition.
The Company intends to advance its projects in Niger, particularly our In Gall and Irhazer projects, where the investment climate in uranium remains positive.
During the period the spot price of uranium continues to vacillate and is currently around the US$50/lb level.
The nickel joint venture is progressing well and we look forward to positive results from our metallurgical and geophysical testing.
At the reporting date, the Group had cash resources of US$ 5.251 million and no borrowings.
Whilst at the end of April 2011, the share price almost reached 16p, in line with the global pessimism it has decreased to trade around the 6.5p level.
We continue to believe that the fundamentals of the uranium and base minerals industries remain positive and the Board is satisfied with the progress made by the Group and remains confident about the opportunities for its future development.
28 December 2011
URU Metals Limited
("URU" or the "Company")
Unaudited Condensed Consolidated Interim Financial Statements
For the six months ended 30 September 2011 available at www.urumetals.com
CHAIRMAN'S STATEMENT
I am delighted to present to our shareholders and stakeholders, the interim report and accounts of the Group for the six months ended 30 September 2011 (the "Period").
Whilst in the prior year the Group distributed shares in Kalahari Minerals, by way of a dividend in specie, this period, we have added to the underlying value of your Group by investing in projects with the potential to host world-class nickel and uranium deposits.
HIGLIGHTS
The highlights of our progress during the six months ended 30 September 2011, and to the date of this report, can be summarised as follows:
NIGER - URANIUM EXPLORATION
The drilling and exploration programme at our In Gall and Irhazer licensed areas continued into the start of the rainy season in June and then re-commenced on 18 November 2011. Whilst we look forward to receiving positive results from these operations, the Group continues to evaluate the security risks within that country and remains ever mindful of the safety of our employees and contractors whilst in the field.
SOUTHERN AFRICA - NICKEL EXPLORATION JOINT VENTURE
Last year the announcement of the Group's diversification into a nickel joint venture signalled our intention to diversify our exploration efforts into metals and minerals outside uranium. In January 2011 the joint venture announced the acquisition of a further target area of which we hope to shortly announce further positive results. To date, we have spent almost all the required funding to meet our obligations under the joint venture and look forward to these projects delivering further value to shareholders during 2012.
MANAGEMENT AND BOARD
As announced, the Group's Finance Director and Company Secretary Mr. Gordon Cassidy passed away suddenly on 14 September 2011. The Board was deeply saddened by the news, as Gordon had made a substantial contribution to the development of the Group almost from its inception and he will be missed by the URU Metals team. Mr. Russel Swarts who has been with the Group from June 2008 has been appointed as chief financial officer.
OUTLOOK
Since incorporation, the Company has sought to widen its strategy in the field of metals exploration and development and continues to seek to develop a diverse portfolio of exploration and development projects either organically or through acquisition.
The Company intends to advance its projects in Niger, particularly our In Gall and Irhazer projects, where the investment climate in uranium remains positive.
During the period the spot price of uranium continues to vacillate and is currently around the US$50/lb level.
The nickel joint venture is progressing well and we look forward to positive results from our metallurgical and geophysical testing.
At the reporting date, the Group had cash resources of US$ 5.251 million and no borrowings.
Whilst at the end of April 2011, the share price almost reached 16p, in line with the global pessimism it has decreased to trade around the 6.5p level.
We continue to believe that the fundamentals of the uranium and base minerals industries remain positive and the Board is satisfied with the progress made by the Group and remains confident about the opportunities for its future development.
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