Polo Resources acquires coal exploration license in Mongolia for 350,000 usd |
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Published
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Thu, 25 Oct 2007 10:53
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LONDON (Thomson Financial) - Polo Resources Ltd said its Polo Resources LLC unit has acquired a 100 pct interest in a large coal exploration license in the South Gobi Coal Basin in Mongolia for 350,000 usd.The natural resources investment and mining company said the project covers 550 square kilometres of Permian sediments known to host some of the region's better coal deposits.Polo said it intends to commence drilling on the license by the year-end. Exploration expenditures for the initial 18 months are budgeted at about 1 mln usd, it added.TFN.newsdesk@thomson.comkal/lamCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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