Polo Resources Limited ("Polo" or "the Company") - Cancellation of Shares

TORONTO, July 7 /CNW/ - Further to the announcement of 30 June 2010 in respect of the completion of the sale of its interest in the Mongolian joint venture, Polo Resources Limited (AIM andTSX: POL) announces the following changes to its share capital.

As noted in the announcement of 30 June 2010, the warrants to subscribe for 265,455,111 ordinary shares in the Company granted to Peabody Energy have been surrendered for no consideration.

Subsequent to this, a further 29,800,000 unrelated ordinary shares have been surrendered for cancellation for nil consideration as a result of the settlement of a dispute and have today been cancelled.

As a result of the above changes, the Company's issued share capital consists of 2,316,845,623 ordinary shares of no par value each. None of these ordinary shares are held in Treasury.

Therefore the total number of voting rights in the Company is 2,316,845,623. This figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.

The fully diluted share capital of the Company now consists of 2,457,595,623 ordinary shares.

About the Company

Polo is an emerging energy company focused on acquiring and developing advanced stage coal and uranium properties. For complete details on Polo Resources Limited, management encourages investors and interested parties to view its public documents filed on AIM Market 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.

For further information: Polo Resources Limited: Neil Herbert, Executive Co-Chairman, + 27 82 404 36 37; Canaccord Genuity Limited: Ryan Gaffney/Bhavesh Patel, + 44 (0) 20 7050 6500; Toronto: James McVicar, Heenan Blaikie LLP, [phone]; Financial Dynamics: Ben Brewerton/Ed Westropp, + 44 (0) 20 7831 3113