Polo Resources Limited acquire 51% interest in Nimini Holdings Limited

30 September 2011

Kerman & Co advised Polo Resources Limited on their acquisition of a 51% interest in Nimini Holdings Limited which owns TSX-V listed AXMIN Inc.'s Sierra Leone Gold assets for a cash consideration of US$7.5 million.

Polo and AXMIN now hold a 51% and 49% interest, respectively, in Nimini, a private British Virgin Island company which holds a 100% interest in the Prospects. Under terms of the acquisition, Polo is to solely fund the first US$2 million of the project exploration expenditures after which both parties are to jointly fund exploration expenditures on a pro rata basis.

Executive Co-Chairman of Polo, Mr. Neil L. Herbert commented:
"We believe that these gold projects have a substantial resource upside potential and are a significant value opportunity, we look forward to working with AXMIN."

Michael Corcoran and Asad Qayyum from the Corporate department, advised Polo Resources on this transaction.