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Impact Minerals receives substantial shareholder notice from Polo Resources

Published: 08:59 14 Jul 2009 AEST

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Impact Minerals (ASX: IPT) has received a substantial shareholder notice from resource investor Polo Resources (AIM: PRL).  The 12.9% holding is the first tranche of a larger placement.

In June, Impact placed 18.67 million shares to Polo at 16.1 cents per share in a private placement to raise $3 million.  This increases cash reserves to $4.3 million.  Polo holds 19.9% of Impact. 

Polo also holds an 8.9% interest in Berkeley Resources (ASX: BKY); 9.1% interest in Extract Resources (ASX: EXS) and plans to acquire 19.9% of A-CAP Resources (ASX: ACB).

Impact owns 100% of its Botswana Uranium Project which comprises about 25,000 sq km of Prospecting Licences that cover about 350 km of the strike extensions of rocks that host uranium deposits near the town of Serule. Here ACAP Resources Ltd has the Letlhakane uranium project and has reported an inferred resource of 98 million lbs uranium oxide at an average grade 158 ppm at a cut-off grade of 100 ppm.

Impact Minerals also owns approximately 40% of the Inferred Resource of uranium oxide at the Nowthanna deposit located 70 km south east of Meekatharra in Western Australia. At a cut-off grade of 0.2 kg/t (200 ppm) uranium oxide Impact’s 40% share of the deposit is about 3.92 Mt at an average grade of 0.45 kg/t (450 ppm) for a contained 1,800 t or 4 million pounds of uranium oxide (JORC 2004).

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