Marengo Mining (MGO)

Shares / Stock Code

MGO

Stock Exchange / Sharemarket

Australian Securities Exchange

Marengo Mining (MGO) owns 100% of the Yandera porphyry copper-molybdenum deposit in PNG. This is a large undeveloped system previously explored by BHP and Kennecott Australia. The current resource stands at 660Mt at around 0.35% Cu and 0.014% Mo. The deposit is not drilled out and a plus billion tonne resource seems likely. An initial study indicates a robust project using a Cu price of US$1.50/lb and Mo price of US$15/lb. MGO has good relations with people of the Yanderra District.

The revised global resource included, for the first time, an indicated resource of 163Mt grading 0.495% Cu equivalent (including Mo in terms of Cu). An inferred resource stands at 497Mt, grading 0.48% CuEq. A contract was awarded for a Definitive Feasibility Study due for completion mid-2009. MGO has raised $15M to complete this work. Share placements were strongly supported by investors. A study to assess the impact of mining on the local community is underway, as is a land boundary survey.

MGO has a major project in Papua New Guinea (Yandera), targeting copper-molybdenum-gold. The potential of PNG has long been recognised and MGO is taking advantage of working in this mineral-rich and stable country, which has a solid mining background.The company listed on the Australian stockmarket (ASX) on 13 November, 2003.

MGO's major customers would include the retail, wholesale and international markets. Its competitors consist of other mining companies such as Jabiru Metals (JBL). The mining industry is a global industry, which is highly competitive.

Marengo Mining (MGO) Products and Services

  • Mineral exploration and development of the Yandera Copper Project in Papua New Guinea.

Marengo Mining (MGO) Locations and Subsidiaries

Marengo Mining Head Office
Level 2, 9 Havelock Street, WEST PERTH,
WA, AUSTRALIA, 6005
Phone: (08) 9429 0000
Fax: (08) 9429 0099

Marengo Mining (MGO) Share Price

Submitted by ASX Listed Company on 13 May, 2010 - 04:11

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