Marengo Mining Limited

Marengo Mining Limited

May 15, 2008 05:31 ET

European Financier Joins Marengo Board

PERTH, WESTERN AUSTRALIA--(Marketwire - May 15, 2008) -


Marengo Mining Limited ("Marengo" or the "Company") (TSX:MRN)(ASX:MGO)(POMSoX:MGO) is pleased to announce the appointment of experienced international banking executive, Ms Susanne Sesselmann, to its Board as a Non-Executive Director, effective 15 May 2008.

Ms Sesselmann has 20 years experience in banking, including 10 years in investment banking and project finance throughout the world. She holds both a Bachelor of Arts and Masters Degree in Languages from the University of Innsbruck in Austria and is currently a Director of the leading international private equity resource fund, The Sentient Group, and also the Meridiam Infrastructure Fund.

Based in Munich, Germany, Ms Sesselmann headed up the Private Equity Funds Group for asset-based private equity funds at HypoVerinsbank until 2006, having first joined in 1987. As a project manager she was involved in a wide range of projects in Europe, the USA and Australia, where she focused particularly on transactions in the transportation and private-public partnership ("PPP") sectors.

Since 1998 Ms Sesselmann has concentrated on the lead arranging of finance for projects including the new Athens Airport, various bridge and tunnel projects in France and major highway projects in Portugal.

The Sentient Group manages over US$900 million in the development of quality metal, mineral and energy assets across the globe through its Caymans-based, 10 year closed-end private equity fund Sentient Global Resources Funds. Sentient Global Resources Fund II is a 23.78% shareholder in Marengo.

The Meridiam Infrastructure Fund is a Luxembourg-based private equity investment fund, with a maturity of 25 years, designed for investment purely within the PPP sector and geographically within Europe and North America.

In welcoming Ms Sesselmann to the Marengo Board, the Company's Chairman, Mr John Horan, said: "We are delighted to have secured the services of someone of Susanne's experience and calibre as a non-executive Director, bringing extensive experience in project financing and an extensive network of contacts in the European finance industry which will prove invaluable to the Company as it moves into the development phase at the Yandera Copper-Molybdenum Project in Papua New Guinea."

"Susanne's appointment further strengthens our Board and adds another important dimension and skill-set which will greatly assist us in our core goal of moving the Yandera Project into production at the earliest possible time," Mr Horan added.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any ordinary shares within the United States. The ordinary shares have not been offered and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws. Accordingly, the ordinary shares may not be offered or sold in the United States or to U.S. persons (as such terms are defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws or an exemption from such registration is granted.

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