Marengo Mining Limited

Marengo Mining Limited

January 06, 2015 17:46 ET

Marengo 2015 Exploration Program and Staffing Changes

TORONTO, ONTARIO--(Marketwired - Jan. 6, 2015) -


Marengo Mining Limited ("Marengo") (TSX:MRN) (ASX:MMC) (POMSoX:MMC) is pleased to announce further changes to the organization as it continues to advance its Yandera copper project ("Project") in Papua New Guinea.

Marengo recently completed a new financing and commenced exploration at its new Rima prospect. Marengo completed four drill holes and is awaiting assay results from this campaign, as the rainy season commenced at site. With site activities severely restricted by rain during the period January to March, Marengo will be assessing the results from the new drill holes against the current defined resource and geological model in order to finalize the 2015 exploration program and staffing of the project.

Current Chief Operating Officer, Mr. John Mears, is transitioning to a consulting role as he balances availability to Marengo with his other commitments. Mr. Mears will continue to act as technical advisor in relation to the Project, as well as a mentor to the PNG geology team. Marengo is grateful for his leadership and wishes to express its thanks for the contributions he has made during 2014.

Marengo will update the market with drilling results, further changes to staffing, and exploration plans, as appropriate.

Effective today, the Board of Directors has appointed Alex Dann as interim Corporate Secretary of Marengo.

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 are granted.

Cautionary Statement Regarding Forward-Looking Information

This news release contains forward looking information. Such forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could", or "might" occur or to be achieved and any other similar expressions. In providing the forward-looking information in this news release, the Company has made numerous assumptions regarding: (i) the accuracy of exploration results received to date; (ii) anticipated costs and expenses; (iii) that the results of the feasibility study continue to be positive; and (iv) that future exploration results are as anticipated. Management believes that these assumptions are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking information, including a actual results of exploration. Some of these risks, uncertainties and other factors are described under the heading "Risks Factors" in the Company's annual information form available on the SEDAR website. Forward-looking information is based on estimates and opinions of management at the date the statements are made. Except as required by law, Marengo does not undertake any obligation to update forward-looking information even if circumstances or management's estimates or opinions should change. Readers should not place undue reliance on forward-looking information.

Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the actual results of exploration activities, changes in market conditions, risks relating to international operations, fluctuating metal prices and currency exchange rates, and other risks of the mining industry. Although Marengo has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Marengo undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed. Reference is made to the most recent annual information form of Marengo filed with Canadian securities regulators which includes further discussion of the risk factors which may impact the business and operations of Marengo.

For further information on the Project and the resources contained therein, please refer to the Company's Canadian NI 43-101 and Australian JORC technical report "Yandera Copper Project, Madang Province, Papua New Guinea" (dated April 2012) which is available on the Company's website and at the (Canadian) SEDAR website.

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