Marengo Mining Limited

Marengo Mining Limited

April 24, 2009 01:48 ET

Marengo Announces New Copper Discovery at Yandera Project (Papua New Guinea)

PERTH, WESTERN AUSTRALIA--(Marketwire - April 24, 2009) -


Marengo Mining Limited (TSX:MRN)(ASX:MGO)(POMSoX:MGO) is pleased to report the discovery of an extensive zone of copper mineralisation from recent field exploration approximately 4km south-east of the Company's Yandera copper- molybdenum deposit in Papua New Guinea.

The new prospect, which has been named Kombruku, encompasses a large area containing copper mineralisation with some outcropping samples containing high concentrations of copper sulphides and oxides.

The prospect has been subject to geological mapping and outcrop chip sampling over past weeks. To date, a total of 122 rock chip samples have been collected and tested with a Niton XRF Analyser (refer to Notes). Of these, 32 samples have returned copper readings between 0.1% and 36.9% Cu (refer Fig 1). In addition, two samples were submitted for fire assay gold with results of 0.55 and 0.08 g/t Au.

To date, the Company's exploration team has established that the Kombruku Prospect covers an area of some 8km2 and appears to be related to north-west trending structures and porphyry intrusives, within a granodiorite host, similar to the Yandera deposit.

A program of systematic soil sampling, to include trenching and ground geophysical surveys, as necessary, will begin shortly, with the samples to be submitted for laboratory analysis. Based on the results of this work it is anticipated that initial diamond drill testing will commence during the second half of 2009.

Commenting on the new discovery, Marengo's Managing Director, Mr Les Emery said: "This is a very exciting development for the Company as it represents a new phase of exploration activity at the Yandera Project."

"This is the first time that any company has undertaken sampling in this particular area since exploration was first carried out in the Yandera region in the late 1960's, highlighting the significant untapped exploration potential of this region. The significance of the discovery is further enhanced given the fact that it lies less than 4 km from the Yandera Central Porphyry deposit," he added.

Marengo holds a 100% interest in the Yandera Copper-Molybdenum Project, in Madang Province (currently at Feasibility Study stage), which covers an area of some 1,500 km2 (refer Fig 2) along the northern side of the New Guinea Copper-Gold Belt, which hosts world class mines including Grasberg, Porgera and Ok Tedi.

To view Figure 1, - Kombruku Copper Prospect, please click on the following link:

To view Figure 2, Yandera Project - Prospect Locations, please click on the following link:

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.


Niton XRF Analyser

The estimates of Cu for rock chip samples referred to in this release are based on an average of multiple readings on pulped rock samples using a Niton XLt3 portable XRF analyser. Whilst Marengo believes that these readings are indicative of grade, the Company wishes to make clear that the Niton results are not formal assays and are an estimate of Cu grades only.

Certain statements in this release contain forward-looking information. These statements include, but are not limited to, statements with respect to future exploration, development, production and costs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the results of future exploration, risks inherent in resource estimates, increases in various capital costs, availability of financing and the acquisition of additional licences, permits and surface rights.

Scientific and technical information in this report including that relating to mineralisation were prepared by Mr Peter Dendle. Mr Dendle is a member of the Australasian Institute of Mining and Metallurgy and a full-time employee of Marengo Mining Limited. Mr Dendle has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code, 2004 Edition). Mr Dendle is also a "Qualified Person" as defined by National Instrument 43-1-1 "Standards of Disclosure for Mineral Projects" ("NI 43-101") Mr Dendle verified the data underlying the information in this report prepared by him.

JORC Code refers to the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code, 2004 Edition).

Mr Dendle consents in writing to the issue of this report, to the extent of matters based on his information in the form and context in which it appears.

To view photos associated with this press release, please click on the following link:

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