Marengo Mining Limited Closes Share Offering
11.07.2012 | Marketwired
![Marengo Mining Limited Closes Share Offering](https://www.goldseiten.de/media/goldseiten-news.jpg)
The net proceeds of the Offering will be used to finalise Marengo's feasibility study ("FS"), advance the Company's district exploration program at the Yandera copper-molybdenum-gold deposit located in Madang Province, Papua New Guinea (the "Yandera Project"), as well as for permitting and other pre-construction expenditures relating to the Yandera Project.
The Company has hired Arccon (WA) Pty Ltd. to conduct feasibility work and anticipates the FS will be delivered in Q3 2012. Following completion of the FS, the significant milestones in the development of the Yandera Project in 2012 and 2013 are set out in the table below.
Exploration Q4 2012
EPC Contract from China Nonferrous Metal Industry's Foreign Engineering & Construction Co. Ltd. ("NFC") Q4 2012
Mining Approvals Q3 2013
Environmental Approval Q3 2013
"With the successful completion of the financing, Marengo has gained the financial flexibility needed to fund the Company's operations through the delivery of the EPC Contract from NFC, while maintaining a robust regional exploration program at Yandera," commented Les Emery, Managing Director of Marengo.
Marengo is an exploration and feasibility stage mining company with its principal asset being the Yandera Project. The Company's primary focus is to complete the FS and to continue a district exploration program focusing on the area surrounding the Yandera central resource.
This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities described herein in any state in which such offer, solicitation or sale would be unlawful. The securities described herein have not been registered 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 the registration requirements is available.
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 FS 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. 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 under reliance on forward-looking information.
Please note that the Head Office of Marengo is located in Western Australia and is 12 hours ahead of Toronto time.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
ABN: 57 099 496 474
Contact Information
Marengo Mining Limited
Les Emery, Managing Director
+61 8 9429 0000
marengo@marengomining.com
Australia: Marengo Mining Limited
Dean Richardson, VP-Investor Relations
+61 8 9429 0000
deanr@marengomining.com
North America: Marengo Mining Limited
Victoria Russell, Investor Relations
+1 416 644 8680
investor@marengomining.com