Momase News

Marengo prepares to move ahead with development of Yandera project

Marengo Mining Limited announces further changes to its Board with the appointment of three experienced non-executives Directors, including two Toronto-based Directors.

In addition the Company announces that two long-serving Directors, Dr Douglas Dunnet and Ms Susanne Sesselmann, are stepping down for the Board.

The changes, which follow the appointment of leading international mining executive Dr Louis P. Gignac as Chairman-elect to succeed outgoing Chairman, John Horan are designed to ensure that the Board has an appropriate balance of skills and expertise as Marengo moves towards possible production at its Yandera Copper-Gold-Molybdenum Project in PNG.

These appointments follow the announcements by the Company of its plans to re-domicile to Canada.

Dr Dunnet, who was one of Marengo’s founding Directors has advised his retirement from the Board, while Ms Sesselmann, who is a representative of Marengo’s major shareholder The Sentient Group, will be replaced by Mr Ian Hume, who was one of the founding partners of The Sentient Group.

The two new Canadian-based Independent Directors are senior executives Mario Caron and Keith Morrison.

Mr Caron, a Mining Engineer, is currently President and CEO of Alderidge Minerals Inc., a near-development stage mining company focused on a poly-metallic VMS deposit in Turkey.

Mr Morrison is a prominent Canadian-based mining entrepreneur with over 30 years of international experience and accomplished background in strategy, finance, exploration, technology, global operations, capital markets and corporate development.

Mr Hume has more than 30 years’ experience in the natural resource industry, primarily in the fields of managed fund investments, capital raising and project development.

Commenting on the new appointments, Marengo’s Managing Director & CEO, Mr Les Emery, said they are pleased to have secured three highly experienced people to join the Marengo Board.

Mr Caron and Morrison are both based in Toronto, and their appointments are consistent with Marengo’s recent decision to re-domicile the Company to Canada, while Mr Hume fills the vacancy created by Susanne Sesselmann and joins the Board as a representative of Marengo’s major shareholder, The Sentient Group.

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