long easter, page-9

ajd, I try and distinguish between Les,dean and the company.

I spoke to dean on the phone requesting the valuation reports,he assured me he would send them,I even sent him my email address with a thank you in advance,as yet I have not received them.

As Harry Hoo would say "Two possibilities",

One, hes inept.

Two, this is the MO of the Canadian Two Steps who are now in charge.

As your aware I attended the AGM,and directly asked Les during the meeting,when the DFS would be released,"its a matter of weeks",famous last words.

I'm not defending them but they said in writing the DFS would be completed in March,no mention of release.

The DFS is been done in Parallel with the EIA.

"The company's primary focus during the quarter was the ongoing activities relating to the completion of the Feasibility Study(FS) on the Yandera project.
This work is running in parallel with the completion of the Environmental Impact Assessment(EIA)for submission to the PNG Department of Environment and Conservation.
It is anticipated that these documents will be completed following internal reviews during the current quarter,ahead of an Engineering Procurement and Construction contract(EPC),which has been received from the Company's Chinese strategic engineering partner,China Nonferrous Metal Industry's foreign Engineering and Construction Co Ltd.(NFC) subsequent to quarter end."

http://www.marengomining.com/reports/MDA31December2012Final-14Feb2013.pdf

The PR side of things has been handled extremely badly IMHO.
While not knowing why the DFS has not been released,Ive no reason to believe its because the project isn't sound.
Indeed since Ive been a SHr,the production costs have gone from $1.50,down to a $1.25,and now there around the dollar mark.
Ive decided from now on if I need to make contact with anyone Ill send the the chairman an email.

Louis Gignac D.Eng
Chairman/Non-Executive Director

Mr Louis Gignac is Canadian-based and is currently President of G Mining Services Inc., a private consultancy which has managed feasibility studies and mine development for multiple projects in North America, South America, West Africa and Eastern Europe.

He previously served as President, Chief Executive Officer and Director of Cambior Inc. from its creation in 1986 until its acquisition by IAMGOLD Corporation in 2006. Prior to that, he held senior executive positions with Falconbridge Copper Company and Exxon Minerals Company, and also served as Professor of Mining Engineering at Laval University, Quebec.

During his professional career, Mr Gignac has been involved in the development and operations of some 14 mines throughout the Americas.

He is currently Chairman of St Andrew Goldfields Limited and serves as a Director of Domtar Corp, and Franco-Nevada Corporation. He was previously Chairman of the highly successful ASX-listed resource company Andean Resources Ltd, until its takeover by Goldcorp for $3.6 billion. Mr Gignac has also been recently appointed to the The Sentient Council, an advisory body to The Sentient Group, a global investment fund and Marengo's major shareholder.

Mr Gignac holds a Doctor of Engineering from the University of Missouri-Rolla, a Masters in Mineral Engineering from the University of Minnesota and a Degree in Mining Engineering from Laval University.

"The living knew themselves just sentient puppets on God's stage" (TE Lawrence)

Raider