Another good press, last paragraph is interesting.
Marengo close to finalising Yandera feasibility study
Tim Treadgold Wednesday, 3 October 2012
MARENGO Mining’s $A50 million feasibility study into its world-class Yandera copper mine in Papua New Guinea is expected to be finalised by the end of the month, clearing the way for financing and a start on development next year.
Hevilift chopper at Marengo Mining's Yandera project
Chief executive Les Emery told the Resources Rising Stars conference on the Gold Coast that planning remained focused on a mine costing $1.8 billion to $2 billion, with a start-up production rate target of 100,000 tonnes of copper a year, plus 15,000 tonnes of molybdenum.
If the company sticks to its timetable, first copper should be shipped to China in 2016.
Of interest equal to the emerging mine at Yandera is the continued strong flow of exploration news from the project and its surrounding area.
Emery pointed to recent drill hits such as 198 metres assaying 1.01% copper and 742 parts per million molybdenum from the Omora zone, and 219m at 0.84% copper and 214ppm molybdenum from the Gremi zone.
The inference from the higher grades being encountered is that Marengo’s future profit flow could be higher than currently expected, or that there would be the potential for future expansion beyond the current planned level.
Marengo shares jumped 5% in early trade to 10.5c.
MGO Price at posting:
10.5¢ Sentiment: LT Buy Disclosure: Held
