MARENGO Mining has enjoyed a successful 2006 as far as results go, however the share price has been languishing between 20c and 30c for the best part of this year, apart from a brief rush up to almost 40c in June.
The Perth-based junior hit the market with some big news in October.
An initial 371 million tonne resource at its Yandera copper-molybdenum project in PNG was announced for 4.01 billion pounds of contained copper metal (an in situ value of $A18.5 billion), followed by a $12.5 million raising that will see the company to completion of a pre-feasibility study and facilitate the continued growth of the resource.
The market hardly moved on the news and since October the share price has come off even further and has been trading at or below 25c since mid-November.
Shares in the junior were at 23.5c just before midday today.
The lack of appreciation has frustrated managing director Les Emery, who has been in London and Sydney briefing the investment community on the Marengo story and examining the possibility of an AIM listing.
He spoke to PNGIndustryNews.net on the sidelines of the Mining and Petroleum Investment Conference in Sydney earlier this month.
MGO Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
