Marengo sets forward plan
Rosalyn Albaniel-Evara | Post Courier
MARENGO Mining Limited is in the process of developing a three year plan going forward for the Yandera Mine which also includes a the training of its local staff.
High also on this plan is a geological audit which will be undertaken on its existing resource base and a program to identify new areas with high grade deposits.
This was made known by the company’s Chief Executive Officer Pieter Britz and Chief Operating Officer John Mears while in country last week.
Mr Mears, who is a geologist by profession, said as part of the plan that there to be plans in place by the company to provide opportunities for the local geologist and the geology team abroad.
He said this would include travels to his home country in the United States of America to visit operating mines as exploration projects.
He said the purpose being to open their eyes and their thoughts on how they can then in turn take the Yandera project forward.
He said plans also to be in place to develop and equip not only the geologists but other professionals with working tools including new software to aid in the project’s progression.
Mr Mears said this year would be a busy year that the company would be looking at taking a step back and in doing so going back to the basics- mapping and sampling.
He said this would require a lot of hard work but that the company to be prepared and excited.
He said he confident that with the support of the Founding President and CEO Les Emery and the strong support of the company’s board of directors, its major shareholder-Sentient Group that the plans to be achievable.
Mr Britz said the project to be one with a lot of potential and this to be recognized by the company’s major shareholder-Sentient who been very supportive of the project.
He said in recognition of the potential this project has that it had since dedicated two of its senior executives-himself and Mr Mears to get involved with the project.
The Sentient Group has also in recent weeks as a show of its optimism and commitment also signed off on a loan of US$3 million, which the company had announced in a recent statement to the market would be used to finance its working capital requirements and for general corporate purposes.
He said while it would be the desire of all to see the company press the button on the development, that this would be difficult at this stage.
This he said to be due to the global financial condition, lack of market support and commodity cycle. He said in this regard the company would be working smart adding the focus now would be for it to go back to basics that being conducting a resource definition, ensuring that is robust and economical.
He said all this to be entailed in the three year plan the company would be setting in place for itself.