If you're still looking for an answer, I had this exact situation today, and
found my answer (there are newsgroups here on almost every Microsoft-related
topic you could think of):
Subject: Re: Email a group but not display all names
Date: 3/29/2005 9:42 AM PST
From: Jamie Nordmeyer
If you don't need to provide attachments, you can just use Word. Tools -
Letters and Mailings - Mail Merge from the menu. For some insanely stupid
reason, Word STILL does not support attachments for mail merge, though. I
originally thought it might be to prevent spam, but how many span letters do
you receive each day that contain attachments? Coming off the soapbox now.

If you DO need to send attachments as well, try WorldCast
(
http://www.fairlogic.com/worldcast/index.shtml). It's free for personal
use, but if you're using it for corporate use, you'll need to register it
(prices are reasonable, and posted on the site).<<<