I posted some comments and recommended tools for managing large lists via external resources in this thread:
http://www.zen-cart.com/forum/showthread.php?t=37843
Zen Cart is good for sending newsletters ... but with large numbers of recipients, sometimes you run into timeouts imposed by your hosting server's configuration ... and then it's hard to figure out who got the emails vs who didn't, and where to start next.
The tools mentioned in the thread I linked above will help you manage things all on your own, with much more control.
There will be improvements in a future release of Zen Cart, but for now, with such a large list, you might be better off with other tools. You can still try it with Zen Cart ... just in case your host's server actually doesn't have any problems with timeouts !!
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