The properties and characteristics of a recently proposed anisotropic metamaterial based upon layered arrays of tightly coupled pairs of "dogbone" shaped stripe conductors have been explored in detail. It has been found that a metamaterial composed of such stacked layers exhibits artificial magnetism and may support backward wave propagation. The equivalent network models of the constitutive conductor pairs arranged in the periodic array have been devised and applied to the identification of the specific types of resonances, and to the analysis of their contribution into the effective dielectric and magnetic properties of the artificial medium. The proposed "dogbone" configuration of conductor pairs has the advantage of being entirely realizable and assemblable in planar technology. It also appears more prospective than simple cut-wire or metal-plate pairs because the additional geometrical parameters provide an efficient control of separation between the electric and magnetic resonances that, in turn, makes it possible to obtain a fairly broadband left-handed behaviour of the structure at low frequencies. © 2009.