Company Information for Marengo Mining Limited

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Company Statement

EXCH POMSoX, TSX MRN

Marengo has positioned itself in Papua New Guinea (PNG) and has the potential to grow into a  world class metal miner.  As Australia's nearest neighbour (some 150km from Cape York Peninsula) PNG has a long history of mining, dating back to 1878 and has historically been amongst the world's largest copper and gold producers.

Located on one of the world's most dynamic tectonic zones, PNG has and continues to produce world class ore deposits, such as Bougainville, Lihir, Misima, Ok Tedi and Porgera.  In addition, recent developments have seen the discovery of medium size ore deposits, including Tolukuma, Kainantu, Hidden Valley and Simberi.  Since gaining independence in 1975, PNG has, along with other nations, suffered periods of downturn in mineral exploration investment.

However, in recent years there has been a strengthening of investment back into PNG.  This has occurred as a result of increasing world demand for commodities (with resultant price increases), together with a change to a more favourable fiscal regime for investment.  PNG operates a parliamentary democracy, based on the Westminster model, where all major parties support private enterprise and foreign investment.  Marengo is pleased to join many existing Australian and international companies who successfully operate both exploration and mining projects in PNG, a trend which is seen gaining momentum.  Marengo, through its subsidiary Mareng Mining (PNG) Limited, is concentrating its efforts on this richly endowed nation.

Current Operations

Marengo has positioned itself in Papua New Guinea (PNG) and has the potential to grow into a world class metal miner.

Yandera Copper-Molybdenum Project (Madang, Province, PNG)
(100% INTEREST)
Target - Porphyry Cu-Mo-Au, Epithermal Au

Marengo Mining Limited has focused its attention on the highly significant Yandera Project, located 95 kilometres southwest of the northern seaport of Madang.

The Yandera Project, which comprises granted exploration licences , covers some 1,500 square kilometres and was the subject of intensive, drill based exploration programs during the 1970's by a number of companies, including Kennecott Copper and BHP.

This activity, which included the completion of 102 diamond drill holes totalling 33,000 metres , culminated in the preparation of a mining study by BHP. This study identified the Yandera Porphyry System as containing one of the largest undeveloped porphyry copper-molybdenum systems in the south west Pacific.

Although a number of resource estimates were generated, these estimates pre-date the JORC Code and were never publicly reported.

Since entering the Yandera Project in April 2005, Marengo has digitized all previous drilling data, together with capturing over 11,000 stream sediment samples, 7,700 soil/contour samples and 5,200 rock chip/float samples.

In October 2008, Marengo announced an updated JORC compliant resource estimate. This estimate was prepared by international mining consultancy group, Golder Associates Pty Ltd.

The estimate has been reported as an:

Indicated Resource of 527 million tonnes @0.38% Copper Equivalent
(at a 0.2% CuEq cut-off), and

Inferred Resource of 766 million tonnes @ 0.33% Copper Equivalent
(at a 0.2% CuEq cut-off).

The mineralized system is large, at least 2 by 7 kilometres and extends well beyond the area of the inferred resource.

Conceptual Mining Study
In October 2006 Marengo commenced a Conceptual Mining Study ("CMS") on the Yandera Central Porphyry zones (Gremi, Omora and Imbruminda). The study was completed in July 2007.

The CMS has confirmed that the Yandera Project has the potential to become a significant open pit copper-molybdenum mine. On the basis of the positive outcomes of the CMS, Marengo's Board has committed to proceed with a Definitive Feasibility Study ("DFS") on the Yandera Project.

The CMS has confirmed the potential of the Yandera Project to become a very significant strategic source of copper and molybdenum production in global terms, with a successful development expected to generate substantial value for Marengo shareholders and the nation of PNG.

For futher details please refer to Marengo's ASX Release dated 27 July 2007.
Definitive Feasibility Study
In October 2007 Marengo commenced a Definitive Feasibility Study ("DFS") on the Yandera Project.  The DFS is divided into two phases, with Phase 1 having been completed in April 2008.
Phase 1
Phase 1 comprised a comparative development options analysis study and delivered a number of positive outcomes to underpin Phase 2 of the DFS.
Key highlights of Phase 1 included:

• Open-pit mining over an initial 10 year time frame.
• Ore processing commencing at 25 Mtpa with the potential to increase thereafter.
• Proposed near and/or in-pit crushing.
• Separate copper and molybdenum sulphide flotation circuits.
• Transportation of copper concentrate via slurry pipeline to the Madang port.
• Alternative tailings management options identified.
• Implementation of world-class environmental standards and community relations initiatives to ensure a successful project development for all stakeholders.

Phase 2 is currently underway and is planned to be completed by December 2009. It is based on robust outcomes of Phase 1 and is designed to give Marengo sound operational and financial outcomes upon which to base the development of the Yandera Project.
Phase 2 Participants
GRD Minproc                     Study Management & Mineral Processing
Golder Assoc                    Resource & Mining Engineering Studies
Robert Bird Group            Infrastructure & Facilities
Klohn Crippen Berger      Waste Rock & Tailings
Brass Engineering           Pipeline Systems
Coffey Natural Systems   Environmental & DSTP   
and other specialist consultants.

Marengo Mining               Legal, Financial, Community, Power Supply,
                                        Data Bases and Information Supply

Epithermal Gold
There is some small scale alluvial gold mining carried out by local villagers in the Yandera region.

In addition, regional exploration of the Yandera Project area by previous operators has demonstrated extensive gold anomalism throughout the project area.

Recent exploration by Marengo has encountered gold values of up to 5 g/t Au from stream sediment sampling at the Yomi Prospect, some 20 km north west of the Yandera Central Porphyry.

The main target is Kainantu-style high grade epithermal quartz-gold veins (>1Mt at 30g/t Au). The geological setting of the exploration licence is favourable with major fracture systems developed peripheral to the numerous late-stage intrusive rocks.

Exploration Strategy - The exploration strategy will investigate the economic potention of the porphyry copper-molybdenum deposit as well as the potential for epithermal gold systems.


Australian Project
Bowgan Project
Target - Uranium & Gold

Marengo holds three exploration licences located approximately 200 kilometres south of Booraloola in the Northern Territory, where the target is unconformity hosted uranium - gold mineralization (Coronation Hill style) along the Fish River Fault.

The main target, a 6 kilometre long linear magnetic anomaly, was partially tested during a reverse circulation drilling program in September 2005. This program failed to indicate any visible alteration or mineralisation.

Marengo has entered into a joint venture with Mega Hindmarsh Pty Ltd (formerly Hindmarsh Resources Limited) whereby Mega Hindmarsh has earned a 51% interest in the project, by expending $200,000 on exploration.  Mega Hindmarsh is currently increasing its equity to 75% for a further $400,000 of expenditure.

Geographical Spread

Papua New Guinea and Australia

Board of Directors and Key Management

John Patrick Horan FCPA, FCIS	Chairman
Leslie Sidney George Emery	Managing Director
John Ribbons	Finance Director/Company Secretary
Douglas Dunnet B.Sc.(Hons), PhD F.AusIMM	Non-Executive Director
Sir Rabbie Namaliu	Non-Executive Director
Susanne Sesselmann	Non-Executive Director
John Hick	Non-Executive Director
Elizabeth Martin	Non-Executive Director
Samuel Akoitai	Director (Marengo Mining (PNG) Limited)
Peter Kenneth Dendle B.Sc, M.Sc, M.AusIMM	Project Manager - Yandera
Grant Calderwood	Operations Manager
Malcolm Roberts	Principal Geologist

Company Address Level 29 Havelock St West Perth, Western Australia, Australia 6005 Telephone: +61 8 9429 0000 Facsimile: +61 8 9429 0099 Email: marengo[at]marengomining.com Website: http://www.marengomining.com

Additional Address/Key Contact Postal Address Post Office Box 289 West Perth Western Australia 6872

Capital Listed Shares on Issue: 142,983,519 Listed Options on Issue: 47,557,551

Annual General Meeting November 2008

Year End 30 June

Major Shareholders

Sentient Global Resources Fund II	23.78%
Bernard Stephens	6.51%
The Royal Bank of Scoland Group plc (Sempra Metals)	6.03%

Related News

18/06/09 - Marengo Is Being Closely Watched As It Presses On With Its Definitive Study On The Yandera Copper Project
07/05/09 - Marengo Mining’s Yandera Copper Project In Papua New Guinea Is Shaping Up Well, And Exploration Is Yielding Promising Results Too
05/01/09 - Awakening A Giant: Marengo Mining Plugs Away At Yandera In Papua New Guinea
05/08/08 - "We’ve Got To Start Somewhere": Marengo Edges Ever Closer To First Production At Yandera
08/04/08 - With Copper Prices Where They Are, Marengo Is Sitting On A $20bn Project

Most Recent Statement

24/06/09 - Investor Presentation - June 2009
21/05/09 - Investor Presentation - May 2009
28/04/09 - Quarterly Activities Report to 31 March 2009
24/04/09 - Boardroom Radio Broadcast - New Copper Discovery at Yandera
24/04/09 - Marengo Announces New Copper Discovery at Yandera Project
31/03/09 - CHANGE OF COMPANY SECRETARY/CHIEF FINANCIAL OFFICER