Company Information for Marengo Mining Limited

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Company Statement

POMSoX MGO

Marengo has positioned itself with projects in Papua New Guinea (PNG) which have the potential to grow into world class metal mines. A tight capital structure and funds on hand give shareholders excellent leverage to the future success of Marengo. 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 Marengo Mining (PNG) Limited, is concentrating its efforts on this richly endowed nation.

Current Operations

Marengo has positioned itself with projects in Papua New Guinea (PNG) which have the potential to grow into world class metal mines. A tight capital structure and funds on hand give shareholders excellent leverage to the future success of Marengo.

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 two granted exploration licences , covers some 1,200 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.

During 2006, Marengo reached a significant milestone at Yandera, with the completion of some 7,000 metres of diamond drilling (Holes YD103 to YD121).

This drilling was designed to provide confirmation of mineralisation encountered by previous operators (Kennecott/BHP) and to allow for a JORC compliant resource estimate for three of the mineralised zones at Yandera (Gremi, Omora and Imbruminda).

Intercepts for this drilling include:

• YD106 - 180 metres @ 0.50% Cu, 238ppm Mo – 0.74% Cu equivalent
• YD107 - 237 metres @ 0.83% Cu, 531ppm Mo – 1.36% Cu equivalent
• YD111 - 240 metres @ 0.67% Cu, 217ppm Mo – 0.89% Cu equivalent

In addition a new gold-molybdenum zone was encountered at the Omora zone during drilling in late 2006. Follow-up drilling will be undertaken early in the 2007 field season.

• YD120 - 39 metres @ 3.54g/t Au, 664ppm Mo

In May 2007, 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 163 million tonnes @0.49% Copper Equivalent
(at a 0.3% CuEq cut-off), and

Inferred Resource of 497 million tonnes @ 0.48% Copper Equivalent
(at a 0.3% CuEq cut-off).

The mineralised system is large, at least 2 by 7 kilometres and extends well beyond the area of the inferred resource. This envelope has previously been tested with some widespread drilling, which identifies a "mineral inventory" with tonnages similar and fully additional to the current inferred resource. These tonnages and grades cannot be placed in the resource classification at this stage.

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 Bankable Feasibility Study ("BFS") on the Yandera Project.

Summary
Key outcomes of the Yandera Project CMS include:

• a conceptual open pit encompassing 406Mt to underpin an initial 10-year mine life;
• initial mining rate of 25Mtpa for the first two years increasing to 40Mtpa.
• production of 112,000t and 88,000t of contained copper for the first two years, increasing to an average of 124,000tpa from the third year onwards.
• production of 4,200t of contained molybdenum for the first two years, increasing to an average of 6,700tpa from year three onwards.
• initial US$942M capital cost estimate with additional US$198M to complete the ramp-up to 40Mtpa;
• forecast cash operating costs of US$10.09/tonne (US$0.75/lb) for the first two years, and US$9.09/tonne (US$0.86/lb) at 40Mtpa;
• strong economic parameters using a copper price of US$1.50/lb and molybdenum price of US$15.00/lb.

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.

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.

Bolubolu Project (Milne Bay Province. PNG)
(100% MARENGO MINING (PNG) LIMITED)
Target - Gold

The Bolubolu Project covers some 360km² and is located 350km east of Port Moresby on Goodenough Island, Milne Bay Province, Papua New Guinea.

Goodenough Island is the northern most island in the D'Entrecasteaux Island chain which constitutes a new mineral district that contains a number of significant gold deposits and prospects associated with emergent metamorphic core complexes. This mineral district is included in the Misima Gold Corridor.

The geological and structural setting of the Bolubolu Project area has many similarities to the Wapolu and Gameta gold deposits (gold resources of 880,000oz) located on neighbouring Fergusson Island. Gold mineralisation is associated with shallow detachment fault zones developed along the margin of the metamorphic core complexes.

Previous exploration in the Bolubolu Project area indicates that significant potential exists for the discovery of economic gold mineralisation.

Trench sampling by previous explorers during the 1980’s reported a number of significant results, including

• 39 metres @ 2.1 g/t gold
• 8 metres @ 4.9 g/t gold

Recent channel sampling by Marengo has produced further encouraging results, including

• 9 metres @ 4.25 g/t gold & 3.03 g/t silver
• 4 metres @ 5.05 g/t gold

Float samples from one prospect within the project area contained up to 27.2 g/t gold and 17.0 g/t silver.

Marengo is advancing this project to a drill ready status during the current field season.

Australian Projects
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 will be entitled to earn a 51% interest in the project, by expending $200,000 on exploration, within 3 years. Mega Hindmarsh can increase 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

Andrew Meloncelli - Finance Director/Company Secretary

Douglas Dunnet B.Sc.(Hons), PhD F.AusIMM - Non-Executive Director

Dennis Wilkins - Non-Executive Director

Peter Kenneth Dendle B.Sc, M.Sc, M.AusIMM - Project Manager - Yandera

Johan Albert Smit M.AusIMM - Principal Consulting Geologist

Sir Rabbie Namaliu - Non-Executive Director

Susanne Sesselmann - Non-Executive Director

John Hick - Non-Executive Director

Elizabeth Martin - Non-Executive Director

Samuel Akoitai - Director

Grant Calderwood - Operations Manager

Malcolm Roberts - Principal Geologist

Company Address Level 2 9 Havelock St West Perth, 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 2007

Year End 30 June

Major Shareholders

Sentient Global Resources Fund II	17.62%
ANZ Nominees Ltd	9.17%
National Nominees Ltd	7.66%

Related News

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
13/07/07 - Marengo Mining Gets Set To Unveil Its Yandera Feasibility

Most Recent Statement

12/11/08 - Results of 2008 AGM
12/11/08 - 30 September 2008 MD and A - TSX
31/10/08 - Quarterly Activities Report
23/10/08 - Upgraded Resource for Yandera Project
14/08/08 - 2008 Annual Financial Report
30/07/08 - June 2008 Quarterly Activities Report