• An Upgraded Mineral Resource Estimate comprised of:

* Indicated Mineral Resource of 527 million tonnes @ 0.38% copper equivalent, for a mineral inventory of 1.49 million tonnes of contained copper and 122 million pounds of contained molybdenum; and
* Inferred Mineral Resource of 766 million tonnes @ 0.33% copper equivalent, for a mineral inventory of 1.91 million tonnes of contained copper and 140 million pounds of contained molybdenum.

• An Inferred Mineral Resource of 1.29 billion tonnes for by-product metals of gold, silver and rhenium (not included in copper equivalent) for a mineral inventory of 3.3 million ounces ounces of gold, 56 million ounces of silver and 2.9 million ounces of rhenium.
• The Definitive Feasibility Study continuing, targeting an initial 10 year operating life with a start-up throughput of 25 million tonnes per annum.

Marengo Mining Limited (Marengo or the Company) has taken a further key step towards its objective of developing a substantial, long-life mining operation at its 100%-owned Yandera Copper-Molybdenum Project in Madang Province, Papua New Guinea, after announcing an upgraded mineral resource estimate.

The upgraded resource estimate, comprises an Indicated Resource of 527 million tonnes (Mt) at 0.38% copper equivalent (CuEq) and an Inferred Resource of 766 Mt at 0.33% CuEq, based on a 0.2% CuEq cut-off.

This compares with the previously announced mineral resource estimate comprised of an Indicated Resource of 163 Mt at 0.49% CuEq and an Inferred Resource of 497 Mt at 0.48% CuEq, based on a cut-off grade of 0.3% CuEq. It also represents a 92% increase on the previously reported Indicated Resource based on a cut-off grade of 0.3% CuEq

The updated resource was prepared in accordance with the JORC Code by international mining consultancy group, Golder Associates Pty Ltd, which prepared Marengo's May 2007 resource update. A full copy of Golder's current resource statement is attached as Appendix B to this news release.

The revised resource estimate incorporates all diamond drilling results including the 2008 field season (to July) totalling 175 drill holes for 56,969 metres of drilling.

Additionally, Marengo is pleased to report an Inferred Resource Estimate of 1.29 billion tonnes containing the by-product metals of gold (Au), silver (Ag) and rhenium (Re). Rhenium is an important metal in the manufacture of jet aircraft turbines and has increased tenfold in price over the past five years to US$11,500/kg (US$350/oz). The by-product metals have not been included in the copper equivalent values.

The upgraded mineral resource estimates for the Yandera Project are as follows:

YANDERA PROJECT

TABLE 1 – RESOURCE ESTIMATE

Copper-Molybdenum                        By-Products**

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Cut-off     Tonnes  CuEq Cu  Mo          Cut-off Tonnes Au Ag Re 

(% Cu Eq)* (million)(%) (ppm)(ppm)     (% Cu Eq) (million) (g/t) (g/t) (ppm)

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INDICATED RESOURCE

0.20 527.1 0.38 2,793 104

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0.25 410.5 0.43 3,109 118

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0.30 314.5 0.48 3,413 135

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INFERRED RESOURCE                      INFERRED RESOURCE

0.20 766.4 0.33 2,488 82                0.20 1,293.5 0.08 1.35 0.07

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0.25 519.3 0.38 2,879 94                0.25 929.8 0.08 1.46 0.08

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0.30 351.9 0.43 3,275 106               0.30 666.4 0.09 1.56 0.08 

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*Cu Eq. calculated as [Cu + (10 x Mo)]
**Not included in Cu Eq.

Definitive Feasibility Study Progress

In October 2007, Marengo commenced a Definitive Feasibility Study (DFS) with a number of internationally recognized organizations providing technical services, including GRD Minproc Limited, Coffey Natural Systems, Golder Associates, Brass Engineering and Klohn Crippen Berger.

The DFS, which is making good progress, is scheduled to be completed by mid 2009 and is based upon an initial 10 year open-pit mining operation, commencing at a throughput 25 million tonnes per annum. Current feasibility activities include metallurgical testwork, process plant design, tailings and concentrate pipeline design, and route selection, geotechnical studies and mine planning.

Marengo's Managing Director, Mr Les Emery, said: "This is an excellent outcome which reflects the success of our ongoing drilling programs at Yandera over the past three years. The true potential of the Yandera mineralised system is now becoming evident and we believe that Marengo's substantial land package gives every opportunity for the discovery of comparable deposits".

"It is Marengo's intention to demonstrate that the current resource is capable of supporting a large scale, long life mining operation, which will benefit both investors and the nation of Papua New Guinea."

"This resource update also includes for the first time an estimate for the by-product metals (gold, silver and rhenium) contained within the Yandera resource, enabling us to more accurately quantify the value of these metals to the overall project."

About Marengo Mining

Marengo Mining is an Australian based resource company, listed on each of the Australian (ASX), Toronto (TSX) and the Port Moresby (POMSoX) stock exchanges and is focused on the future development of the Yandera Copper-Molybdenum Project in the Madang Province, Papua New Guinea (PNG).

With a significant resource base already established and a landholding of approximately 1,500 square kilometres, within a highly prospective mineral region of PNG, Marengo believes that the Yandera Project has the potential to be an important supplier of copper and molybdenum concentrates to world markets for many years.

Marengo Mining is well funded, with a cash balance as at 30 September 2008 of A$19.8M (C$16.8M). – Press Release