Projects: Australia

See also PNG Projects.

BOWGAN PROJECT, NT
ASHBURTON PROJECT, WA

As a result of Marengo's focus on its Papua New Guinea projects, most of its Australian projects have been either farmed out or relinquished. Those remaining are as follow:

BOWGAN PROJECT - Northern Territory

(Marengo diluting to 25%)
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.

OTHER PROJECTS - Western Australia

Agreement has been reached with FMG Pilbara Pty Ltd, a subsidiary of Fortescue Metals Group, for that company to acquire Marengo's remaining Ashburton tenements in exchange for a royalty participation in any iron ore product subsequently produced from the tenement area.