BOWGAN PROJECT

Northern Territory
Target - Uranium & Gold

The Project consists of 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 previously farmed out its Bowgan Project to a subsidiary of Mega Uranium Ltd ("Mega"). Mega has further farmed out the project to Bowgan Minerals Limited ("Bowgan") whereby Bowgan can earn up to an 80% interest in the project, by expending $1.28M, within five years. Upon completion of Bowgan's expenditure, Marengo will retain a 10% interest.