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Marengo Mining Limited (TSX:MRN)(ASX:MGO)(POMSoX:MGO) - 

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Chairman's Address

Ladies and Gentlemen

It is always pleasing to address shareholders at an Annual General Meeting after
yet another year of considerable progress and achievement by the company.


Marengo Mining Limited has certainly maintained the momentum of last year at
both operational and corporate levels, against a backdrop of global economic
uncertainty, stockmarket volatility and fluctuating commodity prices.


There have been several key factors enabling Marengo to consolidate and build
further on its position. They include our strategic alliance with a major
Chinese engineering and construction group; the continuing confidence and
support of our international investors; the continuing progress on our flagship
Yandera Project; the careful maintenance and building of good relationships with
all levels of government in Papua New Guinea, as well as with the people of the
local communities in which we operate; and the wealth of talent, drive and
commitment of all who are working to establish a sound future for the company. 


The alliance with China Nonferrous Metal Industry's Foreign Engineering and
Construction Co. Ltd. (NFC), one of China's largest manufacturing and
engineering groups, is a key component in our drive to bring to successful
completion the Yandera Project Definitive Feasibility Study, which is itself a
major undertaking.


This important alliance will result in NFC becoming the principal contractor for
the construction of the Yandera Project under an Engineering, Procurement and
Construction Contract, as well as facilitating financing of at least 70% of the
project development costs with Chinese banks. Our standing in the financial
markets continues to be bolstered by the confidence and support of our major
backers both here in Australia and in North America, who have continued to
consolidate their holdings in our most recent capital raising.


The progress and importance of the Yandera Project have been recognised by the
Papua New Guinea Government as another significant development of the long-term
resource base of PNG. This recognition is evidenced in the PNG Government's
recent entering into the Yandera Project Investment and Co-operation Agreement
through the State owned company Petromin, which will lead indirectly to the
Government acquiring a 30% stake in the Yandera Project.


We place a high priority on our responsibility to be good corporate citizens in
PNG, and on paying careful attention to the interests and wellbeing of the local
communities whom we are happy to support in many different and significant ways.
We are proud that we continue to be welcomed by the communities, and that we
enjoy productive, friendly and cooperative relationships with them. 


We are building up our staff with specific appointments to meet our growing
needs, and we are most fortunate in the quality of the people whom we have been
able to attract to work with us at Marengo. This applies right across the
spectrum of our workforce, with so many people who are genuinely interested in
the future success of the company, and who are contributing positively to build
that success. 


A more detailed outline of the above is included in Managing Director Les
Emery's address, which will follow. 


On a broader front, we note the investment community's attention to the
emergence of China as a major player on the world political and economic stage.
From a commodities perspective, barely a day goes past without some reference to
China's current and likely future position on metals consumption, and its impact
on prices.


We at Marengo take a long-term view of China's predicted demand for copper, and
of the price of the red metal itself. China is an important market for us. Our
immediate imperative is to develop the Yandera Project to production stage so
that Marengo can take advantage of market opportunities both in the near term,
and for the long-term life of the project.


Marengo's Board of Directors is sharpening its focus to deal with the challenges
that will lie ahead. I believe we have an extraordinarily capable board with
directors from Australia, Canada, Papua New Guinea and Germany, who are fully
committed to the development of what is one of the largest undeveloped copper
porphyries in the Asia Pacific region. 


I thank my fellow directors for their support and encouragement, and for their
wise counsel.


I thank Les Emery for his management and leadership, and I also thank our entire
management team, our staff and employees, contractors and consultants, in Papua
New Guinea, Australia and elsewhere, for the part each member of the Marengo
family has played in bringing the company to where it now is. Everyone is
important at Marengo.


I thank the shareholders attending today's meeting, and those who are unable to
attend, for their continuing support. I assure you all that we will continue to
apply all our energies to achieve success for Marengo and for all its
stakeholders.


John Horan
Chairman
10 November 2011

Managing Director's Review of Activities 

Ladies and Gentlemen, 

I am pleased to provide a summary of the past year's achievements of Marengo
Mining Limited, in particular, those relating to the Yandera project. 


The past financial year saw the Company again focus all of its attention on the
Yandera Project, principally on the Definitive Feasibility Study ("DFS"). 


Funding for this major undertaking continued to be sourced from equity issues to
existing and new investors, and the decision to list on the Toronto Stock
Exchange in 2008 was again vindicated, as North American investors strongly
supported these fundraisings. 


An aggressive drilling campaign continued at Yandera, with at times eight drill
rigs operating on the site. Tasks undertaken included further in-fill drilling,
infrastructure sterilization drilling and geotechnical drilling. A very
creditable 34,790 metres were completed during this phase. 


A revised Resource Estimate was completed in February of this year, with
particular emphasis on moving the resource categories to higher classifications,
to aid in mine planning. It is expected that a further revised resource estimate
will be completed and released prior to the end of 2011. 


The strong bond with one of China's largest manufacturing and engineering
groups, in China Nonferrous Metal Industry's Foreign Engineering and
Construction Co Ltd ("NFC") continued during the year and has been enhanced
since the end of last financial year with their added involvement in the process
plant design and metallurgical testwork program. With the assistance of NFC the
project capital costs will be reviewed on the basis of NFC supplying equipment
and construction services to the Yandera Project under a fixed price contract,
for the total project development. 


The previously executed Memorandum of Understanding with NFC, is designed to not
only secure a fixed price construction contract, but also a substantial amount
of Chinese bank funding. The structure of the arrangements with NFC will see
Marengo continue to retain a controlling interest in the project, whilst
securing supply, construction and financing from major Chinese banks. 


Since the end of the year, Marengo has also entered into the Yandera Project
Investment and Co-operation Agreement ("the Agreement") with Petromin PNG
Holdings Limited and its wholly owned subsidiary. Eda Kopa (Yandera) Limited
("Petromin").


As previously announced, Petromin has been nominated by the Government of Papua
New Guinea to take up the State's interest in the Yandera Project. 


Petromin is a resource and investment company established by the PNG Government
to hold the Government's interest in, and invest in the development of mining,
oil and gas projects in PNG.


The Agreement establishes the process by which a Mining Equity Agreement ("MEA")
will be developed by the parties to enable Petromin to acquire a 30%
contributing interest in the Yandera Project, once the DFS has been completed
and the Mining Development Contract is entered into with the State. At the time
of entering into the MEA, Petromin will be required to reimburse Marengo's sunk
costs on the project, in proportion to Petromin's participating interest. 


Activities on the DFS continue apace and target its completion as soon as
practicable in 2012. An undertaking of this magnitude should never be
underestimated and as the decisions to be made over the next year will have a
major effect on both the Yandera Project and Marengo for many years to come,
they need to be made with as much information as possible. 


With all of these activities underway, Marengo continues to engage a large
workforce, which includes staff, consultants and casual labour. All of these
people continue to provide Marengo with the highest level of effort and
enthusiasm for the task at hand. 


Marengo is also to continuing its efforts to demonstrate the further potential
of the Yandera geological belt and activities have moved further afield to
explore what is considered to be a highly prospective region. 


The Company continues to work closely with the communities in and around Yandera
and continues to be sensitive to their needs. Continuous consultation with all
stakeholders is the key to any successful activity and Marengo believes that the
effort put into this area is well justified. 


Marengo is committed to providing a safe and healthy workplace and continues to
take steps to ensure that this is practiced at all levels within the Company. As
the Company's activities expand, so do our efforts to ensure that safety is a
primary consideration. The extension of medical services by Marengo to local
communities is another area where our presence continues to make a big
difference. 


The Company is fortunate in having such a prestige project, very supportive
investors and strategic partners. These are complemented by the Marengo team and
in particular the skills and dedication of the staff and management. It is
imperative that shareholders continue to support them by supporting the various
initiatives to retain their focus and loyalty. Failure to do so will be to the
detriment of the Company. 


Finally I would like to thank our Chairman, John Horan and our fellow directors
for their ongoing commitment and support, our staff and consultants for their
considerable efforts and to the people of the Yandera region for continuing to
welcome Marengo with warmth, and enthusiasm. 


Thank you 

Les Emery
Perth, Western Australia
10 November 2011
www.marengomining.com

This news release does not constitute an offer to sell or the solicitation of an
offer to buy any ordinary shares within the United States. The ordinary shares
have not been offered and will not be registered under the United States
Securities Act of 1933, as amended (the "1933 Act"), or any state securities
laws. Accordingly, the ordinary shares may not be offered or sold in the United
States or to U.S. persons (as such terms are defined in Regulation S under the
1933 Act) unless registered under the 1933 Act and applicable state securities
laws or an exemption from such registration is granted.


ABN 57 099 496 474

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