$20 million capital injection

Released today.


MARENGO MINING PRICES OFFERING

July 28, 2010 Perth, Western Australia:

Marengo Mining Limited (Marengo or the Company) (TSX: MRN, ASX: MGO) is pleased to announce that in connection with the proposed public offering of ordinary shares previously announced on April 22, 2010, the Company expects to enter into an agency agreement on or about July 29, 2010 with a syndicate of agents led by Paradigm Capital Inc., as lead agent, and including Fraser Mackenzie Limited to issue up to 240,000,000 units of the Company (Units) at a price of C$0.084 (A$0.09) per Unit for gross proceeds to the Company of up to C$20.16 million (A$21.64 million) (the Offering).

Each Unit shall be comprised of one ordinary share of the Company (a Unit Share) and a free attaching one-quarter of one ordinary share purchase warrant (each whole ordinary share purchase warrant, a Warrant).

Each full Warrant shall be exercisable to acquire one ordinary share of the Company (a Warrant Share) at a price of C$0.116 (A$0.125) for a period of three years from date of closing of the Offering.

A final short form prospectus in respect of the Offering in Canada is expected to be filed on or about July 29, 2010 in each of the provinces of Canada, except Qubec, Newfoundland and Labrador and Prince Edward Island.
The net proceeds from the Offering will be used (i) to complete the definitive feasibility study (the DFS) on the development of the Yandera copper-molybdenum-gold deposit located in Madang Province, Papua New Guinea (the Yandera Project), (ii) for the Companys district exploration program at the Yandera Project, and (iii) for general corporate and working capital purposes.

Financial close of the offering is scheduled for on or about August 11, 2010.

The Company has applied to list the Unit Shares and the Warrant Shares on the TSX. Listing of the Unit Shares and the Warrant Shares will be conditional upon Marengo fulfilling all of the listing requirements and conditions of the TSX.