Marengo Mining to place 3.3m shares at 15c with options08:47,...

Marengo Mining to place 3.3m shares at 15c with options
08:47, Friday, 10 June 2005

Sydney - Friday - June 10: (RWE Australian Business News) -

Marengo Mining Ltd (MGO) has arranged a placement to raise an additional
$500,000, principally earmarked for accelerating its newly acquired
Papua New Guinea copper, gold and molybdenum interests.

The placement, to be completed through RM Capital Pty Ltd, a
Perth-based Australian Financial Services Licensee, will involve the
issue of 3.33 million shares at 15c each, together with 1-for-1 free
attaching options, exercisable at 20c a share by February 28 2008.

This will be subject to shareholder approval, for which a notice
of meeting will be issued shortly.

Upon completion of the placement, Marengo will have available
funds of $2 million and 37 million shares on issue.

Marengo traded steady at 15.5c yesterday.

ENDS