Sentient III acquires securities of Marengo Mining Limited

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR DISSEMINATION IN THE UNITED STATES/

MONTREAL, Aug. 18 /CNW Telbec/ - Sentient Executive GP III, Limited ("Sentient III") announces that, in connection with a financing announced by Marengo Mining Limited ("Marengo") on April 22, 2010 and June 16, 2010, it has acquired control over 63,960,000 units ("Units") of Marengo on August 11, 2010. Each Unit is comprised of one ordinary share in the capital of Marengo (a "Marengo Share") and a free attaching one-quarter of one ordinary share purchase warrant of Marengo (each whole ordinary share purchase warrant, a "Marengo Warrant"). Each Marengo Warrant entitles the holder thereof to acquire a Marengo Share at a price of $0.116 per share. The Marengo Warrants are exercisable until August 11, 2013. As such, Sentient III acquired control over 63,960,000 Marengo Shares and 15,990,000 Marengo Warrants.

Sentient III has control or direction over 63,960,000 Marengo Shares (representing approximately 8.66% of the outstanding Marengo Shares), and the right to acquire 15,990,000 Marengo Shares through the 15,990,000 Marengo Warrants.

In the event all of the 15,990,000 Marengo Warrants are fully exercised, Sentient III would acquire control over a maximum of 79,950,000 Marengo Shares (including the 63,960,000 Marengo Shares over which Sentient III has control or direction). These combined holdings would represent approximately 10.59% of the outstanding Marengo Shares, calculated on a partially diluted basis assuming the full exercise of the 15,990,000 Marengo Warrants only.

Under relevant securities laws, Sentient Executive GP II, Limited (for the general partner of Sentient Global Resources Fund II, L.P. and as custodian of Sentient Global Resources Trust II) (collectively, "Sentient II"), a related entity of Sentient III, may be considered as acting jointly or in concert with Sentient III.

Sentient III and Sentient II have control or direction over 196,619,080 Marengo Shares in the aggregate (representing approximately 26.61% of the outstanding Marengo Shares), and the right to acquire 15,990,000 Marengo Shares through the 15,990,000 Marengo Warrants in the aggregate. In the event all of the 15,990,000 Marengo Warrants are fully exercised, these combined holdings would represent approximately 28.17% of the outstanding Marengo Shares, calculated on a partially diluted basis assuming the full exercise of the 15,990,000 Marengo Warrants only.

Sentient III acquired the 63,960,000 Units for investment purposes only and not with a view to materially affecting control of Marengo. Sentient III and its joint actors have no present intention of acquiring beneficial ownership or control over additional securities of Marengo.

For further information:

Sue Bjuro at [phone]