ORA BANDA MINING LTD - AGM Information 2008

==> picture [594 x 85] intentionally omitted <==

1 May 2008

Manager Announcements Company Announcements Office ASX Limited Level 4, 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

General Meeting Chairman’s Address

Attached is a copy of the Chairman’s Address to the General Meeting of Shareholders to be held on 2 May 2008 at 3.00pm.

Yours faithfully

Patrick McCole

Company Secretary

==> picture [593 x 68] intentionally omitted <==

==> picture [72 x 38] intentionally omitted <==

2 MAY 2008 AT 3.00 P.M.

Post the March 2008 quarter, the Company undertook a Rights Issue raising of $8.98 million. The balance of 10,000,000 shares for $4.5million will be placed by the Board in the next 3 months.
The Company has agreed, as outlined in Quarterly Report, to sell the Minjar Project for $11.0 million, consisting of $7.5 million cash and $3.5 million in shares in Group to be listed in second-half of this year.
The Board is pleased that Territory Resources is now the Company’s major shareholder (just under 20%).
The Board is most disappointed that the current share price has fallen significantly and is obviously a reflection of the lack of confidence in the company going forward.
The Board’s prime focus is to ensure production initially reaches a break-even level and then ultimately reaches production targets to ensure a reasonable margin and return.
Our staff have completed the first phase of a Resource review for the Mt Magnet Project and have identified several significantly prospective open pit targets. A more complete report will be released to the market in about a fortnight.
The Company has had an approach to sell the Bellevue Project and discussion are currently underway.
Going forward the Company will focus on the Davyhurst and Mt Magnet Gold Projects which, at full production, will produce a budgeted target of 250,000 ounces per year.

Production for the Quarter ended March 2008 has been disappointing.
Development has been 3 to 4 months behind schedule.
Production to-date has been less than targeted.
The production target for May 2008 is 7,200 ounces which is marginally above break-even point and therefore the Company should become cash neutral during the month.
1 -
The production target for June is 8000 ounces and the target for the first 6 months of the next financial year is on average just under 10,000 per month.
Should the company reach its targets, the average production cash cost will range between $650-700 AUD/oz and thereby produce a reasonable margin.

Grades from the recently commenced Missuouri and Sand King deposits are in line with expectations being combined marginally above 2.5 g/t and will be augmented by Riverina ore which is expected to be 2.6g/t.

Development of Mt Ida has been slower than hoped for, but nevertheless it is starting to hit its straps and we expect May & June to produce 2,500 ounces each month (anticipated grade 15g/t) increasing to an average of over 4,000 ounces per month for the first 6 months of the next financial year (with a projected grade of 18g/t).

Michael Kiernan Chairman Monarch Gold Mining Company Limited