ORA BANDA MINING LTD — Capital/Financing Update 2002

Nov 24, 2002

MONARCH RESOURCES LIMITED

62 Colin Street West Perth, Western Australia 6005 Telephone: 61-8 9321 3633 Facsimile: 61-8 9321 3644

25 November 2002

Manager Announcements Company Announcements Office Australian Stock Exchange Limited Level 4 20 Bridge Street SYDNEY NSW 2000

FACSIMILE: 1300 300 021 $(1 PAGE)$

Dear Sir/Madam

TIMETABLE FOR RIGHTS ISSUE

Pursuant to the prospectus issued by Monarch Resources Limited ("Company") on 9 August 2002, a pro-rata non-renounceable rights issue of options is to be undertaken 2 months after the listing of the Company's securities on Australian Stock Exchange Limited (ASX).

The record date for determining entitlements to the rights issue would thus fall on 29 December 2002. As this record date falls in the Christmas/New Year holiday period, the Company has determined that it would be appropriate to extend the record date to 14 January 2003. The extension has been approved by ASX.

Monarch considers that the extension is in the best interests of shareholders, as at will allow investors further time to consider whether to participate in the rights issue.

Pursuant to the rights issue, shareholders will be offered one (1) option for every two (2) shares held as at the record date, at a subscription price of 0.5 cents per option. The options will be exercisable into fully paid shares at an exercise price of 20 cents each on or before 31 July 2006.

The revised timetable for the rights issue is as follows:

Lodgement of prospectus with the ASIC	3 January 2003
Record date	14 January 2003
Despatch of prospectus and entitlement forms to shareholders	17 January 2003

Accordingly, all fully paid shareholders registered as at 5.00 p.m. on 14 January 2002 will be entitled to participate in the rights issue.

Yours faithfully

FRANK C Company Secretar