ORA BANDA MINING LTD — Capital/Financing Update 2008

Apr 23, 2008

Level 1 23 Ventnor Avenue, West Perth, Western Australia 6005 Telephone: 61-8 9481 6422 Facsimile: 61-8 9481 6433

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24 April 2008

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

Dear Sir/Madam

Entitlement Issue – Allotment of Securities

Monarch Gold Mining Company Limited (ASX: MON) advises that it will issue and allot 19,950,760 shares in respect to the Rights Entitlement applications and Shortfall applications received by the Company to raise $8,977,842.00 under the Renounceable Entitlement Issue that was announced to the market on 18 March 2008. Holding Statements in respect to the allotment will be despatched to shareholders on or before 30 April 2008.

Monarch advises that the Shortfall under the entitlement offer was 10,000,000 shares and that the Directors will now proceed to place the remainder of the shortfall shares in accordance with the Entitlement Issue Prospectus within 3 months from the date of the Prospectus.

Yours sincerely,

Patrick McCole

Company Secretary

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