ORA BANDA MINING LTD — Capital/Financing Update 2008

Apr 14, 2008

MEDIA RELEASE

15 April 2008

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HIGH GRADE EXPANSION AT MOUNT IDA

Monarch Gold Mining Company (ASX /DIFX:MON) is pleased to provide the following update on its Mt Ida underground gold mining project north of Kalgoorlie.

Production ramp up at the high grade Mount Ida operation is mostly complete, and the mine is expected to deliver 4,000 tonnes of ore in April at a delivered grade of 14g/t Au.

Monarch Chairman Michael Kiernan said Mt Ida was now ramping up on schedule and poised to hit its straps.

“Planned production at Mount Ida is expected to reach a steady state of 4,000 ounces per month by July, at an average grade of 19.42 g/t and will be a key contributor to Monarch’s 60,000 ounce target by the first half of FY 2008/09,” Mr Kiernan said.

Monarch is developing 12 headings on ore which will allow for the expansion of stoping operations and increase in mine output in coming months. Stoping is expected to commence this month as the Company has received approval from the Department of Consumer and Employment Protection for its Mt Ida Project Management Plan, which was required prior to the commencement of stoping.

Refurbishment of the Timoni Shaft to access and develop Level 8 is also well advanced, with Monarch purchasing two new underground loco’s for the development.

The mining camp has been expanded to meet the growing workforce, with ensuited accommodation for more than 60 staff, and upgraded facilities including new kitchen, mess and mine site ablution block.

Monarch has also commenced mining operations on a fly-in / fly-out basis, with charter flights directly to site which significantly minimises crew change over time, resulting in costs savings and improved productivity.

The Mt Ida Project includes 111,000 ounces of resources within four areas - the Baldock, Whinnen, Meteor and Timoni deposits.

Monarch has recently undertaken an initial small drilling program to the south of the Baldock lode, down plunge, which has confirmed the continuation of the high grade mineralised system for at least a further 100 metres. Intercepts include 3.67m @ 14.9 g/t Au in hole IDD002 and 1.07m @ 14.80 g/t Au in hole IDD001.

The Company also believes there is potential for further significant discoveries within the Timoni mining centre, which contains at least four sub parallel lode systems, including the historical Timoni mine. The mine produced 265,000 ounces at 16.3 g/t Au and past drilling within the mining centre is quite limited.

For further information, please contact:

Michael Kiernan Chairman - Monarch Gold Tel: +61 8 9481 6422

Warrick Hazeldine

Purple Communications Tel: +61 (0)8 9485 1254 Mob: +61 (0)417 944 616

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Background

The Company has a resource base of more than five million ounces, two state-of-the-art gold treatment plants (Davyhurst and Mt Magnet), and has dominant ground positions in the prolific gold mining region to the north-west of Kalgoorlie.

Monarch now has the largest Australian-controlled ground position in the Kalgoorlie region and an expanded footprint in the Mount Magnet region.

Monarch remains firmly on track with its production targets, with mining commenced at the Davyhurst and Mt Ida projects.

Growth Strategy

Monarch’s growth strategy is focused on two major potential production centres in Western Australia:

Davyhurst Gold Project – Davyhurst Project gold resources of over 1.5 million ounces (comprising Measured – 0.26MT @ 3.1 g/t Au, Indicated – 12.38MT @ 2.3 g/t Au, Inferred – 6.89MT @ 2.4 g/t Au within a 2,000 sq km tenement package and 1.2mtpa gold processing facility (+1.2Moz historic production). First bullion was poured in August 2007. Davyhurst Gold Project incorporates the Riverina Project – 200,000 ozs (comprising Indicated – 1.46MT @ 3.5 g/t Au, Inferred – 0.18MT @ 5.6 g/t Au) and also the Mt Ida Project – 111,000 ozs (comprising Measured – 55,000T @ 32.8 g/t Au, Indicated – 6,000T @ 33.8 g/t Au, Inferred – 83,000T @ 17.5 g/t Au within four areas - the Baldock, Whinnen, Meteor and Timoni deposits. Monarch commenced mining gold in July 2007.

Mt Magnet Gold Project – gold resource of 2.7 million ounces (comprising Measured – 2.35MT @ 2.4 g/t Au, Indicated – 16.12MT @ 3.5 g/t Au, Inferred – 9.00MT @ 3.0 g/t Au), a ground package of 330 tenements covering approximately 1,100 square kilometres and a 2.7mtpa capacity gold processing facility (+10 million ounces of current resources and past production).

Monarch’s strategy has been to capture opportunities for the consolidation of gold development assets which have not in the past realised their full potential, either due to a lack of capital or to limited exploration.

For further information visit: www.monarchgold.com.au

So far as it relates to ore and mineralisation, this report is based on information compiled by John Davis, who is a Member of the Australian Institute of Mining and Metallurgy and the Australian Institute of Geoscientist. Mr Davis has sufficient experience which is relevant to the style of the mineralisation and type of deposit under consideration and to the activity which he is undertaking, to quality as a Competent Persons as defined in the 2004 Edition of the Australasian Code for Reporting for Exploration Results, Minerals Resources and Ore Reserves. Mr Davis is a full time employee of the Company. This report accurately reflects the information complied by Mr Davis. Mr Davis has consented to the inclusion of this information in the form and context in which is appears in this report.

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Monarch Gold Mining Company Projects

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