ORA BANDA MINING LTD — Capital/Financing Update 2008

Apr 7, 2008

MEDIA RELEASE

08 April 2008

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MONARCH SELLS MINJAR GOLD PROJECT

Monarch Gold Mining Company (ASX /DIFX:MON) is pleased to advise it has agreed to terms for the sale of its Minjar project, located 500km north of Perth and south-west of Mount Magnet.

The successful bidder for the project was Aard Metals and Energy Limited, with the agreement involving a cash and equity arrangement worth $11 million.

In December 2007, Monarch engaged Prime Corporate Finance to market the Minjar Gold Project. Final bids for the sale were submitted by 14 March 2008, with the finalisation of the sale agreement to be completed by 11 April 2008.

Monarch Chairman Michael Kiernan said the Minjar assets were no longer a core part of the Company’s strategic direction, with Monarch focussing its efforts in the region on its recently acquired Mount Magnet.

The Minjar package includes gold resources of more than 400,000oz within a 1,722 sq km tenement package and a 600,000tpa gold processing facility.

Mr Kiernan said there had been a high level of interest in the Minjar asset, with 31 parties expressing interest in the project.

Aard Metals is an unlisted exploration public company scheduled to list on the ASX in mid 2008. It will take possession of the Minjar assets in June 2008.

The offer includes:

• $1m cash upon signing as a non-refundable deposit,

• $4m cash by 30 June 2008,

• $2.5m cash by 31 December 2008 and

• $3.5m of equity by 31 December 2008.

Aard has the option to nominate another approved entity to make the acquisition. The management team behind Aard have many years mining, exploration and project development experience, including at Kambalda, Norseman, Kalgoorlie, Southern Cross and successful project acquisitions, like Central Norseman Gold Corporation from Croesus Mining NL. Aard has developed a strategy to rapidly consolidate smaller gold mining operations which are now becoming viable. Minjar represents the cornerstone for Aard's vision.

For further information, please contact:

Michael Kiernan Chairman - Monarch Gold Tel: +61 (0)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 4.6 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 four potential production centres in Western Australia:

Davyhurst - gold resources of over 1.5 million ounces 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.

Riverina Project - indicated and inferred gold resources totalling 1.64 million tonnes @

3.8 g/t Au for 200,000oz.

Mt Ida - resources are stated as 143,000t at 24.0 g/t containing 110,650oz of gold within four areas - the Baldock, Whinnen, Meteor and Timoni deposits. Monarch commenced mining gold in July 2007.

Bellevue - gold resources of 120,000oz associated with the historic Bellevue Gold Mine, one of WA’s premier gold operations (750,000oz historic production)

Mt Magnet – gold resource of 2.7 million ounces, 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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