ORA BANDA MINING LTD — Capital/Financing Update 2008

Feb 14, 2008

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15 February 2008

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

Dear Sir/Madam

Monarch raises $10m for ongoing development

Attached is a Media Release in regard to the above.

Yours sincerely

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Patrick McCole Company Secretary

ASX / MEDIA RELEASE

15 February 2008

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Monarch raises $10m for ongoing development

Monarch Gold Mining Company (ASX / DIFX:MON) announces that it will raise $10 million through share placements, to complete the mine development at Riverina (3.8g/t) and Mt Ida (24.0g/t). Full production from these centres is planned within the next Quarter.

The fund raising is being completed by the placement of 20 million shares at 50 cents per share to institutional and sophisticated investors.

Monarch Chairman Michael Kiernan said the funds raised exceeded the Company’s target, with the number of shares placed being within the Company’s 15% capacity.

“The funds will be put to immediate use as we bring forward commencement of mining at the robust Riverina prospect, and steadily increase production from Davyhurst as part of our redesigned mine plan,” he said.

Mr Kiernan said Monarch was continuing its steady and solid increase in production at the Davyhurst project and as the Company is unhedged we are able to capitalise on the current market strength in gold. The Company also has no Bank debt.

Monarch recently agreed to acquire the Mt Magnet Gold Project which included the historic Hill 50 gold mine.

“The highly prospective Mt Magnet Gold Project is a major strategic acquisition for Monarch and its shareholders, adding established gold resources, a quality gold processing plant and one of the largest tenement packages in the region,” he said said.

When both Davyhurst is in full production (125,000 oz pa) together with Hill 50 (150,000 oz pa – 2[nd] half 2009) the Company will have a combined production of 275,000 oz pa with a healthy profit margin.

As large landholders in the Kalgoorlie and the Mt Magnet regions the Company strives to create long term and lasting shareholder value underpinned by ongoing substantial exploration programs.

For further information, please contact:

Michael Kiernan

Chairman - Monarch Gold Tel: 08 9481 6422

Warrick Hazeldine Purple Communications Tel: +61 (0)8 9485 1254 Mob: 0417 944 616

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Background

The Company has a resource base of more than five million ounces, three state-of-the-art gold treatment plants (Davyhurst, Minjar 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.

Minjar - gold resources of over 400,000oz within a 1,722 sq km tenement package and 600,000tpa gold processing facility (+120,000oz historic production)

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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