ORA BANDA MINING LTD — Capital/Financing Update 2008

Jan 14, 2008

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15 January 2008

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

Dear Sir/Madam

Riverina Ready to Roll – Project Update

Attached is a Media Release in regard to the above.

Yours sincerely

Keith Vuleta Company Secretary

MEDIA RELEASE

15 January 2008

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RIVERINA READY TO ROLL – PROJECT UPDATE

Monarch Gold Mining Company (ASX / DIFX:MON) is pleased to announce further positive drilling results at its high grade Riverina deposit. With approvals received this month, the project is nearing production.

Monarch Managing Director Matthew Gill said recent drilling has confirmed the high grade resource at Riverina, and highlighted the potential for extensions outside of the current pit plan.

“Riverina is really shaping up, and these further positive drilling results auger well for the Company as it moves to ramp up activity at the project and capitalise on the strong gold prices,” Mr Gill said.

Riverina currently has an indicated and inferred resource of 1.64 million tonnes @ 3.8g/t Au for 200,000 ounces. Monarch has committed $11 million this financial year for its exploration programme to increase resources and extend mine life across its Goldfields tenements.

Promising intersections from drilling within the optimised pit area at Riverina include:

• RMRC067; 4m @ 7.09g/t Au from 36m.

• RMRC068; 8m @ 5.68g/t Au from 24m.

Highlights outside the pit area at Riverina include:

• RMRC051; 6m @ 3.75g/t Au from 36m and 5m @ 65.8g/t Au from 72m (original 4m composite sample assayed at 63.1g/t), east of the main Riverina Pit, and immediately south of the Reggies South optimised pit.

• RMRC018; 7m @ 5.0g/t Au from 15m .

• RMRC079; 11m @ 5.32g/t Au from 75m .

• These last two intersections are north of the current Riverina pit area and will potentially help add strike length to the main Riverina Pit.

Mr Gill said Monarch had brought forward planned mining at Riverina, and was due to commence mining within the first quarter of 2008. The Company has a revised mining plan in place which will deliver a steady but substantial ramp up in production over the next 12 months.

“Monarch is unhedged and in production, with the largest Australian-controlled landholding in the Kalgoorlie region,” Mr Gill said.

“We are steadily increasing production at Davyhurst, and as we do, our per-unit costs will reduce which is further good news for shareholders,” Mr Kiernan said.

Monarch now has the necessary mining and environmental approvals in place to commence operations at Riverina, with its Mining Proposal approved by the Department of Industry and Resources this week.

For further information, please contact:

Michael Kiernan Warrick Hazeldine Chairman - Monarch Gold Purple Communications Tel: 08 9481 6422 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, two state-of-the-art gold treatment plants, 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 1.5m oz within a 2,000 sq km tenement package and 1.2mtpa gold processing facility (+1.2Moz historic production)

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 2.7m ounces, ground package of 330 tenements covering approximately 1,100 square kilometres and a 2.7mtpa capacity gold processing facility.

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.

Monarch is focussed on gold production, with a target to be producing 500,000oz per annum by December 2009.

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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Riverina Drilling Intercepts

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Monarch Gold Mining Company Projects

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