ORA BANDA MINING LTD — Major Shareholding Notification 2004

Dec 22, 2004

MONARCH RESOURCES LIMITED

62 Colin Street, West Perth, Western Australia 6005 Telephone: 61-8 9481 6422 Facsimile: 61-8 9481 6433

23 December 2004

Manager Announcements Company Announcements Office Australian Stock Exchange Limited Level 4 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

SUBSTANTIAL SHAREHOLDING NOTICES

Please find enclosed Notices of Change of Interests of Substantial Shareholder which have been lodged with Monarch Resources Limited by Crawley Investments Pty Ltd and Laurence James Kiernan

Yours faithfully

FRANK CAMPAGNA Company Secretary

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	MONARCH RESOURCES LIMITED ("MONARCH")
ACN/ARSN	100 038 266
1. Details of substantial holder(1)
Name ACN/ARSN (if applicable)	CRAWLEY INVESTMENTS PTY LTD 094 261 131
There was a change in the interests of the substantial holder on	23/12/2004
The previous notice was given to the company on	29/10/2002
The previous notice was dated	29/10/2002

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
ORDINARY SHARES	13.045.002	30.74%	13.695.002	28.93%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change $(7)$	Class and number of securities affected	Person's votes affected
25/11/02 to 24/08/04	Crawley Investments Pty Ltd	Dilution by issue of shares by Monarch		13,045,002 ORDINARY SHARES	13,045,002
23/12/04	Crawley Investments Pty Ltd	Off-market transfer of 1,250,000 shares by Crawley Investments Pty Ltd	Νi	1,250,000 ORDINARY SHARES	1,250,000
23/12/04	Crawley Investments Pty Ltd	Exercise of 1,900,000 options by Crawley Investments Pty Ltd	\$380,000 (exercise) price of \$0.20 per option)	1,900,000 ORDINARY SHARES	1,900,000

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
Crawley Investments Pty Ltd	Crawley Investments Pty Ltd	Crawley Investments Pty Ltd	Crawley Investments Pty Ltd holds shares directly in Monarch	13,665,002 ORDINARY SHARES	13,665,002
Crawley Investments Pty Ltd	Michael Laurence Kiernan	Michael Laurence Kiernan	Mr Kiernan holds shares directly in Monarch, Mr Kiernan is an associate of. Crawley Investments Pty Ltd by virtue of Mr Kieman being the sole director of, and 20% shareholder in. Crawley Investments Pty Ltd	15,000 ORDINARY SHARES	15,000
Crawley Investments Pty Ltd	Sarah Elizabeth Kiernan	Sarah Elizabeth Kiernan	Ms Kiernan holds shares directly in Monarch. Ms Kiernan. is an associate of Crawley Investments Pty Ltd by virtue of holding a 40% interest in Crawley Investments Pty Ltd.	15,000 ORDINARY SHARES	15,000

1. Changes in association
   The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (it applicable ®	Nature of association

6. Addresses

The addresses of persons named in this form are:

Name	Address
CRAWLEY INVESTMENTS PTY LTD	PO BOX 870 WEST PERTH, WA 6872
MICHAEL LAURENCE KIERNAN	PO BOX 870 WEST PERTH, WA 6872
SARAH ELIZABETH KIERNAN	PO BOX 870 WEST PERTH, WA 6872

Signature

print name

sign here

MICHAEL LAURENCE KIERNAN

date 23/12/04

Capacity: Director

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the $(1)$ manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(3)$
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(5)$
• Include details of: $(6)$
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, $(a)$ a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement: and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of $(b)$ the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• $(7)$ Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• If the substantial holder is unable to determine the identify of the person (eq. if the relevant inferest arises because of an option) write "unknown". $(8)$
• $(9)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme		MONARCH RESOURCES LIMITED ("MONARCH")
ACN/ARSN	100 038 266
1. Details of substantial holder(1)
Name ACN/ARSN (if applicable)		LAURENCE JAMES KIERNAN
There was a change in the interests of the substantial holder on		23/12/2004
The previous notice was given to the company on		29/10/2002
The previous notice was dated		29/10/2002

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
ORDINARY SHARES	18,325,002	43.19%	18.665.002	39.43%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company are as follows:

Date of change	Person whose relevant interest changed	Nature of change $(6)$	Consideration given in relation to change $(7)$	Class and number of securities affected	Person's votes affected
Refer Annexure A

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
Laurence James Kiernan	Laurence James Kiernan	Laurence James Kiernan	Mr Kiernan holds a direct shareholding in Monarch	5,000,000 Ordinary Shares	5,000,000
Laurence James Kiernan	Crawley Investments Pty Ltd	Crawley Investments Pty Ltd	Relevant interest by virtue of Mr Kiernan holding a 40% shareholding in Crawley Investments Ptv Ltd	13,665,002 Ordinary Shares	13,665,002

1. Changes in association
   The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial
   holder in relation to voting interests in the c

Name and ACN/ARSN (if applicable)	Nature of association

6. Addresses

The addresses of persons named in this form are:

l Name	Address
LAURENCE JAMES KIERNAN	PO BOX 1008 CLAREMONT, WA 6910
I CRAWLEY INVESTMENTS PTY LTD.	PO BOX 870 WEST PERTH, WA 6872

Signature

LAURENCE JAMES KIERNAN capacity print name

sign here

date 23/12/04

ANNEXURE A TO FORM 604

Changes in relevant interests

Date of change	Person whose relevant interest has changed	Nature of change	Consideration given in relation to change	Class and number of securities affected	Person's votes affected
25/11/04 to 24/08/04	Laurence James Kiernan	Dilution by issue of shares by Monarch		18,325,002 shares	18,325,002
30/07/03	Laurence James Kiernan	On-market sale by Laurence James Kiernan	\$3,000	15,000 shares	15.000
30/02/02 to 19/08/03	Laurence James Kiernan	On-market sales by Hermes Capital Pty Ltd of which Mr Kiernan is the sole director	\$50,200	250,000 shares	250,000
30/07/03	Laurence James Kiernan	On-market sale by Athena Capital Pty Ltd which is controlled by Mr Kiernan	\$3,000	15,000 shares	15,000
31/07/03	Laurence James Kiernan	On-market sale by Mutto Pty Ltd of which Mr Kiernan is the sole director	\$3,000	15,000 shares	15,000
30/07/03	Laurence James Kiernan	On-market sale by Elizabeth Rachel Clarkson who is the spouse of Mr Kieman	\$3,000	15,000 shares	15,000
23/12/04	Laurence James Kiernan	Off-market transfer of 1,250,000 shares by Crawley Investments Pty Ltd	Nil	1,250,000 shares	1,250,000
23/12/04	Laurence James Kiernan	Exercise of 1,900,000 options by Crawley Investments Pty Ltd	\$380,000 (exercise price of \$0.20 per option)	1,900,000 shares	1.900.000

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eq. a corporation and its related corporations, or the $(1)$ manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.
• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(3)$
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• $(5)$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• $(6)$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, $(a)$ a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of $(b)$ the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, $(7)$ or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• If the substantial holder is unable to determine the identify of the person (eq. if the relevant interest arises because of an option) write "unknown". $(8)$
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $(9)$