ORA BANDA MINING LTD — Major Shareholding Notification 2008

Feb 26, 2008

Territory Resources Limited

23 Ventnor Avenue, West Perth WA 6005 Telephone: +61 8 9483 5100 Facsimile: +61 8 9483 5111

27 February 2008

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

Dear Sir/Madam

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ASIC FORM 603 - NOTICE OF INITIAL SUBSTANTIAL SHAREHOLDING

Attached is a Notice of initial substantial holder in respect to Territory Resources Limited group's acquisitions of shares in Monarch Gold Mining Company Limited.

Yours sincerely

Patrick McCole Company Secretary

Form 603

Corporations Law Section 671B

Notice of initial substantial holder

Tο Company Name/Scheme	Monarch Gold Mining Company Limited
ACN/ARSN	100 038 266
1. Details of substantial holder (1) Name	Territory Resources Limited
ACN(if applicable)	100 552 118
The holder became a substantial holder on	26 / 2 / 2008

2. Details of 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 on the date the substantial holder became a substantial holder are as follows:

Close A വ securities ة،	Number securities -ot	------------ (5) Persons: votes	(6) , power ting
--------------------------------------- --------------------------------------	----------------- 760 $a \cdot$ - - --------------------------------------	_________ $\cdots$	_________ 5.2%
_________	_________	__ --------------------------------------- ----------------------	.

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

________ Holder of relevant interest .	_________ ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Nature of relevant interest -------------------	--------------------------------------- ------ Class and number of . securities
Resources .imited _______ --------------------------------------	--------------------------------------- ⊰eaistered Holder _____	------------------ 760 345. _________

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

relevant Holder interest ΩT	Registered holder -01	--------------------------------------- entitled to be Person	. Class and numher
____	securities _________ ----------------	(8) registered as holder _________	securities
Resources . imited . erritor ________	i erritorv Resources _imited ------ -------------------------	--- Resources .imited erritory -------------------------	----- つんち TRO )rdinan
			_________

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number of securities
		Cash	Non-cash
Territory Resources Limited	01/02/2008	\$0.60		557.702 Ordinary
Territory Resources Limited	04/02/2008	\$0.60		221,863 Ordinary
Territory Resources Limited	05/02/2008	\$0.60		20,435 Ordinary
Territory Resources Limited	05/02/2008	\$0.60		36.497 Ordinary
Territory Resources Limited	18/02/2008	\$0.51		7,000 Ordinary
Territory Resources Limited	20/02/2008	\$0.51		766,009 Ordinary
Territory Resources Limited	21/02/2008	\$0.48		73,372 Ordinary
Territory Resources Limited	21/02/2008	\$0.50		$62,353$ Ordinary
Territory Resources Limited	21/02/2008	\$0.50		50,000 Ordinary
Territory Resources Limited	21/02/2008	\$0.51		226,991 Ordinary
Territory Resources Limited	22/02/2008	\$0.50		264.275 Ordinary
Territory Resources Limited	22/02/2008	\$0.48		50,000 Ordinary
Territory Resources Limited	22/02/2008	\$0.49		294,398 Ordinary
Territory Resources Limited	23/02/2008	\$0.48		55,602 Ordinary
Territory Resources Limited	24/02/2008	\$0.49		150,000 Ordinary
Territory Resources Limited	26/02/2008	\$0.50		5,750,000 Ordinary
Territory Resources Limited	26/02/2008	\$0.45		759.263 Ordinary

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if Ani атн	association Nature of .

7. Addresses

The addresses of persons named in this form are as follows:

Address	Name
Ground Floor, 23 Ventnor Avenue, West Perth WA 6005	Territory Resources Limited ACN 100 552 118

Signature

	print name - Patrick McCole	capacity	Company Secretary
sign here		27 date	2008

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 7 of the form.
• See the definition of "associate" in section 9 of the corporations Law. $(2)$
• $(3)$ See the definition of "relevant interest" in sections 608 and 617B(7) of the Corporations Law.
• $(4)$ The voting shares of a company constitute one class unless divided into separate classes.
• The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an $(5)$ associate has a relevant interest in.
• $(6)$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• Include details of: $(7)$
• any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any $(a)$ 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
• $(b)$ 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 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 Law.

• $(8)$ If the substantial holder is unable to determine the identity of the person (eg. If the relevant interest arises because of an option) write "unknown".
• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, $(9)$ 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.