ORA BANDA MINING LTD — Share Issue/Capital Change 2008

Jan 2, 2008

23 Ventnor Ave. West Perth Western Australia 6005 Telephone: +61 8 9481 6422 Facsimile: +61 8 9481 6433

3 January 2008

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

Dear Sir/Madam

CONSOLIDATION OF SHARE CAPITAL

Monarch Gold Mining Company Limited ("the Company") will today complete the despatch of the holding statements in regard to the Consolidation of Share Capital that was approved by shareholders at the General Meeting held on 14 December 2007.

The total shares issued by the Company is now 159,194,165 Ordinary Shares and the total unquoted securities are 15,216,677 Options to acquire shares in the Company.

Yours faithfully

Keith Vuleta Company Secretary