ORBMINCO LIMITED — Capital/Financing Update 2006

Nov 16, 2006

17 November 2006

The Manager Company Announcements Office Australian Stock Exchange Ltd 4th Floor, 20 Bridge Street SYDNEY, NSW 2000

Dear Sir

SIGNIFICANT PROFIT ON SALE OF NON-CORE ASSET

Perseus Mining Limited advises that it has completed the sale of its entire holding of shares and options in ASX listed Monaro Mining NL for net proceeds of just over \$2.1 million, and increasing present cash reserves to just over \$5.2 million.

These securities were received earlier this calendar year as consideration for the sale of an interest in uranium properties in the Kyrgyz Republic. Perseus retains a 0.2% royalty interest in these properties and has the right to receive a further 400,000 shares in Monaro Mining NL if a mining licence is issued with respect to any of the properties.

Yours faithfully

Mark Calderwood Managing Director