ORBMINCO LIMITED — Capital/Financing Update 2007

Jul 11, 2007

MONARO MINING NL ABN: 99 073 155 781

Tel: +61 2 4647 9566 Fax: +61 2 4647 7332 All Correspondence to: PO Box 427 Narellan NSW 2567

12[th] July 2007 ASX Announcement

$5M Option Underwriting Agreement Executed

Underwriting Agreement Executed with Montagu Stockbrokers

The directors of Monaro Mining NL ("MRO") are pleased to announce that an underwriting agreement has been signed with Montagu Stockbrokers Pty Ltd, covering the exercise of the 31 July 2007, options exercisable at $1.20 each.

The exercise of the 4.2 million options will see the injection of new equity capital of $5m before underwriting fees. This will increase the Company's cash reserves to almost $10m, placing the Company in a strong financial position to continue its exploration programs in Australia and the Kyrgyz Republic, as well as to undertake new ventures when appropriate opportunities present themselves.

Preparations for Drilling the Aramsu Uranium Deposit Underway (MRO 100%)

Geophysical contractors Tien Shien Geophysics have mobilized to the Aramsu site and have commenced EM and radiometric surveying across the mineralized zones with the objective of “fine tuning” drilling targets. The schedule of activities over the following month include:

• Detailed geological mapping;

• Radiometric and magnetic data collection across the Aramsu mineral “corridor”;

• Combine above data with historical drill, adit, trench and mapped data;

• Complete site preparations (road access and drill pads); and

• Diamond drill targets

It is anticipated that drilling will commence either at the end of July or early August.

The target of the current program is uranium mineralization associated with late-stage magmatic epithermal fluids forming breccia pipes on the margins of highly fractionated (Cerium-Lanthanum rich) felsic intrusives. The regional location of the project and site geology is illustrated in Figures 1 and 2 respectively.

NARELLAN NSW 2567 Email: info@monaromining.com.au

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Location of Aramsu uranium
prospect
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Figure 1: Location of Aramsu Project

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Figure 2: Geological Plan showing the location of the Aramsu deposit and associated mineralisation

As previously reported, the Aramsu deposit is the principal target and is a uranium orebody with USSR C1 + C2 resources totalling 326 tonnes of U3O8 at an average grade of 0.166%. The resource was estimated in 1963 from surface trenches, diamond drill holes and three levels of adit sampling to a depth of around 200 metres below surface. Monaro has now produced a 3D digital model of drill holes, adits, trenches, eU gamma values, uranium assays, topography, orebody (at >0.03% U3O8), porphyry and sediments. The major uranium minerals found in the deposit are pitchblende and curite. Features of the deposit and mineralisation together with the proposed drilling positions are illustrated in Figure’s 3 to 5.

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Inset: NW Cross Section across deposit
zone showing mushroom shape of
porphyry
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Figure 3: Plan of the Aramsu deposit showing the position of three proposed drill holes.

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Location of drill holes discussed in the above summary
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Figure 4: Sectional view (North) of Aramsu block model highlighting two plunge directions to higher grade shoots and the drill holes proposed to test the geology, grades and metallurgy of the deposit.

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Figure 5: Perspective view, looking east, of topography and geology illustrating the Aramsu porphyry in the background and surface uranium anomalism (in yellow).

Competent Person

The review of exploration activities and results contained in this report in relation to the the Kyrgyz Republic projects is based on information compiled by Mart Rampe , a Member of the Australasian Institute of Mining and Metallurgy. He is the Executive Director of the Company and has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mart Rampe consents to the inclusion of this information in the form and context in which it appears in this report.

Further Information

For further information please contact Mart Rampe, Executive Director, on (02) 46479566 or Warwick Grigor, Chairman, on (02) 92470077.

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