ORBMINCO LIMITED — Capital/Financing Update 2007

May 28, 2007

ABN: 99 073 155 781

$29^{th}$ May 2007

ASX Announcement

Australian Uranium Operations Update

Granting of Northern Territory and Western Australian Licences (earning up to $75\%$ )

The Company is pleased to announce that as a result of its Australian uranium exploration initiative, it is now able to commence field work following the granting of exploration licences in the Northern Territory and Western Australia. The Queensland licences are still pending.

These strategic licences have been selected by the Company's joint venture partner. Hapsburg Exploration for their potential for unconformity-style mineralisation, under the guidance of its geologist who was involved in the discovery of the Narbalek, Cigar lake and Ernest Henry deposits.

Unit 4a 20 Somerset Avenue NARELLAN NSW 2567

Western Australia

All three exploration licence applications located in the Gascoyne region of Western Australia have been granted for a period of 5 years. These include:

• EL 09/1333: Coor-de-wandy Hill
• EL 09/1336: Yalbra Hills
• EL 09/1331: Collins Springs $\blacksquare$

The three licences collectively occupy an area of 1583 km2 and are located 250km east of Carnarvon on the north-western margin of the Yilgarn Block. They cover extensive outcrop of Late Proterozoic Mt. James Formation (largely a metaconglomerate) which is in contact with late stage granitoids (hornblendebiotite, tonalite) which in turn have intruded Archaean basement and the Morrissey Metamorphic Suite.

The Company is targeting gold and uranium mineralisation which may be located in the basal conglomerate derived from basement erosion and subject to subsequent secondary enrichment, or direct deposition from hydrothermal cells related to intrusive activity.

Preliminary reviews of previous exploration have centred largely on the work conducted by PNC Exp. Aust.Pty Ltd and Cameco Australia Pty Ltd between 1992-2000. This review has confirmed the prospectivity of the tenements and an exploration program is currently being formulated with the view to implementation in the coming months.

Northern Territory

Two exploration licences covering a total area of 132 km2 have now been granted for a period of 6 years each. The Fog Bay licence is located within the Litchfield Block whereas the Compass Creek licence is located within the Pine Creek Orogen.

• EL25406: Fog Bay
• EL25399: Compass Creek $\blacksquare$

Palaeoproterozoic gneisses and schists of the Welltree Metamorphics occupy a major portion of the Fog Bay licence area and are considered to be highly prospective for unconformity-related uranium and gold deposits. Palaeoproterozoic rocks of the Pine Creek Orogen, are host to deposits of the Alligator Rivers Uranium Field and Rum Jungle Mineral Field. Deposits of this type account for 95% of known Uranium resources in the Northern Territory of Australia. At Compass Creek, exploration will be directed at golduranium mineralisation at the granite-sediment interface.

An exploration program is currently being formulated and will be implemented over the coming months as access permits. Initial desktop studies have already commenced, the results of which will be released as soon as practicable.

Competent Person

The review of exploration activities and results contained in this report 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.