ORBMINCO LIMITED — Capital/Financing Update 2008

Oct 19, 2008

20 OCTOBER 2008

ASX ANNOUNCEMENT

==> picture [469 x 29] intentionally omitted <==

==> picture [469 x 29] intentionally omitted <==

MONARO EXECUTES JOINT VENTURE WITH VALE EXPLORATION CANADA OVER ITS APACHE BASIN URANIUM PROJECT

• Joint Venture executed with Vale Exploration Canada on its Apache Basin uranium project located in Arizona, USA

• Vale to earn 60% by the expenditure of US$3.25M

• Monaro subsidiary to act as Operator and Manager of exploration program

Monaro Mining NL (“Monaro” or “the Company”) is pleased to advise that its wholly owned subsidiary Uranium Corporation Arizona LLC (“UCA”) has executed a joint venture agreement with Vale Exploration Canada Inc. (“Vale”) over its Apache Basin uranium project located in Arizona, USA – see Figure 1.

==> picture [327 x 368] intentionally omitted <==

Figure 1: Location of Apache Basin Project - Arizona

==> picture [200 x 47] intentionally omitted <==

The joint venture is focused on over 500 claims staked by UCA in the Apache Basin, Arizona, prospective for unconformity uranium mineralisation. On a conceptual basis, the Apache Basin is analogous to the Canadian Athabasca Basin, which is a world renowned uranium province. The location of the claims, together with a conceptual representation of the mineralisation model is illustrated in Figure 2.

The Company’s claims are located within close proximity (but do not include) the Workman Creek uranium deposit which is reported to contain 5.5 Million lbs of U3O8.

The Joint Venture requires Vale to spend US$3.25M (by way of option payments) to earn a 60% interest in these as well as any other subsequent claims that may be staked within an “Area of Influence”. Thereafter, further expenditure will be pro-rata to each parties respective interests. Vale is committed to spending US$750,000 during Year 1, with UCA acting as the operator on behalf of the Exploration Management Committee, which is to be established shortly.

Exploration work is set to commence almost immediately and a drilling contractor is about to be mobilized.

==> picture [412 x 336] intentionally omitted <==

Figure 2: Location of Prospects in the Apache Basin

The program will test two of eight claim blocks in the northern part of the “Area of Interest” known as the Jim and Bull projects. The focus of the drilling is uranium mineralization associated with structural zones and linear radiometric anomalies associated with the Dripping Springs Quartzite.

The drilling targets are located close to old mine workings known as the Red Bluff and Sue mines. Historic records indicate that between 1953 and 1955, 3009 tons of ore, grading 0.19% U3O8 were mined from the Red Bluff Mine. However, grades of up to 2.0% U3O8 have been reported. The Sue Mine was worked between 1954 and 1956 and reportedly shipped about 500 tons of ore containing an average 0.18% U3O8.

Since the Unconformity between the Apache Group and underlying basement has never been drilled in the Apache Basin, there are no data at present at this stage to guide placement of drill holes to intercept specific unconformity targets. However, the working concept generated by Tucson office personnel, is that mineralization within the Dripping Springs Quartzite (as represented by the above mineralisation) could be genetically related to mineralization occurring at the unconformity (Athabasca Basin model) and from which uranium mineralisation has been subsequently mobilized via vertical fracture sets.

==> picture [200 x 48] intentionally omitted <==

The Jim claims cover approximately 2000 metres of a mineralised structural zone hosted by the Dripping Spring Quartzite and lies immediately along strike from the Red Bluff Mine. The mineralized zone has been confirmed by radiometric surveys as well as mineralized occurrences. Based on the extent of the known mineralisation, the width of the target zone may be up to 600 metres wide.

At the Bull claims, the upper target zone is located immediately below the Sue Mine, whereas the unconformity target zone is located at a depth of approximately 245 metres. Evidence for the unconformity model has been discovered in the nearby Cherry Creek Valley, where vertical veins containing hematite, silica and uranium outcrop in basement rocks. These probable roots of uranium-bearing vein systems are the first direct evidence of unconformity-related mineralization in the Apache Basin, and their further evaluation will aid in the interpretation of data from the up-coming drilling program.

Whilst the work program has not yet been finalised, it is thought that the initial drilling program will consist of approximately 1500 metres.

Other individual prospects staked by the Company include the Cataract Canyon, Pine Mountain, Armer, Dry, Oak, and GW claims. These will be evaluated in subsequent exploration programs.

Vale Exploration Canada Inc is a wholly-owned subsidiary of Brazilian-based Companhia Vale do Rio Doce (VALE) (NYSE: RIO). For more information about the parent company, Vale, please visit www.vale.com.

Upon the execution of the agreement with Vale, The Chairman, Mr Warwick Grigor said: “ Given the turmoil on the financial markets in recent weeks, it is pleasing to note that the Company can attract and secure strategic relationships with companies of the caliber of Vale. This is a reflection of the technical merits of our projects and recognition that the fundamentals of the uranium industry have not changed. Quality uranium projects such as the Apache Basin, will always attract interest and we look forward to developing the relationship with Vale in the months ahead - despite the current market upheaval.”

FURTHER INFORMATON

For further information please contact Mart Rampe, Managing Director, on +61 2 4647 9566 or Warwick Grigor, Chairman, on +61 2 9247 0077.

ABOUT MONARO MINING NL - BUILDING A SERIOUS URANIUM COMPANY

Monaro Mining NL is a uranium specialist company listed on the ASX and Frankfurt exchanges, and Monaro American Depositary Receipts are listed for Over-The-Counter trading in the United States of America. Following the recent merger with Uranium King Limited, the Company has two 100%-owned pre-development uranium projects in Nevada and New Mexico, USA. Its Central Asian projects, in the Kyrgyz Republic, are subject to a Memorandum of Understanding with Sinosteel Corporation whereby that company can earn up to 60% equity by the completion of project feasibility studies. Premium exploration licences are being assessed in the Northern Territory and Queensland, and initiatives are being reviewed in Estonia, Niger and Bulgaria. The Company has a strong corporate focus.