ORBMINCO LIMITED — Capital/Financing Update 2008

Jun 5, 2008

Suite 705, Level 7, St Martins Tower 31 Market Street, Sydney NSW 2000 PO Box 1178, Queen Victoria Building NSW 1230 T +61 2 9264 7344 F +61 2 9264 8933 www.monaromining.com.au

ABN 99 073 155 781

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6[T H] June 2008 ASX ANNOUNCEMENT

SINOSTEEL AGREEMENT UPDATE

• Sinosteel agreement with Monaro’s Kyrgyz Projects on track

• Execution of Transaction Agreement extended to September 1, 2008

• Sumsar, Aramsu and Sogul licences the focus of strong interest

Monaro Mining NL (“Monaro” and/or “the Company”) is pleased to announce that both the Company and Sinosteel Corporation (“Sinosteel”) have agreed to extend the settlement period for the completion of the Transaction Agreement to 1[st] September, 2008. The need for an extension arose from the desire by both parties to extend the time frame under which the due diligence process could be completed.

Under the terms of the Memorandum of Understanding (“MOU”), Sinosteel has been given the opportunity to assess and develop several of the Company’s Kyrgyz uranium projects. The Transaction Agreement is the formalisation of the terms and conditions under which Sinosteel will earn its interest. In brief, Sinosteel can earn:

• 40% interest in selected projects by conducting exploration and scoping studies; and

• 60% interest in selected projects by completing feasibility studies.

Furthermore, Sinosteel may be issued share-price options of up to 1.9 million shares in Monaro, exercisable at AU$1.00 each.

Both parties are enjoying a strong level of co-operation in the finalisation of this documentation, and the Company is confident that all procedural matters can be completed ahead of the agreed completion date. At the same time, Sinosteel has indicated its strong interest in three of the Kyrgyz projects. These include the following; viz:

Sumsar Licence: Two styles of uranium mineralisation are found within this licence area. The primary style of mineralisation is however dominated by bitumen-limestone type deposits found within carbonate units from the Lower Tertiary (Palaeogene). Stratabound roll-front uranium deposits associated with carbonaceous deltaic sandstone and shale units within older Jurassic strata can also occur. This stratigraphy contains the Kyrgyz Republic’s largest known historical uranium mine located at Maily-Su (historical production of 3,400 tonnes U3O8). Recent work by the Company has identified a number of attractive targets.

Aramsu Licence: Uranium mineralization is associated with late-stage magmatic epithermal fluids forming breccia pipes on the margins of highly fractionated felsic intrusives. Concentration of higher uranium grades may be influenced by oxidized groundwater precipitating uranium at tectonized contacts with carbonaceous shale.

Sogul Licence: Uranium mineralisation is associated with silicified and altered Ordovician-Silurian “olistrome” units which comprise of a mélange of exotic brecciated limestone blocks within slates and graphitic shales that have been buried, altered and structurally deformed. The graphite has acted as a favorable reductant for precipitation of uranium and vanadium mineralization. Drilling by the Company in 2007 revealed extensive zones of mineralisation which are yet to be closed off. In addition, the licence hosts uranium mineralisation within Cainozoic strata.

The location of these licences are illustrated in Figure 1.

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Figure 1 : Location of licences indicated by Sinosteel as being of interest (circled in blue)

FURTHER INFORMATION

For further information please contact Mart Rampe, Managing Director, on +61 2 4647 9566 or Warwick Grigor, Chairman, on +61 2 92470077.

ABOUT MONARO MINING NL – “BUILDING A SERIOUS URANIUM COMPANY”

Monaro Mining NL is an Australian-based international exploration and development company focusing on uranium. Its major assets include a highly prospective set of tenements in the Central Asian Kyrgyz Republic and Australia, with some of these holding potential for gold as well. Monaro aims to grow both through project acquisition and corporate initiatives such as the recently announced merger proposal with Uranium King Limited, which will provide the opportunity for near term uranium production in the USA. The shares are listed on the Australian Stock Exchange, the Frankfurt Stock Exchange and it is progressing with an AMEX ADR listing in the USA.