ORBMINCO LIMITED — Capital/Financing Update 2008

May 4, 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

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ABN 99 073 155 781
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5[T H] MAY 2008 ASX ANNOUNCEMENT

URANIUM INITIATIVE IN BULGARIA

AND

UPDATE ON ESTONIAN PROJECT

HIGHLIGHTS

• Opportunity to participate in re-commissioning of the Bulgarian uranium industry through the participation in a tender process

• Binding Heads of Agreement signed with Bulgarian company to achieve 100% interest in the event of successful tenders

• Extensive roll front uranium deposits, four of which have been mined by ISL methods previously, and which could be brought back on-stream at modest capital cost

• A total of 10 applications prospective for uranium, vanadium and molybdenum now lodged in Estonia

• Total area under application now approximately 1000 km[2]

• Preparation of additional licences on-going

BULGARIA

Monaro Mining NL (“Monaro” and/or “the Company”) is pleased to announce that it has entered into a binding Heads of Agreement with a Bulgarian-based company to fund and facilitate the preparation of applications for uranium exploration and development licences. A successful tender would result in Monaro acquiring 100% of the shares in the Bulgarian company, Trakia Minex Ltd (“TM”) with the consideration being dependent upon the level of success achieved.

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These uranium properties contain sandstone-hosted roll front deposits, located within a major paleochannel that runs east to west within the Thracian Basin and cover a number of deposits, four of which have been mined in the past. These deposits are located in and around Plovdiv, located south-east of the Country’s capital, Sofia (see adjoining figure). In addition, there is potential for further discovery within the channels, both in underlying horizons within the deposits, and also along the channel where mineralisation is still open. There are also other areas where drill intercepts of anomalous uranium were not followed up. It is anticipated that the results of the tender process will become available later in the September quarter.

Location of uranium project areas

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ESTONIA

The Company is pleased to advise that its wholly owned Estonian subsidiary, Balti Kavenadused ja Uuringud (“BKU”) has lodged a further nine applications in the north-east part of Estonia. These applications, cover most of the known extent of the Dictyonema Shale in this part of the Country. This lithological horizon is an analogue of the Swedish Alum Shale, a geological formation which is well known in that country for its high uranium, vanadium and molybdenum content. The location of the area of interest is illustrated in the diagram below.

Representatives of BKU have also recently met with Federal as well as local County Governments to explain the exploration process, as mineral exploration in Estonia is a relatively new legislative concept.

The Company was well received and is confident that it can achieve its exploration objectives.

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Location of
application
areas
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Commenting on the Bulgarian initiative, the Chairman, Mr Warwick Grigor said: "We see that the strongest future for a uranium company like Monaro is to achieve the mantle of production as early as possible. We are seeking to position the Company with near-term production opportunities not only via the merger with Uranium King Ltd, which will lead to production in the USA, but also with this bid for production in Bulgaria. The technical merits of the Bulgarian projects have already been demonstrated with prior production, up until their closure in 1992, due to low uranium prices. We believe that the successful applicants for these licences could rapidly bring them back into production, at modest capital costs. We aim to be successful."

COMPETENT PERSON

The review of exploration activities and results contained in this report is based on information compiled by Mr Mart Rampe , the Managing Director of the Company. He is a Member of the Australasian Institute of Mining and Metallurgy 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, 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.