ORBMINCO LIMITED — Capital/Financing Update 2008

Jan 29, 2008

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30 January 2008 ASX ANNOUNCEMENT

MONARO SIGNS MoU WITH SINOSTEEL FOR THE STRATEGIC ASSESSMENT AND DEVELOPMENT OF KYRGYZ URANIUM PROJECTS

Highlights

• Agreement with Sinosteel Corporation to assess and develop Kyrgyz uranium projects.

• On individual licences Sinosteel can earn:

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

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

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

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Monaro Mining NL (“Monaro” or the “Company”), an Australian uranium exploration and development company, plans to accelerate the development of its uranium portfolio in the Kyrgyz Republic following the signing of a Memorandum of Understanding (“MoU”) with Sinosteel Corporation (“Sinosteel”), a Chinese state-owned enterprise engaged in developing, mining and marketing natural resources worldwide.

Monaro has seven highly prospective uranium projects in the Kyrgyz Republic. Under the terms of the MoU, Sinosteel will work with Monaro to assess and potentially develop each of these projects. The initial agreement is subject, in part, to the results of Sinosteel’s due diligence investigation with respect to this transaction, and will initially cover the entire portfolio of Kyrgyz licences held by Monaro, though assessment work is expected to result in the selection of a smaller number for feasibility and development studies.

Monaro believes the joint development of these assets with Sinosteel—which has experience in international uranium transactions—will provide a number of significant benefits to the Company, including:

• Access to experienced uranium exploration and production personnel, as well as equipment to conduct such exploration and production;

• Use of lower-cost Chinese engineering and production technologies;

• Finance for ongoing exploration and assessment expenditure; and

• Agreements to purchase uranium production on commercial terms.

Commenting on the Release, the Chairman Mr Warwick Grigor said:

“We are very pleased to have entered into a Memorandum of Understanding with Sinosteel. Strategically and logistically it makes great sense to deal with such a strong Chinese organization with considerable experience in the uranium industry. We look forward to a mutually beneficial relationship being forged that will hopefully, in due course, extend to co-operation on other Monaro uranium assets”.

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The MoU provides in part for an initial selection and potential development program, comprising the following stages:

Stage 1 – Exploration and Technical Assessment Sinosteel will conduct drilling and other necessary assessment work to select two projects to potentially further develop. Without specifying an exact expenditure commitment, it is anticipated that the expenditures for Stage 1 program would be in the range of US$3m to US$5m. Upon the completion of Stage 1—which will include the completion of a scoping study on the two selected projects— Sinosteel will receive a 40% interest in those two selected projects. Based on the results of the completed scoping study, Sinosteel will determine whether those two selected projects should proceed to Stage 2.

• Sinosteel would also be granted a 40% interest in any project it initially selects but later discards, provided that Sinosteel has already invested a certain amount in such project.

• Stage 2 – Further Site Work on the Selected Projects Sinosteel can elect to conduct further exploration and assessment work to enable the completion of a feasibility study for the development of a uranium mine to the +/- 10% project estimate accuracy level. It is anticipated that the expenditures for Stage 2 program would be in the range of US$4m to US$8m. Upon completion of the Stage 2 program, Sinosteel will increase its interest to 60% in each selected project for which a feasibility study has been completed.

• Stage 3 – Mining, Processing and Production After reviewing the results of the completed feasibility study, Sinosteel may determine whether to proceed with mining, processing and production work with respect to a selected project.

The MoU also provides for a development program for the remaining projects. For each such project, Sinosteel may earn up to 60% interest in such project, provided that Sinosteel has expended a specified sum on such project and has completed the Stage 1 requirements for such project.

The transaction contemplated by the MoU will be subject to certain conditions, including (i) approval of the Kyrgyz and Chinese government authorities and regulations and (ii) any relevant ASX and shareholder approvals.

Sinosteel has signalled its intention—subject to compliance with any applicable Australian legal and regulatory approvals and notifications—to become a shareholder in Monaro through the agreement to issue 1.9 million options in Monaro. Upon completion of a binding agreement, these option would have a three-year life and will be exercisable at AU$1.00 each, with a condition precedent being that MRO stock must trade at either (i) a three continuous day trading price of at least AU$1.40 or (ii) a five continuous day average trading price of at least AU$1.40.

Monaro would like to acknowledge the introduction and assistance in the negotiation of the MoU that was provided by Pitt Capital Asia Limited, and China Queen Capital (HK) Ltd, founded by Dr Alyce Su. That company was retained as an advisor to the transaction and will be paid a performance-based fee related the success completion of both the MoU and the Transaction Agreement.

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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 in Australia. In addition, gold and bas-metal projects are located in NSW, Australia. 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 and the Frankfurt Stock Exchange, and it is progressing with an ADR listing in the USA.

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About Sinosteel

Sinosteel Corporation is a central enterprise under the administration of the State-Owned Assets Supervision and Administration Commission of the People’s Republic of China. There are 82 subsidiaries under the administration of Sinosteel, among which 57 are located in China and 25 are located abroad. The revenue from core businesses reached RMB 111 billion in 2007. Sinosteel is mainly engaged in the development and processing of metallurgical mineral resources, trading and logistics of metallurgical raw materials and products, and related engineering technical services and equipment manufacturing. Sinosteel is a large multinational enterprise with clearly defined core businesses that integrate resources development, trade and logistics, engineering projects, science and technology, equipment manufacturing and specialized services. Sinosteel also provides comprehensive auxiliary services for the steel industry, with a particular emphasis on steel mills.

FURTHER INFORMATION

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

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.

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Delegates from Monaro Mining and Sinosteel Corporation at the official signing of the MoU in Beijing

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Mr Zhimin Li, Vice President of Sinosteel Corporation and Mr Warwick Grigor, Chairman of Monaro Mining exchange the signed MoU documentation