ORBMINCO LIMITED — Capital/Financing Update 2009

Apr 28, 2009

==> picture [441 x 28] intentionally omitted <==

==> picture [441 x 27] intentionally omitted <==

29 April 2009 ASX ANNOUNCEMENT

FARM-IN AGREEMENT WITH CAPITAL MINING LIMITED ON MONARO’S MAYFIELD GOLD-COPPER PROJECT

HIGHLIGHTS

• Capital Mining Limited to earn up to 75% interest following the expenditure of $200,000 on the exploration of the tenement

• Monaro Mining has the option of contributing pro-rata when Capital has earned 51% and 75% respectively

• Exploration by Capital Mining Limited to be focused on delineating gold deposits amenable to open cut mining

OVERVIEW

The directors of Monaro Mining (“the Company”) are please to advise that a Heads of Agreement has been entered into with Capital Mining Limited (“Capital”) regarding the Mayfield Project (EL 6358) located in NSW. The tenement is located within the Lachlan Fold Belt, in a region known for its extensive gold and base metal occurrences.

Capital’s objectives are to:

• to delineate a gold resource at the Mayfield Prospect; and

• to explore the surrounding terrain for additional gold-base metals resources based on a fresh interpretation of the geology and geophysics.

Capital anticipates being able to fast track the definition of a shallow, open cut mineable gold resource in the Mayfield Project area, similar to the gold-base metals resource that it has under Development Application at Chakola (southern NSW).

EXPLORATION POTENTIAL

One of the key assets within the tenement is the Mayfield Gold-Copper Project, where a small copper-gold deposit has been previously delineated. Significant historic drill intercepts at this prospect which attests to the gold and copper discovery potential in the surrounding area, and as documented in the literature by previous explorers, have included:

• 42m @ 2.54 g/t gold and 0.67% copper from surface in hole MR-4; • 75m @ 0.51 g/t gold and 0.5% copper from 8m in hole MARC-5; • 50m @ 0.52 g/t gold and 0.25% copper from surface in hole MA-18; and

• 66m @ 0.40% copper from 119m in hole MA-22 (inc. 8m @ 1.25% copper from 163m).

==> picture [189 x 45] intentionally omitted <==

In addition, there are several other highly promising gold prospects within the area such as the Limekilns prospect where intercepts in surface enriched material up to 3m @ 41.8 g/t gold from surface have been recorded and where to date, follow up has been inconclusive.

==> picture [314 x 38] intentionally omitted <==

==> picture [314 x 38] intentionally omitted <==

==> picture [314 x 39] intentionally omitted <==

==> picture [314 x 38] intentionally omitted <==

==> picture [314 x 39] intentionally omitted <==

==> picture [314 x 38] intentionally omitted <==

==> picture [314 x 38] intentionally omitted <==

==> picture [314 x 39] intentionally omitted <==

==> picture [314 x 38] intentionally omitted <==

==> picture [314 x 38] intentionally omitted <==

==> picture [314 x 39] intentionally omitted <==

==> picture [314 x 38] intentionally omitted <==

==> picture [314 x 39] intentionally omitted <==

==> picture [314 x 38] intentionally omitted <==

==> picture [189 x 45] intentionally omitted <==

TERMS OF THE AGREEMENT

Under the terms of the joint venture agreement Capital will be the manager and has:

• the exclusive right to earn a 51% equity interest in EL 6358 for expenditure of $100,000 to December 2010;

• the right to earn a 75% equity interest for expenditure of a further $100,000 should Monaro elect not to contribute and to dilute its interest.

The directors consider the terms to be very favourable for both Capital and Monaro given the potential to upgrade known mineral deposits to JORC compliant resources and the potential for discovery of extensions to known mineralisation.

Robertsconsulting Pty Ltd, who held a 5% minority interest in the tenement prior to the execution of this agreement, will be diluted in parallel with Monaro.

The Agreement allows the Company to focus on its uranium projects, whilst at the same time, maintain its exposure to good quality gold and base metal projects.

COMPETENT PERSON

The review of exploration activities and results contained in this report is based on information compiled by Mr M Rampe, a Member of the Australasian Institute of Mining and Metallurgy who is a director of the Company. He 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). Mr 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 +61 2 4647 9566 or Jim Malone, Chairman, on +61 419537714.

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 USA, 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. The shares are listed on the Australian and Frankfurt Stock Exchanges.