ORBMINCO LIMITED — Capital/Financing Update 2010

Apr 27, 2010

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ASX ANNOUNCEMENT 28 April 2010

Company Update

Highlights

• Monaro Mining secures uranium lease prospects in Texas Uranium Belt

• Initial exploration target of 4 million pounds.

• Recent transaction in New Mexico underlines value of Rio Puerco project

• Name Change to Reflect New Emphasis

• US roadshow and ADR program update

• Sale of Carbeck

Monaro Mining NL (ASX:MRO) is pleased to announce that the Company’s strategy of acquiring proven good economic grade mineralization properties has resulted in it acquiring 12 new uranium leases in the “Texas Uranium Belt”, a previously explored and well delineated area in the south east of the state.

According to extensive drilling and analysis completed in the late 1960’s by Union Carbide, the newly leased properties contain a minimum 2 Million lbs at an average grade of 0.12% (1200 ppm) U3O8 mineralization.

A permitting and drilling program will be undertaken immediately with an exploration target of defining a JORC resource of 4 Million lbs of recoverable mineralization before year end.

Previous works performed by Union Carbide indicate that the mineralisation is very shallow (from 10 to 150 foot) and amenable to insitu recovery. Theses leases are also located less than 100km’s from existing licensed uranium plants.

Monaro has also instituted an aggressive land acquisition campaign to acquire additional properties which it has identified in other areas of Texas. For the most part, these targeted properties will also have been subject to earlier drilling and exploration endeavours, although Monaro will also consider other properties which appear to have highly favourable mineralization and mining characteristics. Monaro will announce these acquisitions as they occur.

Monaro’s objective is near term uranium production in the US using advanced, lowcost methods. Texas is currently a favourable jurisdiction as far as licensing and permitting for uranium mining and milling is concerned with total permitting to production from start to finish possible within a 24 month timeframe.

In addition to the new Texas project, Monaro owns advanced projects in New Mexico and Nevada.

Monaro Mining NL ABN 99 073 155 781 PO Box 1788, West Perth, WA, Australia, 6872 103 Abernethy Road, Belmont, WA, Australia, 6104 Telephone: (08) 9277 9782 Facsimile: (08) 9277 6818

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“As a Company dedicated to finding, acquiring and developing through to production uranium projects in the United States, the addition of the Texas properties to our extensive and diversified portfolio of US uranium projects greatly enhances both immediate shareholder value and offers longer term measurable profitability to our investors”, Jim Malone, Executive Chairman, commented. “We anticipate further leasing announcements in the short term regarding our Texas program, and believe the financial impact of such will be reflected in the market place”, Malone continued.

Recent New Mexico uranium transactions

Monaro also draw investor’s attention to the recent (13 April, 2010) announcement by Uranium Energy Corporation (NYSE- AMEX:UEC) that it had sold its 49% stake in the Cebolleta uranium project in New Mexico to Neutron Energy Corp for US$11 million. The Cebolleta project is located in the Grants Mineral Belt adjacent to Monaro’s 100% owned Rio Puerco project and has a 43-101 resource of 20.5 million pounds grading 1,200 ppm (0.12%). UEC’s 49% share of this was 10.1 Mlb. This values this stake at approximately US$1.10 per pound and provides a guide to a possible current valuation of the Rio Puerco project which has a JORC inferred resource of 11.4 million pounds at 900 ppm (0.09%).

An additional feature of the Rio Puerco property is that there is significant infrastructure in place including an 800 foot twin compartment lined shaft and a fully developed room and pillar mine as well as significant surface infrastructure. This infrastructure was completed by Kerr McGee Corp in the 1970’s when it developed an operating mine at Rio Puerco that had some production before being closed due to low uranium prices. Monaro believes this is a significant asset to the company and the recent transaction between UEC and Neutron confirms this belief.

UEC, which currently has a 43-101 reported measured, indicated and inferred resources of 8.3 million pounds on their three Texas projects as well as an additional 23 million pounds of historic resources in a number of projects throughout the USA, has a current market capitalization of US$225 million and is considered one of the most progressive uranium companies in the USA.

Name change to reflect new focus; US investor update.

Monaro is seeking shareholder approval for a name change to Australian American Mining Corporation N.L effective April 28, 2010. The new ASX code will be AIW.

“The new corporate name and image fully reflects our Australian heritage, with the acknowledgement that all of our efforts will be focused within the United States” Malone stated. “Combined with our anticipated near term funding from US investors,

which will enable the company to achieve its 2010 work programme and which will take the form of ADR’s listed and tradable in the United States, Australian American will be well on our projected path of becoming a major and credible entity that will be recognized and embraced by United States investors”, concluded Malone.

Monaro Mining NL ABN 99 073 155 781 PO Box 1788, West Perth, WA, Australia, 6872 103 Abernethy Road, Belmont, WA, Australia, 6104 Telephone: (08) 9277 9782 Facsimile: (08) 9277 6818

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An investor roadshow is currently taking place in the US. The presentation is attached.

Sale of Carbeck

Monaro would like to announce that it has sold its full interest in the previously 100% owned subsidiary Carbeck Pty Ltd (“Carbeck”). Carbeck owns, via interests held in Companies incorporated in the Kyrgyz Republic, all of Monaro’s previously held Kyrgyz Republic licenses.

The sale of Carbeck is consistent with Monaro’s strategy to focus on the uranium and gold projects located in the United States of America.

Competent Person

The review of exploration activities and results contained in this report is based on information compiled by Mr. D Geldard; Executive Director of Monaro Mining N.L. Mr. Geldard is a Member of the Australasian Institute of Mining and Metallurgy. The technical disclosure in this press release has been reviewed by Chester E. Nichols. Mr. Nichols holds an AB in Geology from Cornell University, an MS in Petrology from the University of Iowa and a PhD in Geotectonics and Geophysics from the University of Missouri-Rolla (Missouri School of Mines) and has 15 years of exploration experience in all the major uranium provinces of the United States.

He is currently a member of the Association of Engineering Geologists, Sigma Xi (scientific research society), and Citizens for Nuclear Technology Awareness, Central Savannah River Area Geological Society, and the Geological Society of Nevada.

He has significant experience relevant to the style of mineralisation and types of deposits under consideration. Both gentlemen consent to the inclusion of this information in the form and context in which it appears in this presentation .

For further information please contact; Executive Chairman: Jim Malone- +61419537714 or on jim.malone@iinet.net.au Investor & Media Enquiries: Fortbridge – Bill Kemmery on +61 2 93310655, +61 400 122 449.

US Investor relations Manager: Peter Barnes- +1 646 269 3073.

ENDS

Monaro Mining NL ABN 99 073 155 781 PO Box 1788, West Perth, WA, Australia, 6872 103 Abernethy Road, Belmont, WA, Australia, 6104 Telephone: (08) 9277 9782 Facsimile: (08) 9277 6818