ORBMINCO LIMITED — Capital/Financing Update 2010

Feb 2, 2010

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3 February 2010 ASX ANNOUNCEMENT

ENCOURAGING DRILLING RESULTS RECORDED AT BERNARD GOLD PROJECT. EXPLORATION PROGRAM TO BE ACCELERATED.

HIGHLIGHTS

• Grass roots gold play with encouraging initial drilling results.

• Visible gold in drill holes confirmed by laboratory assay.

• Additional widespread gold anomalism in several widely spaced holes.

• Major regional gold “play” emerging.

• Joint Venture partner Cristol immediately commits to 2nd stage drilling to commence first week of February 2010.

• Magnetic survey and seismic profile completed.

• Joint Venture Company stakes additional prospective land at project.

Monaro Mining NL (“Monaro” or “Company”) is pleased to advise that assay results from the initial exploration drilling program at the Bernard Gold Project located in Arizona has yielded encouraging gold values. A total of 1,076m (3,530 feet) of drilling has been completed. These results have enabled the Company’s joint venture partner Cristol Enterprises LLC (“Cristol”) to immediately commit to a second stage drilling program.

The exploration program is being funded by Cristol under the terms of a A$5.3M farm-in agreement with Monaro’s wholly owned subsidiary Uranium Company of Arizona LLC (“UCA”). Cristol is an exploration company based in St.Louis, USA and specializes in the discovery and development of mineral projects exhibiting significant resource potential.

Cristol President and Managing Director Cris Cristea stated “We are extremely encouraged by the results of the stage 1 drilling campaign. Based on the significance of stage 1 results, we have committed and are pleased to move forward with stage 2 funding. It has been an absolute pleasure working with Monaro, and we are eager to move forward with them in this next stage of exploration on the Bernard gold project. We anticipate a very lucrative project for all”

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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PROJECT LOCATION AND EXPLORATION CONCEPT

The Bernard Gold Project is testing for gold mineralization associated with the Rawhide detachment fault. A structurally complex package of sediments and intrusives of variable age occur within this “detachment system”. The low angle detachment fault separates red bed and limestone bearing “Upper Plate” rocks from the typically gneiss bearing “Lower Plate” rocks. Numerous sub-parallel structures within the detachment system hosts gold and copper bearing breccias. Historic activity (prospect pits, open cuts, adits, and shafts) is located in or near these breccia zones. The Bernard Vein, an intermittently outcropping gold bearing structure with 850m of strike length, is a significant prospect within the claim block.

The Copperstone Mine, 70kms south west of the Bernard claim block and currently operated by American Bonanza Corporation is located in a similar geological setting. This mine has produced 500,000 oz of Au at an average grade of 3.8 g/t Au. American Bonanza Corporation has defined a total (indicated and inferred) gold resource of 400,000 oz Au. Monaro Mining’s management and consulting geologists believe that the Bernard claims are prosepective for deposits of this size and tenor. Figure 1 illustrates the proximity of the Bernard Project to prolific gold producing districts in the Western U.S.

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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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DRILLING RESULTS

Six vertical holes were drilled in the initial programme to provide geological and structural control for later programmes. In addition, one inclined hole was completed on the Bernard Vein. A total of 1,076m (3,530 feet) of drilling was completed.

DRILL HOLE C1

Hole C1, a test of the Bernard Vein near the Bernard mine, was drilled to 489 feet (149 meters) and ended in unaltered lower plate gneiss. Visible gold occurred at three separate levels in the hole, and its presence has been confirmed by independent geologists. Gold occurred as isolated native flakes on fracture surfaces within fault breccia. Due to heavy core loss during drilling of these intervals, analytical gold values are strongly attenuated to less than 1 g/t. However, a select rock chip sample of the vein returned an assay value of 6.8 g/t and provides analytical confirmation of the visually identified gold.

Samples at the detachment fault intercept returned 1.4% and 6.1% zinc along with strong copper, barium, and lead anomalies. The drill hole cut a significant fault zone above and at the expected depth of the Bernard Vein. Calcite veining occurring within this fault zone carried gold anomalies in the 0.2 g/t range. These observations and assay results suggest the presence of large mineralizing system and perhaps offset mineralized veins.

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DRILL HOLE C1

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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DRILL HOLE F1

Drill hole F1 was designed to test of the detachment system directly west of the Bernard mine. This hole intersected fault slivers of lower plate and upper plate rocks. It is likely that this hole penetrated a large post-mineral fault, and the precise location of the detachment fault is uncertain. Gold anomalies of .01 gpt to .015 gpt gold accompanied by zinc, copper, lead and barium anomalies were recorded in this hole.

DRILL HOLE F3

Drill hole F3 was designed to test of the detachment system 1.25 miles (2 km) southeast of F1. The drill hole intersected the detachment fault at a depth of 290 feet (88 m). This fault contact between Tertiary red beds and Paleozoic limestone in the upper plate carried 1.5 m @ 0.93 g/t. Strongly altered (jasperoid) limestone in the lower part of the upper plate carried 0.3 g/t over 1.5m and a fault-bounded block of limestone in the lower plate carried 0.38 g/t over 1.08m. A fault well within the lower plate also carried 0.5 g/t gold over 1.4 m. Numerous strong anomalies of copper, lead, zinc and barium were intersected in both upper plate and lower plate rocks. Tertiary red beds in the upper third of the hole contained an average of 0.22% manganese. The presence of favorable mineralization, strong alteration and structural complexity suggests a large mineralizing system may be associated with the Rawhide detachment fault.

DRILL HOLE F4

A vertical test of the detachment fault mineral system located 1.47 miles (2.4 km) southwest of F3, drill hole F4 intersected the detachment fault at a depth of 111.5 feet (34 m). Moderately strong gold anomalies in the range of 0.14 - 0.27 g/t were intersected in both upper plate and lower plate rocks. Copper, zinc, lead, barium and manganese anomalies were intersected throughout this hole.

PROPOSED EXPLORATION AND DRILLING PROGRAM

Due to the success of this initial drilling programme, a second stage drill campaign has been formulated. This will include one vertical and five inclined core holes to further test the strike length of the Bernard vein system and will entail approximately 1,450 feet (442m) of core drilling. Hole lengths will range from 100 feet to 550 feet (30-168m). One drill hole (using larger diameter core barrels) will twin Drill Hole C1 and evaluate the true extent and tenor of the gold mineralisation that was observed in that drill hole. Permitting has been completed and it is anticipated that drilling on this second phase will commence shortly and is expected to take four weeks to complete, with assay results being available by the end of February, 2010.

A seismic profile and magnetic survey has been completed over the entire Bernard landholding. Processing and interpretation of the data is expected within the next few weeks. The Bernard vein is depicted as a magnetic low which with other data collected will enable a characterization of the vein its dip with and depth all of which will enhance the planned drill program and orientation of drill holes.

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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JOINT VENTURE AGREEMENT

Cristol has been greatly encouraged by the results to date and as a consequence, has agreed to commit to the next stage of drilling. This will entail the expenditure of US$700,000 and will bring the total committed expenditure on this project to over US$1 million. Upon the completion of this second stage expenditure, Cristol will be entitled to a 20% interest in the project.

In an amendment to the original agreement, the Company has agreed to give Cristol the right to earn 51% equity in the project by spending an additional US$200,000 to what was originally agreed. Under the previous arrangement, Cristol was obliged to spend US$5.1 million to earn a 49% interest. Cristol is now required to spend US$5.3 million to earn a 51% interest in the project. Monaro will however, retain operational control.

At the same time, Buckskin Mountain Mining Company LLC (“Buckskin”) has been incorporated, with the express purpose of housing the Bernard Gold project; as foreseen in the original Heads of Agreement.

JOINT VENTURE STAKES MORE PROSPECTIVE LAND

Given the significance of the results to date, Buckskin has undertaken to peg further ground surrounding the original claim block. This reflects both joint venture parties confidence in the project and the prospectivity of the region to become a significant gold project.

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 David S. Boyer M.Sc., PG. Mr. Boyer a Licensed Geologist registered in the State of Washington. no.2400. and a member of the Society of Economic Geology and Arizona Geolgoical Society. He has significant experience relevant to the style of mineralisation and types of deposits under consideration.

FURTHER INFORMATION

For further information please contact Jim Malone, Chairman on +61 4 19537714

Media Enquiries: Fortbridge – Bill Kemmery on +61 2 9331 0655

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

Monaro Mining NL is an Australian-based international exploration and pre-development company focusing on uranium and gold. Its major assets include tenements in the USA... Monaro’s objective is to be a producer in the medium term through the development of its advanced projects in the USA. Monaro shares are listed on the Australian Securities Exchange and the Frankfurt Stock Exchange and Monaro ADSs are eligible for OTC trading in the USA.

ABOUT CRISTOL ENTERPRISES, LLC

Founded in 2009 by Cris Cristea and Corey Tolle, Cristol Enterprises, LLC is a Nevada, USA based exploration company specializing in the discovery and development of mineral projects exhibiting significant potential. It is a company closely associated with Arlan River LLC (www.arlanriver.com), whose team of experienced executives has claimed their stake in the mining industry with their recent work on the exploration and development of 36,000 acres in Southwest, Utah. Cristea and Tolle have worked with industry leaders and veteran geologists on this significant site which Arlan River claims is positioned to become a world-class copper discovery. Cristol Enterprises LLC is led by a team of executives with expertise in operations, metallurgy, geology, strategic planning, technology and investment sourcing and is a company “dedicated to exploring resources to enhance the lives of many through the innovation of mineral discoveries”.

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