ORBMINCO LIMITED — Interim / Quarterly Report 2007

Jul 30, 2007

MONARO MINING NL ABN: 99 073 155 781

Tel: +61 2 4647 9566 Fax: +61 2 4647 7332 All Correspondence to: PO Box 427 Narellan NSW 2567

31[st] July, 2007

ASX Announcement

QUARTERLY ACTIVITIES REPORT FOR THE THREE MONTHS ENDING 30[th] JUNE, 2007

Highlights

• Diamond drilling program at Sogul intersected widespread uranium mineralization over a strike length of 800 metres

• Diamond drilling commenced on the Djal-Kokildak project, intercepting wide zones of copper-gold-molybdenum mineralisation

• Preparation for diamond drilling program on the Aramsu uranium deposit completed

• Gold anomaly defined from rock chip sampling at Gava

• Noah Resources NL farms in on Monaro’s NSW molybdenum, tin and tungsten projects, with Monaro shareholders to participate in IPO

• $5M option underwriting agreement executed

• � Cash balance as of 30[th] June 2007 was $4.8M

1.0 Corporate

An underwriting agreement was executed with Montagu Stockbrokers Pty Ltd, covering the exercise of the 31 July 2007 options, exercisable at $1.20 each.

The exercise of the 4.2 million options will see the injection of new equity capital of approximately $5m before underwriting fees and will increase the Company's cash reserves to almost $10m. This has placed the Company in a strong financial position to continue its exploration programs in Australia and the Kyrgyz Republic, as well as to undertake new ventures when appropriate opportunities present themselves.

2.0 Uranium Projects

2.1 Kyrgyz Projects

2.1.1 Overview

A scout diamond drilling program was completed at the Sogul uranium prospect during the last Quarter. Positive uranium values (>100ppm) in graphitic shales and chert have been confirmed over a strike length of over 800 metres. Interpretation of the data is being undertaken to determine if the highly anomalous uranium values are sourced from either one of the major fault systems that traverse the prospect area or from stratigraphic horizons previously defined by surface mapping and drilling.

Drill sites are being prepared on the Aramsu Project where a high-grade hydrothermal intrusive brecciapipe type uranium deposit is located. Geological and geophysical EM and radiometric programs are in progress on the main uranium corridor and across two other regional anomalies on the licence.

NARELLAN NSW 2567 Email: info@monaromining.com.au

Local geological and geophysical contractors commenced geological, geochemical and radiometric field assessments and sampling programs on uranium prospects elsewhere in the Aramsu, Gavasai, and Utor license areas. It is anticipated that assay data and reporting will become progressively available over the coming months. Plans for mapping and sampling programs on the Djurasai and Hodjaachkan licences are also to be completed in the next quarter.

The areas of recent activity in the Kyrgyz Republic are illustrated in Figure 1.

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----- Start of picture text -----

Scout drilling phase
finished - interpretation
to be completed in
September Quarter
Extensive mapping
and sampling
completed
Prospects mapped and
Drilling to
sampled. Drilling commence in
commenced in June 2007
August, 2007
– ongoing into
September Quarter
----- End of picture text -----

Figure 1: Location of Monaro Mining NL’s uranium licenses in the Kyrgyz Republic showing activities

2.1.2 Sogul Licence (MRO 100%)

Target/Style - two styles of mineralisation are apparent within the licence area. These are as follows:

• Silicified and altered Ordovician-Silurian “olistrome” units which comprise of a mélange of exotic brecciated limestone blocks within slates and graphitic shales that have been buried, altered and structurally deformed. The graphite has acted as a favorable reductant for precipitation of uranium and vanadium mineralization. This was the main focus of the current drill program; and

• Sedimentary hosted uranium mineralisation within Mesozoic strata. The mineralisation is concentrated along oxidation/reduction chemical boundaries and associated with sideritic ironstones and organic rich clay horizons.

June Quarter Activity – the first scout diamond drilling program over the Sogul uranium prospect has now been completed, with a total of 2035.6 metres being drilled. XRF analysis of diamond drill core has been completed save for one more batch, which will then complete the analytical program. This includes an additional 74 composite core samples cut from three drill holes across the Sogul prospect to test for possible uranium disequilibrium and a further 50 umpire samples which were sent for analysis to an Australian laboratory.

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The results to date confirm the presence of uranium mineralisation both down hole and along strike within the confines of the Sogul prospect. Although the tenor of the mineralisation is moderate, its extent and consistency over 800 metres of confirmed strike length is highly encouraging.

Proposed Work for September Quarter – interpretation of the data will be undertaken to determine the presence of a high-grade source of the broad mineralisation halos encountered in the drilling. In addition, a total of nine additional uranium anomalies within the Sogul license are to assessed by radiometric survey programs over the coming months. The location of these projects are illustrated in Figure 2.

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Figure 2: Location of uranium prospects within the Sogul licence area.

2.1.3 Aramsu Licence (MRO 100%)

Target/Style - uranium mineralization associated with late-stage magmatic epithermal fluids forming breccia pipes on the margins of highly fractionated felsic intrusives.

June Quarter Activity – pad construction for a series of drill holes was completed at the Aramsu deposit. In addition, radiometric and electromagnetic surveys were initiated across the main structural corridor that contains extensive uranium mineralisation along strike from the Aramsu deposit (Figure 3).

Proposed Work for September Quarter – drill testing the Aramsu deposit and its extensions is scheduled to commence during the September Quarter. In addition, several regional targets have been prioritised for further work including geological mapping, trenching, rock chip and channel sampling. Results from the radiometric and electromagnetic surveys will also be reviewed.

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----- Start of picture text -----

Aramsu Deposit
License boundary
----- End of picture text -----

Figure 3: Location of Aramsu uranium prospects – regional aspect

2.1.4 Naryn and Sumsar Licences - North Fergana (MRO 100%)

Target/Style – two styles of mineralisation are found within this licence area. Mineralisation is however dominated by bitumen-limestone type deposits within carbonate units from the Lower Tertiary (Palaeogene). Stratabound roll-front uranium deposits associated with carbonaceous deltaic sandstone and shale units within older Jurassic strata can also occur. This stratigraphy contains the Kyrgyz Republic’s largest known historical uranium mine located at Marly-Su (historical production of 3,400 tonnes U3O8).

June Quarter Activity – the abandoned Shekafter uranium mine, which is located within the licence area, was subject to a brief field assessment. Mine dumps were inspected and observed to have oxidized uranium mineralisation similar to dumps located at the nearby Marly-Su mine. Near the Shekafter mine, field investigations have delineated a 3km long zone of potential mineralisation and encompass a group of exploration adits cut into an escarpment. Mine abandonment plans are being sought for the Shekafter mine and its immediate surroundings.

Mapping and sampling reports were also examined from three prospect areas located near Naryn. The Naryn West (Kyzyl Zhar) prospect was found to contain a low-level radiometric anomaly that is open towards the west within a structurally prospective fold closure.

Proposed Work for September Quarter – a radiometric survey program is to be completed on surface dumps and on exploration adits east of the Shekafter mine and at Kyzyl Zhar prospect. A review of Soviet archival reports on the Shekaftar uranium mine will also be made when the data becomes available, with the view to executing a shallow RC drilling program.

2.1.5 Utor Licence (MRO 100%)

Target/Style - the prospective geological environment in this licence area is similar to that found in the Aramsu Licence. In particular, veins and shears within hydrothermally altered sandstones adjacent to granitic intrusives are prospective for sulphide associated uranium and gold mineralization.

June Quarter Activity – a significant amount of geological mapping and rock chip sampling was completed. Nearly 400 rock chip samples were submitted for multi-element analysis.

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Proposed Work for September Quarter – interpretation of the geological mapping and sampling program will be undertaken. In addition, further geological mapping and sampling across areas that are still covered in snow will be completed.

2.1.6 Hodjaakan and Djurasai Licences - South Fergana (MRO 100%)

Target/Style - these two licences are prospective for black shale hosted, Carlin-style gold mineralization enriched in uranium as well as hydrothermal intrusive-related uranium mineralisation.

June Quarter Activity – local geological consultants have been commissioned to commence a geological mapping and sampling program on these two licences in the June Quarter.

Proposed Work for September Quarter – target areas are to be selected for follow-up geological mapping, sampling and trenching.

2.2 Australian Uranium Projects – Hapsburg Joint Venture (MRO earning up to 75%)

2.2.1 Overview

The Company through its Hapsburg joint venture, is focusing on Iron Oxide Copper Gold (IOCG+U) deposits such as Olympic Dam and Ernest Henry type deposits as well as unconformity related models exemplified by the Ranger Mine deposits. The projects are focused on fourteen tenement areas covering 4000 km[2] throughout Queensland, Northern Territory and Western Australia (see Figure 4).

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Figure 4: Location of uranium prospects in Australia. A total of 4000 km[2] is covered by these tenements.

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Tenement locations Hapsburg ELA’s/EPA’s

June Quarter Activity - an additional four exploration licence applications have been lodged in NorthWest Queensland under the Hapsburg Joint Venture, bringing to eight, or 2061 km[2] under application in this highly prospective region. These licences are located close to or adjacent to a number of specific target zones which have been outlined by the Queensland Department of Mines and Energy as being prospective for IOCG or Ernest Henry and/or Olympic Dam styles of mineralisation. These zones have been delineated as CGR88, CGR89 and CGH92 and their location with respect to the Company’s tenements are illustrated in Figure 5.

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Figure 5: Location of uranium prospective tenements in North-west Queensland

Proposed Work for September Quarter - high resolution airborne magnetic and radiometric surveys of the Fog Bay and Compass Creek tenements located in the Northern Territory are being planned for the coming Quarter. This will involve 3,158 line kilometres of data acquisition. Mobilisation of staff and equipment is expected to commence by the end of July.

In addition, image processing to assess the Western Australian licence areas, including the potential for uranium bearing calcrete areas has commenced. This will be followed up by site investigations late in the Quarter.

Elsewhere, the joint venture partners are assessing other uranium opportunities throughout Australia.

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3.0 Gold and Base Metal Projects

3.1 Kyrgyz Republic Projects

3.1.1 Overview

Copper, gold and silver mineralisation has been identified as a result of mapping and sampling programs on the Gavasai and Sumsar licences. These metals were not a priority in the Soviet era and exploration was relatively limited up to the present day. However, the results to date have proved sufficiently encouraging to warrant drill testing.

3.1.2 Sumsar (MRO 100%)

Target/Style - the licence is prospective for gold-quartz hosted shear zones and pull-apart structures located on the edge of the Chatkal Valley region. Encouraging trench grades up to 10 g/t gold have been documented in a number of past exploration reports. Potential is also good for large tonnage, low-grade copper-gold porphyries of mid to late Palaeozoic age as well as small high grade lead-zinc skarns

June Quarter Activity – diamond drilling commenced on the Djal–Kokildak gold-silver-copper prospect located within the Sumsar licence area during the Quarter. At the Kokildak South prospect, consistent broad zones of quartz-potassium feldspar-carbonate-hematite-sulphide veining within porphyry have been intersected in the first drill hole (KSD001). The objective of this hole was to intersect the geology and structure which at surface has yielded rock-chip assays with values up to 183g/t gold. The drilling has indicated that the vein density and the extent of this porphyry appears to be much more significant at depth than surface exposures had suggested. This drill hole was terminated in quartz veining at 217.4 m, having achieved its objective of intersecting a portion of the mineralized zone of interest. The first drill hole has been cut, and samples have been submitted for laboratory analysis.

Drill holes (KED001 and KED002) are currently being drilled at the Kokildak East prospect where anomalous gold in quartz veining has been delineated over a strike length of 700 metres. This drilling has intercepted malachite, chalcopyrite and molybdenite mineralisation located around fault-bound porphyry intrusions in Devonian lavas and tuffs as well as within highly altered sericitic tuffs.

The Kokildak West prospect will also be tested during this program. The focus of the drilling will be a zone of surface quartz veining, where anomalous gold and copper oxides and sulphides have been delineated over a strike length of 800 metres and widths of up to 20 metres.

The Sumar Pb-Zn-Cu-Ag-Cd deposit was investigated during the quarter. Existing data indicates that 72,000 tonnes of lead and 16,000 tonnes of zinc were mined from this combined open pit and underground mine. In addition, it has been estimated that up to 4.5 million tonnes of tailings are located within three dams adjacent to the mine. Mineralisation is located in tightly folded and intensely carbonated graphitic shales. A data search for the deposit has been initiated and is expected to be completed within the next few months.

Proposed Work for September Quarter – drill testing will continue on the Djal-Kokildak, Kokildak East and Kokildak West prospects. A soil sampling program is planned for the nearby Ashisai gold anomaly, but is dependant on drilling results from the Kokildak prospects. A sampling program of the Sumar base metal tailings will also be considered in the coming Quarter.

7

3.1.3 Gavasai (MRO 100%)

Target/Style – several potential deposit types include:

• shear zones and pull-apart structures hosting gold-quartz mineralisation located on the edge of the Chatkal Valley region;

• intrusive related Cu-Mo-Pb-Fe-Zn deposits at the edge of a mesothermal porphyry system; and

• Alaskite-type intrusives that are highly fractionated residual melts which may be host to large tonnage low grade uranium deposit types

June Quarter Activity - geological mapping and rock chip sampling programs were completed at several locations. At Gava, a number of rock chip samples with gold values exceeding 1g/t and anomalous lead and zinc mineralisation were found to be associated with late Palaeozoic intrusives and Devonian sediments. Similarly, anomalous rock chip samples were found at Namansai where Alaskite-type intrusives have been mapped.

Proposed Work for September Quarter – a soil sampling program will be completed across the Gava area to further define rock chip and channel sampling target areas. The Namansai anomalies are to be further examined.

3.2 Australian Projects

3.2.1 Overview

Activities were primarily focused on the completion of a Heads of Agreement with Noah Resources NL. This agreement covers two of the Company’s tenements prospective for molybdenum, tungsten and tin.

3.2.2 Mount Paynter : (MRO reducing to 50%)

Target/Style – quartz vein hosted tin tungsten mineralization in granitic host.

June Quarter Activity - during the quarter, it was announced that the Company and Noah Resources NL had signed a Heads of Agreement covering Monaro’s molybdenum, tin and tungsten prospects located in southern NSW. This includes the Mount Paynter Prospect.

Noah Resources NL has assembled a number of projects in southern NSW which are prospective for a range of metals. These projects will be the subject of an Initial Public Offering (IPO) during the next Quarter with Monaro shareholders having the right to participate in the public offering. The agreement calls for Noah to expend up to $400,000 over 2 years to earn a 70% interest in both tenements. Monaro will however, retain the right to participate in further exploration upon Noah earning a 50% interest in the tenements. The agreement is subject to Noah achieving approval from the ASX to list prior to 30[th] September, 2007. Noah will offer Monaro (or its shareholders) the right to participate in the IPO to the extent of at least $500,000 on the same terms as the public offering.

Proposed Work for September Quarter - it is anticipated that field activities will be relatively limited during the quarter. Once the Noah Resources NL IPO process has been completed, planning is to commence to implement the exploration programs outlined in the Noah IPO.

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3.2.6 Wymah Tungsten/Molybdenum: (MRO reducing to 50%)

Target/Style - granite hosted molybdenum, tungsten and tin mineralisation.

June Quarter Activity – the Wymah tungsten/molybdenum project is covered by the Monaro/Noah Resources Heads of Agreement discussed in the previous section.

Proposed Work for September Quarter - as for the Mt Paynter project, it is anticipated that field activities will be relatively limited during the quarter. Once the Noah Resources NL IPO process has been completed, planning is to commence to implement the exploration programs outlined in the Noah IPO.

3.2.2 Captains Flat Project: (MRO 100% reducing to 25%)

Target/Style - a number of targets have been identified as being prospective for base metals and gold which are associated with Volcanogenic Massive Sulphide (VMS) deposits and include amongst others, the Lake George Mine Deeps, Vanderbilt Hill and Jerangle Prospects.

June Quarter Activity - no field work was undertaken during the quarter. However, permitting to undertake drilling on the Lake George tailings heaps was being advanced by Ironbark Gold Ltd. In addition, preparations were also underway to recommence drilling activities at the Jerangle zinc-leadcopper prospect.

Proposed Work for September Quarter - it is anticipated that drilling of the Lake George mine tailings will be undertaken during this quarter.

3.2.3 Michelago and Michelago South: (MRO 100%)

Target/Style - both licences contain typically volcanogenic environments which are host to a number of base metal and gold prospects. Initial assessment of previous exploration work has so far identified the Cosgrove Hill-Billilingra and Woolshed South prospects as prospective for gold and zinc respectively.

June Quarter Activity - no field activities were undertaken during the reporting period.

Proposed Work for September Quarter - an assessment of a number of geophysical anomalies has been scheduled for the September quarter.

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3.2.4 Mayfield and Mayfield North Project: (MRO 80% and 100% respectively)

Target/Style – the two licence areas cover the Mayfield, other copper-gold skarn and potential VMS deposits. However, the licence areas are also considered to be prospective for porphyry copper-gold and/or intrusive related gold deposits.

June Quarter Activity - a review of the Greendale and Loaded Dog base metal prospects was undertaken. This work outlined the presence of extensive mineralisation and alternation features at both sites. The Loaded Dog prospect in particular suggests potential for a large mineralised system at depth.

Proposed Work for September Quarter - a preliminary field investigation is to be carried out during the quarter with the view to outlining the extent of the Loaded Dog prospect.

Mart Rampe Executive Director

Competent Person

The review of exploration activities and results contained in this report in relation to the NSW projects is based on information compiled by Mr Mart Rampe , a Member of the Australasian Institute of Mining and Metallurgy. He is a director of the Company and a full time employee of Harvest Exploration Pty Ltd. 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). Mart Rampe consents to the inclusion of this information in the form and context in which it appears in this report.

The review of exploration activities and results contained in this report in relation to the Kyrgyz Republic projects is based on information compiled by Steve McRobbi e, a Member of the Australasian Institute of Mining and Metallurgy. He is a full time employee of the Company 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). Steve McRobbie 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 (02) 46479566 or Warwick Grigor, Chairman, on (02) 92470077.

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Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

	MONARO MINING NL
	ABN 99 073 155 781 Consolidated statement of cash flows
			30 JUNE 2007
Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other Net Operating Cash Flows		Current $A’000	quarter	Year to date (12 months) $A’000
			(1,090) (361) 86	(1,834) (1,226) 245
			(1,365)	(2,815)
Cash flows related to investing activities 1.8 Payment for purchases of: (a)prospects (b)equity investments (c) other fixed assets (d) exploration 1.9 Proceeds from sale of: (a)prospects (b)equity investments (c)other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (Forex revaluation) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)			(61) (19)	(10) (47) (182) (61) 50 (30)
			(80)	(280)
			(1,445)	(3,095)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

1.13	Total operating and investing cash flows (brought	(1,445)		(3,095)
	forward)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc.	936		5,106
1.15	Proceeds from sale of forfeited shares
1.16	Proceeds from borrowings
1.17	Repayment of borrowings(Refund Director Loan)
1.18	Dividends paid
1.19	Other (Share Issue Expenses)	(2)		(182)
	Net financing cash flows	934		4,924
	Net increase (decrease) in cash held	(511)		1,829
1.20	Cash at beginning of quarter/year to date	5,349		3,015
1.21	Exchange rate adjustments to item 1.20	(10)		(16)
1.22	Cash at end of quarter	4,828		4,828
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related entities
				Current quarter
				$A'000
1.23	Aggregate amount of payments to the parties included in item 1.2			149
1.24	Aggregate amount of loans to the parties included in item 1.10

		Current quarter
		$A'000
1.23	Aggregate amount of payments to the parties included in item 1.2	149
1.24	Aggregate amount of loans to the parties included in item 1.10
1.25	Explanation necessary for an understanding of the transactions
Non-cash financing and investing activities
2.1	Details of financing and investing transactions which have had a material effect on consolidated assets and
	liabilities but did not involve cash flows
2.2	Details of outlays made by other entities to establish or increase their share in projects in which the reporting
	entity has an interest

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1	Loan facilities
3.2	Credit standby arrangements

Amount available	Amount used
$A’000	$A’000

Estimated cash outflows for next quarter

• 4.1 Exploration and evaluation 4.2 Development Total

$A’000 750 750

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items inthe accountsis asfollows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Commercial Bills 5.4 Funds in Transit	90 609 4,129 0	55
		521
		4,575
		198
Total: cash at end of quarter(item 1.22)	4,828	5,349

Changes in interests in mining tenements

Changes in interests in	mining tenements
6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
	EL 6358 (NSW) MP33, 32, 29, 31, 30, AP357 (Kyrgyz Republic)	Reduced by 50% Reduced by 25%	100% 100%	100% 100%
	EPM’s 16184, 15710, 15711, 15712, 16475,16471,16473, 16469 (QLD) E 09/1331, 1333, 1336 & 1345 (WA)	Applications Granted in favour of previously lodged applications	Earning up to 75% “ “	Earning up to 75% “ “

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs,redemptions
7.3 +Ordinary securities Fully Paid Part-Paid 7.4 Changes during quarter (a) Fully paid Increases through issues (b) Decreases through returns of capital, buy-backs	24,954,929 5,200,000	24,933,929 0	N/A 0.001cent	N/A 0.001cent
	1,179,579	1,158,579	N/A	N/A
7.5 ~~+~~Convertible debt securities(description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options Unlisted Listed Incentive Incentive 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	1,800,000 4,170,196 350,000 750,000	N/A 4,191,196 N/A N/A	Exercise price 60 cents 120 cents 107 cents 175 cents	Expiry date 31 December 2008 31 July 2007 19 April 2011 31 December 2008
			Issue Price	Expiry Date
	600,000 579,579	N/A N/A	Exercise Price 40 cents 120 cents	Expiry Date 30 June 2007 31 July 2007
	600,000	N/A	Exercise Price 40 cents	Expiry Date 30 June 2007
7.11 Debentures (totals only)
7.12 Unsecured notes (totals only)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Compliance statement

1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here:

Date: 31/7/2007

Print name: MART RAMPE (DIRECTOR)

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

• See chapter 19 for defined terms.

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