ORBMINCO LIMITED - Interim / Quarterly Report 2008

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QU AR T ER L Y
REP O RT
F OR THE TH R EE MONTH S ENDING
FOR THE THREE MO N THS ENDIN G
31 MARCH 20 0 8
30 SEPT E MBER 2008
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29 O CTOBER 2008

ASX ANN O UNCEM E NT

C O NTEN T S Corporate 2 Uranium Projects 3 Australian Gold and Base Metal Projects 10 Appendix 5B 12 Corporate Information 17 Fur t her Infor m ation For f u rther inform a tion please c o ntact Mart Rampe, Man a ging Directo r , on + 6 1 2 4647 95 6 6 or Warwic k Grigor, Chai r man, on +61 2 9247 0077.

HI G HLIGH T S Merger with Uranium King Completed

Executive General Manager – USA Appointed

Joint Venture with Vale Exploration Canada Inc

Pre-feasibility studies to commence on Apex Deposit

MON A RO MINING N L ABN 99 0 7 3 155 781 (“ M onaro” or “th e Company”) Suite 7 05, Level 7, St Martins Towe r , 31 Market St r eet, Sydney N S W 2000 PO Bo x 1178, Queen Victoria Buil d ing NSW 123 0 Tel +61 2 92 64 7344 Fax + 61 2 9264 893 3 ASX: M RO OTC: M N OMY Frankfu r t: M2H www.monaromining.c o m.au [email protected] o m.au

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1 CORPORATE

1.1 Merger with Uranium King Limited Completed

During t h e quarter, t h e Federal C o urt approve d the Schem e of Arrange m ent between Uranium Ki n g Limited (“UKL”) a nd Monaro Mining NL e n abling the m erger of th e two compa n ies to take p lace. The Scheme of Arrange m ent governing the merger became lega l ly effective o n 12 August 2008. As a co n sequence th e board of directors of Monaro a n d UKL has b e en reconstitu t ed to compri s e:

Warwick Grigor, Non-Exec u tive Chairm a n
Mart Rampe, Managing Di r ector
Greg Barns, N on-Executiv e Director
Michael Dun c an, Non-Exe c utive Directo r
Malcolm James, Non-Executive Director
Jim Malone, N on-Executiv e Director

Mrs Ann e Adaley is th e Company S e cretary of both Monaro an d UKL.

1.2 Appointment of Executive General Manager - USA

Mr Deni s Geldard wa s appointed t o the positio n of Executiv e General Manager – US A Operations d uring the quarter. M r Geldard b r ings to the C ompany a st r ong level of o perational a n d managem e nt experienc e acquired over a c a reer spannin g more than 4 0 years. He h as managed open pit and underground mining oper a tions and he has extensive exp e rience with a number of d i fferent proce s s routes that include hea p leaching, CI L and CIP gold rec o very, conven t ional milling a nd flotation a nd gravity cir c uits. His car e er has included periods with leading mining c o mpanies su c h as Iluka R e sources, PT Koba Tin, W h im Creek C o nsolidated a n d Boral Contracting, in countrie s that include A ustralia, Ind o nesia, Ghan a and the US A .

Mr Geld a rd is a minin g engineer an d a graduate o f the Kalgoo r lie School of Mines (1972) . He is a me m ber of the Australa s ian Institute o f Mining and Metallurgy and has had ex t ensive corpo r ate exposure , having been a director of a nu m ber of listed public companies. His other strengths include ope r ational troub l eshooting, a d option of innovative technologies and pro d uctivity improvements, f inancial ma n agement, s t rategic planning and manage m ent of huma n resources.

Mr Geld a rd will be rel o cating to the T ucson office in early November, 2008.

QUARTE R LY REPORT SEPTEMBER 2 008

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2 URANIUM PROJECTS

2.1 Overview

The Co m pany’s explo r ation efforts a re now set t o swing significantly towar d s the United States of Am e rica as a result of t he successf u l merger of M onaro and U r anium King L imited. Effort s during the quarter have f o cused on consolid a ting the two m erged entiti e s and prepar i ng the way f o r an active q u arter of expl o ration. The m erger has given th e Company a c cess to seve r al advanced u ranium proje c ts and work h as now com m enced on p r ogressing these to w ards produc t ion. At the s a me time, the Company ha s successfull y negotiated a joint venture with Vale Explorati o n Canada I n c over its A p ache Basin p roject in Ariz o na, with Val e to fund ex p loration for t h e coming year. Th e location of t h e Company’ s projects are i llustrated in F igure 1.

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FIGURE 1: LOCA T ION OF TH E COMPANY’ S MAIN PRO J ECTS IN TH E USA

The follo w ing sections provide bac k ground infor m ation to the m ain projects a s well as an outline of the proposed work pro g ram.

QUARTE R LY REPORT SEPTEMBER 2 008

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2.2 USA Projects

2.2.1 Arizona Projects

Apache Basin (Monaro reducing to 40%)

Subsequent to the rep o rting date, the Company announced th a t its wholly o w ned subsidiary Uranium C o rporation Arizona L LC (“UCA”) h as executed a joint ventur e agreement w ith Vale Exploration Canada Inc. over i t s Apache Basin ur a nium project located in Arizona, USA – see Figures 1 and 2. Vale Exploration C anada Inc is a whollyowned s u bsidiary of B r azilian-base d Companhia V ale do Rio Doce (Vale) (N Y SE: RIO).

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FIGURE 2: LOCATION OF T HE MONAR O ’S PROJEC T S IN ARIZO N A
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The joint venture is f o cused on ov e r 500 claims staked by U C A in the Ap a che Basin, A rizona, pros p ective for unconformity uranium mineralisatio n . On a conceptual basis, the Apache B asin is anal o gous to the Canadian Athabas c a Basin, wh i ch is a worl d -renowned u ranium provi n ce. The loc a tion of the c laims, toget h er with a concept u al represent a tion of the m ineralisation model is ill u strated in Fi g ure 3. The Company’s c laims are located w ithin close p roximity (but do not inclu d e) the Work m an Creek uranium depo s it which is r e ported to contain 5 .5 Million lbs o f U3O8.

QUARTE R LY REPORT SEPTEMBER 2 008

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FIGURE 3: APAC H E BASIN P R OJECT SHO W ING V A LE JOINT V E NTURE AREA OF INTER E ST

The Join t Venture req u ires Vale to s pend US$3. 2 5M (by way o f option pay m ents) to earn a 60% intere s t in these as well a s any other subsequent c laims that m a y be staked within an “A r ea of Influence”. Thereaft e r, further expendit u re will be p r o-rata to ea c h party’s respective inter e sts. Vale is c ommitted to spending U S $750,000 during Y e ar 1, with U C A acting as t h e operator on behalf of th e Exploration Management Committee, w hich is to be established shortl y . Whilst the w ork program has not yet been finalise d , it is thoug h t that the ini t ial drilling program will consist of approximately 1,500 metr e s.

The initi a l program will test two of e ight claim bl o cks in the n o rthern part o f the “Area of Interest” kno w n as the Jim and Bull projects. The focus o f the drilling is uranium m i neralization a ssociated wi t h structural z ones and linear ra d iometric ano m alies associ a ted with the D ripping Springs Quartzite.

The drilling targets a r e located close to old mi n e workings k nown as the Red Bluff a n d Sue mine s . Historic records indicate that b etween 1953 and 1955, 3, 0 09 tons of o r e, grading 0.19% U3O8 w e re mined fro m the Red Bluff Mine. However, g rades of up to 2.0% U3O8 have been reported. The S ue Mine wa s worked bet w een 1954 and 195 6 and reporte d ly shipped a b out 500 tons o f ore containing an avera g e 0.18% U3O 8 .

The Jim claims cover a pproximatel y 2000 metre s of a mineralised structura l zone hosted by the Dripping Spring Quartzit e and lies immediately alon g strike from t h e Red Bluff M ine. The mineralized zone has been co n firmed by radiometric surveys a s well as mineralized occurrences. Bas e d on the ext e nt of the kn o wn minerali s ation, the target zone may be up to 600 metre s wide.

At the B u ll claims, the upper target zone is locat e d immediately below the S ue Mine, whereas the un c onformity target zone is located a t a depth of a pproximately 245 metres.

QUARTE R LY REPORT SEPTEMBER 2 008

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Other Projects (Monaro 100%)

Other ur a nium project s in Arizona t o be evaluate d include:

The H illside Mine p roject, wher e mineralisati o n is hosted b y acid to me d ium intrusives intruding mica shists. Drilli n g during the 1970’s indic a ted the presence of man y uraniferous intersections and old mine records indic a te the prese n ce of approxi m ately 200,0 0 0 lbs of urani u m in tailings derived from t he mine;
• The M uggins Mou n tains project i s focused on fractured sedimentary hosted uranium m ineralisation; • The B ernard Proje c t is also loc a ted in the w e stern part of t he state and is prospectiv e for gold, ur a nium and man g anese; and
• The A rtillery Peak P roject - uran i um.

2.2.2 Nevada Projects

Apex-Lowboy Uranium (Monaro 100%)

The Ape x and Lowbo y properties are located ne a r Austin whi c h is located a pproximatel y 270 kilometr e s east of Reno. T h e Apex and L owboy depo s its, which bo t h contain historic workings, are around 7 kilometres apart. Both properties are located on the same mineralised t r end which is a contact zo n e between a Jurassic gra n itic pluton and met a -sedimentar y units of a Pa l aeozoic thru s t sheet.

The ura n ium mineralisation at both A pex and Lo w boy is locate d mainly within the metase d iments and c onsists of the uranium phosph a tes autunite, torbernite a n d meta-torb e rnite. Alth o ugh only li m ited data is available, uraninite and coffinite h ave been re p orted at depth. Apex was a n undergrou n d mine betw e en 1954 and 1966 and a report e d 105,926 pounds of urani u m oxide was produced du r ing that perio d . This prod u ction averag e d a grade of 0.25 % U3O8. The d e posits curre n tly contain 1 . 005 M tonne s @ 0.07% U 3 O8 (JORC inferred). The g eology of the imm e diate mine area is illustrat e d in Figure 4.

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FIGURE 4: GEOLOGY A ROUND TH E APEX URA N IUM MINE

QUARTE R LY REPORT SEPTEMBER 2 008

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A scopin g study to ev a luate the eco n omics of the development of Apex-Low b oy as a surf a ce leach ope r ation was complet e d in July 200 7 . The scopi n g study eval u ated a numb e r of develop m ent scenarios, all heap le a ch based but with variable mini n g rates and hence life of mine. In addition, the scoping study re v iewed other important technical and financial issues such a s metallurgy, pit design, rehabilitation, p e rmitting and sale of produ c t.

A pre-fe a sibility study i s now to be i m plemented w hich will amongst other thi n gs cover the following:

Revi e w and enhan c ement of all d atabases;
Logg i ng and samp l ing of core fr o m past drillin g ;
• Rem o delling the o r ebody; • Further drilling for J ORC require m ents; • Further metallurgical testing;
Com p lete environ m ental and pe r mitting issue s ; and
• Fina n cial modellin g .

It is anticipated that th e above work will be compl e ted by early t o mid 2009.

Teels Marsh Uranium (Monaro 100%)

The Teels Marsh uranium project i s located in th e south-west part of Neva d a and cover s a sediment h osted roll front ura n ium target. A number of c laims have b een pegged over the po s tulated Redo x front which would be located w ithin buried tongues of p ediment gra v els and san d s (Figure 5). Organic-ric h lake beds m ay have concentr a ted any ura n ium that en t ered the pla y a from surf a ce run-off o r from artesi a n waters mi g rating up around t h e border of t he playa. Th e source of t h e uranium is leached gra n itic rocks wit h a high bac k ground in uranium c oncentrations. This projec t is ready to be drilled as s o on as practic a ble.

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FIGURE 5: TEELS MARSH UR A NIUM PROJ E CT IN NEVADA, ILLUSTRATING THE CONCEPTUAL MO D EL FOR UR A NIUM MINE R ALISATION

QUARTE R LY REPORT SEPTEMBER 2 008

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2.2.3 New Mexico: Rio Puerco Mine (100%)

Monaro’ s Rio Puerco p roject is loc a ted approxim a tely 60 kilo m etres to the n orthwest of A lbuquerque i n the state of New M exico, Unite d States and is situated w i thin the Gra n ts Uranium D istrict (Figur e 6). At the Rio Puerco Mine, ur a nium mineralisation is con t ained within f our sandstone units of the Morrison Formation and t h e primary uranium mineral is coffinite. The d eposit was d iscovered in 1968 and th e then operat o rs of the pr o ject, Kerr McGee s pent approxi m ately $US4 0 million (200 8 dollars) exploring and de v eloping the discovery with extensive drilling, s haft develop m ent and bu l k sampling. T he deposit c ontains 1.71 0 M tonnes @ 0.12% U3 O 8[ (JORC ] inferred).

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FIGURE 6: R E GIONAL SE T TING OF T H E RIO PUE R CO PROJEC T

The loca t ion of the C o mpany’s ten e ments as we l l as other ne a rby defined d eposits is ill u strated in Figure 7 and demonst r ates the very prospective n ature of the r e gion

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FIGURE 7: M ONARO’S TENEMENT P O SITION IN A ND AROUN D THE RIO P U ERCO MINE

QUARTE R LY REPORT SEPTEMBER 2 008

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Explorati o n activities i n the coming q uarters will b e focused on t he completio n of the follo w ing tasks:

Data digitisation, a s sessment a n d compilation;
Conceptual modeling;
Airborne radiometrics and magn e tic; and
• A ma j or drilling program, combi n ed with geological and geophysical logging

2.3 Kyrgyz Projects

During t h e Quarter, n o significant exploration a ctivities wer e undertaken. At the Ara m su project, exploration mapping and samplin g was carrie d out within the vicinity of the Aramsu Uranium mine with the o b jective of delineati n g the most f a vourable sha l e/intrusive contact zones.

Oil well d ata was obt a ined for sev e ral prospecti v e areas within the Naryn licence area. T hese data w ere being evaluate d in regards t o their usefulness for ura n ium exploration. On the S o gul licence, a number of prospects were ma p ped and sa m pled. Assay d ata is yet to h and.

On the c orporate front, the Comp a ny and Sino s teel Corpora t ion (“Sinoste e l”) agreed t o extend the s ettlement h period for the comple t ion of the Tr a nsaction Agr e ement to 20 [t] October, 2 0 08. The Tra n saction Agre e ment will reflect th e details of th e Memorandum of Underst a nding (“MO U ”) which was executed earlier in the yea r .

Under the terms of the MOU, Sinosteel has be e n given the o pportunity t o assess and develop sev e ral of the Compan y ’s Kyrgyz ur a nium project s . The Transa c tion Agreem e nt is the for m alisation of t h e terms and c onditions under w h ich Sinosteel will earn its i n terest.

A Sinost e el technical t e am visited t h e Company’ s projects mid w ay through t h e quarter wit h the objectiv e of better understanding each of the projects a nd completing their Due D i lligence inve s tigations.

2.4 Estonian and Bulgarian Uranium Projects (MRO 100%)

No significant activitie s were undert a ken in either of these cou n tries, pendin g the resolutio n of the Com p any’s title position in Estonia an d acceptance o f enabling le g islation for the Uranium in d ustry in Bulg a ria.

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

The Co m pany throug h its Hapsbur g joint ventur e has focused its search fo r uranium be a ring Iron Oxi d e Copper Gold (IO C G+U) and u n conformity r e lated model s to the North e rn Territory a nd Queensla n d (Figure 8). Work on the Fog B ay tenemen t s continued d uring the qu a rter, with the completion o f a ground m a gnetic surve y to better define t h e geological targets previously deline a ted by airbo r ne work. Th e results of this work are expected shortly.

In Quee n sland, a fiel d crew was m obilized to c arry out gro u nd magnetic surveys ove r several IO C G targets previously identified. I t is expected that this wor k will assist i n the identifyi n g of specific drilling target s . Results are expe c ted in the ne x t quarter.

QUARTE R LY REPORT SEPTEMBER 2 008

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FIGURE 8 : LOCA T ION OF MO N ARO’S AUS T RALIAN UR A NIUM PROJECTS

3.0 GOLD & BASE METAL PROJECTS - AUSTRALIA

3.1 Mayfield Project (MRO reducing to 30%)

Richmond Mining Li m ited carried out a brief drilling prog r am during t h e quarter w hich was prematurely abandon e d due to po o r drilling con d itions. Subs e quently a gr a vity survey w as carried o u t on part of t h e project area. Re s ults and an interpretation of the survey are pending. This work is being condu c ted under th e auspices of a joint venture agre e ment, where b y Richmond may earn up t o a 70% inte r est by the ex p enditure of $ 6 00,000.

3.2 Mount Paynter and Wymah Projects: (MRO reducing to 30%)

The Co m pany’s joint v enture part n er, Noah Re s ources NL, h as complete d the initial field work on t hese two projects during the q u arter. Both p rojects are prospective fo r quartz vein or granite h o sted tin, tun g sten and molybde n um minerali s ation. The w ork program c onsisted pre d ominantly of grid based s o il sampling. T he result from the initial batch o f geochemical results are o u tlined below.

Wymah Project

A zone of strongly an o malous Moly b denum (Mo) was detected in soils by Niton analyses in the north-e a st part of the project area (Figu r e 9). This M o anomaly is a lso broadly c oincident wit h elevated Fe and Pb valu e s (Figure 10). This anomaly is also coinciden t with a previ o usly identifie d Mo-Pb-Zn anomaly, but h as been exte n ded over a larger area with a strike length now of over 2 kilometres. Further work to include infill sampling, a s well as extendin g the aerial e x tent of the zone of interest, has been re c ommended.

QUARTE R LY REPORT SEPTEMBER 2 008

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FIGURE 9: Mo IN - SOIL CONC E NTRATION S FIGURE 10: Pb IN-SOIL CONCENTR A TIONS

Mt Paynter Project

A total o f 87 soil, stre a m sediment, and rock ch i p samples w e re taken fro m the Mount Paynter area. A similar sampling methodolog y to that at W y mah was foll o wed, with all samples bei n g analysed b y a portable N iton XRF unit, and 9 samples being submitted to a comm e rcial laborat o ry. However, no significant results wer e detected during this program.

4. COAL - NSW

The Co m pany has be e n invited by t h e NSW Dep a rtment of Pri m ary Industri e s to submit E x pressions of Interest for one or more coal a r eas in NSW. The Compan y is reviewing the data avai l able for thes e areas and f o rmulating an appropriate respon s e.

Mart Rampe Managing Director

COMPETENT PERSON

The revie w of exploratio n activities and r esults contain e d in this report is based on in f ormation compiled by Mr Mart Rampe , a Member o f the Australas i an Institute of M ining and Metallurgy who is the Managing D irector of the C ompany. He h a s sufficient experienc e which is rele v ant to the style of mineralisati o n and types of deposits under consideration a nd to the activity which he is undert a king to qualif y as a Compet e nt Person as defined in the December 2 0 04 edition of t he Australasia n Code for Reporting of Exploratio n Results, Min e ral Resources and Ore Res e rves (the JO R C Code). Mar t Rampe cons e nts to the inclusion o f this informati o n in the form and context in w hich it appears in this report.

QUARTE R LY REPORT SEPTEMBER 2 008

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APPENDIX 5B

Mining exploration entity quarterly report (Introduced 1/7/96. O r igin: Appendix 8. Amend e d 1/7/97, 1/7 / 98, 30/9/2001).

Name of entity
Monaro M ining	NL
ABN 99 073 15 5 781	Quarte r ended (“cur rent quarter”)
99 073 15 5 781	30 Septe mber 2008

Consolidated statement of cash flows

Ca 1.1 Re 1.2 Pa 1.3 Di 1.4 In 1.5 In 1.6 In 1.7 O Ne sh flows rel ceipts fromp yments for vidends recei terest and oth terest and oth come taxes p ther (provided t operating ated to opera roduct salesa (a) exploratio (b) developm (c) production (d) administra ved er items of a er costs of fin aid etails if mate cash flows ting activitie nd related de n and evaluat ent tion similar nature ance paid rial) s btors ion received	Current qua $A’000 rter	( Year to dat 3 months) $A e ’000
	- (764) - - (1,243) - 69 - - -	- (764) - - (1,243) - 69 - - -
	(1,938)	(1,938)
Ca 1.8 Pa 1.9 Pr 1.10 Lo 1.11 Lo 1.12 O Ne sh flows rel yment for pu oceeds from ans to othere ans repaid by ther (provided t investing c ated to inves rchases of:( ( ( sale of: ( ( ( ntities other entities etails if mate ash flows ting activitie a) prospects b) equity inve c) other fixed a) prospects b) equity inve c) other fixed rial) s stments assets stments assets	- - (5) - - - - - -	- - (5) - - - - - -
	(5)	(5)
1.13 To tal operating and investing cash flows (c arried forward )	(1,943)	(1,943)

QUARTE R LY REPORT SEPTEMBER 2 008

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1.13 To tal operating and investing cash flows (b rought forwar d)	(1,943)	(1,943)
Ca 1.14 Pr 1.15 Pr 1.16 Pr 1.17 Re 1.18 Di 1.19 O Ne sh flows rel oceeds from oceeds from oceeds from payment ofb vidends paid ther (provided t financing c ated to finan issues of shar sale of forfeite borrowings orrowings etails if mate ash flows cing activitie es, options,e d shares rial) s tc.	2,605 - - (3) - -	2,605 - - (3) - -
	2,602	2,602
N 1.20 Ca 1.21 Ex 1.22 Ca et increase ( sh at beginn change rate sh at end of decrease) in ing of quarter/ adjustments to quarter cash held year to date item 1.20	659 4,040 (3)	659 4,040 (3)
	4,696	4,696

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Ag Ag gregate amou gregate amou nt of paymen nt of loans to ts to the parti theparties in es included in cluded in item item 1.2 1.10	Current $A' quarter 000
		8 8
		-
1.25	Ex planation nec essaryfor an understandin gof the transa ctions
	Pa yments to dir ectors for serv ices to the gr oup

Non-cash financing and investing activities

2.1 D e tails of finan c ing and inv e sting transac t ions which have had a m a terial effect o n consolidated assets and liabilities b u t did not involve cash flows T h e Scheme of Arrangemen t between Ur a nium King Limited (“UKL” ) and its shar e holders rela t ing to the m e rger of Monaro and UK L was imple m ented on 12 August 200 8 . Under th e terms of t h e Merger I m plementation Agreement ( “MIA”), shar e holders in U K L received f ive Monaro s hares for e a ch seven shares they hold in UKL. U K L became a wholly owne d subsidiary o f Monaro. A ccordingly, 61,495,710 fully paid ordin a ry shares in the Compan y were issue d to the Sche m e Participa n ts on 12 Au g ust 2008. F u rthermore, in accordance w ith the MIA, 1,535,714 u n listed option s over ordinar y were grant e d with an exercise price o f $0.35 each, exercisable on or before 31 Decemb e r 2009. The t otal cost of a cquisition w a s $22 million .

2.2 D e tails of outlays made by other entities to establish or increase t heir share i n projects in w hich the re p orting entity h as an intere s t

None

QUARTE R LY REPORT SEPTEMBER 2 008

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Financing facilities available Add not e s as necessa r y for an und e rstanding of the position.

3.1 Lo 3.2 Cr an facilities edit standbya rrangements	A mount availa $A’000 ble	Amoun $A’ t used 000
	-	-
	-	-
Estima ted cash outflows for next q uarter
4.1 Ex 4.2 De To ploration and velopment tal evaluation		$A’ 000
		5 00
		-
		5 00

Reconciliation of cash

Recon ciliation o f cash
Reconcili consolida is as follo ation of cash ted statemen ws. at the end oft t of cash flows he quarter (a ) to the relate s shown in the d items in the accounts	Current quart $A’000 er	Previous $A’ quarter 000
5.1 Ca 5.2 De 5.3 Co 5.4 Ot To sh on hand a posits at call mmercial Bills her (provided tal: cash at e nd at bank etails) nd of quarte r(item 1.22)	536	1 93
	694	5 09
	3,466	3,3 38
	-	-
	4,696	4,0 40

Changes in interests in mining tenements

T enement reference	Nature of interest	Interest at beginning of quarter	a Interest t end of quarter
-	-	-	-
C Arizona laims (826)	A re cquired as a sult of UKL merger	Nil	100%
C Nevada laims (33)	A re cquired as a sult of UKL merger	Nil	100%
N C ew Mexico laims (640)	A re cquired as a sult of UKL merger	Nil	100%

QUARTE R LY REPORT SEPTEMBER 2 008

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Issued and quoted securities at end of current quarter Description includes r a te of interest and any rede m ption or conversion rights together with prices and d a tes.

	Total number	Nu qu mber oted	Issue per se (seen (ce price curity ote 3) nts)	Am pa pers (see (c ount id up ecurity note 3) ents)
7.1 Pre 7.2 Ch (a) (b) bac ference+se anges during Increasest Decreases ks, redempt curities (desc quarter hrough issues through retur ions ription) ns of capital,b uy-	-	-	-	-
	- -	- -	- -	- -
7.3 +O Fu Pa 7.4 Ch (a) (b) bac rdinary secu lly Paid rt-Paid anges during Fully paid I Decreases ks rities quarter ncreases thro through retur ugh issues ns of capital,b uy-	90,9 5,0 31,504 00,000	90,9 31,504 Nil	N/ 0.001 A cent	N 0.00 /A 1 cent
	61,4 99,996 -	61,4 99,996 -	$0 - .35	$0 (no ca as sha issued to shareho on 12 A sh was paid res were the existing lders of UKL ugust 2008)
7.5 Co 7.6 Ch (a) (b) con nvertible deb anges during Increases thr Decreases th verted t securities quarter ough issues rough securit (description) ies matured,
	- -	- -	- -	- -
7.7 Op Un Inc Inc Inc Un Un Un Un 7.8 Iss 7.9 Ex 7.10 Ex tions listed entive entive entive listed listed listed listed ued during qu ercised during pired duringq arter quarter uarter	1,80 25 75 27 1,53 60 20 50 0,000 0,000 0,000 5,000 5,714 0,000 0,000 0,000	N N N N N N N N /A /A /A /A /A /A /A /A	Exer pri 60c 107c 175c 50c 35c 35c 45c 120c cise ce ents ents ents ents ents ents ents ents	Expi 31 D 19 Ap 31 D 31 D 31 D 10 Se 10 Se 18 Fe ry date ec 2008 ril 2011 ec 2008 ec 2009 ec 2009 pt 2010 pt 2010 b 2012
	1,53 60 20 5,714 0,000 0,000 - -	N N N /A /A /A - -	35c 35c 45c - - ents ents ents	31 D 10 Se 10 Se ec 2009 pt 2010 pt 2010 - -
7.11De (to 7.12Un (to bentures tals only) secured note tals only) s	- -	- -
	- -	- -

QUARTE R LY REPORT SEPTEMBER 2 008

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Compliance statement

1 This statement ha s been prep a red under a c counting policies which c o mply with a c counting sta n dards as defin e d in the Cor p orations Act o r other stand a rds accepta b le to ASX (s e e note 4).
2 This s tatement do e s give a true a nd fair view o f the matters disclosed.

Sign h e re: Com p any Secre t ary

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D ate: 29 O ctober 2008

Print n a me: An n e Adaley

Notes

1 The q uarterly report provides a basis for info r ming the ma r ket how the e ntity’s activit i es have bee n financed for the past quarter and the eff e ct on its cas h position. An entity wantin g to disclose a dditional information is enco u raged to do s o, in a note or notes attac h ed to this rep o rt.
2 The “ Nature of in t erest” (items 6.1 and 6.2) includes op t ions in resp e ct of interes t s in mining tenements acquired, exercise d or lapsed d u ring the repo r ting period. If the entity is involved in a joint venture a greement and t h ere are con d itions precedent which wil l change its percentage int e rest in a mi n ing tenement, it should discl o se the chang e of percenta g e interest an d conditions p recedent in t h e list require d 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 p aid securitie s .
4 The d efinitions in, and provisi o ns of, AAS B 1022: Acco u nting for Ex t ractive Indu s tries and AASB 1026: Statement of Cash Flows applie s to this repor t .
5 Accounting Standards ASX w ill accept, for example, t h e use of Int e rnational Ac c ounting Sta n dards for forei g n entities. If the standard s used do no t address a t o pic, the Aus t ralian standa r d on that to p ic (if any) must be complied w ith.

QUARTE R LY REPORT SEPTEMBER 2 008

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CORPORATE INFORMATION

Directors

Warwick Grigor C hairman Mart Ra m pe M anaging Director Greg Ba r ns N on-Executive Director Michael D uncan N on-Executive Director Malcolm James N on-Executiv e Director Jim Mal o ne N on-Executiv e Director

Senior Management

Anne Ad a ley C ompany Secretary/ Chief Financial Officer Jerome R andabel C hief Geologis t

Registered Office

Suite 70 5 , Level 7, St Martins Tow e r 31 Mark e t Street, Syd n ey NSW 200 0

Issued Capital

At 30 S e ptember 20 0 8, Monaro M ining had o n issue 90,931,5 0 4 ordinary shares, 5 , 000,000 partly-paid shares t o .001 cents a n d 5,910,714 unlisted options.

Stock Exchange Listings

Monaro Mining is li s ted on the Australian S e curities Exchang e (ASX Cod e : MRO) and the Frankfu r t Stock Exchang e (Xetra C o de: M2H). Monaro sha r es are eligible f o r Over-The- C ounter tradin g in the Unite d States of America in the for m of Americ a n Depositary Shares (ADS) u n der the symbol “MNOMY”.

Share Price Activity for the Quarter


Quarter	High	Low	Clo se
Decembe r 2007	$1.10	$0.77	$0 .77
March 20 08	$0.89	$0.39	$0 .38
June 200 8	$0.63	$0.34	$0 .42
Septemb er 2008	$0.44	$0.17	$0 .18

Further Information on Monaro Mining NL

V isit: w w w.monaromi n ing.com.au M ail: P O Box 1178 Q u een Victoria Building S y dney NSW 2 0 00 T el: + 6 1 2 9264 7344 F ax: + 6 1 2 9264 8933 E mail: [email protected]

T o be notified by email of f uture annou n cements, visi t the w ebsite ww w .monaromini n g.com.au a n d subscrib e to M onaro Minin g News.

Shareholder Enquiries

C omputer Share Registry Service manages the share r egister for M o naro Mining. Queries reg a rding the nu m ber o f shares held, change o f address and other m a tters r egarding you r shareholdin g should be directed to:-

C omputer Sh a re Registry Services 4 52 Johnson S treet A bbotsford Vi c toria 3097 T el: +61 3 9 415 5000 F ax: +61 3 9 473 2500

ADR Depositary Bank

J PMorgan Ch a se Bank N.A. D epositary R e ceipts Group 4 New York P l aza N ew York, N Y 10004

A ny enquiries regarding an individual AD R holding can be d irected to JP M organ Servi c e Center:- By Phone: T oll - free US & Canada 800-990-1135 O utside the U S 651-453-2128 H earing Impaired 866-700-1 6 52

By Internet: V isit www.adr.com and go t o Shareholde r Services

By Email: E mail: jpmorg a n.adr@wells f argo.com

By Mail: J PMorgan Ch a se Bank, N. A . P O Box 6450 4

QUARTE R LY REPORT SEPTEMBER 2 008

AI assistant

ORBMINCO LIMITED — Interim / Quarterly Report 2008

65473_rns_2008-10-28_82bd3227-362d-4d99-ac29-4a4ced70172d.pdf

29 O CTOBER 2008

1 CORPORATE

1.1 Merger with Uranium King Limited Completed

1.2 Appointment of Executive General Manager - USA

2 URANIUM PROJECTS

2.1 Overview

2.2 USA Projects

2.2.1 Arizona Projects

Apache Basin (Monaro reducing to 40%)

Other Projects (Monaro 100%)

2.2.2 Nevada Projects

Apex-Lowboy Uranium (Monaro 100%)

Teels Marsh Uranium (Monaro 100%)

2.2.3 New Mexico: Rio Puerco Mine (100%)

2.3 Kyrgyz Projects

2.4 Estonian and Bulgarian Uranium Projects (MRO 100%)

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

3.0 GOLD & BASE METAL PROJECTS - AUSTRALIA

3.1 Mayfield Project (MRO reducing to 30%)

3.2 Mount Paynter and Wymah Projects: (MRO reducing to 30%)

Wymah Project

Mt Paynter Project

4. COAL - NSW

Mart Rampe Managing Director

COMPETENT PERSON

APPENDIX 5B

Consolidated statement of cash flows

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

Non-cash financing and investing activities

Reconciliation of cash

Changes in interests in mining tenements

Compliance statement

Notes

CORPORATE INFORMATION

Directors

Senior Management

Registered Office

Issued Capital

Stock Exchange Listings

Share Price Activity for the Quarter

Further Information on Monaro Mining NL

Shareholder Enquiries

ADR Depositary Bank

More from ORBMINCO LIMITED

ORBMINCO LIMITED Interim / Quarterly Report 2008