ORBMINCO LIMITED - Interim / Quarterly Report 2008

==> picture [563 x 278] intentionally omitted <==

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

QUARTERLY
REPORT
FOR THE THREE MONTHS ENDING FOR THE THREE MONTHS ENDING
31 MARCH 2008 31 MARCH 2008
----- End of picture text -----

28 APRIL 2008

ASX ANNOUNCEMENT

HIGHLIGHTS

==> picture [171 x 118] intentionally omitted <==

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

CONTENTS
Corporate 2
Uranium Projects 3
Gold and Base Metal Projects 10
Appendix 5B 14
Corporate Information 18
----- End of picture text -----

MoU signed with Sinosteel Corporation of China

US AMEX Listing progressing

UKL Merger well advanced

Positive results from Shekafter Uranium Mine, Kyrgyz Republic

Joint Venture executed with Richmond Mining NL

Further Information

For further information please contact Mart Rampe, Managing Director, on +61 2 4647 9566 or Warwick Grigor, Chairman, on +61 2 9247 0077.

Additional licence applications lodged in Republic of Estonia

MONARO MINING NL ABN 99 073 155 781 (“Monaro” or “the Company”) T +61 2 9264 7344 F +61 2 9264 8933 PO Box 1178, Queen Victoria Building NSW 1230 Suite 705, Level 7, St Martins Tower, 31 Market Street, Sydney NSW 2000 W www.monaromining.com.au E [email protected]

==> picture [173 x 40] intentionally omitted <==

CORPORATE

1.1 Memorandum of Understanding Signed with Sinosteel Corporation of China

On 30 January 2008, the Company announced the execution of a Memorandum of Understanding (“MOU”) with Sinosteel Corporation of China. The main features of the MOU include the following:

Sinosteel Corporation to assess and develop the Company’s Kyrgyz uranium projects;
On individual licences Sinosteel can earn:
40% interest in selected projects by conducting exploration and scoping studies; and
60% interest in selected projects by completing feasibility studies; and.
Sinosteel may be issued share-price options of up to 1.9 million shares in Monaro, exercisable at AU$1.00 each.

Monaro has seven highly prospective uranium projects in the Kyrgyz Republic. Under the terms of the MoU, Sinosteel will work with Monaro to assess and potentially develop each of these projects. The initial agreement is subject, in part, to the results of Sinosteel’s due diligence investigation with respect to this transaction. This agreement will initially cover the entire portfolio of Kyrgyz licences held by Monaro, though assessment work is expected to result in the selection of a smaller number for feasibility and development studies. Monaro believes the joint development of these assets with Sinosteel, which has experience in international uranium transactions, will provide a number of significant benefits to the Company, including:

Access to experienced uranium exploration and production personnel, as well as equipment to conduct such exploration and production;
Use of lower-cost Chinese engineering and production technologies;
Finance for ongoing exploration and assessment expenditure; and
Agreements to purchase uranium production on commercial terms.

The MoU provides in part for an initial selection and potential development program, comprising the following stages:

Stage 1 – Exploration and Technical Assessment Stage 2 – Further Site Work on the Selected Projects Stage 3 – Mining, Processing and Production

The MoU also provides a development program for the remaining projects. For each such project, Sinosteel may earn up to 60% interest in such project, provided that Sinosteel has expended a specified sum on such project and has completed the Stage 1 requirements for such project. The transaction contemplated by the MoU will be subject to certain conditions, including (i) approval of the Kyrgyz and Chinese government authorities and regulations and (ii) any relevant ASX and shareholder approvals.

1.2 Proposed Merger with Uranium King Limited

Monaro and Uranium King Limited (“Uranium King”) are currently engaged in a Merger Implementation Agreement (MIA) to combine their respective uranium businesses to form an internationally competitive uranium company. The directors of both companies believe that the merged entity will be a dynamic and well-funded company that will provide benefits to shareholders which include:

A pipeline of projects from greenfields and advanced exploration through to pre-production;
Geographical diversity of projects in countries that include the USA, Central Asia and Australia;
The increased financial capacity to identify and target project and corporate acquisition opportunities;
Enhanced management and technical capabilities; and
Expanded shareholder base with increased market liquidity

The Merged Entity will benefit from the technical and financial skills of the combined management teams. The new board will comprise three representatives each from Monaro and Uranium King.

Under the terms of the proposed merger, shareholders of Uranium King will receive five Monaro shares for each seven shares they hold in Uranium King, and Uranium King, will become a wholly owned subsidiary of Monaro.

At this stage it is expected that the meeting of shareholders of Uranium King to approve the merger will take place on or around 22 May 2008, with completion of the merger in early June.

| 2

==> picture [173 x 40] intentionally omitted <==

1.3 Progress on USA Listing

The Company is currently in the process of seeking a listing on the US AMEX market by way of sponsored American Depository Receipts (ADRs). It was decided to seek a USA listing following strong interest from both retail and sophisticated investors in North America. It is considered that Monaro is well placed to create a significant market profile in the North American capital market based on its highly prospective portfolio of uranium projects, strong management and uranium expertise.

1.4 Chief Geologist Appointed

In early January 2008, the Company announced the appointment of Jerome Randabel to the position of Chief Geologist. Jerome is a highly qualified Geologist, and has a Bachelor of Science (Honours) in Geology from the University of Adelaide. He has over 15 years experience in exploration and mine development and comes to the Company with a wealth of uranium experience. In particular, Jerome has spent the last 5 years working on the Beverley Uranium Mine in South Australia which involved hands-on exploration and production, culminating in his appointment as Senior Resource Geologist of that project. In addition, Jerome brings strong skills in planning and execution of administrative, logistic and personnel activities, having managed the Geology department at the Beverley Mine.

2.0 URANIUM PROJECTS

2.1 Kyrgyz Projects

2.1.1 Overview

A significant part of the exploration effort has been focused on the Shekafter project, located within the Sumsar Licence. Elsewhere, exploration was limited to pre-field season reviews and preparations. The location of the Company’s tenements is illustrated in Figure 1.

==> picture [520 x 269] intentionally omitted <==

Figure 1: Location of Monaro Mining NL’s Exploration Licenses in The Kyrgyz Republic showing those designated by � where most activities were undertaken during the Quarter

| 3

==> picture [173 x 40] intentionally omitted <==

2.1.2 Sumsar Licence (MRO 100%)

Investigations at the Shekafter and Shekafter East mines during the quarter have revealed encouraging signs of uranium mineralisation. The prospect is located within the Company’s Sumsar licence (MPL30), which is situated in the western portion of the Kyrgyz Republic (Figures 1 and 2). This prospect is represented by numerous shafts and adits as well as mineralised outcrops associated with a carbonate horizon that occupies many square kilometres of area. Limited records indicate that these shafts and adits were opened up during the 1950’s by Soviet geological expeditions. The available historical data indicates that the average grade for some of these mine workings ranged between 0.077%U and 0.165%U and that the ore occurred in some 20 ore lenses with an average thickness of approximately 0.65 metres. These ore lenses apparently occupied only one stratigraphic level.

==> picture [419 x 288] intentionally omitted <==

Figure 2: Sumsar location map showing the main uranium mineral prospects and highlighting the Shekafter area

The Company’s Bishkek team inspected the mine workings in detail at Shekafter and Shekafter East for the first time during the Quarter. At the Shekafter East Prospect, adits along the eastern side of the Taldisai Valley were inspected where approximately 12 adit entrances spaced at 25 to 50m apart were recorded. These are not exploration adits, as first thought, as they opened out to several stopes mined on three levels. In addition, the underground workings included shafts up to 5m, raises as well as two ore passes equipped with tracks. The approximate scale of the mined out lenses are in the 10’s of metres and appear to be controlled by local fractures and redox conditions. Preliminary estimates, based on surveying, indicates that approximately 35,000t of ore was mined, equating to approximately 250 to 300t of U metal. The attached photos show the remnants of the mineralised pods as well as curite/carnotite mineralisation exposed along fracture zones.

A preliminary survey of the workings including geological mapping and radiometric surveying was completed in one area. High grade values from 800 to 1500ppmeU were registered in the stopes, mostly associated with fine grained grey pitchblende or curite replacing clasts in oolitic bands (see Appendix 1 for explanation of sampling data results).

On a regional basis, the area of the prospective horizon appears to be very extensive. That this horizon is extensively mineralised is evident by a number of shafts and uranium mine tailings within the Shekafter village area.

| 4

==> picture [173 x 40] intentionally omitted <==

The next stage of work will entail detailed mapping, surveying and sampling of the underground workings and planning for a significant drilling campaign. This work is expected to commence in the next few weeks. Interpretation of the data suggests that there is a definable trend from Shekaftar East to Tenga. The plateau area to the west of Shekaftar shows the strongest U aero gamma anomaly and is earmarked for further attention.

A program of 37 line km’s has been planned for combined ground magnetometry, radiometry and dipole-dipole chargeability surveys.

The main features of the sampling and mapping program at the Shekafter uranium mine are illustrated in the following photos:

==> picture [290 x 32] intentionally omitted <==

==> picture [290 x 33] intentionally omitted <==

==> picture [290 x 32] intentionally omitted <==

Mineralised pod – pitchblende in oolitic limestone

==> picture [298 x 224] intentionally omitted <==

Curite (yellow) on fracture surface

| 5

==> picture [173 x 40] intentionally omitted <==

==> picture [397 x 43] intentionally omitted <==

==> picture [397 x 42] intentionally omitted <==

==> picture [397 x 43] intentionally omitted <==

==> picture [397 x 42] intentionally omitted <==

==> picture [397 x 43] intentionally omitted <==

==> picture [397 x 42] intentionally omitted <==

Main haulage drive

==> picture [407 x 306] intentionally omitted <==

Accessing the main workings

| 6

==> picture [173 x 40] intentionally omitted <==

==> picture [297 x 223] intentionally omitted <==

Mineralisation along Profile 13, East stope, Shekafter East

==> picture [247 x 336] intentionally omitted <==

Following, the evaluation of all available historic radiometric data, it was also noted that strong radiometric anomalism continued to trend south of the Sumsar licence in the direction of the Tajikistan border - see Figure 3. In particular, one strong trend occurs over a strike length of 5 kilometres and is associated with an arkosic sandstone unit. The company has successfully applied for an extension to the Sumsar licence to cover these anomalies and is now evaluating the most appropriate exploration methodology to apply to these trends.

Figure 3: Well Defined Radiometric anomalies – Sumsar Licence

| 7

==> picture [173 x 40] intentionally omitted <==

2.2 Estonian Uranium Project (MRO 100%)

A total of 7 applications for exploration title have now been lodged with the Ministry of Environment targeting uranium, vanadium and molybdenum mineralisation associated with black shales of Ordovician Age (Figure 4). These applications are all located in the north-eastern part of the country.

The Company intends to lodge further applications, as knowledge of the mineralization and geology is developed. At the same time, data held by the Geological Survey of Estonia is being collected and collated. The Survey is the repository of assay and geological data for literally thousands of drill holes and provides a wealth of information that can be used as a focus of the exploration effort.

==> picture [82 x 31] intentionally omitted <==

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

Location of
application areas
----- End of picture text -----

==> picture [229 x 254] intentionally omitted <==

Figure 4 : Location of Estonian Application Areas

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

==> picture [291 x 252] intentionally omitted <==

2.3.1 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 an unconformity related models exemplified by the Ranger Mine deposits. The projects are focused on sixteen tenement areas covering over 4000 km2 throughout Queensland, Northern Territory and Western Australia (see Figure 5).

In the Northern Territory, the Fog Bay Project is located within the Litchfield Block of the Pine Creek Orogen and is an area that has seen little modern exploration for uranium. Hapsburg has carried out an aeromagnetic and radiometric survey which has been interpreted in-house. The target is associated with unconformity type mineralisation within the Fog Bay Metamorphic unit which shows magnesium metasomatism and chlorite alteration. The Fog Bay Metamorphic unit is believed to be the stratigraphic equivalent of the Cahill Formation which hosts some of the major uranium deposits in the Pine Creek Orogen.

Figure 5: Location of project areas

| 8

==> picture [173 x 40] intentionally omitted <==

The Depot Creek Sandstone is part of the Tolmer Group, and unconformably overlies the Fog Bay Metamorphics. The recent airborne survey revealed coincident radiometric and magnetic anomalies associated with the unconformity.

The proposed exploration program for the licence area involves ground magnetic and radiometric surveys on the identified anomalies, fence drilling along selected anomalies, magnetic susceptibility measurements of core cuttings and detailed geophysical modelling and estimation of depth, to the root cause of these magnetic anomalies. The Joint Venture partners feel that there is considerable potential for the discovery of greenfields uranium mineralisation, and are looking forward to next stage of the exploration program.

With regards to the Western Australian licences, further evaluation of their prospects has led to the downgrading of two of the licences and as a result, the Collins Springs and Granite Hills licences have been returned to Hapsburg Exploration Pty Ltd and are no longer part of the Monaro-Hapsburg Joint venture. Further evaluation of the remaining licences is continuing.

In Queensland, three additional licence applications have been lodged as extensions to existing granted licences or applications. These licences are located approximately 140 kilometre north east of Cloncurry and immediately north of Julia Creek and now cover a total area of 3085 square kilometres. These tenements contain outcropping metamorphosed sediments consisting of Gently dipping micaceous sandstone, polymict conglomerate, mica schist and sandstone. These are interpreted to be part of a basement horst (Mt Fort Bowen Ridge) lying midway between the Mt Isa Inlier and the Georgetown Block. There are magnetic lineaments that both parallel and cross-cut the basin and horst structure and the intersection points of these lineaments may constitute structural targets for base metal mineralisation. Monaro will also look at possible stratabound deposits within the Proterozoic sediments lying beneath the Palaeozoic to Recent cover rocks.

Other potential exploration targets include roll front uranium mineralisation originating from the erosion of granites from within the Georgetown Block. Several of 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.

Finally, shallow sections of the Cretaceous age Toolebuc Formation have also been covered by the recent tenement applications. This Formation has high background values of uranium and vanadium and hence represents a large repository of these metals. The potential for enrichment is considered to be reasonable and will be investigated by the Joint Venture. At the same time, the formation is also known to carry high natural oil content (as an oil shale) and the implications for the Joint Venture will be further investigated.

| 9

==> picture [173 x 40] intentionally omitted <==

3.0 AUSTRALIAN GOLD AND BASE METAL PROJECTS

3.1 Mayfield Project (MRO reducing to 30%)

In March 2008, the Company announced the execution of a Joint Venture with Richmond Mining Limited (“Richmond Mining”) over its Mayfield (EL 6358) and Mayfield North (EL 6691) tenements located in NSW. The agreement is subject to the successful listing of Richmond on the Australian Securities Exchange (ASX). The tenements subject to the agreements are prospective for gold and copper in a variety of geological settings. The main prospects of interest within the two tenements are illustrated in Figure 6 below:

==> picture [439 x 334] intentionally omitted <==

Figure 6: Monaro tenement outline over aeromagnetic image and showing the main exploration targets

Richmond Mining is a West Australian based exploration company with a suite of projects throughout WA and NSW. These projects range from greenfields to advance drilling targets with a focus on nickel, copper and gold. The company anticipates listing on the ASX in the next few months and undertaking an active exploration and drilling programme throughout the remainder of 2008.

The terms of the Joint Venture requires Richmond to expend $300,000 on exploration during the first 3 years of the agreement in order to earn a 50% interest. At this point, Monaro may elect to contribute pro-rata to exploration expenditures, or allow Richmond to expend a further $300,000 to earn an additional 20%.

At the same time, the 15% interest held by Michelago Limited (now a wholly owned subsidiary of Sino Gold Australia) under the auspices of the existing Heads of Agreement was purchased outright by the Company for $15,000, leaving Robertsconsulting Pty Ltd as the only minority (5%) equity holder.

| 10

==> picture [173 x 40] intentionally omitted <==

3.2 Michelago (MRO 100%)

Activities during the reporting period focused on the Birchams base metal prospect located at the southern end of the Michelago Licence (EL 6376). Drilling results by previous explorers indicated encouraging zinc and lead intersections over significant strike lengths (downhole zinc results vary between 1-5% and over widths of 1-5 metres) and it was decided to review this information more closely with the view to enhancing the project and making it attractive for potential farm-in partners. The data indicated that the prospect comprises of a large (~1000 x 200m) outcropping gossan. Unlike other gossanous targets in the area, this target has a distinct magnetic low signature, which may be related to sulphide mineralisation.

This review was followed up by a field soil sampling program, using the Company’s Niton XRF analyser. The results of this work are illustrated in Figure 7 and show a very strong Zn bulls-eye anomaly. This geochemical anomaly also coincides with geomorphically with a positive topographic feature which appears to be underlain by massive gossan and milky quartz veiing, which is locally vughy and boxworked. The host rock is a felsic volcanic clastic interbedded by two 10-20m-wide shale horizons. Gossan also extends along strike of the folded sequence to the south and southeast of the hill, but becomes thinner, less intense and less laterally persistent.

The anomaly (in red) is defined by Zn values of between 500 to 1500ppm and is very well defined over a 300x300m area. It is located just to the north of Drillhole B1 which intersected 6m of 1.3% Zn, including 1m @ 4.86% Zn. In addition, holes B2, B3, PH56 and PH68 are also recorded as intersecting Zn mineralisation, which corresponds well with other, smaller soil anomalies shown on Figure 7.

Further geological mapping and sampling will be carried out over the Birchams Prospect during the coming quarter to ascertain the extent of the surface mineralisation. In addition, a number of other geophysical anomalies outlined previously by the Company will also be assessed.

During the reporting period it was decided not to renew the Michelago South licence (EL 6550).

==> picture [450 x 338] intentionally omitted <==

Figure 7 : Zn soil anomaly over Birchams Prospect. Maximum values to 1500ppm

| 11

==> picture [173 x 40] intentionally omitted <==

3.3 Captains Flat Project (MRO 100% reducing to 25%)

The Company’s joint venture partner, Ironbark Gold Limited (“Ironbark”), reported on the results from 154 air core drill holes completed on the Lake George Mine Tailings at the Captains Flat Project in New South Wales. The program tested the mineral content of the historic tailings dumps and a total of 2,533 metres of drilling was completed.

The tailings are deposited in 2 main dumps and are estimated to contain approximately 2.1Mt of material based on production records. A JORC compliant resource of the zinc-lead-copper-silver-gold in the tailings will be estimated and released as soon as possible. Ironbark believes these results represent an opportunity worthy of further evaluation.

Significant results included*:

• LGD113: 3 metres at 6.9% zinc, 1.8% lead, 0.3% copper, 1.0 g/t gold and 27 g/t silver from 12 metres

• LGD147: 3 metres at 5.3% zinc, 1.7% lead, 0.4% copper, 1.1 g/t gold and 25 g/t silver from 12 metres

• LGD117: 6 metres at 4.2% zinc, 1.5% lead, 0.4% copper, 0.9 g/t gold and 27 g/t silver from 12 metres

• LGD145: 6 meters at 4.6% zinc, 1.5% lead, 0.4% copper, 0.9 g/t gold and 24 g/t silver from 15 metres

* Samples taken in 3 metre composites, assays obtained from ALS Laboratories in Orange, NSW. All elements except gold were analysed using an Aqua Regia acid digestion followed by ICP; Gold was assayed using a fire assay and AAS

Historical production from Lake George has yielded in excess of 4Mt @ 10% zinc, 6% lead, 0.7% copper, 55 g/t silver and 1.8 g/t gold. Considerable amounts of remnant mineralisation are contained within the area of previous mining.

Earlier deep drilling beneath the historical workings has intersected primary mineralisation which is thought to represent a possible continuation of the Lake George mineralisation. In addition numerous base metal prospects have been identified within the same trend to the south, over a 50 kilometre strike. These exciting prospects will be the subject of exploration by Ironbark in the future.

Following on from the completion of the drilling program, Ironbark Gold is also waiting for the results of metallurgical test work carried out on a selection of the dump samples.

An economic evaluation of the results is to be completed during the next quarter, together with on-going evaluation of the several other prospects within the licence.

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

The Company’s joint venture partner, Noah Resources NL has commenced the evaluation of these two projects, subsequent to its successful listing on the Australian Securities Exchange in late December, 2007. Both projects are prospective for quartz vein or granite hosted tin, tungsten and molybdenum mineralisation. Field activities have yet to be activated.

==> picture [173 x 44] intentionally omitted <==

Mart Rampe

Managing Director

| 12

==> picture [173 x 40] intentionally omitted <==

COMPETENT PERSON

The review of exploration activities and results contained in this report in relation to the Australian projects is based on information compiled by Mr Mart Rampe , a Member of the Australasian Institute of Mining and Metallurgy. 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 Mr Steve McRobbie , 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.

APPENDIX 1 Reporting uranium geochemical sampling results

Gamma ray logging is an indirect method of measuring the Uranium content within a drill hole, from a rock exposure or drill sample. It measures the total natural gamma rays emitted by the daughter elements of Uranium and Thorium; Bismuth (Bi[214] ), Thallium (Tl[208 ] ) respectively, as well as those emitted directly from the decay of Potassium (K[40] ). The Uranium content is calculated by applying a calibration factor to the measured gamma ray values. The calibration factors are determined through a calibration process and assume that Uranium is in equilibrium with its daughters. Hence the results are given as an equivalent grade in % U or ppm eU or alternatively as % eU3O8 or ppm eU3O8 after a conversation factor is applied.

Since the various radioactive elements emit gamma rays at specific energy levels, the use of spectral gamma ray tools can be used to measure the content of Uranium, Thorium and Potassium. The gamma ray measuring tools used by Monaro Mining NL and its subsidiary Zona Noblus LLC are regularly calibrated and checked.

| 13

==> picture [173 x 40] intentionally omitted <==

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	Name of entity	Name of entity
Monaro Mining NL
ABN 99 073 155 781 Consolidated statement of cash flows	Quarter ended (“current quarter”)
	31 March 2008

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 (provide details if material) Net operating cash flows		Current quarter $A’000	Year to date (9 months) $A’000
		- (381) - - (1,192) - 128 - - -	- (1,902) - - (2,756) - 322 - - -
		(1,445)	(4,336)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 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 (provide details if material) Net investing cash flows		- - (60) - - - - - -	- - (154) - - - - - -
		(60)	(154)
1.13 Total operating and investing cash flows (carried forward)		(1,505)	(4,490)

| 14

==> picture [173 x 40] intentionally omitted <==


1.13 Total operating and investing cash flows (brought forward)	(1,505)	(4,490)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (Share Issue Expenses) Net financing cash flows	- - - - - -	5,044 - - - - (158)
	-	4,886
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter	(1,505) 6,664 (14)	396 4,828 (79)
	5,145	5,145

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 Aggregate amount of payments to the parties included in item 1.2 1.24 Aggregate amount of loans to theparties included in item 1.10	1.23 Aggregate amount of payments to the parties included in item 1.2 1.24 Aggregate amount of loans to theparties included in item 1.10	Current quarter $A'000
		150
		-
1.25 Explanation necessaryfor an understandingof 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

None

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

None

Financing facilities available

Add notes as necessary for an understanding of the position.

Add notes as necessary for an understanding of the position.
3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	-	-
	-	-

MONARO MINING NL ABN 99 073 155 781 (“Monaro” or “the Company”)

T +61 2 9264 7344 F +61 2 9264 8933 PO Box 1178, Queen Victoria Building NSW 1230 Suite 705, Level 7, St Martins Tower, 31 Market Street, Sydney NSW 2000 W www.monaromining.com.au E [email protected]

| 15

==> picture [173 x 40] intentionally omitted <==

Estimated cash outflows for next quarter

Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development Total	$A’000
	700
	-
	700

Reconciliation of cash

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 in the accounts is as follows.	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 Other (provide details) Total: cash at end of quarter(item 1.22)	115	154
	273	243
	4,757	6,267
	-	-
	5,145	6,664

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
	EO9/1331 EO9/1345 EL 6550	N/A N/A Wholly owned	Nil Nil 100%	Nil Nil Nil
	EPM 17344 EPM 17345 EPM 17346 EL 6376	Joint Venture Joint Venture Joint Venture Initial JV	Earning 75% Earning 75% Earning 75% 80%	Nil Nil Nil 95%*

*Now Subject to Richmond Mining Joint Venture

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	-	-	-	-
	- -	- -	- -	- -

W www.monaromining.com.au E [email protected]

| 16

==> picture [173 x 40] intentionally omitted <==

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	29,431,508 5,000,000	29,431,508 Nil	N/A 0.001 cent	N/A 0.001 cent
	106,383 -	106,383 -	N/A -	N/A -
7.5 +Convertible debt securities(description) 7.6 Changes during quarter (a) Fully paid increases through issues (b) Decreases through securities matured, converted	-	-	-	-
	- -	- -	- -	- -
7.7 Options Unlisted Incentive Incentive Unlisted 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	1,800,000 350,000 750,000 500,000	N/A N/A N/A N/A	Exercise price 60 cents 107 cents 175 cents 120 cents	Expiry date 31 December 2008 19 April 2011 31 December 2008 18 February 2012
	500,000 - -	N/A - -	120 cents - -	18 February 2012 - -
7.11 Debentures (totals only) 7.12 Unsecured notes (totals only)	-	-
	-	-

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: 28 April 2008

Company Secretary Print name: Anne Adaley

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 applies 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.

MONARO MINING NL ABN 99 073 155 781 (“Monaro” or “the Company”)

T +61 2 9264 7344 F +61 2 9264 8933 PO Box 1178, Queen Victoria Building NSW 1230 Suite 705, Level 7, St Martins Tower, 31 Market Street, Sydney NSW 2000 W www.monaromining.com.au E [email protected]

| 17

==> picture [173 x 40] intentionally omitted <==

CORPORATE INFORMATION

Directors

Warwick Grigor Chairman Mart Rampe Managing Director

Malcolm James Non-Executive Director

Senior Management

Further Information on Monaro Mining NL

Visit: www.monaromining.com.au Mail: PO Box 1178 Queen Victoria Building Sydney, NSW, 2000

T: +61 2 9264 7344 F: +61 2 9264 8933

E: [email protected]

Steve McRobbie General Manager CIS/Europe Anne Adaley Company Secretary/ Chief Financial Officer Jerome Randabel Chief Geologist

Registered Office

Suite 705, Level 7, St Martins Tower 31 Market Street Sydney NSW, 2000

Issued Capital

At 31 March, 2008, Monaro Mining had on issue 29,431,508 ordinary shares 5,000,000 partly-paid shares to .001 cents and 3,400,000 unlisted options.

Stock Exchange Listings

Monaro Mining is listed on the Australian Securities Exchange (ASX Code: MRO) and the Frankfurt Stock Exchange (Xetra Code: M2H).

To be notified by email of future announcements, visit the website www.monaromining.com.au and subscribe to Monaro Mining news.

Shareholder Enquiries

Computer Share Registry Service manages the share register for Monaro Mining.

Queries regarding the number of shares held, change if address and other matters regarding your shareholding should be directed to Computer Share Registry Services

Contact Details

Computer Share Registry Services Yarra Falls 452 Johnson Street Abbotsford VIC 3097

Tel: +61 3 9415 5000 Fax: +61 3 9473 2500

Share Price Activity for the Quarter


Quarter	High	Low	Close
June 2007	$2.75	$1.45	$1.55
September 2007	$1.65	$0.80	$1.05
December 2007	$1.10	$0.77	$0.77
March 2008	$0.89	$0.39	$0.38

| 18

AI assistant

ORBMINCO LIMITED — Interim / Quarterly Report 2008

65473_rns_2008-04-27_0badaa6d-2801-42a9-a33d-4ceb05e21f68.pdf

HIGHLIGHTS

Further Information

CORPORATE

1.1 Memorandum of Understanding Signed with Sinosteel Corporation of China

Stage 1 – Exploration and Technical Assessment Stage 2 – Further Site Work on the Selected Projects Stage 3 – Mining, Processing and Production

1.2 Proposed Merger with Uranium King Limited

1.3 Progress on USA Listing

1.4 Chief Geologist Appointed

2.0 URANIUM PROJECTS

2.1 Kyrgyz Projects

2.1.1 Overview

2.1.2 Sumsar Licence (MRO 100%)

2.2 Estonian Uranium Project (MRO 100%)

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

2.3.1 Overview

3.0 AUSTRALIAN GOLD AND BASE METAL PROJECTS

3.1 Mayfield Project (MRO reducing to 30%)

3.2 Michelago (MRO 100%)

3.3 Captains Flat Project (MRO 100% reducing to 25%)

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

COMPETENT PERSON

APPENDIX 1

Reporting uranium geochemical sampling results

APPENDIX 5B

Mining exploration entity quarterly report

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

Financing facilities available

Estimated cash outflows for next quarter

Reconciliation of cash

Changes in interests in mining tenements

Issued and quoted securities at end of current quarter

Compliance statement

Notes

CORPORATE INFORMATION

Directors

Senior Management

Further Information on Monaro Mining NL

Registered Office

Issued Capital

Stock Exchange Listings

Shareholder Enquiries

Contact Details

Share Price Activity for the Quarter

More from ORBMINCO LIMITED

ORBMINCO LIMITED Interim / Quarterly Report 2008