ORBMINCO LIMITED — Interim / Quarterly Report 2009

Apr 28, 2009

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Q UA RT E RL Y
REP O RT
FOR TH E THREE MO N THS ENDIN G
31 MARCH 2009
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ASX AN N OUNCE M ENT

29 A PRIL 2009

HI G HL I GH T S Apex-lowboy uranium project enhanced. JORC ex-lowboy uranium project enhanced. JORC uranium project enhanced. JORC roject enhanced. JORC anced. JORC RC compliant resource of 950,000 lbs and exploration target mpliant resource of 950,000 lbs and exploration target source of 950,000 lbs and exploration target 950,000 lbs and exploration target s and exploration target loration target rget of 500,000 lbs U3O8 outlined 00,000 lbs U3O8 outlined U3O8 outlined 3O8 outlined O8 outlined 8 outlined outlined ned

C O NTEN T S Corporate 2 Apex-lowboy uranium project enhanced. JORC ex-lowboy uranium project enhanced. JORC uranium project enhanced. JORC roject enhanced. JORC anced. JORC RC Exploration Overview 2 compliant resource of 950,000 lbs and exploration target mpliant resource of 950,000 lbs and exploration target source of 950,000 lbs and exploration target 950,000 lbs and exploration target s and exploration target loration target rget NSW Coal Project 2 of 500,000 lbs U3O8 outlined 00,000 lbs U3O8 outlined U3O8 outlined 3O8 outlined O8 outlined 8 outlined outlined ned Uranium Projects 3 Australian Gold and Airborne survey completed over the Apache Basin, USA Base Metal Projects 9 uranium project Appendix 5B 10 Corporate Information 15 Joint venture over Mayfield copper-gold project executed with Capital Mining Limited Further Information For further informarther informa t ion please contact Mart ntact Mart Tenders for 6 NSW coal areas re-submitted. Strong Ram p e, Executive D irector, interest from potential joint venture parties

For further informarther informa t ion please contact Mart ntact Mart Ram p e, Executive D irector, on +61 2 4647 956 6 or Jim Malo n e, Chairman , on +61 419 53771 4 .

M O N A R O M I N I N G N L A B N 9 9 0 7 3 1 5 5 7 8 1 ( “ M o n a r o ” o r “ t h e C o m p a n y ” ) Suite 7 05, Level 7, St M artins Tower, 3 1 Market Stree t , Sydney NSW 2 000 P O B o x 1 1 7 8 , Q u e e n V i c t o r i a B u i l d i n g N SW 1 2 3 0 T e l + 6 1 2 9 2 6 4 7 3 4 4 F a x + 6 1 2 9 2 6 4 8 9 3 3 ASX: M RO OTC: MN O MY Frankfurt: M 2 H www.monaro mining.com.au info@monarom ining.com.au

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1 CORPORATE

The Co m pany had pr e viously repor t ed a Memor a ndum of Und e rstanding wi t h Sinosteel t h at allowed S i nosteel to earn up to 60% int e rests in up to three of the uraniu m exploration licences in the Kyrgyz Republic. Notwiths t anding Sinosteel’s continued interest, p ersonnel ch a nges and ot h er delays e m anating from Sinosteel have res u lted in that c ompany’s in a bility to com p lete a Trans a ction Agree m ent within a n acceptable t imeframe. Consequ e ntly the period of exclusi v ity afforded to Sinosteel has lapsed. W hilst Sinost e el has state d that it is intereste d in continuin g negotiations, Monaro is n o w free to co n sider other a p proaches th a t have been m ade to it. Prelimin a ry meetings h ave been rec e ntly held wit h another Chi n ese organis a tion.

The Boa r d of Monaro Mining N.L w ish to announce that Mr W arwick Grig o r has resign e d as a Dire c tor of the company, effective im m ediately. Mr Jim Malone h as been app o inted Chair m an of the co m pany in his p lace. The Board of Directors wis h to thank Mr G rigor for his contribution t o the compan y over the pa s t 3 years.

2 EXPLORATION OVERVIEW

In the U S A, explorati o n activities a re centred o n the Apach e Basin uran i um project, w here Vale E xploration Canada Inc is carrying the cost of all exploration i n return for a n interest in the project. Initial work has i n cluded an extensiv e airborne sur v ey.

In addition, desktop st u dies have enhanced the A p ex-Lowboy u ranium proje c t located in Nevada, USA.

3 NSW COAL PROJECT

During the March quar t er, the NSW Department o f Primary Ind u stries (DPI) advised the C ompany that the tender for a nu m ber of NSW c oal areas had been re-op e ned for a bri e f period of ti m e and invite d the Compa n y (and all other ap p licants) to r e valuate its e x pressions o f interest for the coal are a s. The Co m pany subse q uently resubmitte d several of their expressi o ns of intere s t and re-lod g ed the appropriate documentation on t h e closing date – 1 6 February, 2 0 09.

The DPI has not yet a d vised when t he results of t he tender pr o cess are likel y to be made. Several o verseas an d local enter p rises have e xpressed str o ng interest in assisting t h e Company with joint ventures and funding o pportunities s hould the Co m pany be su c cessful in the tender proce s s.

QUARTE R LY REPORT DECEMBER 2 008

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4 URANIUM PROJECTS

4.1 Overview

During t h e last quarter, exploration activities co m menced on the Apache B asin located in Arizona, U SA. This comprised of a compr e hensive airb o rne survey o ver a numbe r of UCA clai m areas. In a d dition, deskt o p studies on the A p ex uranium orebody were c ompleted, re s ulting in a fa v ourable re-a p praisal of th e project.

The loca t ion of the US A projects ar e illustrated in Figure 1.

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

4.2 Arizona – USA: Apache Basin (Monaro reducing to 40%)

An airbo r ne gamma s p ectrometric and magneto m eter survey w as complete d during the l a st quarter ov e r portions of the Apache Basin Project located in Arizona, U SA. The Apa c he Basin is p rospective for Unconformi t y uranium deposits and is analo g ous to the C a nadian Atha b asca Basin, w hich is a wo r ld renowned uranium province. The location o f the project a rea is illustra t ed in Figure 1 .

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This exp l oration work is being fun d ed by Vale E xploration C a nada Inc (“ V EC”), under t he auspices of a letter agreeme n t with Urani u m Corporati o n Arizona L L C (“UCA”), a wholly own e d subsidiary of Monaro M ining NL. Under th e terms of the agreement, V EC has com m itted to fund i ng US$750,0 0 0 in exploration programs in the first year and may elect to fund a furthe r US$2,500,0 0 0 over the s u bsequent tw o years to earn the option to acquire an undiv i ded 60% pa r ticipating int e rest in the C laims. Ther e after, further expenditure s will be funded by the parties p r o-rata in acc o rdance with t heir respecti v e participatin g interests in t he Claims. V EC also has the option to acquir e an addition a l 10% partic i pating intere s t in the Clai m s if it compl e tes a favora b le feasibility study and may elec t to earn an i n terest in any o ther subseq u ent claims th a t may be sta k ed within an “Area of Inter e st”. UCA is the op e rator and m a nager during the first year of the agree m ent and VE C may elect t o be the oper a tor for the subsequ e nt two years. Data from th e airborne sur v ey is now being processe d and interpre t ed.

VEC is t h e North Am e rican explora t ion division o f VALE, the w orld’s second largest min i ng company by market capitaliz a tion with its h eadquarters in Brazil. V A LE reported revenues of US$33.1 billi o n and net e a rnings of US$11.8 billion for the year ended D ecember 31, 2007. VALE i s committed t o the pursuit o f sustainable growth by operatin g with respect for the natural environmen t and being a n ethically and socially resp o nsible comp a ny.

4.3 Nevada – USA: Apex-Lowboy Uranium (Monaro 100%)

4.3.1 Overview

The Co m pany compl e ted a detaile d review and assessment of the Apex uranium dep o sit located i n Nevada, USA. The Apex Depo s it is held by M onaro Minin g NL through its 100% ow n ed US subsi d iary Uranium Company of Nevad a LLC. The r e sults of the a s sessment in c luded the foll o wing:

• A n Inferred M ineral Resource of 614,800 tonnes @ 0 .07%U3O8 o r approximat e ly 950,000 lbs of metal c ompliant wit h JORC standards:

• • A n exploration target of 5 00,00 tonne s of ore ran g ing in grade from 0.04% to 0.07%, wi t h a likely a verage of 0. 0 5% U3O8 wa s identified a d jacent to exi s ting inferred r esource;

• • A n 8,200 met r e drilling pro g ram is plann e d to validate findings of th e assessment and extend t h e zone of k nown miner a lisation; and

• • T he Regional uranium potential was fou n d to be high.

4.3.2 Resource Definition

The recently complete d work has e n abled the Apex uranium d e posit to be r e ported as a n Inferred Resource that is compliant with JO R C reporting r equirements. It is believ e d that this i n ferred resou r ce could be increased significa n tly by further exploration along some of t he construct e d sections, as there are a number of ar e as where mineralis a tion was not closed off by past drilling. Potential for an additional 500,000 tonn e s of ore within a range of 0.04% to 0.07% U3 O 8[ and with a ] likely averag e of 0.05% U3 O 8[ has been i] dentified with i n close proxi m ity to the inferred r e source. It should be noted that in this c a se, the pote n tial quantity and grade is c o nceptual in nature, that there is i n sufficient ex p loration to d e fine a mineral resource an d that it is un c ertain if furth e r exploration will result in the de t ermination of a mineral res o urce.

Uranium mineralisatio n was first dis c overed in 19 5 3, and recor d s indicate th a t 21,039 ton s of uranium o re with an average g rade of 0.25%U3O8 was s hipped betw e en 1954 and 1966 to the V itro Uraniu m Company in Salt Lake City, Uta h for milling. The Apex mine has howe v er, been clo s ed since 19 6 6. Exploration activities s ince then have be e n relatively e xtensive. Th e location of a ll historic drill holes as w e ll as the loc a l geology is i ndicted in Figure 2 a nd a typical c ross-section is presented in Figure 3.

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FIGURE 2: DRILL H O LE LOCATI O NS AND G E OLOGY

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FIGURE 3: EXAMPLE O F GRADE-B L OCK INTER P RETATION

Based o n the above methodology, t h e size of the resource wa s estimated a n d is outlined i n the following table.

Tonnes Ore	AverageG rade	Tonne s U3O8	Lb U3 s O8
614,800	0.07%	430	95 0,000

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4.3.3 Exploration potential

Apex Potential

Based o n the current geological i n terpretation, there is a hi g h potential to increase t h e resource b y another 500,000 t onnes of ore, which could r ange in grad e from betwe e n 0.04 to 0.0 7 % U3O8, wit h a likely targ e t grade of 0.05% U 3 O8, and containing on av e rage approxi m ately 570,0 0 0 lbs of U3O8[. This woul] [d] add to the 9 50,000lbs U3O8 d e fined as an Inferred Resource. This exploration tar g et was gen e rated by interpretation of t he crosssections, and identifyi n g areas that have been untested by d r illing but sho w strong likel i hood of host i ng further mineralis a tion. These i nclude a nu m ber of areas where miner a lisation was n ot closed off by the previ o us drilling and occur laterally fro m the ore bod y as well as a t depth.

Regional potential

Apex-Lowboy Region

The plut o n-carbonaceous metasediment conta c t zone betw e en the Ape x and Lowb o y uranium deposits is consider e d to be highly prospectiv e for uranium mineralisati o n. In partic u lar, embay m ents within t h e quartzmonzonite of the Austin Pluton an d Veatch Quartzite contact zone - partic u larly those w ithin close p r oximity to aplite dy k es, are consi d ered highly p rospective a s these areas have both lithostructural a n d geomorphi c elements similar to that present a t the Apex D e posit.

Paleochannel Potential

Potential for the sand s tone-hosted o r paleochan n el-hosted ur a nium should be investiga t ed within the valleys in the imm e diate vicinity of Apex and Lowboy. Th e presence of uranium bearing source r o cks within the Toiyabe range su c h as uranife r ous granitoi d s, metasedi m ents and vol c anics as well as the pres e nce of know n deposits makes the adjoining s e dimentary b a sins highly prospective as hosts to sed i ment hosted uranium min e ralisation. The pro p osed model w ould be for a n interface b etween oxidi s ed and reduced sedimen t s which would trap the uranifero u s ground wa t ers coming from the Toiya b e range.

Basin Scale

More regionally, the p o tential for hi g h grade, uranium deposit s similar to th o se found in t he Athabasc a Basin of Canada o r the Northern Territory of Australia al s o exists within the region . This type o f mineralisati o n usually occurs i n a basinal environment, w here the host is a struc t ure or a gra p hitic/carbon a ceous body within the basement, overlain un c onformably b y sequence s of Proteroz o ic age. The uranium (an d at times gol d and rare earth me t als) is introd u ced either b y leaching of t h e overlying m aterial and e mplaced within the graphitic body, or alternatively by a hy d rothermal pr o cess within the baseme n t rocks and associated w ith felsic intrusive and faulting. M ineral alter a tion of the surrounding r o cks is ubiquitous and ca n be used as a vector to target the location o f blind depos i ts.

4.4 New Mexico – USA: Rio Puerco Uranium (Monaro 100%)

Review o f the data ba s e for the Ri o Puerco Min e and surroundings continued during the quarter. Thi s project is located w ithin the Gra n ts Mineral B e lt, which in the past has p roduced app r oximately 34 0 M lbs of uranium. The location o f this project i n a regional s ense is illustrated in Figur e 4.

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FIGURE 4: LO C ATION OF T HE RIO PUERCO PROJE C T WITHIN T H E GRANTS MINERAL B E LT

The Co m pany’s tene m ents coverin g the Rio Puerco Project a n d immediate surrounds a r e illustrated i n Figure 5 and is in d icative of the prospective n ature of this p art of the Gr a nts Mineral B elt.

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FIGURE 5: L OCATION O F RIO PUER C O PROJECT WITHIN TH E GRANTS MINERAL BEL T

The next stage of wor k will entail t h e processing of well over 1 000 drill hol e s into a format that will e n able mine modellin g to be carrie d out. This wo r k is expected to commenc e in the coming quarter.

4.5 Kyrgyz Projects (Monaro 100%)

During the Quarter, no exploration activities were undertaken. O n an admini s trative level, four of the main projects in Kyrgy z have now b een covered with new lic e nces which h ave been is s ued in the n a me of two new wholly owned K y rgyz entities. Details are a s follows: Sumara O perating Co m pany: Kordumdy Licence No 2170MP ( o ld Aramsu li c ence) 756 k m[2 ] Shekaftar Licence N o 2171MP ( o ld Sumsar licence) 280 k m[2] Fergana Uranium Co m pany: Shing Licence N o 2172MP ( o ld Naryn lice n ce) 566 k m[2] Madigen Licence N o 2173MP(old Sogul licen c e) 632 k m[2]

The purp o se of the ab o ve strategy i s to facilitate t h e potential f o r joint ventur e opportunitie s .

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4.6 Northern Territory (earning up to 75%)

No expl o ration activities were undertaken duri n g the quarter on these t e nements (Figure 6). The Fog Bay tenemen t s were reduced by 50% a s required by licence cond i tions. Howev e r, the reduction did not r e sult in the loss of a n y prospectiv e areas. Pre v ious work by Hapsburg E x ploration Pty Ltd has outlined a numb e r of semicoincide n t radiometric and magneti c anomalies, which are now ready to b e drill tested. The Liverpo o l 1 and 2 tenemen t s are currentl y subject to s t andard nativ e title processing requirements.

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FIGURE 6: LOCATION OF NOR T HERN TER R ITORY URA N IUM TENE M ENTS

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5 GOLD & BASE METAL PROJECTS - AUSTRALIA

Subsequ e nt to the re p orting period, a joint vent u re agreeme n t has been e xecuted bet w een the Co m pany and Capital M ining Limited (Capital) regarding the M a yfield coppe r -gold project located in c e ntral NSW. C apital has agreed t o spend $100 K to earn 51 % and then an o ther $100K t o increase its interest to 75 % . At the 51 % and 75% level, th e Company has the optio n of contributing prorata if it so desire s . A minorit y interest in t h e project (currentl y 5%) held by Robertscons u lting will be d i luted in step w ith Monaro’s interest.

Capital i s a small AS X listed com p any with an exploration a nd develop m ent focus on NSW projec t s. Details regardin g this Compa n y can be fou n d at www.ca p italmining.co m .au.

No exploration activiti e s were cond u cted on any o f the Company’s gold and base metal p rojects locat e d in NSW during th e quarter.

Mart Ra m pe Executive Directo

COMPETENT PERSON

The revie w of exploratio n activities and r esults contain e d in this report is based on in f ormation com p iled by Mr Mart Rampe , a Member o f the Australa s ian Institute o f Mining and M etallurgy and w ho is an Executive Director of the Compa n y. He has sufficient e xperience whi c h is relevant to the style of mi n eralisation an d types of depo s its under cons i deration and t o the activity which he i s undertaking t o qualify as a C ompetent Pers o n as defined i n the Decembe r 2004 edition o f the Australasi a n Code for Reporting of Exploration Results, Min e ral Resources and Ore Res e rves (the JO R C Code). Ma r t Rampe consents to the inclusion o f this informati o n in the form a n d context in w h ich it appears i n this report.

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APPENDIX 5B

Mining exploration entity quarterly report (Introduc e d 1/7/96. O r igin: Append i x 8. Amended 1/7/97, 1/7/ 9 8, 30/9/2001).

Name of entity
Monaro M ining	NL
ABN Conso 99 073 15 lidated st 5 781 atement o f cash flo ws	Quarte r ended (“cur rent quarter”)
	31 Ma rch 2009
Ca 1.1 Re 1.2 Pa 1.3 Di 1.4 Int 1.5 Int 1.6 Inc 1.7 Ot Ne sh flows rela ceipts fromp yments for vidends receiv erest and oth erest and oth ome taxes pa her (provided t operating c ted to opera roduct salesa (a) exploratio (b) developm (c) production (d) administra ed er items of as er costs of fin id etails if mate ash flows ting activitie nd related de n and evaluat ent tion imilar nature ance paid rial) s btors ion received			Current qua $A’000 rter	( Year to date 9 months) $A ’000
			- (292) - - (1,232) - 22 - - -	- (1,403) - - (3,896) - 147 - - -
			(1,502)	(5,152)
Ca 1.8 Pa 1.9 Pr 1.10 Lo 1.11 Lo 1.12 Ot Ne sh flows rela yment for pur oceeds froms ans to othere ans repaid by her-Cash inflow t investing c ted to inves chases of:( ( ( ale of: ( ( ( ntities other entities from acquisitiono ash flows ting activities a) prospects b) equity inve c) other fixed a) prospects b) equity inve c) other fixed f subsidiary (net stments assets stments assets of directly attributa ble costs)			- - - - - 5 - - -	- - (12) - - 5 - - 2,136
			5	2,129
1.13 To tal operating and investing cash flows (c arried forward )			(1,497)	(3,023)

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1.13 To tal operating and investing cash flows (b rought forwar d)	1.13 To tal operating and investing cash flows (b rought forwar d)	(1,497)	(3,023)
Ca 1.14 Pr 1.15 Pr 1.16 Pr 1.17 Re 1.18 Di 1.19 Ot Ne sh flows rela oceeds fromi oceeds froms oceeds fromb payment ofb vidends paid her (provided t financing c ted to financ ssues of shar ale of forfeite orrowings orrowings etails if mate ash flows ing activities es, options,e d shares rial) tc.		- - - (3) - -	- - - (8) - -
		(3)	(8)
Net incre 1.20 Ca 1.21 Ex 1.22 Ca ase (decreas sh at beginni change ratea sh at end of e) in cash he ng of quarter/ djustments to quarter ld year to date item 1.20		(1,500) 2,245 633	(3,031) 4,040 369
		1,378	1,378

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 partie theparties in s included in cluded in item item 1.2 1.10	Current $A'0 quarter 00
		11 4
		-
1.25	Ex planation nec essaryfor an understanding of the transa ctions
	Pa yments to dire ctors for serv ices to the gr oup

Non-cash financing and investing activities

2.1 D e tails of financing and inves t ing transacti o ns which ha v e had a material effect on c onsolidated a ssets and lia b ilities but did not involve c a sh flows

None

• 2.2 D e tails of outla y s made by other entities to establish or increase their share i n projects in which the re p orting entity h as an intere s t None

Financing facilities available

Add note s as necessa r y for an understanding of t h e position.

A mount avail a ble Amount used $A’000 $ A ’000 3.1 Lo a n facilities - - 3.2 Cr e dit standby a rrangements - -

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Estimated cash outflows for next quarter

4.1 Ex 4.2 De To ploration and velopment tal evaluation			$A ’000
			5 0
			-
			5 0
Recon ciliation o f cash
Reconcili consolida as follows ation of cash ted statement . at the end oft of cash flows he quarter (as ) to the relate shown in the d items in the accounts is		Current quar $A’000 ter	Previou $A s quarter ’000
5.1 Ca 5.2 De 5.3 Co 5.4 Oth Tota sh on hand an posits at call mmercial Bills er (provide d l: cash at en d at bank etails) d of quarter (item 1.22)		336	2 28
		243	4 27
		799	1,5 90
		-	-
		1,378	2,2 45

Changes in interests in mining tenements

6.1 Inte rel or 6.2 Inte acq rests in minin inquished, red lapsed rests inm uired or incre g tenements uced ining tenem ased ents	T enement refe rence	Nature of interest	Interest at beginning of quarter	Interest at end of quarter
	KYRGYZ MP33 (A MP29 (N MP30 (S MP31 (S Fog Bay EL 6356 EL 6358 EL 6694 (50% re EL 6376 EL 6691 (50% re ramsu) aryn) umsar) ogul) EL25406 Mt Paynter Mayfield (Wymah) duction) (Michelago) (Mayfield Nor duction) th)	J J J J W W Wholly owne Wholly owne Wholly owne Wholly owne oint Venture oint Venture oint Venture oint Venture holly owned holly owned d d d d	100% 100% 100% 100% Earning 35% Reducing to 25% Reducing to 25% Reducing to 25% 100% 100%	0% 0% 0% 0% Earning 35% Reducing to 25% Reducing to 25% Reducing to 25% 100% 100%
	KYRGYZ Kordumd Shekafta Shing Madigen y Licence r Licence N Licence N Licence No No 2170MP o 2171MP o 2172MP 2173MP	Wholly owne Wholly owne Wholly owne Wholly owne d d d d	100% 100% 100% 100%	100% 100% 100% 100%

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Issued and quoted securities at end of current quarter Descripti o n includes r a te of interest a nd any rede m ption or con v ersion rights together with prices and d a tes.

	Total number	Num qu ber oted	Issue per se (seen (cen price curity ote 3) ts)	Am pa pers (see (ce ount id up ecurity note 3) nts)
7.1 Pre 7.2 Ch (a) (b) bac ference+sec anges during Increases thr Decreases th ks, redemptio urities(descr quarter ough issues rough returns ns iption) of capital, bu y-	-	-	-	-
	- -	- -	- -	- -
7.3 +O Ful Pa 7.4 Ch (a) (b) rdinary secu ly Paid rt-Paid anges during Fully paid Inc Decreases th rities quarter reases throug rough returns h issues of capital, bu y-backs	90,9 5,0 31,504 00,000	90,93 N 1,504 il	N/ 0.001 A cent	N 0.00 /A 1 cent
	- -	- -	- -	- -
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 Inc Inc Un Un Un Un Un 7.8 Iss 7.9 Exe 7.10 Exp 7.11De (tot 7.12Un (tot tions entive entive listed listed listed listed listed ued during qu rcised during ired during q bentures als only) secured note als only) arter quarter uarter s	25 27 1,53 60 20 50 40 0,000 5,000 5,714 0,000 0,000 0,000 0,000	N N N N N N N /A /A /A /A /A /A /A	Exer pri 107c 50 c 35 c 35 c 45 c 120c 20 c cise ce ents ents ents ents ents ents ents	Expi 19 Ap 31 De 31 De 10 Se 10 Se 18 Fe 01 Ja ry date ril 2011 c 2009 c 2009 pt 2010 pt 2010 b 2012 n 2012
	40 0,000 - -	N /A - -	20 c - - ents	01 Ja n 2012 - -
	- -	- -
	- -	- -

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Compliance statement

• 1 This s tatement 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 Corporations Act o r other stand a rds accepta b le to ASX (se 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: D a te: 29 A p ril 2009

Company Secreta r y

Print n a me: An n e Adaley

Notes

• 1 The q uarterly repo r t provides a basis for info r ming the ma r ket how the e ntity’s activities have bee n financed for th e past quarte r and the effect on its cas h position. An entity wantin g to disclose a dditional inf o rmation is enco u raged to do s o, in a note o r notes attached to this rep o rt.

• 2 The “ Nature of interest” (items 6.1 and 6.2) includes op t ions in resp e ct of interes t s in mining t enements acqui r ed, exercise d or lapsed d u ring the repo r ting period. I f the entity is i nvolved in a j oint venture a greement and t h ere are con d itions precedent which will change its percentage int e rest in a mi n ing tenemen t , it should discl o se the chang e of percenta g e interest an d conditions precedent in the list require d for items 6.1 and 6.2.

• 3 Issued and quoted securities. The issue pr i ce and amo u nt paid up is not required i n items 7.1 a nd 7.3 for fully p aid securities .

• 4 The d efinitions in, and provisi o ns of, AASB 1022: Acco u nting for Extractive Indu s tries and A A SB 1026: State m ent 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 foreign entities. If t he standard s used do not address a t o pic, the Australian standa r d on that to p ic (if any) must be complied w ith.

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CORPORATE INFORMATION

Directors

Jim Malone Chairman Mart Ra m pe Executive Dire c tor Greg Barns Non-Executive Director Michael D uncan N on-Executive Director

Senior Management

Anne Ad a ley C o mpany Secr e tary/ C h ief Financial Officer

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 31 M arch 2009, Monaro Mi n ing had o n issue 90,931,5 0 4 ordinary shares, 5,000,000 pa r tly-paid shares t o .001 cents a n d 3,760,714 unlisted optio n s.

Stock Exchange Listings

Monaro Mining is lis t ed on the A ustralian S e curities Exchang e (ASX Cod e : MRO) and the Frankfu r t Stock Exchang e (Xetra C o de: M2H). M onaro sha r es are eligible f o r Over-The- C ounter tradin g in the Unite d States of Ameri c a in the for m of American Depositary Shares (ADS) under the symb o l “MNOMY”.

Share Price Activity for the Quarter

Quarter	**High **	Low	Clo se
June 200 8	$0.63	$0.34	$0 .42
Septembe r 2008	$0.44	$0.17	$0 .18
Decembe r 2008	$0.29	$0.06	$0 .08
March 20 09	$0.13	$0.06	$0 .11

Further Information on Monaro Mining NL

V isit: w w w.monaromining.com.au M ail: PO Box 1178 Q u een Victoria B uilding S y dney NSW 2 0 00 T el: +6 1 2 9264 734 4 F ax: +6 1 2 9264 893 3 E mail:info@m o naromining. c om.au

T o be notified by email of f u ture announ c ements, visi t the w ebsitewww. m onaromining . com.au an d subscribe to M onaro Minin g News.

Shareholder Enquiries

R egistries Limited manage s the share r e gister for Mo n aro M ining. Queri e s regarding the number of shares h eld, c hange of a d dress and o ther matter s regarding y our s hareholding s hould be dire c ted to:-

R egistries Limited L evel 7, 207 K ent Street S ydney NSW 2000 T el: +61 2 9 290 9600 F ax: +61 2 9 279 0664

ADR Depositary Bank

J PMorgan Ch a se Bank N.A . D epositary Receipts Group 4 New York Plaza N ew York, NY 10004

A ny enquiries regarding an i ndividual AD R holding can be d irected to JP M organ Servi c e Center:-

By Phone: T oll - free US & Canada 800-990-11 3 5 O utside the U S 651-453-21 2 8 H earing Impai r ed 866-700-16 5 2

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 S t. Paul, MN 5 5164-0504 U S A

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