ORBMINCO LIMITED — M&A Activity 2007

Dec 11, 2007

ASX Release

12 December 2007

No. of pages lodged: 2

Company Announcements Office Australian Stock Exchange Limited 4[th] Floor 20 Bridge Street SYDNEY NSW 2000

Level 1, 89 St Georges Tce Perth WA 6000

P +61 8 9415 1715 F +61 8 9481 2200

Proposed Merger and Operations Update

On 11 October 2007 Monaro Mining NL (ASX: MRO) and Uranium King Limited (ASX: UKL) announced that they had entered into a Merger Implementation Agreement to combine their respective uranium businesses to form an internationally competitive uranium company.

As stated at this time, the directors of both companies believe that the proposed merger will deliver all shareholders a well-funded company and provide considerable upside benefits including:

• Increased access to capital markets;

• A diversification of projects from greenfields and advanced exploration through to pre-production and enhanced management; and

• Enhanced management and technical capabilities.

A Scheme of Arrangement document was due to be forwarded to Uranium King Shareholders during December 2007 following a period of due diligence. While due diligence from both companies is in the final stages, the process has been extended as a result of some documentation delays caused through the geographical diversity of the companies assets. At this stage we expect to have this document to you in January 2008.

During November, in conjunction with the pre-merger process, the directors of Monaro and Uranium King made presentations to a number of New York and Toronto based financial institutions and brokers. We are pleased to report that the presentations were very well received and the benefits of the merger clearly enunciated and understood.

As a result of these presentations a number of unsolicited offers for the provision of capital to advance the merged company’s projects, in particular the pre-development assets, were made. Although the offers of capital were premature they were of sufficient size to completely fund the proposed Apex/Lowboy development as well as advance a number of highly prospective greenfields projects.

103 Abernethy Road Belmont WA 6104 PO Box566 Belmont WA 6984 P +61 8 9277 9782 F +61 8 92776818

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This strong North American capital markets interest obviously provides the directors of both companies with a high level of confidence that the merged entity will be in a very strong position to fund its development and exploration priorities, once merged.

During the past month Uranium King has also been active in advancing its US assets.

Apex-Lowboy Project: The results from bottle roll tests from adit samples are expected before Christmas. This data, together with a completed mineralogical study will allow us to investigate in more detail the process engineering of the resource.

Lily Project: We are awaiting final reports on the drilling programme but it would appear, based on initial feedback that the target sequence is quite widespread, and, as would be expected over such a large area, variably developed in thickness. It is expected that a second drilling programme will be necessary to follow up initial results and more comprehensively test the target horizons.

Rio Puerco Project: An evaluation programme to gain a handle on the grade distribution, prior to an initial mine study, is underway. To date our consultants have evaluated approximately 800 of the 1100 drill logs. In conjunction with this evaluation the board has taken the decision to commence a study of the permitting process at Rio Puerco. This study will identify ways to fast track mine and treatment approvals for the current resource.

On the exploration front we have advanced our claim pegging for unconformity targets within Arizona and have identified five areas with drill ready targets.

We are also maintaining a process of identifying potential acquisitions of uranium projects that are advanced brownfields or contain established resources. One target project in particular has been identified and this will be followed up by negotiations over the coming weeks.

At the beginning of November we were forced to terminate the services of our former Director Mr Karl Meyers. Mr Meyers has subsequently instigated a legal action against the Company. The Board has engaged United States counsel and is of the view that the claim is without merit and will be vigorously defended.

For further information on the company visit www.uraniumking.com

Please direct enquiries to: Jim Malone – Director Phone +61 8 9415 1715

103 Abernethy Road Belmont WA 6104 PO Box566 Belmont WA 6984 P +61 8 9277 9782 F +61 8 92776818

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