ORBMINCO LIMITED — M&A Activity 2008

Apr 1, 2008

1 April 2008

103 Abernethy Rd Belmont WA 6104

Dear Shareholder,

P +61 8 9277 9782 F +61 8 9277 6818

ACTIVITIES UPDATE – APRIL 2008

Proposed Merger with Monaro Mining NL

As you are aware, on 11 October 2007 Uranium King announced that Monaro Mining NL and Uranium King Limited had entered into a Merger Implementation Agreement (MIA) to combine their respective uranium businesses to form an internationally competitive uranium company.

This process, which became significantly greater in scope as a result of each company’s extensive exploration assets, and the due diligence that was consequently required, has caused us to fall behind the timetable that we previously advised. However, we are pleased to advise that the draft Scheme Booklet has now been lodged with the Australian Securities and Investments Commission (ASIC) and that a Court hearing for approval of the Scheme documentation is expected to be held in mid April 2008.

Subject to Court approval being obtained, it is anticipated that the Scheme Booklet will be forwarded to Uranium King Shareholders by late April. This Scheme Booklet has been prepared to provide Shareholders with the information needed to be able to vote at the Scheme meeting, to be held by late May 2008.

Under the scheme of arrangement to effect the merger, Uranium King Shareholders will receive five Monaro shares for every seven Uranium King shares held. Uranium King and Monaro recently entered into a variation to the Merger Implementation Agreement to provide that holders of Uranium King options will, in connection with the merger, receive Monaro options (5 new Monaro options exercisable at 35 cents on or before 31 December 2009 for every 7 Uranium King options held) in consideration for their Uranium King options,

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rather than Monaro shares as previously announced to the ASX on 11 October 2007.

It is important that you carefully read the Scheme booklet and vote, either in person or via proxy, at the meeting. The proposed merger is an important and critical step in the development of your company and your Directors seek the support of as many shareholders as possible.

As part of the scheme documentation your Directors commissioned RSM Bird Cameron Corporate Pty Ltd (“RSM”) to review the proposal and the consideration due to Uranium King Shareholders. We are pleased to advise that RSM have found the proposed merger to be fair and reasonable and in the best interests of all Uranium King Shareholders. As a consequence your Directors have recommended that shareholders vote in support of the scheme.

As we have previously reported, your Directors believe the proposed merger will provide many benefits to shareholders. These potential benefits include greater project diversity and a significant increased financial capacity to take advantage of the opportunities that we have already identified, and will likely identify in North America and other parts of the world.

The boards and staff of both Uranium King and Monaro Mining are looking forward to the challenges that lie ahead and are committed to making the merged company a serious player in the global uranium market.

Project Update

Lead by Dr. Bernie Free and Mr. Sam Sapper, Uranium King has continued an active exploration and pre-development programme during the merger process.

Dr. Free has an enormous amount of experience in North American uranium exploration and has already identified a number of unconformity targets within Arizona which will form part of our exploration effort (including a drilling programme) over the coming year.

Dr. Free has been a tremendous coup for your company as he has not only an enviable international exploration and discovery record; he also understands the economics of uranium mining. This knowledge has already proven invaluable and will continue to do so as the merged company advance potential developments at Apex/Lowboy, Rio Puerco, Kyrgyzstan, Estonia, Australia and other projects that have been identified.

Dr. Free has also assembled a “blueblood” team of North American based geologists – highly experienced and committed, and they are proving already to be a significant asset in our exploration activities.

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Technical Director, Mr. Sam Sapper has also been very busy completing his review of the Lily drilling and preparing a report to the board on a drilling proposal at Apex/Lowboy.

Mr. Sapper also played a significant role on the due diligence of Monaro Mining as he has considerable experience in Eastern Europe uranium mineralisation, which is where the most advanced of the Monaro projects are situated.

The proposed drilling programme at Apex, which is planned to commence in late July 2008 (subject to rig availability), will be designed to test possible depth extensions but also to provide additional information on the existing resource.

Mr. Sapper has an exceptional level of experience on this project so his findings will be critical to the potential development scope and timetable.

With spring now emerging in North America, Mr. Mike Duncan is preparing for a new season of airborne radiometric surveys. The focus of this years programme will be within Arizona and a number of other regional targets that Messer’s Free, Sapper and their team have identified.

Mr. Duncan is keen to commence this work and after his minor mishap last year where he flew the survey helicopter into a power line and had a forced landing, is keen to get “back on the bike”.

A meeting of the respective Uranium King and Monaro Mining technical teams is planned for mid year to prioritise targets and exploration budgets for the balance of the year. Following this meeting a more detailed explanation of the exploration activities of the merged companies will be become available.

Budgets

A significant benefit from the proposed merger with Monaro is that it will increase the working capital available to the combined group to in excess of $10 million. Future capital raisings will be greatly enhanced in their potential quality and quantity through Monaro’s ADR American Stock Exchange listing (Monaro are due to list in the next 3 weeks), and their existing Frankfurt Stock Exchange listing, which will provide access to European and North American investors, both institutional and private.

It will also combine two exploration teams with significant experience and track records.

Both of these points have major benefits to Uranium King and the merged company.

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Firstly, the additional capital allows Uranium King to undertake exploration and pre-development programmes on its projects of a scope it would not have previously been able to do so. Since the Initial Public Offering in September 2006, UKL have increased their strategic land holding and potential resources in New Mexico and Arizona by a factor of greater than 20. All of this land is highly prospective for finding uranium and requires significant capital to explore efficiently.

Secondly, it provides additional technical staff to allow a more rapid and ultimately more rigorous evaluation of the respective projects, their risks and their upside.

Having Mr. Sapper as part of the technical team has already been a significant advantage to Uranium King. Mr. Sapper’s considerable experience in uranium exploration has allowed projects to be evaluated at a much greater speed and increased surety, thereby gaining the company significant cost benefits.

The addition of Dr. Free and his team has only enhanced this advantage and together with our purchase of the Uranerz data base in 2007 has allowed the company to accelerate its exploration activities by a significant degree. In addition to this Dr. Free has been able to convince Mr. John Pedersen, Dr Alexander Arrowshot and Mr. Michael Free, all world class uranium geologists with nearly 100 years combined uranium experience, to join the company.

In this regard, we are pleased to advise that since the termination of Mr Meyers as exploration consultant in October 2007, the exploration activities of Uranium King have increased by a significant degree.

Karl F. Meyers

In our December quarterly report we reported that we had terminated the services of Mr Meyers as an exploration consultant to the company. As advised in that report, the Company terminated Mr Meyer’s services for various reasons including alleged misconduct on the part of Mr Meyers in the unauthorised removal of confidential company documents from the offices of Uranium King and attempting to sell the data to third parties. The Company is also alleging that Mr Meyers, and his wife Ms George-Ann Meyers claimed in excess of US$60,000 in expenses without either providing supportive documentation or complying with the Company’s policy of the requirement to seek the approval of another Director.

Uranium King intends to explore all legal avenues for the return of the confidential company documents.

In addition, the Company is in the process of instigating legal action in the United States to recover from Mr Meyers and his wife the alleged $US60,000 in unsubstantiated and unapproved expenses.

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You will recall that Mr Meyers was a Director of Uranium King at the time of listing on the ASX but retired as a Director in June 2007. However, Mr Meyers was retained as a consultant post his retirement as a Director.

As identified in the Uranium King prospectus issued in August 2006, the vendor of the uranium assets to Uranium King was Mineral Energy and Technology Company (METCO), an unlisted public corporation incorporated in New Mexico, in the United States of America. Messrs. Meyers, Duncan and Sapper who were directors of METCO became Directors of Uranium King after the transaction was finalised.

All three of these individuals held an interest in approximately 26% each of the issued shares in METCO, 78% in all, and any two of these individuals’ holdings when combined would constitute a majority of the shares in METCO.

As identified in the prospectus, all three of these individuals as individuals and as the Directors and the majority shareholders of METCO signed the Heads of Agreement that governed the transaction whereby METCO transferred its uranium assets and all of the data relating to the assets to Uranium King in consideration for 46,400,000 shares in Uranium King. All three individuals, as Directors of Uranium King, approved the Company’s prospectus as a true, fair and complete document prior to the Initial Public Offering in August 2006.

On or around the date of the termination of Mr. Meyers as a consultant for Uranium King, Mr. Meyers removed, without METCO shareholder authority, Mr. Duncan and Mr. Sapper as Directors of METCO. Mr. Meyers subsequently made claims that Mr. Duncan and Mr. Sapper had never been Directors of METCO, despite clear documentary evidence to the contrary.

As the purported sole Director of METCO, Mr. Meyers then issued himself and his wife a controlling number of shares in METCO. These shares were issued for minimal and unsubstantiated consideration (one minor royalty over Apex, and a previously non existent royalty over Lowboy).

Mr. Meyers, again purporting to act as sole Director of METCO, then initiated litigation on behalf of METCO in the United States against Uranium King. The litigation alleged that the original sale transaction between Uranium King and METCO was null and void because of an alleged violation of New Mexico securities legislation.

At the time, we reported to the market that Mr. Meyers had instigated the commencement of actions against the company but that we considered the actions to be without merit. Uranium King engaged US attorneys in Denver and in New Mexico to act for Uranium King and they filed the necessary defence.

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At the same time Messer’s Mike Duncan and Sam Sapper initiated an action in New Mexico to be reconfirmed as Directors of METCO, and to disqualify the illegal shares Mr Meyers had caused METCO to issue to himself and his wife.

On 8 February 2008, a judgment delivered by Judge Huling in the Second Judicial District Court of New Mexico found that Mr. Duncan and Mr. Sapper had been Directors of METCO at least since April 2006 (and currently remain Directors of METCO together with Mr Meyers) and that shares issued by METCO through the actions of Mr. Meyers since that time, without the knowledge or consent of the other Directors of METCO, were invalid.

As a result of this judgment Mr. Duncan and Mr. Sapper were affirmed as Directors of METCO and Mr. Meyers was removed from his position as President. Mr Duncan and Mr Sapper then caused METCO to appoint a new attorney to advise METCO on its litigation against Uranium King. The litigation brought by METCO against Uranium King was subsequently withdrawn.

On or around 17 January 2008 a minority shareholder of METCO and close associate of Mr. Meyers, Mr. Dean Coleman, issued proceedings in the 13[th] Judicial District of New Mexico against METCO and Uranium King. Mr Coleman alleges negligence against the Directors of METCO in the manner in which they entered into the sale agreement with Uranium King and further alleges that neither METCO nor Uranium King complied with New Mexico securities legislation in approving the agreement. He is asking that the transaction therefore be rescinded.

This claim by Mr. Coleman is being vigorously defended by both METCO and Uranium King and both the majority of the directors of METCO and all of the directors of Uranium King believe the claim will fail.

In late February 2008, Mr. Coleman was granted, via a ruling by Judge Sanchez of the 13th Judicial District of the State of New Mexico, injunctive relief preventing METCO from holding further director or shareholder meetings pending clarification of the orders granted by Judge Huling.

Uranium King and METCO are further considering their respective positions as regards to improper jurisdictional issues associated with Mr. Coleman's claim and dissolution of the Judge Sanchez (who has subsequently been removed as the Judge to the proceedings) injunction.

The granting of this injunction does not extend to Uranium King, was not based on a complaint against Uranium King and has no effect on Uranium King’s ability to progress with the proposed merger.

In mid March 2008, Uranium King, through its US attorneys, filed a Motion to Dismiss Mr. Coleman’s claims against Uranium King. The hearing of this motion is pending.

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The Directors of Uranium King will continue to take whatever actions are necessary to protect the rights of ALL of our Shareholders. Uranium King is also providing assistance to METCO in vigorously defending Mr. Coleman’s claims with a view to seeking its early dismissal.

The Directors of Uranium King consider that none of the claims lodged to date had or have any realistic chance of success and are not supported by the facts or the law.

Nevertheless in light of the proposed merger the Directors consider it appropriate to provide shareholders with this update.

Uranium King will seek to recover all legal costs expended in these actions.

We continue to have a very good company with great assets both in geological and human terms. The Directors recommend that you support the merger with Monaro Mining at the upcoming Scheme Meeting. The merger will greatly enhance the assets of the merged company and place the merged company in a position to become one of the most successful uranium companies, in terms of providing returns for its Shareholders, in the world.

Should you require any additional information, feel do not hesitate to telephone me on 08 9277 9782.

Yours Sincerely,

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Jim Malone Director

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