ORBMINCO LIMITED — M&A Activity 2008

Mar 31, 2008

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

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ABN 99 073 155 781

1[s t] April 2008

ASX ANNOUNCEMENT

UPDATE ON MERGER OF MONARO MINING AND URANIUM KING

• Merger is on track for completion by early June

• Scheme document lodged with ASIC and is due to be mailed to UKL shareholders in the next three weeks

• General meeting of UKL shareholders on or around 22 May, 2008

• Merged company will provide a suite of benefits including:

  • Strengthened technical team and management

  • Improved liquidity of shares and access to capital

  • Exposure to USA markets through AMEX listing

  • Pipeline of projects from pre-development to exploration in leading uranium producing provinces in the USA, Central Asia and Australia

The Directors of Monaro Mining NL (“Monaro” or “MRO”) and Uranium King Limited (“Uranium King” or “UKL”) are pleased to announce that the proposed merger between Uranium King and Monaro has progressed significantly with the scheme document lodged last week with ASIC and due to be mailed out to Uranium King Shareholders in the next three weeks.

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.

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

The Directors of both Monaro and Uranium King believe the proposed merger will provide many benefits to shareholders. These potential benefits include:

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• Greater project diversity

The merged company will have the following projects;

Project	Location	Geological Styles	Resource	Status
Apex/Lowboy	Nevada	Contact/unconformity	1.5 MlbsJORC	Historicmine,scopingstudy completed
Rio Puerco	New Mexico	Sandstone “roll front”	4.6 mlbsJORC	Historic mine
Bernabe-Montano	New Mexico	Sandstone “roll front”	N/A	Exploration
ChurchRocks	New Mexico	Sandstone “roll front”	Extensive drillindicatedmineralisation	Exploration
Apache Basin	Arizona	Unconformity	N/A	Exploration
Aramsu	Kyrgyz	Granitic sedimentarybreccia-hosted	Extensive drillindicatedmineralisation	Drilled/Adits
Naryn	Kyrgyz	Sandstone“roll front”	N/A	Historic mine
Sogul	Kyrgyz	Sandstone“roll front”	N/A	Exploration
Sumsar	Kyrgyz	Sandstone“roll front”	N/A	Exploration
Hapsburg JV	Australia	Varied	N/A	Exploration
Estonia	Estonia	Alum shale	N/A	Applications

• The Directors believe that two 100%-owned projects in the USA could be producing within 2-4 years. Additionally, depending upon the outcome of work to be conducted by Sinosteel pursuant to the Heads of Agreement announced in January 2008, there is the possibility of production from one or more locations in the Kyrgyz Republic. Combined production could be in the order of 500-1000 tpa U3O8, with EBITDA well in excess of the market capitalisation of the merged entity. These outcomes will be dependent upon ongoing assessment and development, and continuing economics in the uranium sector.

• A significant increased financial raising capacity to take advantage of the opportunities that we have already identified, and are likely to identify in North America and other parts of the world. This ability will be greatly enhanced with Monaro’s ADR listing on the American Stock Exchange (expected in the next three weeks). The merged company will have listings on the ASX, the American Stock Exchange in the USA and the Frankfurt Stock Exchange in Europe and this, coupled with the international diversity of projects of the merged company, will greatly enhance the ability to attract European and North American investors, both retail and Institutional.

• The merger will bring together two highly experienced and competent technical teams. The combined technical team comprising Dr. Bernie Free, Sam Sapper, John Pedersen, Dr Alexander Arrowshot, Michael Free, Lee Spencer, Mart Rampe, Jerome Randabel, Mohan Varkey and David Bennet are all world-class uranium geologists with nearly 300 years combined uranium experience, and will form one of the more formidable technical teams of any uranium junior company in the world.

• The merged company will be larger. Even before the down turn in world markets and in particular, uranium stocks, the Boards of both Monaro and Uranium King realised that the bull market conditions of late 2006/early 2007 would not last forever and the cost of exploration and developing uranium projects and the difficulties in finding competent staff would be a serious challenge to all uranium juniors. As a result of this similar mindset and understanding that the two companies had a good mix of complementary assets, the two Boards agreed to a consolidation that we believe will propel the merged company into a new league of resource companies in the quickest timeframe.

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The proposed merger is a critical step in the development of both companies and the boards and staff of both Uranium King and Monaro Mining are looking forward to the challenges that lie ahead and are committed to building a serious uranium company.

Warwick Grigor Chairman Monaro Mining NL

Jim Malone Executive Director Uranium King Limited

FOR FURTHER INFORMATION, VISIT:

www.uraniumking.com or www.monaromining.com.au

Please direct enquiries to:

Warwick Grigor - Chairman, Monaro Mining NL Phone +61 2 9247 0077

Jim Malone – Executive Director, Uranium King Limited Phone +61 8 9277 9782

ABOUT MONARO MINING NL – “Building a Serious Uranium Company”

Monaro Mining NL is an Australian-based international exploration and development company focusing on uranium. Its major assets include a highly prospective set of tenements in the Central Asian Kyrgyz Republic and Australia, with some of these holding potential for gold as well. Monaro aims to grow both through project acquisition and corporate initiatives such as the recently announced merger proposal with Uranium King Limited, which will provide the opportunity for near term uranium production in the USA. The shares are listed on the Australian Stock Exchange, the Frankfurt Stock Exchange and it is progressing with an AMEX ADR listing in the USA.