ORCODA LIMITED — Capital/Financing Update 2008

Apr 6, 2008

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7 April 2007

NEWCREST MINING IN $10 MILLION JOINT VENTURE FOR CONNORS ARCH PROJECT, QUEENSLAND

Australia Oriental Minerals NL (ASX: AOM) is pleased to announce that AOM, along with its joint venture partner, SmartTrans Holdings Limited (ASX: SMA), has reached agreement with Newcrest Operations Limited (”Newcrest”) to farm into the Connors Arch project in Queensland.

The new joint venture is known as the Broadsound Joint Venture.

Newcrest has agreed to spend $10 million over the next five years to earn a 60% interest in the new joint venture. At that time, AOM’s interest in the joint venture will have reduced to 16%, from its current level of 40%.

As part of the agreement, Newcrest has committed to spend a minimum of $1.5 million over a period of 18 months. Newcrest may then either elect to spend a further $8.5 million to earn its 60% interest, or cease participation in the joint venture, at which time AOM would revert to its 40% interest.

The Connors Arch project is part of the Connors Magmatic Arc, which is a major structural element of eastern Queensland, lying on the eastern-side of the major coal-bearing Bowen Basin.

A report by an independent minerals exploration consultant noted that previous exploration at Mt MacKenzie within the prospect has shown it to be one of the largest hydrothermal gold-bearing systems in Eastern Australia, although the known bodies of mineralisation are sub-economic. It also noted that the tenements held are thought to cover highly prospective ground for epithermal and porphyry/breccia related gold-copper deposits.

AOM’s chairman, Mr Pat Elliott, said today that the Company had always been excited by the prospect of a large mineralisation and alteration system within AOM’s Mt MacKenzie tenements.

“The exploration expertise and financial strength that Newcrest brings to the joint venture will serve to enhance the prospects of locating such a system,” Mr Elliott said.

For further information, please contact:-

Andrew Bursill John Field AOM Secretary Field Public Relations (02) 9419 2966 (08) 8234 9555

Australia Oriental Minerals NL Suite 206, 1 Katherine Street, CHATSWOOD, NSW, 2067, Australia T +61 (0)2 9419 2966 F +61 (0)2 9419 2944 ACN: 010 126 708