ORCODA LIMITED — Capital/Financing Update 2008

Jan 15, 2008

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15 January 2008

ASX ANNOUNCEMENT FOR IMMEDIATE RELEASE

Waitara Joint Venture

Please be advised that SmartTrans’ beneficial interest in the Waitara Joint Venture has been recalculated as a consequence of dilution and now stands at approximately 13.2% based on unaudited exploration costs provided by the Manager of the Joint Venture.

Ends.

_______________________________ For further information contact:

James Laurie Director SmartTrans Holdings Limited – (08) 9228 1199

Perth 614 Newcastle Street LEEDERVILLE WA 6903 Ph: (08) 9228 1199 Fax: (08) 9228 2299