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Monaro Mining [ASX: MRO] - Phase one exploration drilling results at Bernard Gol
d Project (Arizona, USA)



8 OCTOBER 2009 ASX ANNOUNCEMENT
PHASE ONE EXPLORATION DRILLING RESULTS
BERNARD GOLD PROJECT
HIGHLIGHTS
• Phase One exploration drilling at the Bernard Project completed in September 2009
• A total of 1076m (3530 feet) of drilling was completed in seven holes
• Exploration drilling has enabled the Company to:
o confirm the existence of the detachment system at depth;
o determine the geometry of the detachment surface; and
o obtain geochemical data to better define exploration targets for further drilling.
Monaro Mining NL ("Monaro" and/or "The Company") is pleased to advise that the Phase One exploration
drilling program at the Bernard Project began in Mid-July 2009 was completed in September 2009.

In all,
1076m (3530 feet) of drilling was completed in seven holes.

With the exception of rotary drilling to install
surface casing, NQ core was drilled exclusively on all holes.

Hole lengths ranged from 87m (284 feet) in
Hole F-6 to 272m (892 feet) in Hole F-2.
Monaro Mining Chairman Mr Jim Malone said that the drill program had successfully delivered against its
major objectives: "The objectives of the Phase One exploration drilling program were to confirm the existence
of the detachment system at depth, to determine the geometry of the detachment surface, and to obtain
geochemical data that would permit better definition of the mineralised system and assist in the targeting of
drilling in the next phase of exploration".
The Company is now awaiting delivery of all assay data so as to assess the results of the drilling program.

A
further update will be released to shareholders once the data has been received and analysed.
The exploration program is being is being funded by Cristol Enterprises LLC ("Cristol") under the auspices of
a A$5.1M farm-in agreement with Monaro"s wholly owned subsidiary Uranium Company of Arizona LLC
("UCA").

Cristol is an exploration company based in Nevada, USA and specializes in the discovery and
development of mineral projects exhibiting significant resource potential.
EXPLORATION CONCEPT
The exploration model adopted for the Bernard program is similar to that used at the Copperstone Mine
(currently being operated by American Bonanza Corporation) located approximately 70 klms to the south
west in a similar geological setting.

This mine has produced some 500,000 oz of Au at an average grade of
3.8 g/t Au and the mine has currently defined resources of approximately 400,000 oz Au.

It is considered that
the Company"s Bernard claims are also prospective for deposits of this size and tenor.

The Copperstone
mine and the Company"s Bernard claims are located in a very prospective part of the USA as illustrated in
Figure 1.
2
FIGURE 1: LOCATION OF BERNARD PROJECT (FROM AMERICAN BONANZA GOLD CORP, 2009)
The principal focus of the exploration program is gold mineralisation associated with "detachment faulting"
occurring within a complex of sediments and intrusives of variable age.

The detachment faulting tends to be
a flat lying zone which separates "Upper Plate" and "Lower Plate" rocks.

Upper Plate rocks consist of a
variety of lithologies varying from Paleozoic to Tertiary in age and are locally highly faulted and tectonically
juxtaposed.

Lower Plate units contain Proterozoic through to Mesozoic rocks which have been variably
metamorphosed and altered.
Within Lower Plate rocks, there are numerous sub-parallel structures which often host gold and copper
bearing breccias zones.

Numerous prospect pits, open cuts, adits and shafts are located in or near these
breccias zones.

The Bernard gold vein is the most significant prospect within the claim block and recent rock
chip sampling by the Company has previously confirmed the prospectivity of the project, yielding surface gold
values of between 5.1 and 9.6 g/t Au as well as high copper, zinc and lead values.
The basic concept behind the drilling campaign is illustrated in Figure 2.
3
FIGURE 2: CONCEPTUAL MINERALISATION STYLES - BERNARD CLAIM BLOCK
DRILLING CAMPAIGN - PHASE 1
Six vertical holes were drilled along the strike of the Rawhide Detachment fault within one mile down dip of
the mapped outcrop of the fault.

The location of these holes are indicated on Figure 3 and a summary of the
drilling results is provided in Table 1.
In addition, one inclined hole was completed on the Bernard Vein, which is hosted by rocks of the Lower
Plate of the Rawhide Detachment Fault and is exposed intermittently for about 850m.

A small remnant of
Upper Plate Paleozoic limestones is found along ridge lines above the vein where it is preserved as a downfaulted
block.

It is believed that the Bernard vein is directly related to Detachment faulting because of
proximity and similar geochemical signature.
At the time of this release, only preliminary spot assay data was available for drill holes F1 and C1.
4
FIGURE 3: LOCATION OF MONARO DRILL HOLES
C1
F4
F1
F2 C1
F3 C1
F5 C1
F6 C1
F5 Monaro drill hole
5
TABLE 1: SUMMARY OF DRILLING RESULTS
Hole ID Depth
(metres)
Comment
F-1 137 Intersected a very complex fault zone where repetitive intercepts of lithologies
were noted.

Strong alteration, including silicification, accompanies breccias and
strong fracturing of both upper and lower plate rocks.

Anomalous geochemical
results were identified by analysis at eight separate levels in the core.

Aside from
gold anomalies at three separate levels, anomalous concentrations of lead, zinc,
copper, barium and manganese were also found.

These latter elements are
significant because they comprise a suite that is characteristically found in
detachment fault hosted mineral systems.
F-2 272 Drilled along a synformal structure in which the detachment fault is significantly
warped downward.

The hole intercepted a very thick section of Upper Plate strata
of Miocene age, and was ended in a zone of intense alteration and brecciation.
Intense silicification and epidotization in the bottom 40 feet of the hole preclude
identification of the rock beyond basic lithologic character.

The thinly bedded to
laminated altered sandstones could be correlated with units of Tertiary Red Beds
or Paleozoic calcarenites.

Both of these are Upper Plate units and indicate that
the hole did not penetrate the detachment fault.

Within the unaltered Tertiary Red
Beds in the upper part of the hole, significant thicknesses of low grade
manganese mineralization were found.

Manganese is sometimes found in oregrade
concentrations in similar red beds deposited in basins during the
development of detachment faulting, and manganese is therefore regarded as
one of the favourable pathfinder elements associated with detachment fault gold
deposits.
F-3 158 Drilled in the south-eastern quadrant of the claim block where the detachment
fault turns from a northwest striking orientation to a south-western strike.

Field
reconnaissance also discovered that this location is within a northwest trending
structural trough having an uncertain significance on the detachment fault mineral
system.

The hole penetrated Tertiary Red Beds, underlying Tertiary limestone,
and Paleozoic (?) limestones before ending in Lower Plate Gneiss.

Very heavy
faulting and jasperoid alteration of limestone units separate the Upper Plate
sequence from the Lower Plate sequence.

Within this zone calcite-manganese
oxide veins were frequently noted.
F-4 177 Drilled near the south-western corner of the claim block and is presently the
westernmost test of the target.

A thin section of Tertiary limestone was found to
lie above Paleozoic limestones and was separated from them by fault zone.

A
second fault at the base of the strongly altered Paleozoic sequence marks the
detachment above the Lower Plate gneiss found at the bottom of the hole.
Alteration consisting of variable degrees of silicification is accompanied by heavy
fracturing and emplacement of calcite-hematite and epidote veins.
F-5 96 Drilled near the centre of the southern boundary of the claim block to test the
down-dip extension of the detachment.

Upper Plate lithologies, including red
beds and limestones, were penetrated before crossing a significant fault zone.
The bottom of the hole is in Lower Plate gneiss.

Calcite-manganese oxide veins
were frequently observed mostly in Upper Plate rocks, and strong silicification was
noted in uppermost Lower Plate rocks.
F-6 87 Drilled at a location east of F-5 and penetrated a very similar section of Upper
Plate rocks.

The hole encountered an interval of strong fracturing in a fault zone.
A combination of severe lost circulation and caving in this structure required
abandonment of the hole before it reached the detachment.

Calcite-manganese
oxide veins were noted in the Upper Plate units.
6
ABOUT MONARO MINING NL - "BUILDING A SERIOUS URANIUM COMPANY"
Monaro Mining NL is an Australian-based international exploration and pre-development company focusing on
uranium.

Its major assets include tenements in the USA, Central Asian Kyrgyz Republic and Australia.

Monaro"s
objective is to be a producer in the medium term through the development of its advanced projects in the USA.
Monaro shares are listed on the Australian Securities Exchange and the Frankfurt Stock Exchange and Monaro ADSs
are eligible for OTC trading in the USA.
ABOUT CRISTOL ENTERPRISES, LLC
Founded in 2009 by Cris Cristea and Corey Tolle, Cristol Enterprises, LLC is a Nevada, USA based exploration
company specializing in the discovery and development of mineral projects exhibiting significant potential.

It is a
company closely associated with Arlan River LLC (www.arlanriver.com), whose team of experienced
executives have claimed their stake in the mining industry with their recent work on the exploration and
development of 36,000 acres in Southwest, Utah.

Cristea and Tolle have worked with industry leaders and veteran
geologists on this significant site which Arlan River claims is positioned to become a world-class copper discovery.
Cristol Enterprises LLC is led by a team of executives with expertise in operations, metallurgy, geology, strategic
planning, technology and investment sourcing and is a company "dedicated to exploring resources to enhance the
lives of many through the innovation of mineral discoveries".
C-1 149 Drilled at an elevation of nearly 30m feet above the nearest outcrop of the
Bernard Vein.

The hole penetrated an extensive interval of faulting and alteration
between 90.5m to 131.1m with calcite veining at 119.8m, a position consistent
with the anticipated location of the Bernard Vein.

The hole also penetrated the
fault-preserved segment of the Upper Plate and the underlying detachment fault.
The detachment fault was represented by strong brecciation and calcite veining.
Spot samples from this zone returned anomalous gold (0.21 ppm), copper
(0.02%), manganese (0.13%), lead (0.072%), and zinc (6.1%).

These results
confirm that the detachment fault within the claim block is mineralized.
The extent of visual mineralisation, alteration, brecciation, quartz and calcite veining throughout many of the
drill hole suggests that an extensive mineralised system may be present.

It is thus anticipated that subject to
the receipt of all laboratory results, a comprehensive interpretation can be undertaken which will provide the
basis for the next phase of drilling.
COMPETENT PERSON
The review of exploration activities and results contained in this report is based on information compiled by
Mr M Rampe, a Member of the Australasian Institute of Mining and Metallurgy who is a director of the
Company.

He has sufficient experience which is relevant to the style of mineralisation and types of deposits
under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined
in the December 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves (the JORC Code).

Mr Rampe consents to the inclusion of this information in
the form and context in which it appears in this report.
FURTHER INFORMATION
For further information please contact Jim Malone, Chairman on +61 4 19537714 or Mart Rampe, Executive
Director, on +61 2 4647 9566.
Media Enquiries: Fortbridge - Bill Kemmery on +61 2 9331 0655




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