Two men, aged 75 and 63, sustained serious injuries in an armed robbery at the small farming community of Willigobung, located between Batlow and Tumbarumba, on Monday night, police said.
About 9.15pm the men were walking on Willigobung Road when they were confronted by two men armed with a cricket bat and a shot gun, police said.
The men, both wearing balaclavas, demanded money from the victims. After being told they had no money they started assaulting the pair before stealing their mobile phones and a wallet.
As a result the men sustained serious injuries, including lacerations, severe bruising, and swelling. They were treated at Tumbarumba Hospital.
Police from Albury Local Area Command are conducting inquiries into the incident.
The men have only been described as wearing hooded jumpers.
Anyone who noticed anything suspicious in the area around the time of the incident is asked to contact Crime Stoppers on 1800 333 000.