FireFly Metals Ltd. — Capital/Financing Update 2007

Nov 28, 2007

Exploration Office 11A Croydon Rd Keswick SA 5035

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ABN 96 110 336 73 3

Tel +61 8 8375 3900 Fax +61 8 8375 3999 www.monaxmining.com.au

For Immediate Release 29 November, 2007

ASX RELEASE

PUNT HILL UPDATE

Monax Mining Limited (“Monax”) wishes to update investors with respect to the Company’s 100% Punt Hill IOCG project located north of Port Augusta, South Australia.

As reported to the ASX on 31 August 2007, Monax is in the process of conducting a review of the alternatives available to it with respect to Punt Hill.

At this stage Monax remains in ongoing discussions with a number of interested parties regarding this asset, however there is no guarantee that those approaches will result in the board of Monax accepting the terms of any proposal.

Monax will continue to update the market when appropriate and remains in compliance with its continuous disclosure obligations.

Adelaide Equity Partners Limited and DMAW Lawyers are acting as advisers to the Company.

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Michael Schwarz Managing Director Monax Mining Limited

For further information please contact:

Michael Schwarz, Managing Director, Monax Mining Ph: (08) 8375 3900 Email: info@monaxmining.com.au

Duncan Gordon Investor Relations Ph: 0404 006 444