FireFly Metals Ltd. — Capital/Financing Update 2007

Oct 1, 2007

Exploration Office 11A Croydon Rd Keswick SA 5035

Tel +61 8 8375 3900 Fax +61 8 8375 3999

ABN 96 110 336 73 3

www.monaxmining.com.au

ASX RELEASE

For Immediate Release

2[ND] October 2007

MARMOTA URANIUM IPO SET TO RAISE $15 MILLION

The proposed Initial Public Offering (IPO) of Marmota Energy Limited (Marmota), representing the untapped uranium exploration potential of Monax Mining Limited's (Monax) tenement base, has set a target of $15 million to be raised with a minimum subscription of $7.5 million.

Marmota will be headed by highly experienced former South Australian Government Chief Geophysicist, Mr Domenic Calandro, as Managing Director. Mr Calandro is the former Chief Mineral Geophysicist for the SA Government and has 13 years experience in the management, processing, and provision of geophysical data and information as a critical tool in successful uranium exploration. He has significant geoscience expertise, with experience advising mineral explorers on appropriate geophysical methods and tools in the reduction of exploration risk for a variety of commodities.

Monax is spinning out its uranium exploration assets into the proposed Marmota ASX listing and will be seeking approval for its proposal from shareholders at a meeting scheduled in Adelaide for the 8[th] November 2007.

The proposed Offer is for an issue of 60 million 25 cent shares to raise up to $15 million, with a minimum total subscription of $7.5 million. Successful applicants will receive a 1 for 3 free option to subscribe for an additional Marmota share at an exercise price of 25 cents each by 30 June 2008. Eligible Shareholders in Monax (that is, you are registered as a Shareholder of Monax as at the Record Date, being 5[th] October 2007) will receive priority to apply for up to 20 million shares in the IPO via a Priority Offer.

Monax will emerge as a cornerstone investor in Marmota with a 25.7% stake in the new uranium explorer, if the IPO is fully subscribed.

Under ASX requirements, Monax will circulate to shareholders a copy of an Independent Expert’s report on the proposed transaction and IPO, which report found the transaction to be fair and reasonable.

The new uranium explorer will have interests in vast uranium exploration licence areas covering more than 7,000 square kilometres in the highly prospective Gawler Craton and Curnamona provinces in South Australia.

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Michael Schwarz Managing Director Monax Mining Limited