FireFly Metals Ltd. — Capital/Financing Update 2007

Aug 30, 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 31 August 2007

PUNT HILL PROJECT EXPRESSIONS OF INTEREST FROM THIRD PARTIES

Monax Mining Limited (“Monax”) wishes to advise that it has recently received expressions of interest from several parties in relation to the Company’s 100% owned Punt Hill IOCG project located north of Port Augusta, South Australia.

As a result, the Board of Monax will be conducting a review of the alternatives available to it with respect to Punt Hill, which may include joint venture arrangements or the sale of some, or all, of the Punt Hill assets.

Monax has previously reported highly encouraging exploration results at Punt Hill with drilling at the Company’s Groundhog target including broad zones of disseminated copper mineralisation grading on average 0.4% Cu. There are also a number of potential IOCGU targets yet to be tested and Monax is continuing its exploration in the tenement.

In addition, continued strong results from the adjacently located Carrapateena discovery (including 905m @ 2% Cu and 1.0 g/t Au) have highlighted the prospectivity of the region.

All approaches received to date are conditional and incomplete. There is no guarantee any approach will result in a formal offer being made. Monax will update the market when appropriate.

Adelaide Equity Partners Limited and DMAW Lawyers will act as advisers to the Company.

==> picture [153 x 56] intentionally omitted <==

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 Adelaide Equity Partners Limited Ph: 0404 006 444