FireFly Metals Ltd. — Capital/Financing Update 2008

Aug 12, 2008

ABN: 96 110 336 733

Monax Mining Limited 11A Croydon Rd, Keswick, 5035 Tel: +61 8 8375 3900 Fax: +61 8 8375 3999 Website: www.monaxmining.com.au Email: info@monaxmining.com.au

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For Immediate Release Wednesday 13[th] August, 2008

ASX RELEASE

HIGH GRADE MANGANESE IN FINAL ROCK CHIP RESULTS FROM SOUTH AUSTRALIAN PROJECT

• Highest grades yet from rock chip samples at the Jamieson Tank prospect on Eyre Peninsula

• Samples include grades of up to 54.1% Mn

• Further encouraging results from the recently identified Pollinga prospect, just north of Jamieson Tank

• Samples from Pollinga include grades up to 39.3% Mn

Monax Mining Limited (ASX: MOX) is pleased to announce further very encouraging results from rock chip sampling at the Jamieson Tank and Pollinga manganese prospects within the Company’s 100%-owned Waddikee tenement on the Eyre Peninsula, South Australia.

The project is 55 km west of OneSteel’s iron ore mines on the eastern Eyre Peninsula and 55 km north of Centrex’s Wilgerup hematite project (See Figure 1).

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Early in May this year, seven Figure 1: Location of the Waddikee tenement. reconnaissance rock chip samples were taken over newly mapped extensions to known outcropping manganese mineralisation at the Jamieson Tank and Pollinga Prospects.

The samples have returned highly encouraging manganese results, with maximum values of 54.1% manganese (See Table 1). The high grade nature of these latest results supports the Company’s confidence in defining an economic manganese deposit within the Waddikee tenement.

Monax Mining Limited 11A Croydon Rd, Keswick, 5035 Tel: +61 8 8375 3900 Fax: +61 8 8375 3999 Website: www.monaxmining.com.au ABN: 96 110 336 733 Email: info@monaxmining.com.au

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Waddikee is well served by existing rail and road infrastructure, including the Cummins-Buckleboo railway that connects the tenement to a number of ports along the coast.

[Table 1: Waddikee Tenement, May 2008 rock chip results ]

Sample_No	MGA94E	MGA94N	Prospect	Fe	Mn	Al2O3	CaO	P	S	**SiO2 **	V2O5	**LOI **
				%	%	%	%	%	%	%	ppm	%
5065	623113	6298062	Jamieson Tank	2.6	54.1	1.4	0.69	0.10	0.01	2.98	68	14
5066	623727	6298068	Jamieson Tank	3.1	48.2	8.27	0.26	0.02	0.03	3.83	X	14.74
5067	623951	6298188	Jamieson Tank	3.5	48.6	5.37	0.56	0.04	0.02	4.25	57	13.83
5068	624040	6298468	Jamieson Tank	18.6	37.5	4.17	0.2	0.08	0.03	2.36	X	12.25
5069	620611	6304128	Pollinga	2.1	37.2	4.37	0.25	0.04	0.02	27.24	X	10.47
5070	620636	6304089	Pollinga	3.7	39.3	4.11	0.11	0.04	0.02	21.34	50	11.02
5071	620723	6304205	Pollinga	20.4	32.5	5.64	0.2	0.10	0.02	7.27	129	12.11

Note: Coordinates are in datum MGA94 Z53.

Manganese Drilling Program

Eight traverses were drilled at the Jamieson Tank prospect and Monax is pleased to confirm that all eight intersected manganese mineralisation at depth, underlying the surface mineralisation mapped in a previous ground survey. Monax has interpreted intersections of manganese mineralisation varying from 2 to 15 metres down hole based on preliminary logging of the drill holes. Mineralisation appears to be dominated by interlayered massive manganese oxides near surface, grading to powdery manganese wad at depth. The target zone appears to be dipping approximately 45º to the east. The majority of holes have been drilled 60º to the west to intersect this horizon.

At the Pollinga Prospect, 8 km to the north of the main Jamieson Tank target, one drill hole has intersected a 10 metre down hole zone of manganese mineralisation beneath mapped surface mineralisation.

Once Monax receives assay results, in approximately 2-3 weeks time, true thicknesses and grades will be calculated.

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Michael Schwarz Managing Director Monax Mining Limited

ABN: 96 110 336 733

Monax Mining Limited 11A Croydon Rd, Keswick, 5035 Tel: +61 8 8375 3900 Fax: +61 8 8375 3999 Website: www.monaxmining.com.au Email: info@monaxmining.com.au

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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

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr M P Schwarz, who is a Member of the Australian Institute of Geoscientists. Mr Schwarz is employed full time by the Company as Managing Director and, has a minimum of five years relevant experience in the style of mineralisation and type of deposit under consideration and qualifies as a Competent Person as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” Mr Schwarz consents to the inclusion of the information in this report in the form and context in which it appears

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Figure 2: Sample locations on residual magnetics (Mn %) at the Jamieson Tank Prospect. Latest results are in red.

ABN: 96 110 336 733

Monax Mining Limited 11A Croydon Rd, Keswick, 5035 Tel: +61 8 8375 3900 Fax: +61 8 8375 3999 Website: www.monaxmining.com.au Email: info@monaxmining.com.au

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Figure 3: Sample locations on residual magnetics (Mn %) at the Pollinga Prospect. Latest results are in red.