FireFly Metals Ltd. — Capital/Financing Update 2008

Jun 19, 2008

ASX ANNOUNCEMENT 20th June 2008

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DRILLING PROGRAM COMMENCED AT AMBROSIA - MULGATHING

Marmota Energy Limited ACN: 119 270 816 ASX: MEU

11a Croydon Road Keswick South Australia

• Major drilling program commenced on the Company’s flagship Ambrosia-Mulgathing project in North West South Australia

• Drilling to target priority palaeodrainage systems highly prospective for uranium mineralisation

P: +61 8 8375 4300

F: +61 8 8375 3999

E: info@marmotaenergy.com.au

• Geophysical testing has defined major shallow conductive anomalies to be drill tested for IOCGU potential

W: www.marmotaenergy.com.au

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr D J Calandro, who is a Member of the Australian Institute of Geoscientists. Mr Calandro 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 Calandro consents to the inclusion of the information in this report in the form and context in which it appears.

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Figure 1: Location of the Ambrosia, Mulgathing project area.

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Marmota Energy Limited (ASX Code ‘MEU’) is pleased to announce that the first phase drill testing of targets on its flagship project Ambrosia–Mulgathing has commenced. Testing of the extensive palaeodrainages in the project area is planned, particularly those proximal to known uranium mineralisation at the Warrior deposit immediately south of the Ambrosia tenement boundary. Potential shallow depth conductive bedrock-hosted IOCGU targets will also be tested.

Aboriginal Heritage surveys have been completed over the area and drilling contracts are in place for the completion of an initial program of 70-80 rotary-mud drill holes.

Ambrosia – Mulgathing Projects

(Marmota earning 50% under Ambrosia JV Agreement with Monax Mining Limited)

(Marmota earning 70% under Farm in and JV Agreement with Monax Mining Limited)

The Ambrosia Mulgathing Project tenement total 1,112 km2 of pastoral lease land and is located approximately 100 kilometres north west of the township of Tarcoola in the north of South Australia (Figure 1).

On the Ambrosia project (EL 3358) Marmota is earning 50% equity across all commodities from Monax Mining Limited, and 70% equity for uranium only on Mulgathing (EL 3684) from Monax Mining Limited. Supported by advanced geophysical and geological data for our flagship project, we believe the geological setting is prospective for both Olympic Dam style iron-oxide-copper-uranium-gold (IOCGU) deposits, palaeochannel hosted roll front uranium and tabular style sandstone-hosted uranium in Tertiary, Mesozoic and Permian sediments.

High resolution geophysical surveys including airborne EM were completed over the project area from which the Company has determined palaeodrainage systems and discrete conductive basement priority targets.

Drilling Program

The initial phase of drill testing of the Ambrosia palaeodrainages will comprise a series of 70-80 rotary-mud holes with first priority given to the system immediately north of the Warrior uranium deposit. This area is believed to be closer to uranium-bearing granites. Drillholes have been sited on the basis of the recent geophysical data and previous company drillhole data. The program is designed to provide an understanding of the channel forms and the detail of the channel sediments as well as directly testing for the presence of uranium mineralisation. All holes will be down-hole logged using gamma probes and samples collected for analytical testing.

Project timing

The Company’s initial drill campaign will take approximately 8 weeks to complete over which time Marmota will issue periodic market updates. This schedule should mean that the company will be in receipt of final results from the drill program by the end of August 2008.

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Mr Dom Calandro MANAGING DIRECTOR

20 June 2008