FireFly Metals Ltd. — Capital/Financing Update 2008

May 29, 2008

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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For Immediate Release Friday 30[th] May, 2008

ASX RELEASE

HIGH-GRADE GOLD IN ROCK CHIPS ON KANGAROO ISLAND

Monax Mining Limited (ASX code ‘MOX’) yesterday received results from a rock chip sampling program at the historic Kohinoor gold mine on Kangaroo Island (Figure 1). The program was designed to test for high grade gold in quartz veins mined by historic miners in the 1890’s.

Mining appears to have targeted structurally controlled quartz Figure 1. Location diagram veins within a sandstone host. The historical workings extend to a depth of approximately 50 m below surface.

Significant gold assays from 1 m composite samples at the Kohinoor prospect include:

• 28 g/t Au, 9.5 g/t Au, 5.2 g/t Au, and 3.2 g/t Au from the first level of the main workings

• 2.8 g/t Au from decline accessing “New Shaft”

Rock chip samples were collected over a 1 m cross section of the mineralised quartz veins and include components of the altered host sandstone. Thicknesses of the veins sampled are generally less than 1 m but the zones originally mined may have been structurally thickened. Ongoing exploration in the area by Monax will target intersecting and structurally thickened vein systems.

This is the first time the area has been subjected to modern gold exploration techniques. Mapping of the structurally controlled quartz veins has revealed at least three sets of mineralised veins and has given Monax geologists the confidence to interpret a number of repeated bedrock structures within the prospect that have the potential to host high grade gold veins.

In February this year Monax completed a 150 m deep diamond drill hole beneath the old workings. The drilling intersected zones of quartz veining and alteration similar to

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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those containing gold mineralisation in the old workings. The drill core is currently being assayed with results expected in the next 8 weeks.

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Michael Schwarz Managing Director Monax Mining Limited

For further information please contact:

Michael Schwarz, Duncan Gordon Managing Director, Monax Mining Investor Relations Ph: (08) 8375 3900 Ph: 0404 006 444 Email: info@monaxmining.com.au

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

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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Drilling at the Kohinoor Prospect

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Location: Kohinoor Prospect

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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