FireFly Metals Ltd. — Capital/Financing Update 2008

May 19, 2008

: 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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20[th] May 2008

ASX RELEASE

Share Placement of further $0.3 million

Monax Mining Limited (ASX Code: MOX) is pleased to announce the Company has received firm commitments to conduct a placement to sophisticated investors at 22 cents per share to raise a total of $0.3 million.

This issue of securities will be conducted pursuant to Section 708 of the Corporations Law and does not require a disclosure document.

Following the placement the company will have 69,047,102 shares on issue. The shares will carry standard rights applicable to quoted ordinary shares in the Company and will from the date of issue, rank equally with fully paid quoted ordinary shares currently on issue. The issue is not subject to shareholder approval.

The funds raised will consolidate with funds previously raised by way of placement and a share purchase plan ($2.55 million) and be used to finance exploration activities at the Company’s Manganese and Iron Ore projects at Waddikee, ongoing work at the Punt Hill IOCG project and other exploration initiatives.

Yours Sincerely

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Michael Schwarz Managing Director