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FireFly Metals Ltd. Capital/Financing Update 2008

May 18, 2008

48548_rns_2008-05-18_c9d99d97-8b5f-4cfa-a129-57f8afa80065.pdf

Capital/Financing Update

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Registered Office 140 Greenhill Road Unley SA 5061

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ABN 96 110 336 73 3

Tel +61 8 8373 6271 Fax +61 8 8373 5917 www.monaxmining.com.au

ASX RELEASE

For Immediate Release 19 May 2008

Chairman’s Letter to Share Purchase Plan Allottees

The following letter has been mailed to relevant shareholders following completion of the Company’s recent Share Purchase Plan Offer.

Yours faithfully

Virginia Suttell Company Secretary

Exploration Office 11A Croydon Rd Keswick SA 5035

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ABN 96 110 336 73 3

Tel +61 8 8375 3900 Fax +61 8 8375 3999 www.monaxmining.com.au

12 May 2008

Dear fellow Shareholder,

It is with pleasure that I am able to advise that the Company’s recent Share Purchase Plan (‘SPP’) successfully raised approximately $1 million.

In accordance with the terms of the SPP, all valid applications from eligible shareholders received by the closing date have been accepted.

On behalf of the Board of Directors I thank you for supporting the Share Purchase Plan and your continued support of the Company and enclose your holding statement.

Yours faithfully

RM Kennedy Chairman