FireFly Metals Ltd. — Capital/Financing Update 2008

Apr 16, 2008

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

ABN: 96 110 336 733

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FOR IMMEDIATE RELEASE Thursday 17[th] April, 2008

ASX RELEASE

POTENTIAL 40 KM STRIKE AT S.A. MANGANESE PROJECT

Exploration

• Near-surface manganese identified at two additional prospects – Pollinga and Hodgins - on wholly-owned Waddikee iron and manganese project on Eyre Peninsula, SA

• Is in addition to high grade (up to 60% Fe) iron samples announced last month at Waddikee’s dominant Jamieson Tank prospect

• Confirms potential for 40km long N-S manganese strike length

• New test drilling to commence next month on all three prospects

Corporate

• $1.5 million placement completed to fund Waddikee exploration

• Adelaide investor presentation scheduled for April 28[th]

• Share purchase plan to now close May 5[th] .

Manganese is an essential, non-substitutable component of the iron and steel making process. Manganese prices have risen over 415% in the past year with in line with the dramatic rise in demand for iron ore.

Further reconnaissance mapping and rock chip sampling has identified additional and encouraging manganese mineralisation on Monax Mining Limited’s (ASX: MOX) 100%-owned Waddikee tenement on Eyre Peninsula, South Australia.

The new near surface mineralisation is contained in the Pollinga and Hodgins prospects and is in addition to the high grade iron and manganese samples identified by Monax and announced last month at the project’s nearby Jamieson Tank prospect.

The identification of manganese mineralisation at Pollinga and Hodgins, 8km and 40 km to the north of the main Jamieson Tank target, confirms the potential of a 40km long north south strike for manganese (Figure 2) within the Waddikee project area.

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ABN: 96 110 336 733
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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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Monax will next month commence a new drilling campaign on all three prospects to advance an understanding of their iron and manganese potential. Waddikee is 55 km west of OneSteel’s iron ore mines on eastern Eyre Peninsula and 55 km north of Centrex’s Wilgerup hematite project (See Figure 1).

Last month, Monax announced that rock chip samples at Jamieson Tank had returned highly encouraging iron, manganese and vanadium results with maximum values of 60.1% iron, 43.8% manganese and 1.13% vanadium oxide.

Historic regional sampling at Jamieson Tank by Western Mining Corporation (WMC) had identified anomalous manganese there. Monax’s new mapping program traced near surface manganese mineralisation over a strike length of more than 5 km. Four rock chip assays from manganese outcrops returned values of 43.8%, 37.9%, 412% and 19.5% .

WMC had also identified additional anomalous managanese in samples taken at Pollinga and Hodgins. Monax’s recent field mapping undertaken at these two prospects identified at both the near-surface massive manganese mineralisation announced today.

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Figure 1. Location Diagram, Waddikee.

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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Pollinga Prospect

Mapping at the Pollinga Manganese Prospect has identified manganese mineralisation over an area of approximately 900m by 300m. The prospect occurs within a demagnetized zone of banded iron formation (Figure 3). Samples of massive manganese oxide submitted for analyses.

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Massive manganese oxide – Pollinga Prospect
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Hodgins Prospect

Massive manganese oxide has been mapped and sampled at the Hodgins Prospect, 40 km to the north of the Jamieson Tank Prospect. Outcrop of massive manganiferous rocks occurs adjacent to a manganiferous chert outcrop just to the south of the Eyre Highway, 20 km to the west of the township of Kimba. Samples have been collected and sent for analyses.

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May drill program

Massive manganese oxide – Hodgins Prospect

Monax has secured a Reverse Circulation drill rig to test the extent of manganese mineralisation at the Jamieson Tank, Pollinga and Hodgins manganese prospects. The program is scheduled to commence in the second week of May and continue into early June after which it is intended to assign the rig to test a number of iron ore targets in the vicinity.

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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A$1.5 million placement completed

Monax has completed a placement to sophisticated investors at 22 cents per ordinary share to raise a total of A$1.5 million (as announced on 1[st] April 2008). The funds raised will be used to finance immediate exploration activities at Waddikee and ongoing work at the Punt Hill IOCG project further to the north .

Investor presentation

The Company will host an investors’ presentation in Adelaide on Monday 28[th] April at midday, at Suite 3, Level 1, Hilton Hotel, 233 Victoria Square, Adelaide.

Share Purchase Plan closing date extended

Monax also announces today that is has extended the closing date for receipt of applications under its Share Purchase Plan (SPP) announced to the ASX on 26[th] March 2008.

The revised timetable for the SPP, as a result of the extended closing date, is as follows:

Closing date for receipt of Applications – 5th May 2008 Date of issue of Shares – 15th May 2008 Anticipated date of quotation of Shares – 15th May 2008

Please note that eligible shareholders who wish to participate in the SPP will need to return their personalised Acceptance Form together with payment for their shares by cheque or make use of the BPay facility provided.

The terms of the SPP otherwise remain unchanged.

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Michael Schwarz Managing Director Monax Mining Limited

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

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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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. Waddikee tenement, historical sampling on residual magnetics (Mn %)

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Figure 3. Pollinga Prospect, sample locations on residual magnetics

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Figure 4. Hodgins Prospect, sample locations on residual magnetics

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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Pollinga Prospect, manganiferous boulder

Pollinga Prospect, manganiferous boulder

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Pollinga Prospect, sampling manganese subcrops along roadside