FireFly Metals Ltd. — Capital/Financing Update 2008

Apr 6, 2008

ASX ANNOUNCEMENT

7th April 2008

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Exploration Update – Indooroopilly Project

Marmota Energy Limited ACN: 119 270 816 ASX: MEU

11a Croydon Road Keswick South Australia

P: +61 8 8375 4300

F: +61 8 8375 3999

E: info@marmotaenergy.com.au

W: www.marmotaenergy.com.au

Gravity survey indentifies the presence of prospective palaeochannels on Marmota’s Indooroopilly uranium project in the Gawler Craton, South Australia.

Exploration Licence 3775 (Indooroopilly) Gravity Survey

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

Indooroopilly (EL 3775) is located approximately 180 kilometres North West of Tarcoola in South Australia. It is the fourth Marmota Energy tenement to have identified new palaeochannels in the region. Hence, the Ambrosia, Mulgathing, Kimono Tank and Indooroopilly tenements have further increased in their uranium potential due to the improved delineation of existing channels and the discovery of new palaeochannels from the gravity surveys.

On Indooroopilly the western and central palaeochannels appear to be northward flowing tributaries of the Garford Palaeochannel, which lies along the northern boundary of Indooroopilly. The large interpreted channel along the eastern part of the tenement is believed to be tributary to the Anthony Palaeochannel lying along the southern part of the project area.

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.

Indooroopilly (EL 3775) location map.

Page 2

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Left: Indooroopilly gravity image with interpreted palaeochannels marked in red dashed line.

Marmota believes the surveys have successfully identified the presence of palaeodrainages containing Tertiary lignitic sands, the presence of which are known from previous drillholes in the central and western parts of the project area, but their distribution in the palaeochannels was unknown. The Company believes these sediments have potential for hosting large tonnage, low operating cost sandstone/roll‐front uranium.

This data are part of Marmota’s geophysical acquisition which will augment Airborne Electromagnetic data program planned for Mid April 2008. Together these datasets will significantly improve the definition of the Company’s drilling program in these areas. The Company is delighted with the high quality of the data and the identification of the palaeochannels.

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Mr Dom Calandro MANAGING DIRECTOR

7 April 2008