FireFly Metals Ltd. — Capital/Financing Update 2008

Mar 31, 2008

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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1[st] April 2008

ASX RELEASE

Share Placement of $1.5 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 $1.5 million.

In particular, the Company welcomes the support shown in the placement by Mr Rudy Gomez of RMG Services Pty Ltd.

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 62,901,705 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 be used to finance immediate exploration activities at the Company’s highly prospective Manganese and Iron Ore projects at Waddikee and ongoing work at the Punt Hill IOCG project.

Yours Sincerely

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Michael Schwarz Managing Director