FireFly Metals Ltd. — Capital/Financing Update 2008

Mar 25, 2008

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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26 March 2008 The Manager Companies Announcements Office Australian Securities Exchange 20 Bridge Street SYDNEY NSW 2000

Australian Securities Exchange Announcement

SHARE PURCHASE PLAN FOR EXPLORATION INITIATIVE

Highlights

• Manganese and Iron Ore exploration to be fast tracked following high grade rock chip samples from Waddikee

• Induced Polarisation anomalies coincident with interpreted high grade IOCG mineralisation to be drill tested

• PACE funded epithermal gold drilling program at Dingo Hill

Capital Raising

Monax Mining Limited (ASX Code: MOX) is pleased to announce details of a capital raising to provide funds to fast track exploration and drilling on the Company’s highly prospective Manganese and Iron Ore projects on the Waddikee tenement, commodities which are both highly sought after and experiencing significant price increases due to the strong demand from China. In addition, the funds will be used to test Iron Oxide Copper‐Gold drill targets on the Punt Hill tenement, recently identified from a deep induced polarisation survey and to undertake a PACE sponsored drilling program on our gold project at Dingo Hill.

Share Purchase Plan

Eligible Shareholders on the register at the close of business on Friday 4[th] April 2008 will be given the opportunity to subscribe for Monax shares pursuant to a Share Purchase Plan up to a maximum of $3.7 million (16.8 million shares) at an issue price of 22 cents per share. Shareholders will receive details of the plan and how to apply shortly.

Use of Funds

The net proceeds from the Share Purchase Plan will be used as follows:

Project	Work Program	$ Million (partial)	$ Million (full)
Punt Hill	3D dipole survey	0.1	0.1
	Diamond Drilling	0.6	0.6
Manganese – Waddikee	Surveying	0.3	0.3
	RC Drilling	0.4	0.8
Iron Ore – Waddikee	Surveying	0.2	0.2
	RC Drilling	0.5	0.8
Gold – Dingo Hill	Surveys and Drilling	0.4	0.4
Working capital and costs of the offer	‐	0.5	0.5
Total		3.0	3.7

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M P Schwarz

Managing Director

For further information please contact: Michael Schwarz on 08 8375 3900

Duncan Gordon – Investor relations on 08 8232 8800 or 0404006444