FireFly Metals Ltd. — Capital/Financing Update 2008

Mar 12, 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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For Immediate Release Thursday 13[th] March, 2008

ASX RELEASE

HIGH GRADE IRON AND MANGANESE SAMPLES – 100% OWNED WADDIKEE TENEMENT

• Iron samples up to 60.1% Iron

• Manganese samples up to 43.8% Manganese with low Phosphorous

• Vanadium samples up to 1.13% Vanadium Oxide

Monax Mining Limited (ASX: MOX) is pleased to announce very encouraging results from rock chip sampling within its 100% owned Waddikee tenement on Eyre Peninsula, South Australia. The project 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).

In late January, 2008 over 55 reconnaissance rock chip samples were taken over sporadically outcropping iron formation extending for over 80 km within the Waddikee tenement.

The samples have returned highly encouraging Iron, Manganese and Vanadium results with maximum values of 60.1% Iron, 43.8% Manganese and 1.13% Vanadium oxide (See Table 1).

The tenement is well serviced by existing rail and road infrastructure, including the Cummins - Buckleboo railway which connects the tenement to a number of deep water ports along the coast. In addition OneSteel’s steel making operations are 100km to the east at Whyalla.

Monax is well placed to take advantage of the manganese and iron ore potential of the tenement with 100% ownership of the tenement.

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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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Table 1. Waddikee Tenement, January 2008 rock chip results

Sample No	MGA94E	MGA94N	Fe	Mn	Al2O3	CaO	P	S	SiO2	V2O5	LOI
			%	%	%	%	%	%	%	%	%
5001	620652	6320547	34.04	0.03	1.76	0.65	0.061	X	32.51	0.02	16.28
5002	620649	6320565	44.81	0.02	3.24	0.59	0.207	0.009	17.3	0.09	13.15
5003	620642	6320565	41.63	0.01	3.25	0.37	0.186	0.026	23.86	0.08	12.4
5004	620407	6319712	50.76	0.02	2.06	0.08	0.245	0.037	13.07	0.06	10.09
5005	620407	6319712	50.92	0.02	2.07	0.08	0.246	0.037	13.09	0.06	11.82
5006	620257	6319875	45.31	0.22	2.27	0.15	0.249	0.038	20.05	0.03	11.27
5007	620106	6320824	52.64	0.03	4.48	0.41	0.096	0.081	7.09	0.17	11.02
5008	620191	6320782	54.47	0.02	3.28	0.67	0.171	0.093	4.91	0.07	13.1
5009	620118	6320319	46.13	0.02	5.02	0.82	0.638	0.027	15.01	0.02	10.43
5010	619760	6319201	52.8	0.03	5.43	0.81	0.35	0.081	8.74	0.11	7.93
5011	619760	6319201	55.77	0.02	3.62	0.3	0.437	0.067	6.07	0.05	8.13
5012	619975	6318658	40.61	0.01	5.71	1.37	0.381	0.046	22.35	0.03	10.63
5013	620282	6318958	50.8	0.02	1.64	1.38	0.714	0.023	9.54	0.01	12.27
5014	620942	6319725	42.69	0.01	4.53	0.52	0.64	0.031	20.62	0.08	10.61
5015	619909	6318584	50.83	0.02	4.25	1.06	0.513	0.048	10.52	0.01	10.35
5016	619589	6319767	54.66	0.01	3.34	0.34	0.352	0.047	5.63	0.35	10.86
5017	619367	6321363	46.91	0.02	5.04	0.12	0.418	0.046	14.3	0.03	12.34
5018	618029	6323576	54.78	0.02	4.15	0.15	0.078	0.105	7.86	0.06	8.14
5019	618080	6323651	11.93	0.01	0.58	0.05	0.028	X	81.49	X	0.75
5020	621392	6318538	44.25	0.01	2.63	0.15	0.506	0.026	18.76	0.09	13.01
5021	620670	6318424	43.01	0.01	3.42	0.12	0.116	0.045	21.27	0.04	12.14
5022	620682	6318456	46.68	0.01	3.27	0.14	0.041	0.062	21.68	0.04	6.65
5023	620657	6318518	52.39	0.02	2.79	0.14	0.324	0.083	11.01	0.01	9.83
5024	620420	6318073	43.2	X	5.51	0.12	0.101	0.042	24.74	0.04	4.77
5025	620286	6317846	53.57	0.01	3.49	0.79	0.25	0.063	7.92	0.06	8.99
5026	620642	6317783	52.16	0.01	1.88	0.55	0.309	0.031	9.57	0.03	11.79
5027	620584	6316669	54.12	0.01	3.23	0.47	0.176	0.078	7.28	0.07	10.7
5028	620910	6315176	58.76	0.01	0.68	0.02	0.468	0.012	5.82	X	8.8
5029	620770	6314752	47.76	X	0.98	0.07	0.248	0.013	23.49	0.01	5.8
5030	629354	6317903	59.54	0.02	1.96	0.24	0.093	0.061	5.37	1.13	5.03
5031	629016	6318060	47.83	X	3.5	0.07	0.135	0.018	21.02	0.04	5.45
5032	629016	6318060	56.04	0.02	2.56	0.58	0.06	0.024	9.26	0.02	7.54
5033	629016	6318060	16.14	X	3.49	0.18	0.037	0.024	68.96	X	3.26
5034	629000	6318250	10.98	X	1.4	0.17	0.016	0.018	81.76	0.03	1.33
5035	629313	6318405	57.45	0.01	1.97	0.07	0.167	0.041	2.48	0.04	11.83
5036	629498	6317729	11.39	X	1.34	0.22	0.01	0.021	81.38	0.03	1.35
5037	629398	6317709	12.75	X	2.65	0.1	0.005	0.029	76.62	X	2.08
5038	630461	6318182	60.14	0.08	0.86	0.09	0.07	0.015	3.59	X	10.5
5039	637724	6316227	52.11	X	2.16	0.16	0.097	0.07	10.82	0.13	11.48
5040	620179	6324619	52.43	0.01	4.16	1.33	0.398	0.066	4.81	0.02	13.17
5041	634870	6313840	51.95	0.01	4.79	0.18	0.535	0.026	7.39	0.02	10.86
5042	634725	6313995	57.92	X	2.09	0.51	0.202	0.041	2.23	0.02	11.53
5043	634691	6314182	55.75	X	2.57	0.06	0.585	0.024	3.84	0.03	12.12
5044	634809	6314404	33.94	X	4.13	0.76	0.015	0.065	37.44	0.04	9.11
5045	634862	6314201	41.49	X	3.49	0.09	0.254	0.05	18.69	0.05	16.52
5046	634758	6314645	34.61	0.01	6.44	0.23	0.436	0.037	30.85	0.07	11.02
5047	634633	6314661	47.78	0.02	2.61	0.72	0.184	0.036	17.85	0.07	8.47
5048	634476	6314616	52.72	X	3.36	0.2	0.247	0.027	9.06	0.15	11.08
5049	633699	6314614	55.79	0.02	2.73	0.22	0.478	0.03	2.57	0.13	12.42
5050	633822	6314454	54.74	0.04	4.65	0.47	0.052	0.056	8.62	0.15	6.5
5051	622117	6296348	6.62	43.80	6.14	0.14	0.03	0.02	5.16	0.00	13.54
5052	622358	6296590	9.22	37.92	8.98	0.6	0.062	0.033	9.18	0.02	14.35
5053	622458	6296718	5.4	41.24	9.54	0.23	0.027	0.022	7.27	0.01	14.98
5054	623143	6297913	57.37	0.50	3.27	0.05	0.14	0.064	3.41	0.01	10.8
5055	623600	6298115	32.92	19.52	5.56	0.22	0.521	0.01	5.09	0.01	14.27

Note: 1. V assays (in ppm) by XRF and converted to V2O5 by multiplying by 1.785 and dividing by 10 000. 2. Coordinates are in datum MGA94 Z53

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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Manganese

Jamieson Tank Prospect (Figure 2)

The Jamieson Tank Prospect in the south west of the tenement consists of a 10 km strike length of banded iron formation (BIF) of the Lower Middleback Jaspilite. Manganese mineralisation occurs along strike parallel bands on either side of the BIF sequence. Mapping of the Jamieson Tank prospect has identified scattered float of highly manganiferous ironstone over a strike length of 5 km. Rock chip samples assayed up to 44% Mn with low phosphorous levels of 0.02 to 0.06%.

Iron

Bunora Siding (Figure 3)

Rock chip samples up to 55% Fe have been collected over an area of 3.5 km by 1.3 km at the Bunora Siding Prospect. The prospect occurs within and adjacent to BIF of the Proterozoic Hutchison Group Metasediments. Mineralisation appears to be controlled by a north easterly cross cutting fault. The Cummins-Buckleboo railway passes through the middle of the prospect.

Lambell Prospect (Figure 4)

Rock chip samples up to 60% Fe have been collected over an area of 1.5 km by 0.75 km at the Lambell Prospect. The prospect occurs within a similar geological environment to the Bunora Siding Prospect. One sample at this prospect assayed 1.13% V2O5.

Kelly Tank Prospect (Figure 5)

Rock chip samples up to 58% Fe have been collected over an area of 1 km by 0.5 km at the Kelly Tank Prospect. The prospect occurs within and adjacent to BIF of the Proterozoic Hutchison Group Metasediments which can be traced for over 13 km to the north and south of the prospect.

Exploration Program

As a result of these highly encouraging rock chip results, Monax plans to fast track exploration to define a number of high grade potentially direct shipping goethitehematite ore bodies.

An independent study of the aeromagnetic and gravity data has been commissioned to identify geophysical targets with potential economic concentrations of hematite and/or magnetite iron ore. In addition an airborne

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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electromagnetic survey has been confirmed for mid year to test the potential for further high grade manganese mineralisation at the Jamieson Tank Prospect.

Drill testing of the defined targets is planned for early in the third quarter 2008.

Michael Schwarz Managing Director Monax Mining Limited

For further information please contact:

Michael Schwarz, Duncan Gordon Managing Director, Monax Mining Investor Relations Ph: (08) 8375 3900 Ph: 0404 006 444 Email: info@monaxmining.com.au

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

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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Figure 2. Jamieson Tank Prospect, sample locations on residual magnetics (Mn %)

Figure 3. Bunora Siding Prospect, sample locations on residual magnetics (Fe %)

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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Figure 4. Lambell Prospect, sample locations on residual magnetics (Fe %)

Figure 5. Kelly Tank Prospect, sample locations on residual magnetics (Fe %)