FireFly Metals Ltd. — Capital/Financing Update 2008

Feb 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 Wednesday 13[th] February, 2008

ASX RELEASE

PACE DRILLING GRANT DINGO HILL EPITHERMAL GOLD PROJECT

HIGHLIGHTS

• $75,000 Government grant awarded to drill epithermal gold target at Dingo Hill

• Maiden 4 hole diamond drilling program planned for May 2008

• 14km by 3km alteration zone with epithermal alteration textures has been identified

• Silver and arsenic soil anomaly identified over most intense zone of alteration

Monax Mining Limited (ASX Code: “MOX”) is pleased to report it has been awarded a SA-Government backed PACE drilling grant of $75,000 to help explore the Company’s 100% owned Dingo Hill Epithermal Gold Project in South Australia. The grant will contribute towards the cost of a major 1200 metre diamond drilling program – the first such drilling at the target. The program is designed to test for gold mineralisation in the area within epithermal veins – which are known to produce bonanza-grade gold.

The Dingo Hill tenement lies on the western shores of Lake Gairdner, close to the western margin of the Gawler Range Volcanics. The tenement covers the contact between the Upper and Lower Gawler Range Volcanics. The flow margin of the Upper Gawler Range Volcanics can be clearly seen as a NE trending arcuate magnetic high (Figure 1). Monax believes that this unit may have acted as an impermeable barrier to hydrothermal fluids which have passed through the more permeable Lower Gawler Range Volcanics. Potentially this could have resulted in the concentration of mineralising fluids and metals.

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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

ABN: 96 110 336 733

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An extensive alteration zone some 14km by 3km has been mapped on the ground within this unit and is represented by a zone of demagnetisation within the regional magnetics (Figure 2). Preliminary petrology from rock chip samples has indicated strong silica-sericite-albite alteration grading to strong sericite-chlorite alteration. Soil sampling over the demagnetised zone has revealed coincident low level anomalous silver and arsenic within the most intense zone of demagnetisation and alteration, pointing to the polymetallic potential of the prospect. Silver and arsenic are commonly associated with epithermal gold deposits.

Monax Mining recently completed a detailed 1x1km gravity survey and flown a detailed 100m spaced aeromagnetic/radiometric survey, significantly improving the accurate mapping of the alteration system.

The proposed four hole, 1200m diamond drilling program is planned to commence in May 2008 and will test for gold mineralisation within this very large alteration system. This is the first such drilling program designed to test a new exploration concept.

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Figure 2. Dingo Hill aeromagnetics showing demagnetised alteration system and coincident soil anomalies.

Monax Mining Limited 11A Croydon Rd, Keswick, 5035 Tel: +61 8 8375 3900 Fax: +61 8 8375 3999 Website: www.monaxmining.com.au ABN: 96 110 336 733 Email: info@monaxmining.com.au

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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

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