FireFly Metals Ltd. — Capital/Financing Update 2008

Jan 29, 2008

Exploration Office 11A Croydon Rd Keswick SA 5035

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ABN 96 110 336 73 3

Tel +61 8 8375 3900 Fax +61 8 8375 3999 www.monaxmining.com.au

For Immediate Release Wednesday 30[th] January, 2008

ASX RELEASE

NEW DRILL TARGETS IDENTIFIED AT SA’S PUNT HILL PROJECT

Highlights

• New drill targets identified at Punt Hill copper-gold project halfway between Olympic Dam and Port Augusta in SA

• Targets identified by new Induced Polarisation (IP)/Resistivity survey

• Three prospects - Groundhog, Needlenose and Woodchuck – all have drill potential

• Follow-up drilling programs being scheduled.

Monax Mining Limited (ASX: MOX) is pleased to report that new drill targets have been identified at the company’s 100% owned Punt Hill copper-gold project halfway between Olympic Dam and Port Augusta in South Australia. These targets have been identified following the successful completion of a detailed IP survey program over the region.

Monax will now schedule new exploration drilling programs over three Punt Hill prospects - Groundhog, Needlenose and Woodchuck - as a result of the outcome of the Induced Polarisation survey.

IP survey data successfully identified (Figure 1) the location of a number of interpreted mineralised fault structures previously unrecognised within the three targets, 25 kilometres southwest of Carrapateena. The survey is a part of the Company’s strategy to use its ongoing exploration program to improve the targeting of high grade IOCG mineralisation within the tenements.

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Figure 1: Map showing the location of surface (lines) and downhole (star) IP survey locations.

It is the belief of the Company that drill holes

GHDD1 and GHDD2 at the Groundhog prospect have narrowly missed an interpreted mineralised fault between the two drill holes (Figure 2). A second slightly deeper target occurs 500m to the north of NNDD1 at the Needlenose prospect. At the Woodchuck target, a second mineralised fault target is interpreted 300m to the north of WDDD2.

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Exploration Office
11A Croydon Rd
Keswick SA 5035
Tel +61 8 8375 3900
Fax +61 8 8375 3999
ABN 96 110 336 73 3 www.monaxmining.com.au
GHDD3 GHDD1 GHDD2 NNDD1
T T T
T
BV BV BV
BV
P P P P
B B B
B
T T T
T
BV BV BV
BV
P P P P
B B B
B
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Figure 2: Inverted IP resistivity (top) and chargeability (middle) sections, Groundhog line.

On the western side of the interpreted mineralised fault, drill hole GHDD1 intersected 126m @ 0.4% Cu, 0.24% Zn, 4.9 g/t Ag and 0.1 g/t Au and GHDD4 intersected 122m @ 0.47% Cu, 0.38% Zn, 6.6 g/t Ag and 0.1 g/t Au. Copper mineralisation in these holes is dominated by bornite and chalcopyrite (Figure 3).

On the eastern side of the fault, GHDD2 has been relogged and zones of disseminated chalcocite (copper sulphide) dominant mineralisation identified. These samples are currently being analysed.

A similar situation exists at Woodchuck between bornite and chalcopyrite copper sulphides in WDDD2 (70m @ 0.42% Cu) and newly identified chalcocite in WDDD2 (yet to be analysed).

A deeply penetrating induced polarisation resistivity survey across the Groundhog prospect suggests the main zone of mineralisation may be between drill holes GHDD1 and GHDD2. It will be possible for Monax to test this target by drilling an angled hole from the top of GHDD1 to the base of GHDD2.

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Figure 3: Location of IP anomalies on residual gravity image, Groundhog prospect.

Exploration Office 11A Croydon Rd Keswick SA 5035

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ABN 96 110 336 73 3

Tel +61 8 8375 3900 Fax +61 8 8375 3999 www.monaxmining.com.au

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Figure 4: Conceptualised fault controlled mineralisation model, Groundhog and Woodchuck prospects

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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