FireFly Metals Ltd. — Capital/Financing Update 2009

Sep 16, 2009

Exploration Office Warehouse I, 5 Butler Blvd Burbridge Business Park Adelaide Airport SA 5950 Postal Address PO Box 247 Export Park SA 5950

ABN: 96 110 336 733

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

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For Immediate Release Thursday, 17 September 2009

ASX RELEASE

Share Placement to raise $0.79 million

HIGHLIGHTS

• Share placement to raise circa $800,000 from Australian and Chinese sophisticated investors

• Company to accelerate exploration at Kohinoor Gold Mine, Waddikee (iron, manganese and base metals) and Punt Hill (copper-gold-uranium)

• Share Purchase Plan to open next Wednesday 23 September

Details of placement

Monax Mining Limited (ASX Code: MOX) is pleased to announce that the Company has received firm commitments in relation to a placement of approximately 10.5 million shares to professional and sophisticated investors at $0.075 (7.5 cents) per share to raise a total of $790,000 (before costs).

The shares will be placed with a syndicate of private Chinese investors, as well as private clients of several local stockbroking firms. The placement is being undertaken at the same price as the company’s recently announced Share Purchase Plan (SPP).

Update regarding upcoming SPP

On 1 September 2009, Monax announced a SPP to raise up to $1.59 million. Eligible shareholders registered on Friday 18 September 2009 may purchase parcels of $15,000, $5,000 or $2,000 worth of shares at $0.075 (7.5 cents) per share. The SPP opens on 23 September and closes on 2 October 2009, unless closed earlier.

Use of funds

The capital raised from the placement and upcoming SPP will be used to fund:

• A drilling program at the Kohinoor Gold Mine, Kangaroo Island;

• Infill gravity surveys on potential drilling targets northwest of the Groundhog Prospect at Punt Hill;

• Working capital in relation to exploration expenditure at the company’s Waddikee project (under the recently announced $2 million farmin agreement with OM Holdings Limited (OMM),

Exploration Office Warehouse I, 5 Butler Blvd Burbridge Business Park Adelaide Airport SA 5950 Postal Address PO Box 247 Export Park SA 5950

ABN: 96 110 336 733

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

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• Monax has agreed to undertake all exploration work on a ‘fee for service’ basis, with OMM to reimburse Monax periodically); and

• Any new opportunities that arise from the project review currently being undertaken by the company following recent changes in management.

Nature of offering

The placement is being conducted pursuant to Section 708 of the Corporations Law and does not require a disclosure document.

The placement falls within the company’s 15% capacity under the ASX Listing Rules and is therefore not be subject to shareholder approval. The company may seek ratification of the placement at its upcoming AGM in order to ‘refresh’ its placement capacity.

Following the placement (but prior to the SPP) the company will have 81,180,390 shares on issue. The shares will rank equally with all other fully paid quoted ordinary shares currently on issue.

Gary Ferris Managing Director Monax Mining Limited

For further information please contact:

Gary Ferris Managing Director, Duncan Gordon 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 G M Ferris, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Ferris 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 Ferris consents to the inclusion of the information in this report in the form and context in which it appears