FireFly Metals Ltd. — Capital/Financing Update 2010

Sep 5, 2010

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 Monday, 6 September, 2010

ASX RELEASE

Punt Hill – Agreement details and new tenement granted

HIGHLIGHTS

• Antofagasta to expend a minimum of $US 1.5 million over first two years

• Tenement EL 4548 (Yeltacowie) granted

• Exploration to commence in coming weeks

Monax Mining Limited wishes to advise of further detail relating to its recently announced option agreement with Antofagasta PLC ("Antofagasta"), through its wholly-owned subsidiary Antofagasta Minerals S.A.

In particular, this agreement commits Antofagasta to spend no less than US$1.5 million on the Punt Hill project within the first two years, thus ensuring that ongoing exploration activity will take place at the project. It is anticipated that this work program will involve detailed gravity followed by drill testing of targets generated.

Monax is also pleased to announce that EL 4548 (formerly ELA 44/10) has been granted for a two year period. EL 4548 forms part of the Punt Hill project which is the subject of the aforementioned option agreement.

The Exploration Committee will meet within the next two weeks to review the proposed exploration program. Drilling is planned for late 2010 or early 2011 after necessary approvals are received.

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.

About Antofagasta

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Antofagasta is a Chilean-based copper mining company listed on the London Stock Exchange. Currently, Antofagasta’s activities are primarily concentrated in Chile where it owns and operates three copper mines: Los Pelambres, El Tesoro and Michilla. Total production in 2009 included 442,500 tonnes of copper in cathode and concentrate and 7,800 tonnes of molybdenum in concentrate. As a result of the Los Pelambres expansion and Esperanza project the Group is expected to increase total copper production to over 700,000 tonnes per year by 2011. Antofagasta also has exploration and evaluation or feasibility programmes in North America, Latin America, Europe, Asia and Africa.

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Figure 1: Location of Punt Hill project EL 3457 and EL 4548 in South Australia.