FireFly Metals Ltd. - Capital/Financing Update 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 Friday, 13 August, 2010

ASX RELEASE

Monax to Commence Bauxite Exploration, Cape York

HIGHLIGHTS

Pretender Creek Project: five bauxite tenements granted

• Monax to commence exploration in coming weeks

Monax Mining Limited (ASX:MOX) is pleased to announce the first group of tenements located in Monax's Pretender Creek Project in the Cape York bauxite province, have been granted. The five granted Exploration Permit Minerals (EPM) are located approximately 160km southeast of Aurukun (Figure 1) and Monax is currently undertaking landholder liaison and plans to commence on ground exploration within the coming weeks. The five tenements are part of the Option Agreement signed with Delminco Pty Ltd (see ASX Release 12 January 2010).

Monax has signed exploration agreements with the Native Title holders for the area covering the five tenements. The style of mineralisation Monax is seeking is similar to Cape Alumina’s Pisolite Hills project which contains 132 million tonnes of in situ bauxite yielding 87.3 Mt at an average grade of 53.1% Al2O3.

Bauxite occurs throughout the Cape York Peninsula within bauxitic lateritic weathering profiles preserved as topographic highs between major drainage divides. Initial exploration will include a helicopter survey to assess the areas for bauxite content and access for a 4WD mounted drilling rig. Reconnaissance sampling by hand auger is planned to commence as soon as possible.

Previous exploration in the area has reported bauxite with surface samples assaying up to 40% Al2O3 (Plate 1). Figure 2 shows the location of three bauxite prospects defined during the 1970’s and Monax believes the Pretender Creek project area contains similar zones of prospective bauxite.

An additional tenement in the Pretender Creek Project area (EPM 18304) is presently subject to the granting process, as is tenement EPM 17835, northeast of Weipa which is part of Monax's Aurukun-Weipa Project. Exploration will commence on these tenements as soon as possible.

Gary Ferris Managing Director Monax Mining Limited

For further information please contact:

Gary Ferris Managing Director, Monax Mining Ph: (08) 8375 3900 Email: [email protected]

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 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

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Plate 1: Detailed view of weathered pisolitic bauxite.

Surface sample from Pretender Creek area.