FireFly Metals Ltd. — Capital/Financing Update 2010

Apr 7, 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 Thursday, 8 April 2010

ASX RELEASE

Share Placement to Raise $0.55 million

HIGHLIGHTS

• Share placement to raise circa $550,000 from sophisticated investors

• Funds raised will be earmarked for Cape York bauxite project

Monax Mining Limited (ASX Code: MOX) is pleased to announce that the Company has received firm commitments in relation to a placement of approximately 5.5 million shares to professional and sophisticated investors at $0.10 (10 cents) per share to raise a total of $550,000 (before costs).

The capital raised from the placement will be used to fund exploration on the newly acquired bauxite tenements (see ASX Release 7 April, 2010).

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 new shares will rank equally with all other fully paid quoted ordinary shares currently on issue.

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.