FireFly Metals Ltd. — Capital/Financing Update 2010

Apr 6, 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 Wednesday, 7 April 2010

ASX RELEASE

Monax to Retain 50% Interest in Melton Copper-Gold Project

HIGHLIGHTS

• Monax has advised Marmota that it will retain a 50% interest in the Melton coppergold project

• Drilling program commenced March 1, 2010

Melton Copper Gold Project

(50:50 Joint Venture with Marmota Energy Limited – ASX:MEU)

The Melton Project is located on the northern Yorke Peninsula and contains a 15km section of the highly prospective Pine Point Fault Zone. A maiden drilling program commenced on March 1, 2010 and is due to be completed by the end of April or early May, 2010.

Under the terms of the joint venture, Marmota Energy Ltd was required to spend $400,000 to earn a 50% interest for all minerals. Marmota announced on March 24, 2010 it had reached a 50% interest in the project. Monax has advised Marmota that it will retain its 50% interest in the Melton project by contributing to exploration costs on a 50:50 basis with Marmota.

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.