FireFly Metals Ltd. — Capital/Financing Update 2010

Mar 14, 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, 15 March 2010

ASX RELEASE

Waddikee Manganese Project Update

HIGHLIGHTS

• Detailed geological mapping and soil sampling defines up to six separate manganese horizons at Jamieson Tank

• Five km strike length defined for prospective manganese horizons at Jamieson Tank

• Manganese up to 50.61% reported from rock chip sampling

• Drilling planned for late April

Monax Mining Limited (ASX:MOX) is pleased to provide an exploration update for its Waddikee manganese project on Eyre Peninsula, with joint venture partner, OM (Manganese) Ltd a wholly owned subsidiary of OM Holdings Limited (ASX:OMH) (Figure 1). Monax has recently completed geological mapping and rock chip sampling along the entire strike length of the Jamieson Tank manganese prospect, as well as a close spaced auger soil sampling program, and ground magnetic survey.

Detailed mapping undertaken at a scale of 1:5000 has advanced the understanding of the geology within the Jamieson Tank area in particular, the manganese horizons (Figure 2). Sub-crop and rock float has revealed up to six separate horizons of manganese, within a broader stratigraphy comprised of schist, chert, dolomite, ironstone and granite. Field observations suggest that the manganese mineralisation has formed via the preferential replacement of a dolomite and/or sandstone horizon within the sequence, a style/process which is typical of many other manganese deposits such as OMH’s Bootu Creek Project.

Geological investigation of the southern extension of the magnetic horizon has revealed further manganese mineralisation which was previously unknown ( see Figure 2). This now extends the total prospective strike at Jamison Tank to approximately 5km.

Systematic rock chip sampling along the manganese horizons were undertaken in conjunction with the geological mapping. The purpose of the sampling was to develop a coherent dataset, evaluate the manganese quality, manganese/iron ratio, and the levels of deleterious elements. The location of 62 rock chip samples is shown in Figure 2, with the results presented in Table 1. The highest assay from sample 221619 returned 50.61% Mn, with the average grade being 41.05% Mn. Samples 221642 and 221648 reported low Mn (0.85% & 1.19% respectively) and were collected to test the Mn content of iron-rich units (samples reported 40.10% & 46.79% Fe – see Table 1).

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A significant area of the Jamieson Tank prospect is covered by a veneer of sand, blanketing the older basement rocks, which contain the manganese mineralisation. To combat this, fifteen auger soil sample traverses were completed along strike from the identified manganese horizons, aimed at evaluating their continuity under cover.

In the fifteen traverses, 685 auger soil samples were taken at 10 metre intervals along each traverse, with a number of samples yielding manganese results well above background levels (Figure 3). The highest assay was from sample 77281, which returned 12% Mn. In places, the penetration depth of this sampling technique was limited, primarily due to hard calcrete and clay in the soil profile, however the results obtained give a higher degree of confidence that the manganese is continuous along strike under cover.

Acquisition of ground magnetic data has continued in the northern area of the Jamieson Tank prospect, complimenting the existing airborne magnetic data ( see Figure 2). This survey is being collected on 25 metre spaced lines, with the preliminary data providing a substantial increase in detail and resolution. Processing and modelling of the data will be undertaken, and will contribute to the geological understanding and interpretation of the area.

Monax believes that recent exploration, conducted under the Farm-in Agreement with OM (Manganese) Ltd, has increased the level of confidence in the geological model and manganese mineralisation at the Jamieson Tank prospect. Interrogation and refinement of all exploration data will continue, with the aim of a targeted drilling program to commence in late April 2010.

Exploration using the above techniques will be undertaken on regional targets, with the aim of identifying further manganese mineralisation within the Waddikee tenement.

Gary Ferris Managing Director Monax Mining Limited

For further information please contact:

Gary Ferris Managing Director, Monax Mining Ph: (08) 8375 3900 Email: info@monaxmining.com.au

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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Figure 1: Location of Waddikee manganese project

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Figure 2: Location of auger sampling traverses and rock chip samples from the Jamieson Tank prospect with new ground magnetic data

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Figure 3: Representative auger sampling traverses with plotted manganese assays ( Background: Total Magnetic Intensity)

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Table 1: Rock chip results from Jamieson Tank (coordinates in GDA 94 Zone 53)

Sample	Easting	Northing	Mn%	Fe %	Al2O3 %	CaO %	P2O5 %	S %	SiO2 %	LOI %
221201	622521	6296858	44.53	4.67	8.77	0.35	0.07	0.03	3.45	14.57
221602	622497	6296846	43.25	4.61	9.13	0.24	0.09	0.03	4.93	14.64
221603	622433	6296784	42.42	6.90	7.91	0.33	0.07	0.03	5.33	13.71
221604	622423	6296780	44.30	3.74	8.78	0.24	0.04	0.03	5.59	14.27
221605	622611	6297039	39.75	8.29	9.54	0.24	0.08	0.04	5.06	14.37
221606	622475	6296728	40.19	7.15	9.58	0.24	0.06	0.03	5.83	14.65
221607	622463	6296703	43.05	5.34	7.64	0.24	0.04	0.03	6.48	14.35
221608	622315	6296774	39.29	6.56	9.33	0.17	0.14	0.02	9.51	13.68
221609	622382	6296717	39.41	4.10	11.52	0.24	0.04	0.03	8.87	14.53
221610	622366	6296694	41.96	6.78	8.49	0.16	0.05	0.03	5.65	13.50
221611	622365	6296667	41.35	5.30	10.45	0.36	0.06	0.03	6.05	14.83
221612	622372	6296631	42.41	5.99	7.57	0.49	0.08	0.03	6.88	13.32
221613	622352	6296716	38.37	12.35	7.13	0.12	0.10	0.03	5.04	13.49
221614	622356	6296663	44.68	6.86	6.61	0.26	0.06	0.04	3.91	13.64
221615	622194	6296380	49.08	6.48	3.36	0.20	0.04	0.02	1.29	14.09
221616	622142	6296354	45.16	3.93	7.53	0.17	0.05	0.02	5.21	13.93
221617	623683	6297261	47.16	2.05	7.61	0.39	0.08	0.02	4.84	13.89
221618	623669	6297216	48.62	2.03	7.74	0.25	0.05	0.03	3.18	13.70
221619	623657	6297183	50.61	2.08	5.38	0.20	0.05	0.02	3.34	12.80
221620	623615	6297111	49.85	4.45	4.27	0.38	0.08	0.02	1.85	13.03
221621	623534	6297034	48.37	5.11	4.07	0.15	0.05	0.02	4.15	12.73
221622	623499	6296994	47.92	5.42	4.42	0.27	0.04	0.03	3.27	12.75
221623	623462	6296945	46.06	5.56	6.66	0.20	0.04	0.03	4.53	13.57
221624	623422	6296984	47.92	3.00	5.95	0.33	0.04	0.02	5.51	12.50
221625	623459	6297017	49.06	6.36	4.17	0.20	0.05	0.03	1.63	12.78
221626	623526	6297072	49.25	6.48	3.35	0.20	0.04	0.02	1.30	12.44
221627	623603	6297146	46.59	2.74	6.78	0.30	0.07	0.02	6.33	13.23
221628	623628	6297211	47.94	3.67	6.18	0.26	0.04	0.02	3.63	13.66
221629	623641	6297271	47.50	3.94	6.70	0.34	0.03	0.04	2.92	13.57
221630	623563	6297377	45.35	6.54	6.17	0.42	0.07	0.04	3.50	13.22
221631	623541	6297323	48.54	3.71	6.08	0.70	0.07	0.03	3.27	13.29
221632	623519	6297262	42.73	5.14	7.87	0.40	0.05	0.02	8.02	12.68
221633	623509	6297219	40.04	4.47	6.00	0.61	0.03	0.02	16.03	11.75
221634	623495	6297163	48.21	6.06	4.92	0.46	0.07	0.02	1.86	12.69
221635	623444	6297128	44.23	9.26	3.49	0.75	0.05	0.02	4.94	12.07
221636	623431	6297072	48.68	6.28	4.59	0.33	0.06	0.02	1.61	13.03
221637	623940	6298201	44.99	3.66	7.52	0.30	0.05	0.02	7.40	13.43
221638	623944	6298154	47.40	3.63	6.38	0.28	0.08	0.01	4.71	13.91
221639	623941	6298058	37.70	15.72	4.55	0.53	0.38	0.02	2.85	13.93
221640	623917	6298000	32.32	23.56	4.32	0.30	0.19	0.03	1.70	12.74
221642	624010	6298397	0.85	40.10	0.97	0.01	0.49	0.02	33.21	5.76
221643	624030	6298434	34.16	10.00	2.16	0.11	0.19	0.01	22.89	9.97
221644	624035	6298513	35.10	19.99	3.53	0.14	0.25	0.02	3.45	12.17
221645	624037	6298486	34.31	20.01	4.38	0.19	0.29	0.02	3.74	12.90
221646	623958	6298605	29.65	22.84	2.50	0.30	0.18	0.03	9.51	11.34
221647	623950	6298566	36.37	13.81	5.28	0.33	0.36	0.04	8.67	13.16
221648	623947	6998428	1.19	46.79	3.90	0.08	0.69	0.04	16.63	9.77
221649	621667	6292665	40.59	8.28	3.87	0.19	0.09	0.02	9.65	12.67
221650	621630	6293159	46.62	3.96	3.46	0.29	0.36	0.01	8.66	11.91
182121	622443	6294815	43.88	4.13	6.66	0.16	0.07	0.02	8.05	13.01
182122	622405	6294798	41.48	3.82	10.30	0.09	0.04	0.02	9.31	13.49
182123	622139	6294767	37.93	16.04	4.23	0.28	0.60	0.02	2.51	13.32
182124	621593	6292856	39.68	2.95	4.52	0.34	0.13	0.01	20.05	10.97
182125	621428	6292926	45.06	5.26	3.62	0.20	0.06	0.01	8.94	11.99
182126	621430	6292884	37.45	2.42	3.79	0.19	0.09	0.02	26.40	9.94
182127	621381	6292942	22.24	1.96	5.04	0.08	0.04	0.02	52.30	6.61
182128	621427	6293039	40.29	1.96	4.31	0.19	0.08	0.02	21.86	10.25
182129	621459	6293035	39.92	1.66	3.79	0.35	0.10	0.02	23.54	9.86
182130	621476	6293091	31.17	1.71	4.46	0.11	0.04	0.01	38.02	8.43
182131	621519	6293107	33.04	1.69	4.09	0.37	0.04	0.02	35.50	8.39
182132	621554	6293165	42.12	3.45	6.74	0.24	0.18	0.05	13.03	12.47
182133	621464	6292985	45.96	2.63	5.73	0.44	0.14	0.03	7.96	12.72

Analysis by Genalysis using FS50/XRF method

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