FireFly Metals Ltd. — Capital/Financing Update 2010

Mar 2, 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, 3 March 2010

ASX RELEASE

Detailed Aerial Magnetic Survey Commenced Over Kangaroo Island Project

HIGHLIGHTS

• Detailed magnetic survey commenced over lead-zinc prospects on Kangaroo Island

• IP Survey due to commence in 2-3 weeks to define potential high-grade mineralisation at Bonaventura Prospect

• Drilling planned for mid to late 2010

Monax Mining Limited (ASX:MOX) is pleased to announce the commencement of a high-resolution helicopter borne magnetic and radiometric survey over part of the Company’s Kangaroo Island project (Figure 1). The survey is being undertaken to assist in defining the structural geology of the Bonaventura and Dewrang prospects, where previous drilling has intersected high-grade lead-zinc mineralisation. The Company’s previous exploration has shown that mineralisation is closely related to geological structures, in particular, faults.

The survey will cover the main shear zone within the central part of the project area (Figure 2). The survey will be flown in an east-west orientation at a line spacing of 25m with a 30m flying height totalling 1450 line kilometres. The survey will be undertaken by Daishsat using their new stinger mounted heli-borne magnetic and radiometric system.

Previous exploration within the Bonaventura area has provided encouraging results. Drilling by the SA Department of Mines and Energy reported several encouraging intersections in the Bonaventura area including:

• 5m @ 5.8% Zn

• 16m @ 2.69% Zn, 0.45% Pb & 1.7 g/t Ag

Exploration by Havilah Resources at Bonaventura involved a shallow drilling program produced further encouraging results including:

• PRC01: 7m (14-21) @ 1.32% Zn, 3.16% Pb & 3.81 g/t Ag including 2m (16-18) @ 3.59% Zn, 9.46% Pb & 10 g/t Ag

• PRC04: 18m (30-48) @ 1.69% Zn & 1.81 g/t Ag including 6m (42-48) @ 3.48% Zn, 0.51% Pb & 1.4 g/t Ag

• PRC31: 5m (26-31) @ 26.9 % Zn, 10 % Pb & 1.54 g/t Ag

Monax has undertaken two drilling programs aimed at understanding the structural setting to better target high-grade zones. Significant intersections include:

• BVDD004: 29.9m (16.1-46) @ 1.79% Zn including 10m (27-37) @ 3.22% Zn, 1.62% Pb & 1.53 g/t Ag; and 3.9m (16.1-20) @ 2.13% Pb & 2.04 g/t Ag

• BVDD007: 10m (81-91) @ 2.13% Zn, 0.45% Pb & 0.83 g/t Ag including 6m (85-91) @ 2.97% Zn, 0.65% Pb & 1.08 g/t Ag

• BVDD007: 12m (94-106) @ 2.59% Zn including 5m (97-102) @ 4.04% Zn

• BVDD008: 11m (58-69) @ 1.64% Zn, 1.2% Pb & 0.64 g/t Ag including 2m (61-63) @ 6.96% Zn, 5.06% Pb & 2.5 g/t Ag

Monax has taken the Bonaventura Prospect from several isolated mineralised intersections to a coherent ore body with a strike of 150m, to a depth of 200m. 3D modelling of all drill hole data has shown that mineralisation consists of at least three, high-grade shoots set within a wider halo of disseminated low-grade sulphides. The detailed structural data acquired by Monax has allowed for detailed targeting of the high-grade shoots in subsequent in-fill drilling programs. Further potential exists at depth along the currently defined ore shoots, below 200m.

3D magnetic modelling was undertaken to investigate the relationship between the fault zone geometry and the Bonaventura Prospect mineralisation. The results show that the southern edge of the fault dips moderately to the southwest (parallel to the mineralisation plunge), providing plenty of space for the development of down plunge extensions to mineralisation (Figure 3). The magnetic basement displays an interesting ridge/trough associated with the NE striking brittle fault zone, with which the mineralisation is associated (Figure 4).

Strong correlation of the mineralisation with the structure and shearing demonstrated in the available magnetic data, suggests that significant value will be gained from the detailed magnetic survey. The detailed data will enhance the mapping of the shear zone, enabling more accurate detailed modelling, delineate cross cutting brittle faults and any offsets that occur within those faults and better define the relationship between the shearing, faulting and mineralisation would be established with the detailed magnetic data. This will assist drill targeting for strike extensions of the currently known mineralisation as well as providing other target areas along the shear zone.

Monax has recently applied for two additional tenements, ELA 282/09 (Bomb Alley Road) and ELA 284/09 (Western River Cove) which increases the Company’s landholding on Kangaroo Island to 499 km[2] . The two new tenements were taken up to include the lead-zinc workings on the western end of the Cygnet-Snelling Fault Zone and the extension of the gold system within the eastern part of the project area centred on the Kohinoor Gold Mine.

This aeromagnetic survey heralds the commencement of a renewed exploration program for the Kangaroo Island project, which will also include an IP survey at Bonaventura aimed at delineating potential high grade mineralised zones at depth and additional soil sampling program at Kohinoor to define further gold targets. The IP survey is planned to commence within the next 2-3 weeks.

The results from the planned exploration programs will be an important guide to further drilling planned for mid to late 2010.

MOX ASX Release 3 March 2010

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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 Kangaroo Island project

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Figure 2: Total Magnetic Intensity showing the area of the HeliMag survey, located over the flexure in the Snelling Cygnet Shear Zone, which hosts Bonaventura and Dewrang Pb-Zn prospects.

MOX ASX Release 3 March 2010

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Figure 3: A 3D magnetic model looking southeast along the Snelling Cygnet Shear Zone. Displayed are the 1% combined Pb-Zn ore shells modelled from the drilling at the Bonaventura prospect.

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Figure 4. Snapshot of the 3D magnetic model looking southwest along the secondary crosscutting brittle faults, which are interpreted to control mineralisation.

MOX ASX Release 3 March 2010

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