FireFly Metals Ltd. — Capital/Financing Update 2010

Jan 18, 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 Tuesday, 19 January 2010

ASX RELEASE

Waddikee Manganese Project Update

Monax Mining Limited (ASX:MOX) is pleased to provide an update on continued exploration for manganese on its Waddikee project located on central Eyre Peninsula, South Australia (Figure 1). The Waddikee project is the subject of a farmin agreement with ASX listed OM Holdings Limited’s (ASX: OMH) wholly owned subsidiary, OM (Manganese) Limited (OMM). OMM is required to fund A$2 million over four years to acquire a 60% participating interest in the Waddikee project.

Initial exploration as part of the OMM farmin agreement commenced in late 2009 and comprised detailed geological mapping, ground magnetic surveying, coupled with an orientation geochemical sampling program at the Jamieson Tank prospect (Figure 2). This detailed exploration further investigated the extent of manganese mineralisation, and will continue into the first quarter of 2010, leading to a targeted RC drilling program, scheduled for May 2010.

Detailed geological mapping at Jamison Tank revealed five separate manganese horizons, including two new horizons not previously recognised. The manganese appears to have a strong stratigraphic relationship with ironstone and chert, which is demonstrated in the high resolution ground magnetic data (Figure 3). This information gives Monax further confidence that the manganese horizons continue along strike under cover, extending the zone of interest at the Jamieson Tank prospect.

An orientation geochemical sampling program was undertaken to investigate the best sampling media for detecting manganese mineralisation under cover. Results revealed that bulk soil samples reported the best correlation to rock chip sampling in areas of known manganese mineralisation (Figure 4), and will be an important tool in exploration the for manganese under sand cover. Rock chip samples returned values of up to 46% Mn with low deleterious elements (Table 1).

Table 1: Summary of best rock chip sample results

Sample	Easting	Northing	Mn%	Fe%	Al2O3 %	CaO%	P2O5 %	S%	SiO2 %	LOI%
76525	622374	6296650	46.71	4.88	5.75	0.38	0.069	0.02	3.15	13.81
76738	623451	6297150	45.98	5.91	5.83	0.67	0.064	0.034	2.49	13.15
76715	623600	6297150	44.90	2.62	6.87	0.31	0.047	0.016	9.07	13.09
76546	622350	6296650	43.56	5.78	6.6	0.51	0.083	0.02	5.21	13.25
76618	623725	6298050	42.66	2.98	10.57	0.22	0.03	0.019	7.43	14.04
76756	623949	6298550	36.76	16.5	3.88	0.57	0.201	0.04	4.14	13.15
76575	623150	6298049	35.76	14.05	7.34	0.4	0.057	0.015	6.64	12.67

Monax has digitised a large historical calcrete and soil sample geochemical data set which covers the majority of the tenement, comprising 3,800 samples. These samples were originally collected for gold exploration. A number of other elements were analysed, including manganese, which was anomalous at the Pollinga prospect, as well as revealing significant anomalism in the northeast of the tenement, and west of the Bunora Siding iron prospect. These exciting new anomalies will be followed up during regional exploration.

Managing Director, Gary Ferris, said “The manganese potential at the Waddikee project is significant and will be a key element of Monax’s exploration program going forward. We are delighted to have OMM as a strategic partner, bringing significant experience from its involvement in the manganese production industry, as well as funding exploration costs under the terms of the farmin agreement”.

A comprehensive auger soil sampling program has commenced at Jamieson Tank to investigate the continuity of manganese mineralisation under shallow sand cover along 6.5km of prospective strike. The auger program will comprise over a thousand samples, playing a key role in the design of a targeted RC drilling program.

Selected auger traverses will be undertaken over the identified regional prospects to evaluate these areas for new manganese mineralisation, and a targeted RC drilling program at Jamieson Tank is scheduled for May 2010 based on results from the current exploration program.

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

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Figure 1: Waddikee project, Eyre Peninsula, South Australia

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Figure 2: Manganese and iron prospects, on total magnetic intensity

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Figure 3: Detailed map at Jamieson Tank showing identified manganese horizons (blue), with anomalous Mn rock chip assays, and new ground magnetic data (background - aeromagnetic data). Black dots - 2008 RC drilling. Red dots - orientation geochemical sampling.

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Figure 4: Graphical comparison of geochemical sampling media versus % manganese highlighting the close relationship between rock chips and bulk soils.

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Plate 1: Sample 76738 from Talisker Traverse above – assayed 45.98% Mn (see Figure 3).

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