Registered Office 140 Greenhill Road Unley SA 5061

ABN 96 110 336 73 3

Tel +61 8 8373 6271 Fax +61 8 8373 5917 www.monaxmining.com.au

ASX RELEASE

For Immediate Release 26 May 2011

Revised Exploration Update

Attached is a revised Exploration Update. A revision to the map on page 5 of the update has been made to correctly reflect the assay result from the best drill intercept at Punt Hill.

Yours faithfully

Virginia Suttell Company Secretary

Monax Mining Limited Exploration Update May 2011

Forward Looking Statements

“These materials include forward looking statements. Forward looking statements inherently involve subjective judgement and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside of the control of, and may be unknown to, the Company. Actual results and developments may vary materially from those expressed in these materials. The types of uncertainties which are relevant to the Company may include, but are not limited to, commodity prices, political uncertainty, changes to the regulatory framework which applies to the business of the Company and general economic conditions. Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements.

Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or any change in events, conditions or circumstances on which any such statement is based.”

Competent Person Statement

The information in this presentation 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.

Profile	Directors/Executives
Head Office: Unit I, 5 Butler Blvd, Burbridge Business Park, SA 5950	Bob Kennedy	Non-Executive Chairman
Vision: To become a mining company via discovery and	Gary Ferris	Managing Director
partnerships with major exploration, resources development and investment and mining companies.	Reg Nelson	Non-Executive Director
Strategy: To make a world class discovery on the flagship	Glenn Davis	Non-Executive Director
Punt Hill copper-gold project in SA and identify and secure
high quality asset positions that are either stand alone	Neville Alley	Non-Executive Director
company makers or will be attractive to majors.	Virginia Suttell	Company Secretary
Cash at bank: As at 31 March 2011, $3.8 million
	Largest Shareholders
	Alexandria Resources		3.33%
Share Details
	Havilah Resources		3.32%
Total shares on Issue 148,053,668
	Triple Eight Gold Pty Ltd		2.72%
Market Capitialisation $9.9 million
	Mr Neville Alley & Mrs Bronwen		2.04%
Current Share price at 20/05/11 6.7 cents	Ireland

	Town Group Pty Ltd		1.99%
	Top Twenty		34.28%

Monax Current Projects

Punt Hill – copper, gold

2. Waddikee – manganese,

iron

Melton – copper, gold
Cape York – bauxite
Percyvale - gold

Flagship Project

Located within Olympic Iron-Oxide Copper-Gold Province
Province hosts major copper deposits and mines at Olympic Dam and Prominent Hill and significant new discoveries at Carrapateena and Hillside
OZ Minerals recently purchased Carrapateena ($250 million)
MOX drilled 22 holes totalling 19,680m on 10 regional targets at Punt Hill
Large zone of mineralisation and alteration defined
Best intersection – Hole GHDD6

159m @ 0.47% Cu, 0.12 g/t Au, 5.3 g/t Ag, 0.48% Zn & 0.12% Pb (from 846m)

including 17m @ 1.1% Cu, 0.27 g/t Au, 8.5 g/t Ag & 1.2% Zn from 853m

==> picture [295 x 465] intentionally omitted <==

Significant Intersections – Punt Hill Project

*Prospect*	*Drillhole*	*Depth*	*Interval*	*Copper*	*Gold*	*Silver*	*Zinc*	*REE*
Whistle Pig	WPDD1	788-848m	60m	0.13%	0.03 g/t	-	-	-
Woodchuck	WDDD1	648-666m	18m	-	-	-	-	0.42%
		683-753m	70m	0.41%	-	-	-	-
		including	28m	0.82%	-	10g/t	-	-
Groundhog	GHDD1	788-805m	17m		-	-	-	0.41%
		837-963m	126m	0.40%	-	-	0.24%	-
		including	14m	0.70%	-	-	-	-
		and	14m	1.00%	0.25 g/t	4.5 g/t	-	-
	GHDD2	888-1050m	162m	0.34%	-	-	-	-
		including	28m	0.70%	-	-	-	-
	GHDD3	826-902m	76m	0.22%	-	2.2 g/t	-	-
		including	22m		-	-	-	0.28%
	GHDD4	840-962m	122m	0.47%	0.1 g/t	6.6 g/t	0.38%	-
		including	48m	0.69%	0.11 g/t	8.75 g/t	0.48%	-
		and	15m	0.96%	0.13g/t	10.5g/t	0.52%	-
	GHDD6	846-1005m	159m	0.47%	0.12 g/t	5.3 g/t	0.48%	-
		including	17m	1.1%	-	8.5 g/t	1.2%	-
Prairie Dog	PDDD1	754-782m	29m	0.12%	-	-	-	-
		811-821m	11m	0.22%	-	-	-	-
		888-900m	13m	0.55%	-	-	-	-
		985-997m	13m	0.33%	-	-	-	-
	PDDD2	856-1014m	152m		-	-	0.32%	-
		876-975m	99m	0.24%	-	-	-	-
		Including	1m	7.58%	0.03 g/t	144 g/t	-	-

JV with Antofagasta Minerals, Chile

Antofagasta spending US$4 million on exploration to earn 51% interest in Punt Hill
Antofagasta to spend a further US$5 million on exploration/scoping study to earn a 70% interest in the project
Minimum expenditure of US$1.5 million over next 2 years

==> picture [101 x 11] intentionally omitted <==

----- Start of picture text -----

Antofagasta Projects
----- End of picture text -----

Large gravity survey completed
High priority targets generated from new data
Drilling planned for 2[nd] half of 2011 after anticipated Aboriginal Heritage clearance

Exploration Program - 2011

Large gravity survey completed Over 8000 new gravity stations

Monax has outlined 13 potential untested gravity targets

Targets generated from gravity survey currently being modelled (depth, response etc)

Approximately 3000m of drilling planned for 2[nd] half of 2011 (subject to heritage clearance)

Monax has commenced part 9B negotiations with Kokatha Uwankara

Farm-in agreement with OM (Manganese) Limited (OMM), a wholly owned subsidiary of OM Holdings Ltd (ASX:OMH)
OMM to spend $2 million to earn 60% interest in manganese and iron
Recently completed drilling program provided best results to date from new area – Hodgins prospect
Best manganese results include:
10m @ 29.2% Mn
20m @ 23.8% Mn
11m @ 20.8% Mn
14m @ 16.8% Mn
Best iron results include:
34m @ 35.6% Fe
11m @ 46.6% Fe
12m @ 33.6% Fe
4m @ 43.1% Fe

==> picture [309 x 462] intentionally omitted <==

Waddikee Manganese Project, SA

Hole HRC05

Assays consistent down hole Hole finished in 2m @ 36.06% - intersected water

Hole	From	To	Interval	Mn (%)
HRC05	4	6	2	19.82
HRC05	6	8	2	24.47
HRC05	8	10	2	18.45
HRC05	10	12	2	12.01
HRC05	12	14	2	12.69
HRC05	14	16	2	16.27
HRC05	16	18	2	18.78
HRC05	18	20	2	26.78
HRC05	20	22	2	5.94
HRC05	22	24	2	21.46
HRC05	24	26	2	26.91
HRC05	26	28	2	24.65
HRC05	28	30	2	19.97
HRC05	30	32	2	20.52
HRC05	32	34	2	20.61
HRC05	34	36	2	27.13
HRC05	36	38	2	32.51
HRC05	38	42	4	20.21
HRC05	42	46	4	10.48
HRC05	46	50	4	21.8
HRC05	50	54	4	29.86
HRC05	54	56	2	36.06

==> picture [492 x 462] intentionally omitted <==

Exploration Focus – 2011

Follow-up on significant new manganese results at Hodgins prospect

IP survey proposed to trace Mn layer under cover

Follow-up drilling based on IP results

Initial review of aeromagnetic data has shown magnetic anomaly at Francis prospect – requires drill testing

Previous auger drilling at Francis showed iron-rich samples (up to 23% Fe)

Diamond drilling at Jamieson Tank to provide samples for beneficiation now planned for late 2011 after harvest

Iron (Magnetite) Potential

TMI data shows 3 major magnetic features at Francis, Polinga and Jamieson Tank

These areas are very prominent on modeling of the aeromagnetic data

Note: This figure represents a geophysical model. The potential quantity and grade of an exploration target is conceptual in nature since there has been insufficient work completed to define the prospects as anything beyond exploration targets. It is uncertain if further exploration will result in the determination of a Mineral Resource.

==> picture [324 x 350] intentionally omitted <==

==> picture [402 x 462] intentionally omitted <==

----- Start of picture text -----

Melton Project
----- End of picture text -----

Melton project located on eastern Yorke Peninsula within Pine Point Fault Zone

Recent exploration success by Rex Minerals has highlighted potential of the Yorke Peninsula for modern era copper-gold discoveries and deposits MOX:MEU have 50:50 JV on Melton Project (Marmota operators) Just completed four hole diamond drilling programs Results expected by late July

==> picture [233 x 330] intentionally omitted <==

Second diamond drilling program recently completed Drill core currently being cut and sampled Assay results expected by late July

Hole	mFrom	mTo	Interval	Cu ppm	Cu %	Co ppm	Ag ppm
MIRDD01	451	472	21	1115	0.11	198	1.02
MIRDD04	432	436	4	1584	0.15	95	1
MIRDD04	463	467	4	1352	0.13	103	0.9
MIRDD04	487	490	3	2587	0.26	329	3.56

==> picture [327 x 462] intentionally omitted <==

==> picture [347 x 7] intentionally omitted <==