FireFly Metals Ltd. — Capital/Financing Update 2011

Feb 10, 2011

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 11 February 2011

ASX RELEASE

Monax to exercise Option over Cape York Bauxite Project

Monax Mining Limited (ASX: MOX) has elected to purchase two tenements from Delminco Pty Ltd in the Pretender Creek area (see Figure 1) of Cape York after assessing its bauxite projects in the region, and after the completion of due diligence.

This follows the Company signing an Option Agreement with Delminco Pty Ltd for five tenements within the Pretender Creek area in January last year.

At the time of signing the agreement, the tenements were Applications and no field inspection was undertaken. The tenements were granted in August 2010, after which Monax undertook a field inspection of the tenements to verify the presence of bauxite.

As a result of this field inspection, Monax decided to purchase two of the five tenements before the expiry of the Option period. The two tenements Monax will purchase both contain large areas of bauxite and initial sampling report Al2O3 grades up to 44%.

Monax has agreed to purchase EPM 16963 and EPM 17005 for $50,000 payable upon the transfer of the Titles to Monax.

The two tenements complement the three nearby, 100% owned Monax tenements, with excellent exposures of bauxite mapped during the recent field inspection,” Monax Managing Director, Mr Gary Ferris, said:

“The Pretender Creek project will be a major focus for the Company at the completion of the wet season in 2011, with a drilling program designed to test identified targets comprehensively,” he said.

Figure 2 shows areas of interpreted bauxite and the locations of bauxite mapped at the surface. Limited sampling was undertaken with positive results up to 44% Al2O3 reported. Plate 2 shows the surface expression of bauxite from EPM 17005 and a sample from this site assayed 38% Al2O3.

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

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Figure 1: Plan showing location of the Pretender Creek project area on Cape York, northern Queensland highlighting tenements Monax will purchase.

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 2: Monax Pretender Creek project area showing areas of known and interpreted bauxite.

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Plate 1: Bauxite at the surface within EPM 17005

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