FireFly Metals Ltd. — Regulatory Filings 2005

Dec 5, 2005

Tuesday 6 December 2005

SA HOT SPOT FOR INNOVATIVE MONAX MINERALS SURVEY

The reputation of South Australia's Gawler Craton as one of the country's most prospective mineral zones has been confirmed with an innovative exploration program announced today by newly-listed Monax Mining Limited (ASX Code 'MOX').

At the heart of Monax's program will be the Punt Hill prospect in tenement EL 3457, 25 kilometres south of the recent Carrapateena copper-gold discovery.

Monax's maiden exploration program, commencing today, involves a gravity survey on a scale normally associated with much larger mining companies.

The Monax survey will cover a total of more than 4,000 square kilometres in eight of its Gawler Craton tenements, the region in the State's north that has vielded the world-scale copper-uranium-gold deposits at Olympic Dam and Prominent Hill.

"Junior explorers generally try and save costs by identifying small areas on which to undertake gravity surveys but we think that is false economy." Monax Managing Director, Mr Michael Schwarz, said.

"We have confidence in the prospectivity of our tenements and, by undertaking a gravity survey over large areas of this acreage in the first instance, we will ensure we don't miss any potential hot spots not previously identified for surveving.

"There have been a number of occasions in the past where junior explorers operating in SA have missed very prospective targets because they minimised their gravity survey areas," he said.

Drawing on his experience as a former leader of Primary Industries and Resources SA's Gawler Craton program, Mr Schwarz said Monax's gravity survey would be three to four times the size generally undertaken by a junior explorer, putting it in the realm of much larger companies.

The \$276,000 exploration program will be undertaken with a combination of ground-based and helicopter-borne surveys that detect changes in the earth's gravitational field associated with different mineral types.

issued through FIELD PUBLIC RELATIONS PTY LTD ABN 74 008 222 311 231 South Road, MILE END SA 5031 Ph: 08 8234 9555 Fax: 08 8234 9566 admin@fieldpr.com.au

"We think Punt Hill is prospective for copper, uranium and gold mineralisation, a judgement confirmed by a major mining company with which we are currently holding discussions over a possible joint venture." Mr Schwarz said.

"The Punt Hill survey will cover about two-thirds of EL 3457 with the aim of discovering gravity anomalies similar to Carrapateena," he said. (see diagram)

Monax's gravity survey will also provide a greater insight into the geology of EL 3358 in the central west of the State where previous rock and soil sampling suggests the Ambrosia prospect has "excellent potential for Olympic Dam style mineralisation".

Mr Schwarz said the gravity survey - which will also encompass the Mt Hope, Moorlands, Eureka Bluff, Dingo Hill, Mattaweara and Waddikee projects was expected to be completed by the end of January.

He said Monax was currently assessing quotes for a month-long aeromagnetic survey planned to be completed by February 2006. A drilling program would follow interpretation of the results of the gravity and aeromagnetic data.

Media Contacts:

Michael Schwarz Managing Director, Monax Mining Ph: (08) 8373 6271, Mob: 0402 101 790

Peter Gill Field Public Relations Ph: (08) 8234 9555, Mob: 0417 784 059

issued through FIELD PUBLIC RELATIONS PTY LTD ABN 74 008 222 311 231 South Road, MILE END SA 5031 Ph: 08 8234 9555 Fax: 08 8234 9566 admin@fieldpr.com.au