FireFly Metals Ltd. — Regulatory Filings 2012

Apr 22, 2012

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 Monday, 23 April, 2012

ASX RELEASE

Coarse flake graphite identified at second location on Monax’s Waddikee Project

HIGHLIGHTS

• Coarse graphite with flakes up to 2mm identified at second site on Waddikee Project.

• Graphite discovered as part of reconnaissance sampling from Balumbah prospect.

• Sampling provides significant confidence that Waddikee Project is highly prospective for graphite.

Monax Mining Limited (ASX: MOX) (‘Monax’ or ‘Company’) today announced the discovery of coarse graphite at a second site at its Waddikee Project in South Australia (EL 4662).

It follows the Company’s announcement last week that it had detected coarse flake graphite from the Argent and Stanley Prospects (see ASX Release dated 16 April 2012), which form part of the Waddikee Project.

The Balumbah Prospect is part of the Waddikee Project, located on the central Eyre Peninsula within an area highly prospective for graphite (see Figures 1 & 2).

Monax is highly encouraged by the presence of very coarse graphite on our Waddikee Project. Confirmation of a second site of coarse graphite on the Waddikee project at such an early stage of our exploration provides significant confidence that this area is highly prospective for graphite.

A graphite exploration program undertaken by Monax has focused on assessing historical reports of graphite from EL 4662.

The Monax Balumbah sample was collected near a historical rock chip site collected by the South Australian Department of Mines and Energy.

A test from this area by the South Australian Department of Mines and Energy reported coarse graphite flakes up to 1mm and assayed 19.3% carbon (Valentine, 1994).

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Petrology and geochemical assay results from the Balumbah prospect have been received and reported 9.97% carbon (sample assayed by Genalysis using CSA technique).

The petrological description indicates the sample comprises very coarse graphite flakes of up to 2mm and averaging 0.8mm. The table below provides a summary of the petrological report:

Sample	Easting	Northing	Description (taken from petrological report)
Bal 1	628596	6321147	Graphite flakes are confirmed by reflected light microscopy to forman estimated up to possibly 20% of the rock. These occur partlyas individuals but equally as much they form composite small‘books’ locally convoluted. This graphite is mostly enclosed withinthe yellowish, clay-altered ex-biotite, between quartz grains.Apart from this described most common mode of occurrence, otherrelevant characteristics of the graphite per se are:estimated total vol% proportion of graphite in thewhole rock, 15 to possibly 20 vol%graphite flakes occur partly as individuals and to asimilar extent, in loose book-like composites ranging tomore compact composites (discrete lenses).Overall range in graphite flake length is 30 µm torarely 2000 µm, estimated average about 800 µm.Width/thickness of flakes range from 10 µm to 50 µm,rarely to 100 µm, average estimated as 40 µm.The comment is made that the graphite in this sample is somewhatcoarser than many examples of other samples from this area ofwhich this author is aware, and may be assumed to be amenableto metallurgical beneficiation.

Figure 3 shows a diagrammatic summary of the airborne electromagnetic (AEM) data for the Balumbah Prospect. The AEM line profiles show the Balumbah area is highly conductive (red zones) and the sample collected is from a more subdued area to the east of the main highly conductive zone. Graphite is highly conductive and as a result easy to detect via electrical geophysical methods including AEM.

Historical drill hole CP596 is also highlighted. This hole reported 14m of grey-graphitic-biotite schist (46-60m EOH – vertical hole, downhole length, true width unknown).

Monax is currently sampling drill holes for graphite from previous drilling for manganese on the tenement, with results expected in 4-6 weeks.

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.

Reference:

Valentine, J.T. 1994. Graphite in South Australia- a review of production, use and geology. Department of Mines and Energy, South Australia. Report Book 94/24 (unpublished).

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Figure 1. Location of the Waddikee project, central Eyre Peninsula, highlighting graphite and iron projects.

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Figure 2. Location of Balumbah prospect plus other target areas for graphite on EL 4662.

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Plate 1: Macrophoto of offcut slab of the polished thin section shown in Plates 2 & 3 and described in the text. (scale = 1mm divisions).

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Plate 2: Polished section (PS). (x50). Reflected light clearly shows wispy graphite flakes as individuals and in “loose books”, largely within oxidised biotite between granulose quartz (note scale bar = 200 microns).

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Plate 3: Higher magnification than Plate 2, (x100) showing variable concentrations of coarse graphite, largely within oxidised biotite between granulose quartz (note scale bar = 100 microns).

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Figure 3. Summary of data from the Balumbah prospect. The left side shows the AEM profiles and demonstrates that the Balumbah area is highly conductive. The right hand side shows the AEM data for the area.

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