HIGHLY ENCOURAGING MANGANESE AND IRON ORE DRILLING RESULTS - WADDIKEE, SOUTH AUSTRALIA

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1 For Immediate Release Friday 19 th September, 2008 ASX RELEASE HIGHLY ENCOURAGING MANGANESE AND IRON ORE DRILLING RESULTS - WADDIKEE, SOUTH AUSTRALIA HIGHLIGHTS Anomalous manganese and iron intersected in eight out of eight assayed target areas at the Jamieson Tank Prospect Manganese intercepts range from 1-22 m with grades in excess of 10 % Mn and from 1-4 m with grades in excess of 20 % Mn Higher than expected iron ore intercepts range from m with grades in the range of % Fe Manganese and iron mineralisation confirmed over > 2.5 km strike length open at depth and along strike Simple gravity beneficiation should significantly upgrade manganese and iron to commercially acceptable product Beneficiation testing underway 48 RC holes drilled for a total of 2950 m (ASX: MOX) is pleased to report highly encouraging manganese and iron ore assay results from its maiden drilling program at the Jamieson Tank and Pollinga Prospects within the Company s 100% owned Waddikee tenement on the Eyre Peninsula, South Australia. The project is 55 km west of OneSteel s iron ore mines on the eastern Eyre Peninsula and 55 km north of Centrex s Wilgerup hematite project (See Figure 1).

2 During May and June this year, Monax completed a RC percussion drilling program comprising eight traverses (44 holes) at the Jamieson Tank Prospect and 4 separate holes at the Pollinga Prospect. Preliminary logging reported intersections of manganese mineralisation down hole, underlying mapped surface mineralisation from previous ground surveys. Monax is pleased to report that assay results confirm the presence of manganese mineralisation in all eight traverses at the Jamieson Tank Prospect and that it has also received higher than expected assay results for iron. Significant intersections of manganese include: Figure 1. Location Diagram, Waddikee. Significant Manganese Results Drillhole Interval (m) Mn % JTRC JTRC JTRC JTRC JTRC JTRC JTRC JTRC JTRC JTRC JTRC JTRC JTRC Significant Iron Ore Results Drillhole Interval (m) Fe % JTRC JTRC JTRC JTRC JTRC JTRC JTRC JTRC JTRC JTRC PRC

3 Figure 2. Example of banded manganese, iron and chert mineralisation Aluminium, calcium, phosphorus and sulphur are at desirable levels, however silica appears variably elevated. Monax believes this is due to the mineralisation forming between bands of chert (SiO 2 ) as pictured in figure 2. Monax believes that beneficiation is likely to upgrade the manganese and iron and efficiently remove the silica from the ore. Elevated levels of silica are expected to be the result of interstitial chert layers diluting the manganese and iron mineralisation. The manganese and iron mineralisation has a considerably higher density (s.g = ) compared to chert (s.g. = 2.64) and should be easily beneficiated via a simple gravity separation process. Iron ore is in the form of magnetite BIF and may be amenable to separation from manganese via magnetic beneficiation. Monax is in the process of undertaking beneficiation testing to demonstrate that a commercially acceptable product can be generated from the current drill results. The location of the maiden drilling program focused on manganiferous outcrop identified from ground surveys, with the deepest hole drilled to 109m down hole (94m vertical). Manganese and iron ore mineralisation has now been confirmed over a strike length in excess of 2.5 km however the mineralisation potential remains open at depth and along strike. Monax has an extensive and highly prospective tenement holding of 1,014 square kilometres encompassing 40 strike kilometres of repetitious magnetic horizons (Figure 3) which are interpreted to be intimately linked with the manganese mineralisation. Future exploration will focus on a number of key areas. Firstly, petrophysical studies of the manganese and iron mineralisation for improved geophysical and metallurgical understanding. Secondly, more drilling to improve the geological understanding of the

4 system and increase the known depth and strike extent of mineralisation. Thirdly, to work toward defining an economic manganese deposit within the Waddikee tenement. Michael Schwarz Managing Director For further information please contact: Michael Schwarz, Duncan Gordon Managing Director, Monax Mining Investor Relations Ph: (08) Ph: The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr M P Schwarz, who is a Member of the Australian Institute of Geoscientists. Mr Schwarz 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 Schwarz consents to the inclusion of the information in this report in the form and context in which it appears

5 Figure 3. Drill traverse locations on 1vd total magnetic intensity

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7 Jamieson Tank Prospect Drill Results Drillhole MGA94E MGA94N Dip Azimuth From (m) To (m) Interval (m) Fe % Mn % Al 2 O 3 % CaO % P % S % SiO 2 % V 2 O 5 % LOI % JTRC including JTRC JTRC JTRC and JTRC JTRC and and and JTRC and including including JTRC and JTRC and JTRC JTRC and JTRC JTRC JTRC JTRC and JTRC including JTRC and JTRC and JTRC and JTRC and JTRC

8 and JTRC JTRC including JTRC including JTRC including JTRC including JTRC JTRC JTRC including JTRC including JTRC JTRC Pollinga Prospect Drill Results Drillhole MGA94E MGA94N Dip Azimuth From (m) To (m) Interval (m) Fe % Mn % Al 2 O 3 % CaO % P % S % SiO 2 % V 2 O 5 % LOI % PRC PRC and Note: Samples were taken on a selective basis acco rding to drill logs and submitted for assay to Genalysis Laboratory Service s. Bulk samples were collected at one meter intervals from the cyclone and passed through a 3 stage splitter to obtain an accurate representative sample of the entire meter interval.