Ann: Exploration Update, page-3

Three of Monax’s projects are currently subject to exciting forms of exploration. Low-cost exploration at the Company’s Mt Ringwood Gold Project is currently supplemented by exploration funded by third parties on the Western Gawler Craton and Phar Lap Projects.

“Given that exploration activities on the Western Gawler Craton and Phar Lap Projects are currently funded by third parties, Monax are able to realign its strategic focus on transforming its collection of interests in the Pine Creek area into a significant gold project,” Monax Mining Managing Director, Gary Ferris, said today.

“Monax is highly encouraged by the initial rock chip results taken from the Mt Ringwood Gold Project and looks forward to completing additional field work on the highly prospective and vastly underexplored terrain,” he added.