HIGHLIGHTS New and exciting strategic direction for the Company...

HIGHLIGHTS
New and exciting strategic direction for the Company mapped out with a clear
focus on copper-gold at Punt Hill and bauxite on Cape York for remainder of
2010
New Exploration Licence Application within Olympic Iron-oxide copper gold belt
adjoining Punt Hill
Monax in discussions for joint venture over Punt Hill project
Monax expects first five bauxite tenements to be granted in next 4-6 weeks

** The new tenement is located 15kms to the west of Carrapateena.