Adelaide, Nov 2, 2006 AEST (ABN Newswire) - Monax Mining Limited (ASX: MOX) is pleased to announce the completion of the fourth drill hole of the Punt Hill drilling program. The drill hole targeted an interpreted second alteration system 8.7 km to the northwest of the first system identified by the previous three drill holes (Whistlepig, Woodchuck and Groundhog). The drill hole is within a separate gravity anomaly along the Groundhog Gravity Trend.

The Wiarton Willy drill hole intersected approximately 250m of silica sericite-chlorite altered sandstone and shale/siltstone with steely hematite and carbonate veining and zones of hydrothermal brecciation with minor finely disseminated chalcopyrite at the top of the hole.

Basement was intersected at 597 m and consisted of highly silicified, fine grained sandstone with steely hematite and carbonate veins and minor finely disseminated chalcopyrite. Several zones of hydrothermal brecciation were encountered up to 13m thick within this zone. From 673 m the drill hole passed into chlorite-sericite altered shale/siltstone with steely hematite and carbonate veining and zones of hydrothermal brecciation up to 22m thick. The hole was terminated at 846 m within the alteration system.

This result demonstrates the presence of a second alteration system within the Punt Hill tenement. The drill rig has now moved onto the Beauregard Lee drill hole where it will test the northern extension of this new system.

The Punt Hill prospect is located 130 km north of Port Augusta in South Australia.

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