HELIX RESOURCES LIMITED — Capital/Financing Update 2004

Dec 7, 2004

8^th December 2004

Manager Company Announcements Office Australian Stock Exchange Limited Via Electronic Lodgement

Dear Sir/Madam

CAPITAL RAISING

The Company is pleased to announce that it has today completed the capital raising initiative announced to shareholders on 26 October 2004.

A total of \$2,054,000 was raised from a combination of shareholder support, via a Share Purchase Plan; and a placement of shares to clients of Patersons Securities and other Sophisticated Investors.

The new funds raised will enable the Company to pursue its exploration focus for 2005.

Yours sincerely

Riccardo Vittino Chief Operating Officer