HELIX RESOURCES LIMITED — Capital/Financing Update 2005

Dec 15, 2005

MINOTAUR EXPLORATION LTD

247 Greenhill Road, Dulwich 5065, South Australia Tel: +61 8 8366 6000 Fax: +61 8 8366 6001 Website www.minotaurexploration.com.au Email admin@minotaurexploration.com.au A.C.N. 108 483 601

$\mathbf{r}$

$\sim$

16 December 2005

ASX Release

Minotaur Drilling Update

A multi-rig drilling program is currently underway in South Australia and western New South Wales, covering a number of tenements, targets and commodities. The program includes regional aircore traverses along major shear zones, RC and aircore drill testing of a number of discrete Prominent Hill style iron oxide copper-gold targets, drilling of gold targets at Tunkillia and Glenloth, and shortly, the drilling of base metal targets near Broken Hill. Some drilling schedules previously advised have been delayed for a number of reasons, including difficulties in accessing suitable drilling rigs and rig breakdowns.

The following update is provided:

• Drilling of eight base metal targets on five tenements in the Broken Hill Region is programmed for January 2006. Two targets are PACE-supported and seven targets fall within a joint venture with JOGMEC, the Japan Oil, Gas and Metals National Corporation.
• A 7,000 metre RC drill program targeting gold at Tunkillia and Glenloth is currently 20% complete and will resume in January 2006. Both Tunkillia and Glenloth are PACE-supported programs. A new 8-hole, 1000 metre PACE-supported program on the historic Glenloth Goldfield will be added to this program. Tunkillia is a joint venture with Helix Resources Limited, Glenloth with Range River Gold Limited.
• Aircore drilling of regional targets along major shear zones in the vicinity of Tunkillia is continuing, but will be interrupted in January due to other rig commitments.

• Negotiations are continuing with the Department of Defence and Aboriginal representatives to gain access for drill testing one of a number of airborne gravity targets on the Cultana Training Ground. Subject to these negotiations, it is anticipated that drilling may occur in the January - March Quarter. This project, in joint venture with Eagle Bay Resources, is managed by Minotaur.
• A new PACE-supported initiative in the Streaky Bay region to drill sixteen gravity targets to test their iron oxide copper-gold potential and ten palaeochannel transects to test their uranium potential is expected to commence in March 2006 on completion of the Tunkillia Shear Zone aircore program.

Location of major drilling projects

For further information contact Derek Carter or Tony Belperio on (08) 8366 6000

The drill results reported by Minotaur insofar as they relate to ore or mineralization are based on information compiled by A. P. Belperio (Fellow of the Australasian Institute of Mining and Metallurgy) who has a minimum of five years' experience in the field of activity being reported. It should not be assumed that the reported exploration results will result, with further exploration, in the definition of a Mineral Resource. Any exploration target sizes mentioned are conceptual in nature and do not imply that Mineral Resources have been, or will be, defined.