HELIX RESOURCES LIMITED — Capital/Financing Update 2005

Apr 4, 2005

5 April, 2005

MINOTAUR JOINS HELIX IN \$5 MILLION

SOUTH AUSTRALIAN GOLD PROJECT

A \$5 million joint venture to farm-in to Helix Resources Limited's gold-rich Tunkillia project in South Australia's Gawler Craton has been announced by newly listed Minotaur Exploration Limited (ASX code: "MEP").

The agreement is the first major exploration initiative by Minotaur Exploration since listing as a copper, gold and base metals explorer on the ASX in February this year.

Minotaur also said today another company, Oxiana Limited, may become involved in the Helix joint venture. Oxiana late last year acquired a 100% interest in the Prominent Hill copper-gold project further to the northeast of Tunkillia.

"This is a significant development for Minotaur Exploration so early in our listed life," the Company's Managing Director, Mr Derek Carter, said today.

"It delivers immediately on Minotaur Exploration's pre-listing strategy to take a direct stake in high-class mineral provinces with the right modern-day geological profile," Mr Carter said.

"Minotaur's review of the project area concluded that the region contains excellent potential for the occurrence of new high-grade gold and large copper-gold deposits both regionally and as extensions to known mineralisation.

"Our JV commitments are also well covered by existing cash reserves with options to offset costs by involving Oxiana in the Tunkillia partnership structure."

Joint Venture terms

Under the terms of the Tunkillia Joint Venture announced today, Minotaur may earn a 51% interest in the project for an expenditure of \$5 million over four years. This includes a minimum \$1 million commitment in the first 18 months.

Mr Carter said that under Minotaur Exploration's proposed generative alliance with Oxiana, Minotaur could introduce Oxiana into the new Tunkillia JV, under terms yet to be finalised

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"If this eventuates, it is proposed that Minotaur/Oxiana may earn an additional 24.5% (total 75.5% equity) by completing a pre-feasibility study on the project and achieving an Indicated Resource estimate of at least one million ounces of gold or goldequivalent, in an additional two years," Mr Carter said.

Minotaur will be the initial project operator of Tunkillia. The Joint Venture covers Helix's tenements, ELs 2697, 2854 and ELA 2004/180, which total 3,250 square kilometres south of Kingoonya.

Tunkillia project background

The Tunkillia Project, located in the Gawler Craton 600 kilometres northwest of Adelaide, has an extensive history of exploration, commencing with the discovery of a major gold-in-calcrete anomaly by Helix in 1996, followed by joint ventures with Acacia and later Anglo Gold, and most recently in 2004, resource drilling by Helix. Intersections such as 36 metres at 3.68 $g/t$ gold aroused considerable interest in gold exploration in this portion of the Gawler Craton in the late 1990s, a trend that was revisited with the discovery of gold at the Barnes Prospect, located approximately 200 kilometres to the south, in 2000.

In March 2004, Helix reported a resource of 10.5 million tonnes at 2.2 $g/t$ gold at Tunkillia (730,000 ounces of gold) and in October 2004, elected to seek a joint venture partner as an appropriate way of advancing the project.

Mr Carter said previous work was strongly influenced by the results of calcrete geochemistry and subsequent RAB drilling. However, recent surveys completed by Helix in 2004, show a strong relationship between electrical geophysical responses and gold/sulphide mineralisation and alteration. In addition, a number of anomalies follow structures which lie sub-parallel to those within the known gold resource but are completely free of previous drilling.

"Minotaur proposes to utilise a range of electrical geophysical techniques to outline drill targets, some of which have already been defined from previous work," he said.

Major shareholders in Minotaur Exploration include subsidiaries of Newmont Corporation, Oxiana and copper trader, Sempra Metals and Concentrates Corporation.

Minotaur is also involved in projects elsewhere in the Gawler Craton, the Curnamona Craton in South Australia and the Cloncurry region of Queensland and has equity interests in Mithril Resources (nickel) and Petratherm (geothermal energy).

MEDIA INFORMATION:

Derek Carter Minotaur Resources Limited (08) 8366 6000 / 0407 955 311 Kevin Skinner Field Public Relations (08) 8234 9555 / 0414 822 631

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