HELIX RESOURCES LIMITED — Capital/Financing Update 2006

Jul 17, 2006

A.C.N. 106 641 963

$\overline{G}$ N

20 Howard Street PERTH Western Australia 6000 - PO Box Z5490 PERTH Western Australia 6831

18th July 2006- ASX by E-Lodgement

Crusader Completes Lake Throssell Uranium Project Purchase

Crusader Holdings N.L. (ASX:CAS) is pleased to advise that it has completed the 100% purchase of Helix Resources' Lake Throssell Uranium Project. Transfer documentation has been executed and 750,000 ordinary shares, subject to a 12 month voluntary escrow, issued to Helix.

Crusader now owns 100% of the >1,100 square kilometer project, which is considered highly prospective for calcrete hosted Uranium mineralisation. CAS will target the paleo-channel and deltaic areas that ultimately drain into Lake Throssell. These areas also host the Thatcher's Soak Carnotite deposit (not owned by CAS). A recent field trip to the area confirmed the presence of Carnotite mineralisation on Crusaders tenements (see photo below).

Figure 1. Carnotite mineralisation (yellow mineral) on calcrete sample from recent exploration at Lake Throssell, WA.

Yours faithfully

Rob Smakman Managing Director.

The information in this report that relates to Exploration Results, Minerals Resources or Ore Reserves is based on information compiled or reviewed by Mr. Robert Smakman, who is a Member of The Australasian Institute of Mining and Metallurgy and is a full-time employee of the company. Mr. Smakman has sufficient experience in the type of deposits under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the December 2004 Edition of the Australasian Code for reporting of Exploration Results, Minerals Resources and Ore Reserves and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Further Information please see previous announcements or contact; Murray Hodges-Director 0419 904 769 Rob Smakman - Director $(08)$ 94817501