HELIX RESOURCES LIMITED — Capital/Financing Update 2006

May 30, 2006

Helix Resources Limited A.C.N. 009 138 738 Incorporated in Western Australia

31st May 2006

Manager Company Announcements Office Australian Stock Exchange Limited 10th Floor, 20 Bond Street SYDNEY NSW 2000

SALE OF URANIUM PROJECTS TO CRUSADER HOLDINGS NL

In line with the recent strategic decision to focus future activities on gold, Helix Resources Limited ("Helix") (ASX:HLX) is pleased to announce that agreement has been reached with Crusader Holdings NL ("Crusader") (ASX:CAS) for the sale of Helix's 100% equity in the Lake Throssell, Browns Gap and Mt Venn East Uranium Projects.

Under the terms of the agreement, Crusader has agreed to pay a refundable deposit of \$5,000 to Helix for a 45 day due diligence period. Upon successful completion of Due Diligence, Crusader will issue 750,000 Fully Paid Ordinary Shares in Crusader to Helix for 100% of the tenements. Helix has agreed to a voluntary escrow agreement restricting trading of the securities for a period of 12 months.

Yours sincerely

Riccardo Vittino Chief Executive Officer

FOR FURTHER INFORMATION CONTACT ROB MOSIG OR RIC VITTINO ON (08) 9321 2644