HELIX RESOURCES LIMITED — Capital/Financing Update 2006

Mar 27, 2006

28^th March 2006

HELIX TO FOCUS ON GOLD BY SEPARATELY LISTING PLATINUM ASSETS

Following a strategic review Helix Resources Limited (ASX: HLX) today announced plans to spin-off its platinum assets into a new publicly listed vehicle. Platina Resources Ltd ("Platina"). Platina will be a dedicated platinum explorer with a separate budget to pursue these highly prospective assets.

By separating its gold and platinum assets into two vehicles, Helix believes that better value for shareholders will be realised by unlocking the full potential of the assets, provide a clearer focus for each entity and enable an enhanced exploration effort in both gold and platinum.

Patersons Securities Limited will lead manage and fully underwrite an issue to raise \$4.3 million via an IPO for Platina to list on the ASX through a priority allocation to existing Helix shareholders, as at 19 April 2006. The board of Platina are considering oversubscriptions in order to maximise shareholder participation for what it believes will be a keenly sought after issue. Existing Helix Option-holders will also be given an opportunity to participate.

It is planned to lodge the prospectus in the next few weeks with the listing date set for late May 2006.

Helix Executive Chairman Robert Mosig said that under the proposed restructure, the Board believed shareholders would realise full value under the Helix spin-off strategy for its assets.

"Establishing Platina clarifies each company's distinct commodity focus, allowing for increased funding to be allocated to projects and is a logical progression given the existing positive prevailing market conditions for both platinum group metals and gold."

Mr Mosig will drive Platina forward as Executive Chairman and remain Chairman of Helix in a Non-Executive capacity. Helix Non-Executive director, Mr Greg Wheeler, will also take up the role of a Non-Executive director at Platina

At Helix, Chief Operating Officer, Mr. Riccardo Vittino, will become Chief Executive, supported by Mr. Michael Wilson as Exploration Manager. Mr Vittino said that by spinning out Platina. Helix would be able to concentrate on its significant gold assets, which are rapidly approaching 1 million ounces.

"Helix will be in a stronger position to devote more time and capital to our existing gold projects, commit to a gold growth strategy through targeted acquisitions and better manage our non-gold investments. Shareholders will now have a more transparent value for their shares."

Helix Resources

Helix will retain a strong gold resource portfolio which includes the Tunkillia Project with 730,000oz and the Glenburgh Project with 110,000oz, both JORC compliant, as well as a number of grass-roots exploration assets. The Company also has investments in a diverse range of commodities including iron ore, diamonds and uranium through joint ventures or shareholdings.

Helix's current gold exploration budget and focus is largely committed to advancing the Glenburgh gold project, where a 2,500m Reverse Circulation (RC) drilling program is due to commence in early April. The drilling is designed to follow up positive results from the December 2005 drilling at the Mustang and Shelby Prospects and new targets identified from a recently completed Induced Polarisation (IP) survey. Further exploration will continue on the Gascoyne regional landholding of some 2,500 sq kilometres. Additionally, the Tunkillia Project is advancing under a joint venture with Minotaur Exploration Limited ("Minotaur"). Minotaur is earning a 51% interest in the Project by spending \$5M, A 4,000m Diamond and 10,000m RC drilling program focused on the Tunkillia resource is under way.

Platina Resources

The funds raised through the Platina Prospectus will be dedicated solely to exploring and further advancing the current PGM projects together with securing other prospective areas, both domestically and off-shore.

Platina's resource base comprises the Munni Munni Proiect south of Karratha in Western Australia with 2.1M oz of PGM and the Fifield Platinum Project near Parkes in New South Wales with potential for a +100,000 oz of eluvial/alluvial Platinum. The Company's initial focus will be on assessing the economics of the near surface Platinum occurrences.

Further Director and Management appointments to Platina will be made to ensure Platina has solid management, technical, commercial, financial and legal skills to deliver the company's objectives.

ENDS

For more information, please contact:

Riccardo Vittino +61 8 9321 2644

Robert Mosig +61 8 9321 2644

Paul Downie (Porter Novelli) +61 8 9386 1233 or +61 414 947 129 (Mb)