HELIX RESOURCES LIMITED — Capital/Financing Update 2006

Mar 1, 2006

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

2 March 2006

ASX Release

Tunkillia Project

The Tunkillia project is a joint venture between Minotaur Exploration Ltd ("Minotaur") and Helix Resources Ltd ("Helix") and is located 100 kilometres south of Tarcoola in South Australia.

In March 2004, Helix reported a JORC Inferred Resource of 10.5 million tonnes at 2.2 g/t gold (730,000 ounces) at Area 223.

Minotaur, as manager of the joint venture, has now completed a re-assessment of the Area 223 resource economics.

Several scenarios were investigated and a conceptual mining operation of a minimum of 1,000,000 tonnes per annum, producing some 80,000 ounces per annum at the current gold price highlighted the requirement for immediate further exploration drilling at Area 223. The new \$2 million drilling program will comprise approximately 4,000 metres of diamond drilling and 10,000 metres of RC drilling. In addition, metallurgical and structural studies will be carried out.

It is considered that there is ample potential to expand the deposit and production rate. particularly at Area 223 South, in the southern portion of the deposit which still remains open along strike and where previous drilling by Helix intersected the highest grade, continuous primary mineralisation ever found at Tunkillia (3m at $17g/t$ and 15m at 7.7g/t in LRC 498).

Should the results be encouraging and the resource expanded, a pre feasibility study on the project will commence.

Joint Venture: Under the terms of the Joint Venture, Minotaur may earn a 51% interest in the tenements for an expenditure of \$5 million over four years. Under the generative alliance between Minotaur and Oxiana Limited, Minotaur may introduce Oxiana to the project, in which case Minotaur/Oxiana may earn an additional 24.5% (total 75.5% equity) by completing a prefeasibility study on the project, and achieving an Indicated Resource of at least 1 million ounces gold or gold-equivalent, in an additional 2 years. Minotaur is the project operator.

History: The Tunkillia Project, located in the Gawler Craton of South Australia some 600 kilometres NW of Adelaide, was discovered by Helix in 1996. In 2004, resource drilling by Helix intersected 36 metres at 3.68 $g/t$ gold, renewing interest in the area. Helix then reported a resource and in October 2004, decided to seek a joint venture partner as an appropriate way of advancing the project. Recent escalation of the gold price has encouraged the current review.

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.