HELIX RESOURCES LIMITED — Capital/Financing Update 2007

May 24, 2007

25 May 2007

MINOTAUR-HELIX UPGRADE S.A. GOLD DEPOSIT

STUDY TO COMMENCE INTO MINING OPERATION

The Minotaur-Helix joint venture will investigate development options for a new Gawler Craton gold mine in South Australia following latest drill results that have significantly increased the JORC compliant resource for the Tunkillia deposit.

Minotaur Exploration, which as operator is earning a 51% interest in the Tunkillia project from tenement holder Helix Resources, said today that expanded drilling campaigns during 2006 and 2007 had led to an upgraded JORC resource of 800,000 ounces of gold and 1.6 million ounces of silver.

The new mineralisation inventory is to a depth of 200 metres below ground level for Area 223 within the Tunkillia project, 700 kilometres north west of Adelaide.

"We now propose pit optimization and mining feasibility studies to guide future drilling and development options," Minotaur's Managing Director, Mr Derek Carter, said today.

"Brownfield and regional potential remains high," Mr Carter said.

The Tunkillia gold prospect was discovered by Helix Resources (ASX:HLX) late in 1996 and Minotaur farmed into the tenements in March 2005, as part of a regional program of coppergold exploration.

Mr Carter said the recent drilling programs by Minotaur at Tunkillia had been undertaken to increase confidence and knowledge of the style and extent of mineralization at Area 233, and at a number of regional targets across the tenements.

"In particular, close-spaced diamond drilling at Area 223 has allowed more confident interpretation of geological domains and continuity of mineralization to a depth of 200 metres below ground level," he said.

"In addition, oxide zone mineralization has been more thoroughly investigated through drilling and preliminary metallurgical studies."

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The total oxide gold resource for Area 223 at a 0.5g/t Au cut-off is classified according to the JORC code (2004) as:

JORC Category	Million tonnes	Grade g/t Au	Ounces
Measured		$.8\,$	66.000
Indicated	2.0	2	86.000
Inferred	ን ና	+∬⊢	77.000
TOTAL	5.7	1.3	230,000

The total primary gold resource for Area 223 at a 1.0g/t Au cutoff to an approximate depth of 200 metres below ground level is classified according to the JORC code $(2004)$ as:

JORC Category	Million tonnes	Grade g/t Au	Ounces
Indicated	4.2	2.0	270,000
Inferred	4.4	2.1	300,000
TOTAL	8.6	2.1	570,000

Within the primary zone, silver is associated with gold in the approximate ratio 3:1. The silver resource for primary zone blocks with cut-off grade 1.0g/t Au and based on unrestricted gold with an inverse distance power of 1 is:

JORC Category	Million tonnes	Grade g/t Ag	Ounces
Indicated	4.2	5.7	770,000
Inferred	4.4	5.7	810,000
TOTAL	8.6	5.7	1,600,000

FURTHER INFORMATION:-

• Derek Carter, Managing Director, Minotaur Exploration - 08-8366 6000