HELIX RESOURCES LIMITED — Capital/Financing Update 2008

Oct 23, 2008

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

Friday 24 October, 2008

The Company Announcements Office Australian Stock Exchange Limited

Minotaur Achieves 51% Earn-In at Tunkillia Gold Deposit_Amended

Minotaur Exploration Limited (ASX: MEP) is pleased to advise that a program of drilling for metallurgical, geotechnical and resource upgrade has been completed at the Area 223 gold project, Tunkillia, in central South Australia. As a result of this work, Minotaur has, subject to final audit, completed the earn-in required to achieve 51% beneficial equity in the Tunkillia Project from Helix Resources ( ASX:HLX ).

In May 2007, Minotaur released a new resource for Area 223, comprising a combined mineral inventory of 0.8 million oz gold and 1.6 million oz silver to a depth of 200 metres below surface from separate oxide and unweathered bedrock (primary) resources defined based on their distinctive geometries, mineralization and metallurgical characteristics as tabulated below: Oxide gold resource for Area 223 at a 0.5g/t Au cutoff is classified as:

JORC Category	Milliontonnes	Grade g/tAu	OuncesAu
Measured	1.2	1.8	66,000
Indicated	2.0	1.3	86,000
Inferred	2.5	1.0	77,000
TOTAL	5.7	1.3	230,000

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 as:

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JORC Category	Milliontonnes	Grade g/tAu	OuncesAu
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 cutoff grade 1.0g/t Au is classified as:

JORC Category	Milliontonnes	Grade g/tAg	OuncesAg
Indicated	4.2	5.7	770,000
Inferred	4.4	5.7	810,000
TOTAL	8.6	**5.7 **	1,600,000

The current program comprised RC and Diamond drilling of 36 holes for total of 2,868 metres. Geotechnical evaluation of rock mechanical characteristics and wall stability will allow better constrained pit and mine design. Metallurgical testing and evaluation of gold and silver recovery on 80–100 kg bulk diamond core samples from both the oxide and primary gold resource zones will allow more definitive process flow sheet design. The results, due in about 4 weeks, will form an essential precursor to a definitive feasibility study that will optimize mining and processing methodologies in the lead-up to formal application for mining approvals at Tunkillia.

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Gold-bearing, pyrite +galena +quartz vein at 117.62 m in hole MET001, Tunkillia

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Location Plan of Tunkillia Joint Venture tenements and the Area 223 gold-silver deposit.

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Area 223 optimised pit design showing latest drilling

For further information contact Derek Carter or Tony Belperio on 08-83666000

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr A. P. Belperio, who is a full-time employee of the Company and a Fellow of the Australasian Institute of Mining and Metallurgy. Dr A. P. Belperio has a minimum of 5 years experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr A. P. Belperio consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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