HELIX RESOURCES LIMITED

==> picture [97 x 48] intentionally omitted <==

A.C.N. 009 138 738 Incorporated in Western Australia

15[th] October 2009

Australian Stock Exchange Limited Via Electronic Lodgement

Dear Sirs

HELIX AND GIRALIA TO SPIN OUT THEIR GASCOYNE REGION GOLD ASSETS INTO GASCOYNE RESOURCES LTD

Helix Resources Ltd ( Helix ) and Giralia Resources Ltd ( Giralia ) have decided to jointly sponsor the spin-off of their respective Gascoyne regional gold assets in WA into a separately funded company, Gascoyne Resources Ltd ( Gascoyne Resources ).

It is planned to list Gascoyne Resources on the ASX in conjunction with a capital raising of $6 million through an IPO. Qualifying Helix and Giralia shareholders will each be given a priority entitlement to 7.5 million Gascoyne Resources IPO shares. Giralia has agreed to underwrite the Priority entitlement Offer for $3 million and Patersons Securities Limited has agreed to act as Lead manager for the $3 million Public Offer.

Helix and Giralia currently intend to distribute in-specie to their respective shareholders a major proportion of the shares acquired from vending their tenement assets to Gascoyne Resources. The combined Helix/Giralia shareholding after the proposed distribution in-specie will approximate 11%.

The funds raised in Gascoyne Resources will be dedicated to exploring and further advancing the gold assets, together with securing other gold prospective areas.

Helix Assets to be sold to Gascoyne Resources

– Glenburgh Project [ E09/1325, E09/1079]

The Glenburgh Project is located 300km west of Meekatharra and represents a 20 km long gold mineralised system associated with the Glenburgh shear zone. The project has an Inferred resource estimate of: 2.4Mt @ 2.6g/t Au for 203,000 oz gold from several prospects within the shear zone.

Gold mineralisation at Glenburgh is contained within high grade shallow westerly plunging shoots. It occurs as free gold within zones of intense quartz flooding and veining. The host rocks are commonly highly sheared and metamorphosed amphibolites within a sequence of interbedded BIFs.

P.O. Box 825, West Perth, Western Australia 6872 Suite 7/29 Ord Street, West Perth, Western Australia 6005 Telephone +61 8 9321 2644, Facsimile +61 8 9321 3909, Email: [email protected], Website: helix.net.au

Resources

Previous drilling has been completed to sufficient density on several prospects to enable the estimation of an inferred resource. The following table shows resource estimates for the known prospects at the Glenburgh Project.

Table 1 December 2008 Inferred Resource Estimate >=1.0g/t Au Cutoff

Table 1 December 2008 Inferred Resource Estimate >=1.0g/t Au Cutoff	Table 1 December 2008 Inferred Resource Estimate >=1.0g/t Au Cutoff

ProspectTonnes (T)Au Cut (g/t)Icon952,0002.3Apollo670,0003.4Mustang190,0001.9Shelby124,0001.7Hurricane93,0002.1Zone102185,0003.3Zone12696,0002.8North East Four116,0001.6Total2,425,0002.6	Au Cut Ounces71,00073,00012,0007,0006,00020,0009,0006,000203,000

Details underlying the resource estimation process can be found at the Helix website www.helix.net.au.

Giralia Assets to be sold to Gascoyne Resources

Mt James [ELA 52/2343]

The Mt James Project is situated in the Peak Hill Mineral Field approximately 250km by road northwest of the township of Meekatharra.

Previous work, including costeaning (best channel sample result 18 metres @ 2.49 g/t Au, RAB drilling (best 14m @ 1.57g/t Au and 4m @ 8g/t Au) and RC drilling on sections 100-300m apart (13m @ 1.02 g/t, 2m @ 3.66 g/t Au) has defined +1 g/t Au mineralisation over at least 2.5km strike within a 300 metre thick package of sheared mafic amphibolites and BIFs. Additionally at the nearby Clever Mary and Pigtails Prospects , RAB drilling has confirmed the presence of gold mineralisation, including intersections of 5m @ 2.33g/t Au and 1m @ 6.15g/t Au. An outcropping quartz vein at the Clever Mary prospect returned a result of 102g/t Au.

Bustler Well [ELA 52/2348]

The Bustler Well prospect (ELA 52/2348) is located 65 kilometres south of Mt Augustus on the Landor-Mt Augustus Road.

Previous RC drilling has indicated narrow high grade intersections including 1 metre @ 37.4g/t Au, 2 metres @ 9.08 g/t and 3 metres @ 7.62 g/t from a 150 metre long quartz-shear lode.

Bassit Bore [E09/1088]

Previous surface geochemical sampling has outlined substantial gold anomalies, with prospecting identifying two areas of quartz veining with grades in excess of 6 g/t Au. No drilling has been done.

==> picture [86 x 86] intentionally omitted <==

Board Composition

A Board of Directors to provide a blend of complementary skills and strong background in gold exploration and development, as well as a sound working knowledge of operating in Australia and in an ASX listed company environment, is currently being assembled.

Gascoyne Resources intends to lodge a prospectus with ASX and ASIC shortly.

Yours faithfully

==> picture [85 x 61] intentionally omitted <==

Greg J Wheeler Managing Director

The information in this announcement that relates to Helix Asset Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr M Wilson who is a full time employee of Helix Resources Limited and a Member of The Australasian Institute of Mining and Metallurgy. Mr M Wilson has sufficient 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’. Mr M Wilson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears

The information in this announcement that relates to Giralia Asset Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr R M Joyce who is a full time employee of Giralia Resources Limited and a Member of The Australasian Institute of Mining and Metallurgy. Mr R M Joyce has sufficient 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’. Mr R M Joyce consents to the inclusion in the report of the matters based on his information in the form and context in which it appears

==> picture [86 x 86] intentionally omitted <==

AI assistant

HELIX RESOURCES LIMITED Capital/Financing Update 2009

65059_rns_2009-10-14_5309f343-8f55-495f-a568-155d885b6bd6.pdf