HELIX RESOURCES LIMITED — Capital/Financing Update 2009

Aug 2, 2009

N E W S  R E L E A S E 

Monday 3 August 2009

UPGRADE OF GOLD RESOURCE FOR KEY

MINOTAUR-HELIX JOINT VENTURE IN SA

New drilling results have confirmed a robust resource of 803,000 ounces of gold at the Tunkillia 223 Deposit in South Australia, with the Measured and Indicated primary gold resource categories boosted by 27%.

The updated resource assessment for Tunkillia 223 was announced today by Minotaur Exploration Ltd (ASX code: “MEP”), operator and 51% equity interest holder and Helix Resources Limited (ASX code: “HLX”) – a 49% diluting stakeholder.

The deposit’s silver credits also rose marginally to a total estimated resource of 1,658,000 ounces.

The upgraded Tunkillia resource is the first for the deposit since May 2007 and followed new work undertaken by Minotaur in 2008 and 2009.

The revision includes the results of 29 new Reverse Circulation (RC) and four RC and diamond holes drilled late last year, followed by a complete re-interpretation of the deposit and a better understanding of the mineralisation and the structural controls at Tunkillia, 700 kilometres northwest of Adelaide.

“The new work resulted in major changes to the mineralisation model and estimation parameters and a significant upgrade in Measured and Indicated categories,” Minotaur’s Managing Director, Mr Derek Carter, said today.

“Also significant is the fact that there is little major difference when comparing the total insitu resource of the current revision with the previous 2007 model – and in our view this reflects the robustness of the 223 Deposit’s mineralisation model and resource estimate,” Mr Carter said.

“The recent drill program also added confidence to our geological interpretations, especially regarding the continuity of the steeply dipping primary mineralised gold lenses.”

The gold and silver mineralisation at the 223 Deposit occurs in both steeply-dipping quartzsulphide shear-hosted veins in fresh bedrock whilst gold also occurs as a tabular, flat-lying oxide zone within highly weathered bedrock. Known mineralisation extends approximately 3.5 kilometres, up to 200 metres wide and to a depth of at least 300 metres from surface.

The 2009 estimation for the Tunkillia 223 Deposit announced today comprises a gold inventory of 803,000 ounces, consisting of:

• An oxide gold resource of 6.3 million tonnes at 1.1 g/t Au for 224,000 ounces (0.5 g/t cutoff), and

• A primary gold resource of 9.3 million tonnes at 1.9 g/t Au for 579,000 ounces (1.0 g/t cutoff), and includes:

• A primary silver resource of 9.3 million tonnes at 5.5 g/t Ag for 1,658,000 ounces (within the gold resource blocks)

The 2009 total oxide gold resource at a 0.5 g/t Au cutoff is: (2007 estimates in brackets)

JORC Category	Milliontonnes	Grade g/tAu	Ounces
Measured	1.5 (1.2)	1.6 (1.8)	75,000 ( 66,000)
Indicated	2.0 (2.0)	1.2(1.3)	75,000 ( 86,000)
Inferred	2.8 (2.5)	0.8 (1.0)	74,000 (77,000)
TOTAL	6.3 (5.7)	1.1(1.3)	224,000 (230,000)

The total primary gold resource at a 1.0 g/t Au cutoff is:

JORC Category	Milliontonnes	Grade g/tAu	Ounces
Measured	0.8-	2.2 -	59,000-
Indicated	4.5 (4.2)	2.0 (2.0)	284,000 (270,000)
Inferred	3.9 (4.4)	1.9 (2.1)	236,000 (300,000)
TOTAL	9.30 (8.6)	1.9 (2.1)	579,000 (570,000)

The total primary silver resource (within the 1.0 g/t Au gold blocks) is:

JORC Category	Milliontonnes	Grade g/tAu	Ounces
Measured	0.8-	7.4 -	200,000-
Indicated	4.5 (4.2)	5.5 (5.7)	803,000 (770,000)
Inferred	3.9 (4.4).	5.2(5.7)	655,000 (810,000)
TOTAL	9.3 (8.6)	5.5 (5.7)	1,658,000 (1,600,000)

Mr Carter said today’s results continued to point to the strong potential for the Tunkillia 223 Deposit to be developed as South Australia’s newest gold mine.

MEDIA CONTACT:

Derek Carter	Minotaur Exploration	0407 955 311
Kevin Skinner	Field Public Relations	(08) 8234 9555 / 0414 822 631