HELIX RESOURCES LIMITED — Capital/Financing Update 2012

Jun 25, 2012

TUNKILLIA GOLD PROJECT

Mungana Increasing Ownership to 70%

Mungana Goldmines Ltd (ASX : MUX) is pleased to advise that following a recent joint venture meeting with its joint venture partner Helix Resources Ltd (ASX: HLX) a revised budget was approved of $6.2m for the 2012 calendar year of which $1.2m has already been spent. Helix has elected not to contribute under the terms of the joint venture and as such Mungana’s interest in the Tunkillia Gold Project will increase to approximately 70% by the end of 2012.

Mungana remains on track to complete a Bankable Feasibility Study by the September Quarter 2013.

Yours faithfully

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Patrick Scott

Managing Director

Contact

Investors Media Patrick Scott, Managing Director, Bruce Ruddy, Mungana Goldmines Ltd. Rowland, (07) 3835 0800 (07) 3229 4499

About Mungana Goldmines

Mungana Goldmines is an ASX listed gold company focussed on becoming a mid-tier gold producer. Mungana has an attributable resource of 3.2 million ounces of gold, 273,000 tonnes of copper and 35 million ounces of silver. Mungana has a production target of over 180,000 ounce per annum in the medium term. This resource and production target is split between its two main projects; the Mungana Gold Project and the Tunkillia Gold Project

The Mungana Gold Project contains the Mungana and Red Dome gold deposits, located in the Chillagoe region of North Queensland, which have combined Measured, Indicated and Inferred Resources totalling 2.7 million ounces of gold, 273,000 tonnes of copper and 34 million ounces of silver.

Mungana is currently undertaking a BFS and targeting production of 100,000 ounces of gold 10,000 tonnes of copper and 1.5 million ounces of silver annually.

The Tunkillia Gold Project (55% Mungana Goldmines and 45% Helix Resources) located approximately 600km North West of Adelaide in South Australia contains a large JORC compliant resource of 15.6Mt @ 1.6g/t of Gold for 803,000 ounce of gold.

Mungana’s initial review has indicated that mining of the resource via a conventional open pit and processing via a conventional CIP Gold plant targeting throughput up to 2Mtpa and production around 80,000 ounces per year is possible.

Figure 2 - Mungana Goldmines Project Map

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Table 1 - Mungana Goldmines Ltd Resource Table - 100% Mungana Gold Project and 55% Tunkillia Gold Project

Category	M Tonnes	Gold g/t	Silver g/t	Copper %	Gold kozs	Silver kozs	Copper kT
Measured	42.3	0.82	11.3	0.29	1,114	15,438	121
Indicated	53.4	0.65	6.5	0.17	1,120	11,174	91
Inferred	43.9	0.65	5.9	0.14	917	8,365	61
Total	139.5	0.70	7.8	0.20	3,150	34,969	273

Table 2 - Mungana Gold Project Resource Table (100%)

Category	M Tonnes	Gold g/t	Silver g/t	Copper %	Gold Kozs	Silver kozs	Copper kT
Measured	41.0	0.79	11.63	0.29	1,041	15,328	121
Indicated	49.8	0.58	6.70	0.18	923	10,733	91
Inferred	40.2	0.58	6.20	0.15	746	8005	61
Total	131.0	0.64	8.09	0.21	2,708	34,057	273

Table 3 - Tunkillia Gold Project Resource (55% Mungana Goldmines, 45% Helix Resources)

Category	M Tonnes	Gold g/t	Silver g/t	Gold Kozs	Silver kozs
Measured	2.3	1.8	7.4	134	200
Indicated	6.5	1.7	5.5	359	803
Inferred	6.7	1.4	5.2	310	655
TOTAL	15.6	1.6	5.5	803	1,658

Notes

1. Data is rounded to one hundred thousand tonnes (resource tonnage), thousands of ounces (gold and silver), and thousands of tonnes (copper). Differences in totals may occur due to rounding.

2. Tunkillia resources have been reported at a cut-off grades of 0.5 g/t in the oxide zone and 1.0 g/t in the primary zone.

3. The Mungana Gold Project comprises:

   • a. the Red Dome and Mungana resources, which are reported to a gold equivalent cut-off grade of 0.35g/t (AuEq = Au g/t + (Cu % * 1.96) + (Ag g/t * 0.0158)

   • b. the Red Dome Heap Leach Stockpile (no cut-off grade applied)

Competent Person’s Statement

The information in the report to which this statement is attached that relates to Mineral Resources is based on information compiled by Dr Adrian McArthur, the General Manager Exploration for Mungana Goldmines Ltd, and who is a member of the Australian Institute of Mining and Metallurgy and is a full time employee of the Company. Dr McArthur has sufficient experience 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 McArthur consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Appendix 1 - Corporate Information

Board Members

Joe Treacy Chairman Pat Scott Managing Director and CEO Mark McConnell Executive Director Ross Hutton Non-Executive Director John Fitzgerald Non-Executive Director Bruce Rathie Non-Executive Director Justin Wu Non-Executive Director Jeremy Robinson Company Secretary

Registered & Principal Office

Mungana Goldmines Ltd Level 12, 500 Queen St Brisbane, QLD, 4000 Australia

Shareholder Enquiries

Link Market Services Level 15, 324 Queen St Brisbane, QLD, 4000 Australia

Telephone: +61 2 8280 7454

Substantial Shareholders

Substantial Shareholders
Mungana Pty Ltd	97.5m
Guangdong Guangxin Holdings Group Ltd	25.1m
Prosperity Steel	13.0m
Total Shares	160.6m
Options	15.4m

Telephone: +61 7 3835 0800 Facsimile: +61 7 3832 5045 Email: info@mungana.com.au Website www.munganagoldmines.com.au

Stock Exchange Listings

Australian Stock Exchange MUX