HELIX RESOURCES LIMITED — Interim / Quarterly Report 2012

Apr 4, 2012

Helix Resources Limited

Gold, Copper, Iron Ore in Australia and Chile

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Helix Resources Limited (ASX:HLX) is a minerals exploration company focused on identification, acquisition and development of projects in Australia and Chile

QUARTERLY REPORT 31[ST] MARCH 2012

HIGHLIGHTS

JOSHUA COPPER PROJECT – CHILE

• RC (1,200m) and DD (1,000m) drilling to date confirms significant copper porphyry target, extensive zones of copper mineralisation identified in four targets in 90km² project area.

• Assay results to date at Target 1 include:-

 RC - 243m @ 0.30% Cu Eq; 156m @ 0.26% Cu Eq and 147m @ 0.27% Cu Eq*

 DD – 164m@0.32% Cu Eq from surface, with 130m to 164m returning 34m@0.49% Cu Eq. Grade improving at depth - assays for remaining 236m, plus additional holes, are pending.

• Track building, IP and ground magnetics planned 2Q12 for Targets 1, 2, 3 and 4.

RESTDOWN JV – NSW

• Assays from 4Q11 RC drill program at Sunrise Prospect confirm lithological control and extensions of Sunrise mineral system, with multiple additional drill targets generated from regional geochemistry.

REGIONAL PROJECTS – NSW

• New vehicle mounted auger rig built to fast-track identifying multiple copper and gold targets within our +2,000km² to be prioritised for 2012 drill programs.

TUNKILLIA GOLD JV – SA

• Mungana Goldmines Ltd [ASX: MUX] as part of their stated plan to be ‘ production decision ready in 2014 ’ is undertaking a $3M 2012 work program, with approvals to drill, including native title agreements, well advanced and environmental studies underway - HLX strategy is to dilute our interest to ±20% at Decision to Mine [which we estimate will cost MUX ±$14M], become a gold producer or sell de-risked project.

YALLEEN IRON ORE JV – WA

• JV Manager API continues with Development studies. - Indicative timetable of production in 2016 subject to approvals and WPIOP infrastructure solution

• Helix strategy to negotiate acceptable JV agreement with API and become iron ore producer or sell de-risked project

OLARY FE PROJECT – SA

• JV partner sought to fund drilling and economic studies - 12,000m RC/DDH drill program to facilitate Resource estimation submitted for government and stakeholder approval

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Capital Structure

ASX Ticker Code	HLX
Share Price (as at 4 March 2012)	AU$0.06
Market Cap	$12M
Issued Capital (Fully Diluted)	204M
12 Month Range	AU$0.05 - $0.12

Directors and Management

Greg J Wheeler	Executive Chairman/MD/CFO
Michael Wilson	Executive Technical Director
John den Dryver	Non-Executive Director
Gordon Dunbar	Non-Executive Director
Craig Johnson	Exploration Manager – Aust
Alamiro San Francisco	Exploration Manager - Chile

Assets

Cash/Investments	$2.8 Million
Restdown JV (70%)	2.6Mt @ 1.2g/t Au
Canbelego JV (51%)	1.5Mt @ 1.2% Cu
Yalleen Iron Ore JV (30%)	84.3Mt @ 57.2% Fe
Tunkillia Gold JV (45%)	800,000oz Au

For Further Information please contact:

CORPORATE

• Appointment of Corporate Advisors to assist with greater market recognition of our Projects and attracting international investors and capital. Issue of 3 tranches of 2.5M unlisted options which vest when HLX share price exceeds $0.10; $0.15 and $0.20 before March 2013

Helix Resources Limited Suite 7 / 29 Ord Street, West Perth WA 6005 Telephone: +61 8 9321 2644, Fax: +61 8 9321 3909 Email: greg.wheeler@helix.net.au Email: mick.wilson@helix.net.au www.helix.net.au

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Helix Resources Limited

Gold, Copper, Iron Ore in Australia and Chile

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Helix Resources Limited (ASX:HLX) is a minerals exploration company focused on identification, acquisition and development of projects in Australia and Chile

PROJECT ACTIVITIES

CHILE - COPPER AND GOLD PROJECTS

Background

Chile is known to host world class copper & gold mineralisation, with Chile presently the largest producer of copper [+5Mtpa], four times as much as the 2[nd] ranked country Peru.

The mining sector in Chile is one of the major pillars of the Chilean economy and copper exports alone account for +30% of GDP. Chile is a politically stable democracy with strong financial institutions and sound economic policy providing it the strongest sovereign debt rating in South America. Chile is very supportive of foreign investment and Helix considers it an appropriate location to achieve geographic diversification.

Chile Strategy

• Confirm Joshua Target 1 copper porphyry size potential; fund ourselves or attract JV partner to fund Target 1 Resource and technical/economic studies; advance up ‘value curve’ and realise value to invest in advancing our other Chile Projects.

• Assess Joshua Target 2, 3 and 4 size potential; track construction, IP and RC/DDH drill targeting

• Geological assessment, IP and RC/DDH drill targeting on other 100% owned Chile Projects

• Acquire New Copper/Gold Projects

Joshua Project [100%]

The Joshua Project is Helix’s most advanced project in Chile, is 100% owned with no concession payments or royalties, and located 40km SE of Teck’s Carmen de Andacollo porphyry deposit (400Mt @ 0.38% Cu Reserve) in Region IV Chile. The Project is located 40km East of the township of Ovalle [Population 100,000], at low altitude (less than 1400m), with excellent nearby infrastructure. Since drilling 1st commenced mid-2011, with subsequent 200m spaced pole-dipole IP and ground magnetics leading to a DD program 1Q12, the Company has outlined a potential large scale, bulk tonnage copper-gold project likely to be amenable to open pit mining.

1[st] Program 1,200m RC Results 3Q11 – all from surface

• 243m @ 0.30% Cu Eq to EOH, incl. 27m @ 0.58% Cu Eq from surface

• 156m @ 0.26% Cu Eq*

• 147m @ 0.27% Cu Eq*

2[nd] Program 1,000m DD Results 1Q12

• DDH2 - 0 to 164m returned 164m@0.32% Cu Eq, with 130m to 164m returning 34m@0.49% Cu Eq in 400m hole.

• Grade improving at depth and core logging, cutting and sampling continuing, with assays pending

Drilling to date has been limited by the position and extent of our only access track onto Target 1 at Joshua. With sufficient encouragement from this recent DD program, the access track will be extended onto the northern flank of the target area, giving us a platform to undertake additional mapping and channel sampling along the exposed rock faces of the track, and access to a significantly larger portion of the porphyry system for both IP and drilling purposes.

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Helix Resources Limited Gold, Copper, Iron Ore in Australia and Chile

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Helix Resources Limited (ASX:HLX) is a minerals exploration company focused on identification, acquisition and development of projects in Australia and Chile

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Figure 1: Helix Region IV Projects (incl. Joshua Project) with neighboring mines/deposits and infrastructure

Huallillinga Project

Helix, during the quarter applied for an additional 95km² of exploration concessions ~10-15km SE of Ovalle, close to Helix’s Joshua and Hado Projects. The tenements cover the extensions of the regionally significant Punitaqui Fault and associated secondary structures hosted in volcanics and intrusives. Numerous Picenero operations are mining 2%-5% in these shear hosted copper deposits. Minimal drilling and limited exploration has occurred in the area. There is evidence for gold (+0.5g/t Au) associated with copper from the limited samples taken by Helix to date.

Helix sees the area having potential for high-grade copper/gold deposits that could be either toll treated at nearby operating plants or as stand-alone operations. Initial field work will commence in April.

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Helix Resources Limited

Gold, Copper, Iron Ore in Australia and Chile

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Helix Resources Limited (ASX:HLX) is a minerals exploration company focused on identification, acquisition and development of projects in Australia and Chile

COPPER & GOLD PROJECTS - NSW

Background

Helix has established a significant ground holding in Central NSW covering 2,000km² of tenements through joint ventures it controls and tenement acquisitions. The area has been targeted for its Cu and Au mineral prospectivity, excellent infrastructure [including nearby copper and gold processing plants, some with excess capacity]; and the presence of mining-focused companies in the district (Straits; Mincor; Glencore; YTC; NewGold, Oz Minerals and Polymetals).

Strategy

• Grow Resource from current 100,000 oz Au and 18,000t Cu within our 2,000 km[2] tenement holding in mineral prospective and infrastructure rich region; potential to toll-treat ore at nearby mines with excess capacity

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Figure 2: Location of Helix project Central NSW

RESTDOWN JV & MURIEL TANK JV PROJECTS

EL 6140, EL6501& EL6739:Helix Resources 70% - Glencore International AG 30% (Contributing)

The Projects are located 40km to 70 km SE of Cobar in Central West, NSW with the tenement package covering an area of approximately 278km² (Restdown JV Project 188km², Muriel Tank JV Project 90km²).

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Helix Resources Limited

Gold, Copper, Iron Ore in Australia and Chile

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Helix Resources Limited (ASX:HLX) is a minerals exploration company focused on identification, acquisition and development of projects in Australia and Chile

Restdown Gold Project

The Restdown Project is ±25km SW of the historic Mt Boppy Gold Mine (produced ~500,000 oz at +10g/t Au) now owned by PolyMetals and ±35km N of YTC’s Nymagee and Hera development projects. Historic mine records for the Restdown Goldfield report it was active during the late 1800’s/early 1900’s with gold extracted from silica-rich material at very high grades (records list grades at up to 3kg Au per tonne). Historic workings were limited to hand-dug shafts and pits, with lack of water the major hurdle for the field.

During 2011 Helix concentrated on defining a maiden resource at the Sunrise and Good Friday prospects, where zones of gold mineralisation associated with sandy sediments intersected by localized shears are present. An inferred resource of 2.6Mt @ 1.2g/t Au for 100,000oz (see resource table) was defined and remains open in all directions.

Drilling at the Restdown JV 4Q11 was planned to step back and test the down dip/plunge of the existing resource and provide a clearer understanding of the key mineralising attributes of the system. Unfortunately the program was hampered by rig breakdowns and weather delays, with several planned deeper holes not completed. These drilling issues delayed assay results, with original sampling producing poor recovery from the on-rig conical splitter. Re-splitting of individual metre samples was conducted from the residual bags of each hole during February, when there was a break in the weather, and assays were recently received.

The results confirm the Sunrise mineral system continues along stratigraphy at least 100m further west of the resource. Gold tenor does appear to diminish away from structures, confirming the importance of these features in controlling economic grades. Whilst the company was unable to complete two holes that were designed to confirm connection between Sunrise and the Good Friday area, the results from the drilling completed suggest this is likely.

Hole ID	Easting	Northing	Dip	Azi	Total depth	From	Result
HRRC060	427483	6485692	-60	100	81	16m	1m @ 0.2g/t Au
HRRC061	427418	6485695	-60	100	118	19m	1m @ 0.9g/t Au
HRRC062	427463	6485818	-60	100	100	34m	6m @ 0.8g/t Au
					incl.	36m	2m @ 1.9g/t Au
					and	59m	1m @ 1.1g/t Au
HRRC063	427393	6485792	-60	100	118	78m	2m @ 0.2g/t Au
HRRC064	427338	6485825	-60	100	142	26m	2m @ 0.3g/t Au
HRRC065	427311	6485869	-60	100	138	34m	1m @ 1.2g/t Au
					and	66m	4m @ 1.8g/t Au
					incl.	67m	1m @ 5.5g/t Au
HRRC066	427341	6485933	-60	100	100	13m	4m @ 0.2g/t Au
					and	37m	7m @ 0.4g/t Au
					and	64m	10m @ 0.4g/t Au

Continued over

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Helix Resources Limited

Gold, Copper, Iron Ore in Australia and Chile

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Helix Resources Limited (ASX:HLX) is a minerals exploration company focused on identification, acquisition and development of projects in Australia and Chile

Hole ID	Easting	Northing	Dip	Azi	Total depth	From	Result
HRRC067	427249	6485953	-60	100	120	18m	3m @ 0.1g/t Au
					and	40m	3m @ 0.2g/t Au
					and	46m	6m @ 1.5g/t Au
					incl.	48m	3m @ 2.7g/t Au
					and	72m	6m @ 0.3g/t Au
					and	83m	2m @ 0.4g/t Au
HRRC068	427253	6486029	-60	100	141	41m	3m @ 0.1g/t Au
					and	125m	3m @ 1.0g/t Au
HRRC069	427261	6486064	-60	98	160	26m	4m @ 0.2g/t Au
HRRC070	427537	6485952	-60	90	70	30m	6m @ 0.3g/t Au
HRRC071	427371	6485998	-60	88	118		No Significant Result

Intercepts based on 1m riffle split samples assayed using Fire Assay with. 0.1g/t Au cut and maximum 2m internal dilution.

Regional geochemical sampling has continued during the quarter with 697 auger soil samples collected. Results from this program have confirmed the continuance of the gold mineralised corridor to over 7km and has highlighted five Priority 1 target zones, where in-fill soils are currently being collected in preparation for defining drill targets for an RC drill program in 2Q12. The geochemical footprints of these new zones provide encouragement that multiple repeats of Sunrise-style mineralisation are present in the district, and should assist in the company’s strategy of proving up an economic resource within trucking distance to several nearby processing operations.

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Figure 3: Regional Auger geochemistry results with Priority 1 target for drilling in 2Q12

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Helix Resources Limited Gold, Copper, Iron Ore in Australia and Chile

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Helix Resources Limited (ASX:HLX) is a minerals exploration company focused on identification, acquisition and development of projects in Australia and Chile

CANBELEGO JV – NSW [ Helix Resources 51%, moving to 70% - Straits 49% (Diluting)]

Following the recent success of Straits at their Avoca Tank Prospect and YTC at their Nymagee Prospect, the evidence for high grade plunging shoots within the broader mineralised footprints of these discrete copper systems is considered a compelling target at Canbelego and warrants further examination. A recent review of the resource area (1.5Mt @ 1.2% Cu for 18,000t inferred) at the Canbelego Mine Prospect has highlighted several zones below and along strike of the drilling that such un-tested plunges may exist, available geophysics is being modelled and we plan to test these zones in an upcoming drill program in 2H12.

Ground geophysical surveys are also planned for 2H12 on the Caballero Prospect which is a +1.4km long and 500m wide +50ppm Cu soil anomaly within which CBLRC007 returned an intercept of 72m @ 0.1% Cu (ASX release 24[th] Nov 2010).

OTHER NSW PROJECTS – (LITTLE BOPPY– QUANDA – FIVEWAYS- TOTTENHAM) [Helix 100%]

Helix considers the region, dominated by VMS style copper and gold systems, has significant exploration and development potential. The company has isolated a series of key structural, geochemical and lithological controls that are being used to prioritise targets.

During the quarter, the company has had a Landcruiser mounted mechanical Auger Rig built to assist in our regional sampling campaign. The auger methodology has been very effective in defining copper and gold targets at Canbelego and Restdown, and is considered the key to identifying and isolating mineral systems under variable soil cover (0-5m) in the district. This new equipment will allow us to fast-track regional sampling on our large tenement holding and with subsequent positive drill results, rapidly build on our resource base in the district.

OLARY MAGNETITE PROJECT – SA [Helix Resources Ltd 100% - EL4022; EL3956]

The Olary region is an emerging iron ore province in the E-NE of South Australia and Helix has a strategic tenement holding in the area with significant exploration potential and direct access to infrastructure (Rail & Highway) in a region that is being considered as a new frontier for the development of magnetite iron ore.

Helix completed a 10 hole RC program [≈ 1,500m] in 2011 testing the magnetite rich Braemar Iron formation which provided confidence a large iron ore system is present. Better drill results 124m @ 31% Fe from surface and 140m @ 30% Fe from 4m were received, with the drilling testing <10% of the prospective Fe horizons.[[refer ASX release 15 August 2011]]

The first phase of metallurgical testing on a composited bulk sample from various drill holes shows the material grinds easily, with recovered grades comparable with other explorers in the region. Optimal grind sizes and grind times were chosen to determine mass recovery of iron from the drill samples.

A 12,000m RC and DDH drilling program to determine a maiden Resource has been designed and will be submitted to the relevant government departments and stakeholders for approval.

Strategy

• Attract JV partner to fund Resource and technical/economic studies in this new iron ore region

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Helix Resources Limited Gold, Copper, Iron Ore in Australia and Chile

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Helix Resources Limited (ASX:HLX) is a minerals exploration company focused on identification, acquisition and development of projects in Australia and Chile

NON MANAGED JOINT VENTURES

TUNKILLIA GOLD PROJECT JV - SA

Strategy

Mungana Minerals [MUX] as the new participant and JV operator (55% purchased from Minotaur Jan 12) aim to be ‘production decision ready in 2014’ for ≈80,000oz Au pa production profile. MUX is well advanced with approvals to drill, including native title agreements, and has appointed a consulting firm to commence environmental baseline studies.

Assuming MUX spends circa $14M to be at “Decision to Mine” in 2014, Helix JV interest will be ±20% and our strategy is: contribute to become a gold producer (our share ≈16,000 oz Au pa), or sell the interest at predevelopment stage where risks are reduced and value maximised.

Helix considers an indicative timeline to meet their stated aim to be production decision ready in 2014 will be as follows, subject to amendment as information emerges as work progresses:-

2012	2012	2012	2013 2014 2015	2013 2014 2015	2013 2014 2015	2013 2014 2015	2013 2014 2015	2013 2014 2015	2013 2014 2015	2013 2014 2015	2013 2014 2015	2013 2014 2015	2013 2014 2015	2013 2014 2015	2013 2014 2015	2013 2014 2015	2013 2014 2015	2013 2014 2015
ACTIVITY	**Jun **	**Sep **	Dec		**Mar **	**Jun **	**Sep **	Dec		**Mar **	**Jun **	**Sep **	Dec		**Mar **	**Jun **	**Sep **	Dec
	Q2	Q3	Q4		Q1	Q2	Q3	Q4		Q1	Q2	Q3	Q4		Q1	Q2	Q3	Q4
TUNKILLIAGOLDJV
Exploration & Resource Drilling
Environmental Studies / Approvals
Development Studies
Scoping study
PreFeasibility Study
BankableFeasibility study
Mining Lease / Native Title
Construction
Production

YALLEEN IRON ORE PROJECT – WA

Strategy

API as 70% JV Participant and Operator are completing studies for 8Mtpa production potential in 2016; Helix can contribute to be iron ore producer (our share ≈2.4Mtpa); sell off-take to fund development; sell interest at Decision to Mine; or dilute and receive $0.50/t royalty.

API Management Pty Ltd, the JV Manager, continues with refinement of development options, as well as commencing product testing and environmental baseline studies.

Helix considers an indicative timeline, subject to amendment as information emerges as work progresses, is outlined below:-

2012 2013 2014 2015 2016	2012 2013 2014 2015 2016	2012 2013 2014 2015 2016	2012 2013 2014 2015 2016	2012 2013 2014 2015 2016	2012 2013 2014 2015 2016	2012 2013 2014 2015 2016	2012 2013 2014 2015 2016	2012 2013 2014 2015 2016	2012 2013 2014 2015 2016	2012 2013 2014 2015 2016	2012 2013 2014 2015 2016	2012 2013 2014 2015 2016	2012 2013 2014 2015 2016	2012 2013 2014 2015 2016	2012 2013 2014 2015 2016	2012 2013 2014 2015 2016	2012 2013 2014 2015 2016	2012 2013 2014 2015 2016	2012 2013 2014 2015 2016	2012 2013 2014 2015 2016	2012 2013 2014 2015 2016	2012 2013 2014 2015 2016	2012 2013 2014 2015 2016
YALLEEN IRON ORE JV	**Jun **	Sep	Dec		Mar	**Jun **	Sep	Dec		Mar	**Jun **	Sep	Dec		Mar	**Jun **	Sep	Dec		Mar	**Jun **	Sep	Dec
	Q2	Q3	Q4		Q1	Q2	Q3	Q4		Q1	Q2	Q3	Q4		Q1	Q2	Q3	Q4		Q1	Q2	Q3	Q4
ACTIVITY
Environmental Studies & Approvals
Development Studies
Scopingstudy
Pre FeasibilityStudy
Bankable Feasibilitystudy
Mining Lease/ Native Title
Construction
Production

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Helix Resources Limited

Gold, Copper, Iron Ore in Australia and Chile

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Helix Resources Limited (ASX:HLX) is a minerals exploration company focused on identification, acquisition and development of projects in Australia and Chile

Resource Inventory	Resource Inventory	Resource Inventory	Resource Inventory	Resource Inventory	Resource Inventory
Commodity	Category		Project	Interest	Resource
Iron Ore	Indicated Inferred		Yalleen JV, WA	30% (Contributing)	47.9Mt @ 57.3% Fe (Channel Iron) 36.4Mt@ 57.1% Fe(Channel Iron) **
Joint ventured with API Management Pty Ltd (50% Aquila Resources, 50% AMCI) and forms part of their West Pilbara Iron Ore Project which comprises multiple JV’s. Helix prepared Scoping Study Aug 2010 reported technical and financial viability.
Copper	Inferred		Canbelego JV, NSW	51% (Moving to 70%)	1.5Mt @ 1.2% Cu for 18,000t Contained Cu*(at 0.3% Cu Cut-off)
Joint venture with Straits Resources
Gold		Inferred	Restdown JV	70% (Glencore Contributing 30%)	2.6Mt @ 1.2g/t Au for 100,000oz (0.3 g/t Au cut off)
Gold		Oxide Measured Indicated Inferred Primary Indicated Inferred Inferred Total	Tunkillia JV, SA	45% (Diluting)	1.2Mt @ 1.8 g/t – 66,000 oz 2Mt @ 1.3 g/t – 86,000 oz 2.5 Mt @ 1g/t – 77,000 oz 4.2Mt @ 2 g/t – 270,000 oz 4.4Mt @ 2.1 g/t – 300,000 oz 8.6Mt @ 5.7 g/t – 1.6M oz Silver *0.8M oz Au and 1.6M oz Ag **
Mungana Goldmines Ltd purchased Minotaur Ventures Pty Ltd the Tunkillia JV Manager and 55% equity holder in January 2012. The JV has approved a $3M exploration budget for 2012 and Mungana has stated it wants the project to be production ready in 2014 with initial scope for a conventional open-pit operation and 2Mtpa CIP plant. Helix has elected to dilute,with our equity position expected to be around 35% at the end of the 2012program spend.

*Details of the assumptions underlying the above estimations are contained in previous ASX releases or at www.helix.net.au

Copper Equivalent Calculation

Copper Equivalent (also Cu Eq*) Calculation represents the total metal value for each metal, multiplied by the conversion factor, added and expressed in equivalent copper percentage. These results are exploration results only and no allowance is made for recovery losses that may occur should mining eventually result. However it is the Company’s opinion that elements considered here have a reasonable potential to be recovered as evidenced in similar multi-commodity natured porphyry mines elsewhere in Chile.

Copper Eq values calculated using a copper price of $US8500/tonne and gold price of $US1688/Oz (spot prices 27th March 2012), Cu Eq = (Cu %) + (Au_ppm x 0.7183).

Exploration Target

References to exploration target size and target mineralisation in this announcement are conceptual in nature and should not be construed as indicating the existence of a JORC Code compliant mineral resource. Target mineralisation is based on projections of established grade ranges over appropriate widths and strike lengths having regard for geological considerations including mineralisation style, specific gravity and expected mineralisation continuity as determined by qualified geological assessment. There is insufficient information to establish whether further exploration will result in the determination of a mineral resource within the meaning of the JORC Code

Competent Persons Statement

The information in this announcement that relates to 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. Details of the assumptions underlying any Resource estimations are contained in previous ASX releases or at www.helix.net.au

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Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10

Name of entity
Helix Resources Limited
ABN 27 009 138 738	Quarter ended (“current quarter”)
27 009 138 738	31 March 2012

Consolidated statement of cash flows

Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Net Operating Cash Flows	Current quarter $A’000	Year to date (9months) $A’000
	(744) (302) 55 136	(2,146) (555) 136 271
	(855)	(2,294)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	-	(13)
	-	(13)
	(855)	(2,307)

• See chapter 19 for defined terms.

17/12/2010 Appendix 5B Page 1

Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(855)	(2,307)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (provide details if material) Net financing cash flows	-	29
	-	29
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter	(855) 2,861	(2,278) 4,284
	2,006	2,006

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

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----- Start of picture text -----

Current quarter
$A'000
1.23 Aggregate amount of payments to the parties included in item 1.2 145
1.24 Aggregate amount of loans to the parties included in item 1.10
1.25 Explanation necessary for an understanding of the transactions
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material effect on
consolidated assets and liabilities but did not involve cash flows
2.2 Details of outlays made by other entities to establish or increase their share in projects in
which the reporting entity has an interest
----- End of picture text -----

Financing facilities available

Add notes as necessary for an understanding of the position.

• See chapter 19 for defined terms.

Appendix 5B Page 2

17/12/2010

Appendix 5B Mining exploration entity quarterly report

Amount available Amount used $A’000 $A’000 3.1 Loan facilities 3.2 Credit standby arrangements

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	900
	300
Total	1,200

Reconciliation of cash

Total Reconciliation of cash		1,200
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	110	25
	1,896	2,836
Total: cash at end of quarter(item 1.22)	2,006	2,861

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter
	EPM18363	Granted	0%	100%

• See chapter 19 for defined terms.

17/12/2010 Appendix 5B Page 3

Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note3) (cents)	Amount paid up per security (see note3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs	204,449,072	204,449,072
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter			Exercise price	Expiry date
	2,500,000 2,500,000 2,500,000*	Nil Nil Nil	$0.08 $0.125 $0.175	31 March 2014 31 March 2014 31 March 2014
	* Refer ASX announcement 28 March 2012 for vesting conditions

• See chapter 19 for defined terms.

Appendix 5B Page 4

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Appendix 5B Mining exploration entity quarterly report

7.10 Expired during quarter
7.11 Debentures (totals only)
7.12 Unsecured notes(totals only)

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).

• 2 This statement does give a true and fair view of the matters disclosed.

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4 April 2012 Sign here: ............................................................ Date: ............................ (Company secretary) Joneen McNamara Print name: .........................................................

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

• 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

• See chapter 19 for defined terms.

Appendix 5B Page 6

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