HELIX RESOURCES LIMITED — Major Shareholding Notification 2012

Aug 28, 2012

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ACN: 139 522 900

29[th] August 2012 Australian Securities Exchange Limited Via Electronic Lodgement

SALE OF 4 MILLION SHARES

Gascoyne Resources Limited (GCY, “the Company”) would like to announce that Helix Resources Limited (HLX), which co-founded Gascoyne in 2009, has sold its entire holding in the Company. The shares have been sold (on market) to long standing supportive shareholders of the Company.

While Helix Resources Limited were not a substantial holder of GCY (as defined by the ASX), and as a result are not required to announce the sale, the Company believes this sale is a material event and warrants announcement.

Gascoyne would like to thank Helix for its support over the last three years from the formation of the Company, through the listing process and the continued support since Gascoyne’s admission onto the ASX.

On behalf of the Board of Gascoyne Resources Ltd

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Michael Dunbar Managing Director

Background on Gascoyne Resources

Gascoyne Resources Limited was listed on the ASX in December 2009 and is focused on exploration and development of a number of gold projects in Western Australia.

The company owns two main gold projects which contain a combined +1.0 million ounces of contained gold:

GLENBURGH (100% GCY):

The Glenburgh Project in the Gascoyne region of Western Australia, has an Indicated and Inferred resource of: 17.4 Mt @ 1.3g/t Au for 703,000oz gold from several prospects within a 20km long shear zone (see Table 1)

Following a positive Scoping Study completed in late 2011, the Company has commenced a Feasibility Study on the project. The study has included approximately 30,000m of resource drilling, metallurgical drilling and testwork, geotechnical, hydro geological and environmental assessments. Resource and mining studies as well as engineering studies and evaluations are underway with completion expected within the next 6 months.

DALGARANGA (80% GCY):

The Dalgaranga project is located approximately 70km by road NW of Mt Magnet in the Murchison gold mining region of Western Australia and covers the majority of the Dalgaranga greenstone belt. After discovery in the early 1990’s, the project was developed and from 1996 to 2000 produced 229,000 oz’s of with reported cash costs of less than $350/oz.

The project contains a depleted JORC Measured and Indicated resource of 7.5 Mt @ 1.6g/t Au for 380,000 ounces of contained gold (see table 2). Given the increase in the gold price since mining operations ceased in 2000, there is significant potential to extract significantly more of the know resource.

Significant exploration also remains outside the known resource with exploration drill results of 22m @ 6g/t gold (including 6m @ 19g/t gold) and 6m @ 10.2 g/t gold and 7m @ 10.8 g/t gold that have not been followed up and are yet to be included in the resource.

Gascoyne Resources’ immediate focus is to continue the evaluation of the Glenburgh gold deposits to delineate meaningful increases in the resource base and to identify and test additional targets in the Glenburgh mineralised system.

Further information is available at www.gascoyneresources.com.au

Competent Persons Statement

Information in this announcement relating to mineral resources and exploration results is based on data compiled by Gascoyne’s Managing Director Mr Michael Dunbar who is a member of The Australasian Institute of Mining and Metallurgy. Mr Dunbar has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons under the 2004 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Dunbar consents to the inclusion of the data in the form and context in which it appears.

The resources quoted for the Dalagranga project have been sourced from Equigold NL annual reports, and other publicly available reports which have undergone a number of peer reviews by qualified consultants, that conclude that the resources comply with the JORC code and are suitable for public reporting.

Resources quoted for the Glenburgh Project have been estimated for Gascoyne Resources Limited by Runge Pty Ltd, an international and independent resource consultancy.

Table 1: Glenburgh Deposits Mineral Resource 2012 (0.5g/t Au Cut-off)

	Table 1: Glenburgh Deposits Mineral Resource 2012(0.5g/t Au Cut-off)	Table 1: Glenburgh Deposits Mineral Resource 2012(0.5g/t Au Cut-off)	Table 1: Glenburgh Deposits Mineral Resource 2012(0.5g/t Au Cut-off)
Deposit	Indicated	Inferred	Total
	TonnesAuAuMtg/tOunces	TonnesAuAuMtg/tOunces	TonnesAuAuMtg/tOunces
IconApolloTuxedoMustangShelbyHurricaneZone 102Zone 126NE3TorinoSW Area	0.81.333,5000.62.037,6000.24.532,300	5.61.0183,2001.61.365,2001.80.950,9001.10.932,7000.91.029,3000.61.324,8001.51.886,5000.81.640,5000.50.915,0001.31.565,0000.13.86,200	6.41.1216,7002.21.5102,8001.80.950,9001.10.932,7000.91.029,3000.61.324,8001.51.886,5001.02.272,8000.50.915,0001.31.565,0000.13.86,200
Total	1.62.0103,500	15.81.2600,000	17.41.3703,000

Note: Discrepancies in totals are a result of rounding

Table 2: Dalgaranga Deposits Mineral Resource (0.7g/t Au Cut-off)

	Table 2: Dalgaranga Deposits Mineral Resource(0.7g/t Au Cut-off)	Table 2: Dalgaranga Deposits Mineral Resource(0.7g/t Au Cut-off)	Table 2: Dalgaranga Deposits Mineral Resource(0.7g/t Au Cut-off)
Deposit	Measured	Indicated	Total
	TonnesAuAuMtg/tOunces	TonnesAuAuMtg/tOunces	TonnesAuAuMtg/tOunces
GilbeysGolden WingsLateriteVickers Laterite	0.5981.426,7000.0390.81,0000.0161.2600	6.8881.6354,000	7.4861.6380,7000.0390.81,0000.0161.2600
Total	0.6531.328,300	6.8881.6354,000	7.5411.6382,300

Note: Discrepancies in totals are a result of rounding