Hellix Ventures Inc. has dropped the lease on its Margarita property in Arizona. Due to the present situation in the public mineral exploration and development markets, Hellix is making every effort to lower its cash outlays for the near term. The Company attempted to re-negotiate the property lease payments with the property owner, but were unsuccessful.

The company have also been disappointed with the progress on its Margarita permit application for its phase two drill program. This was initially submitted close to one year ago. As at this date, it has not been reviewed by the personnel currently involved with the government agency responsible.

Hellix will continue in its pursuit of precious metals properties of merit.