Hellix Ventures Inc.
TSX VENTURE : HEL
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Hellix Ventures Inc.

December 07, 2011 09:00 ET

Hellix Athabasca Underground Rock Sampling Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 7, 2011) - HELLIX VENTURES INC. (TSX VENTURE:HEL)(PINKSHEETS:HLLXF) -Frank Underhill, President, announces results from its rock sampling at the Athabasca gold property near Nelson, BC. This is supplemental to the soil sampling program completed earlier this year. The program was undertaken to verify the results summarized by previous operators of the property, particularly the 1987 Compilation Report by Beaty Geological (B.C. assessment report 17,184) and to possibly expand upon those results.

The main objective of this phase was to collect samples as far into the historic underground workings as safe access allowed and to perform a cursory view of any outcrops on surface. Our geologist collected a total of 14 surface samples and 12 underground samples from the Athabasca. Of the surface samples, only one assayed over 1 gram/tonne at 1.053 (0.031 ounce per metric tonne) from a chip sample in a small shaft across a sixty centimeter (two foot) length. The underground sampling did return significant values up to 215.7 grams per tonne gold along with anomalous silver values in 10 of twelve samples. Underground assay results for both gold and silver are detailed below.

HELLIX UNDERGROUND SAMPLE RESULTS
Sample
ID
Gold
ICP
ppb
Gold
FireAssay
grams/
tonne
Gold
Fusion
grams/
tonne
Gold
ounces/
Mt
Silver
ICP
ppb
Silver
Fusion
grams/
tonne
Silver
ounces/
Mt
pgug01 51260.7 46.9 1.37 13691 0.4
pgug02 >100000.0 215.7 6.31 >100000.0 169 4.94
pgug03 249.5 0.205 44396 1.30
pgug04 5949.4 4.193 0.12 12263 0.36
pgug05 9344.7 6.90 0.20 19134 0.56
pgug06 2711.6 2.245 0.07 11604 0.34
pgug07 32053.1 27.60 0.81 10899 0.32
pgug10 67.1 0.079 2069
pgug11 49.9 0.06 10363 0.30
pgug12 66.9 0.057 15849 0.46
pgug13 20.4 0.013 886
pgug14 >100000.0 105.9 3.10 47560 1.39
1 gram per tonne = 0.029 ounces per metric tonne

Samples were selected, handled and shipped to Acme Laboratories in Vancouver by a professional geologist contracted by Hellix. Rock samples underwent ultratrace ICP-MS analysis for 37 elements and Fire Assay for gold by ICP-ES as well as fusion with gravity finish. Metallics assays were requested, however Acme indicated that there was insufficient sample quantity in the rejects to allow for the minimum requirement. Results are grab samples only and are not indicative of grades over mineable widths.

Sample pgug02 (215.7 grams per tonne) was from a chip of a vein located within the west-central side of the mine workings, along the main tunnel entrance drift. Sample pgug14 (105.9 grams per tonne) was from a chip sample taken from an exposed vein at the far western extent of the mine workings.

The variability of sample results indicates the potential for nugget effect, where gold grains are not evenly distributed through a vein that appears to have similar characteristics. This is a common challenge in evaluating high grade gold-bearing veins.

A comparison of ICP analysis to Fire Assay analysis of several of the higher gold values shows ICP generally returned higher values. This may be due to fraction sizes of gold grains, with potential loss of coarse grains during the sieving of the crushed material. Coarse grains would be rejected from the sample as part of the oversize fraction. Metallics assaying is recommended in future samples taken from the high grade veins.

Underground sampling was limited by poor access via part of a stoped area in the upper western region of the historic mine. Two old mine plans were utilized and while not up to date, the general location of some key points were confirmed by our geologist. A mine safety expert was onsite and presented recommendations for rehabilitation of the workings for future access.

The vein system appears to be continuing down-dip from the existing workings as evidenced by this sampling program. This suggests that diamond drilling from surface to intersect the western down-dip extension of the vein should successfully evaluate the potential for continued gold-bearing veins in that direction.

A surface drilling program is now being planned. A recommendation to open up the #2 portal will enable a more extensive panel sampling of exposed underground veins. It would serve as the main entry point to the old workings while the existing entrance would provide an alternative if necessary.

New anomalous gold zones on the Athabasca discovered in our soil sampling program (announced in Hellix news release dated September 16, 2011) will be followed up utilizing the pathfinder elements (including silver, lead and zinc) associated with the higher grade rock samples from our underground sampling program.

Hellix is very encouraged by the confirmation of highly anomalous gold in an area historically reported underground on the Athabasca property.

The technical portion of this release has been reviewed by Qualified Person Laurence Sookochoff, P. Eng.

HELLIX VENTURES (TSX VENTURE:HEL) is engaged in the identification, acquisition, exploration and development of gold and silver properties in North America. Hellix has no debt (other than short-term trade payables), and has positive cash flow from fossil fuel production in Western Canada. All transactions stated or referred to herein are expressly subject to TSX Venture Exchange approval as well as all other applicable regulatory body approvals.

ON BEHALF OF THE BOARD OF DIRECTORS

HELLIX VENTURES INC.

Frank Underhill, President

The forgoing is for informational purposes only, and is not to be construed as an offer to buy or sell securities in any jurisdiction. It may contain forward-looking statements. While the data compiled by management is from sources deemed to be reliable, actual future results may vary materially. Hellix Ventures Inc. does not assume the obligation to update any forward-looking statement and will not be responsible for any loss arising from the use of this information. Historically reported results may not be NI 43-101 compliant and therefore caution should be used in relying on such statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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