Fixed !!!
Not sure why it worked but it did, I was going to remove the motherboard to RMA it this morning after putting the CMOs battery back in and trying it only to get the same power up/down loop which I let run for several cycles just to make sure I got the same problem , the on board speaker made no sound and each time the unit power up for a few seconds the powered down again. I started stripping down the machine and as I removed each component I tried a further power up , so no harddrives and still the same, no graphics card and still the same but I let it run a few power up down cycles anyway and still the same results.
Finally Removed some of the memory down to one stick on slot 1 and still the same, then removed all memory and let it boot, first cycle was the same but then on the second power up down cycle I got bios beeps indicating a memory fault, replaced the first memory stick and a graphics card and its booted and working fine although now only at 800, not risking setting it to 1066 again until i get some different gigabyte recommended memory. Luckily it turned out the Bios suffered no corruption.
I am not sure why this has worked since the voltage settings should have been in the cmos which had been wiped but I can only think its been a DDR2 Voltage problem.
Anyone any ideas as to why this worked ?