The phase diagram of the two-dimensional t-J model is determined accur
ately at low electron density by a combination of analytic and numeric
al techniques. The ground state exhibits three phases in the limit of
aero-electron density: an unpaired state at small J/t, a gas of s-wave
pairs for 2 < J/t less than or similar to 3.4367, and a phase-separat
ed state at larger interaction strengths. Bound states of larger clust
ers are never realised, and the instabilities present at small densiti
es are discussed.