Celsius Resources Limited — Capital/Financing Update 2003

Nov 20, 2003

21 November 2003

Manager of Company Announcements Australian Stock Exchange Limited Level 6, 20 Bridge Street SYDNEY NSW 2000

By E-Lodgement

No. Pages: 2

VIEW STARTS MINING AT CARNILYA HILL

The Board is pleased to advise of the commencement of mining operations at the Company's Carnilya Hill nickel mine and the granting of required approvals to mine the Zone 29 nickel deposit.

Excavation of Carnilya Hill Portal

Summary

• $\triangleright$ Mining operations commenced at Carnilya Hill.
• $\triangleright$ Nickel sales revenue expected in December.
• $\geq$ Zone 29 mining approval granted.
• $\geq$ Zone 29 resources and mine design update to be completed in December.
• $\geq$ Zone 29 mining to commence in January 2004.
• $\triangleright$ Two cash generating mines to be in operation in first quarter 2004.

Update - Carnilya Hill

Roche Mining has commenced the re-establishment of underground access and surface works at Carnilya Hill. It is anticipated that underground access will be possible within two weeks and ore production shortly thereafter. As a consequence the Directors anticipate revenue from nickel sales to commence in December 2003.

The Carnilya Hill mine contains an estimated resource of 97,300 tonnes at 3.88% sulphide ore and 37.350 tonnes at 2.72% Ni oxide ore. Underground mining of the sulphide resource will be conducted by Donegal Resources with ore delivered to the WMC Resources Kambalda concentrator under an existing nickel ore sales agreement. Oxide ore samples are currently undergoing metallurgical evaluation with the aim of mining and processing the resource in early 2004.

Update - Zone 29

Approvals have also been secured so that mining operations can commence at the Zone 29 project in January 2004.

Following the recently completed exploration program at Zone 29 the Company is in the process of updating the resource model, conducting geotechnical assessment and updating the mine design. This process is anticipated to be completed in December so that mining can commence at Zone 29 in January 2004.

The Company expects to have two cash producing mines operating in the first quarter of 2004.

Managing Director Derek Lenartowicz said "View is in a great position. The. commencement of operations gives View a production exposure to deliver nickel ore into a buoyant nickel market. Coupled with the anticipated strong nickel prices in 2004 and beyond the Company is well poised."

"With two operating and cash producing mines, cash in the bank and a high-quality exploration and development portfolio, View is well positioned to add significant value to shareholder wealth through its current assets and growth opportunities." Lenartowicz said.

Derek Lenartowicz Managing Director View Resources Limited

Contact: Derek Lenartowicz (08) 9226 4611

Note: In accordance with Listing Rule 5.10 of the Australian Stock Exchange Limited, the geological information in this announcement has been compiled by View Resources Limited Managing Director, Derek Lenartowicz and the Company's Chief Geologist, Geoff Chapman who is a member of the Australian Institute of Mining and Metallurgy