Celsius Resources Limited — Capital/Financing Update 2003

Oct 14, 2003

15 October 2003

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

By E-Lodgement

No. Pages: 2

VIEW FORMS STRATEGIC ALLIANCE PARTNERSHIP WITH DONEGAL

View Resources Limited ("View") is pleased to announce that it has entered into an Alliance Agreement ("the Alliance") with Donegal Resources Pty Limited ("Donegal") aimed at mining the Carnilya Hill mine and Zone 29 deposits.

The Alliance is focused on extracting the maximum value from the existing ore bodies, a targeted approach to exploration and optimal future resource delineation and extraction.

The structure of the Alliance ensures commonality of goals and objectives between the Alliance partners.

The terms of the Agreement provide the opportunity for Donegal to, in consideration for the services provided, earn a percentage of operating profits from each mine. Additionally Donegal will receive 2 million View shares (subject to shareholder approval) and will also be entitled to up to 2 million incentive options exercisable upon meeting key production milestones.

View has recently announced its intentions to mine the Carnilya Hill and Zone 29 deposits. In addition to these two mines View has large tenement holdings in the Kambalda area which offers excellent potential to increase existing resources through exploration.

Donegal played a key role in developing and managing operations for Mincor Resources NL ("Mincor") at Miitel and its Wannaway mines, making a significant contribution to the success of Mincor.

The Alliance partners consider that the association will be synergistic as it will provide the platform to capture the recognized skills and proven track record of Donegal with the exciting resource opportunities available to View at Carnilya Hill, Zone 29 and elsewhere.

Managing Director of View. Mr Derek Lenartowicz stated "both View and Donegal share a tangible commonality of objectives and willingness to replicate the success that was achieved between Mincor and Donegal. Donegal is well known and has a proven track record of successfully operating nickel mines in the Kambalda area. They are, in the Board's opinion, a professional outfit focused on both cost control and profitability."

Mr Ian Junk the Managing Director of Donegal said "the View and Donegal team of people that we have to work at Carnilya, include some of the best people in the Goldfields. Carnilya Hill and Zone 29 have the potential to provide considerable upside through early cash flow from production and exciting exploration opportunities. We are pleased to be associated with View and look forward to a long standing and exciting future together".

Mr Lenartowicz stated that "the agreement is to my knowledge the first of its kind. We see that the association is one of good management and with a sharing of rewards, should result in increased shareholder wealth for both parties."

Yours faithfully

Derek Lenartowicz Managing Director View Resources Limited

Contact: Derek Lenartowicz (08) 9226 4611