Celsius Resources Limited — Capital/Financing Update 2003

Jul 22, 2003

View Resources Ltd

ABN 95 009 162 949

945 Wellington Street West Perth, Western Australia 6005 Telephone: + 61 8 9322 7600 Fax: $+$ 61 8 9322 7602

23 July 2003

Company Announcements Office Australian Stock Exchange Ltd 20 Bond Street SYDNEY NSW 2000

By e-lodgement

No. of Pages: 2

Dear Sir / Madam

VIEW GROWS CARNILYA HILL SULPHIDE RESOURCE BY 130%

The Directors of View Resources Limited (View) are pleased to announce the following significant developments relating to the Carnilya Hill Mine:

Following completion of an independent review of the mining and $\circ$ geological information (including drill hole and mining plan data and "hard copy" sections) available in respect of the Carnilya Hill Mine. View has upgraded its previous resource estimate for the Carnilva Mine from 87,000 tonnes at 1.95% nickel (as previously estimated by WMC Resources Limited (WMC)) to 134,656 tonnes at 3.56% nickel. The current resources are:

Total	134.656T @ 3.56%Ni for 4.796 tonnes of nickel
Inferred	73,000T @ 4.00%Ni for 2,920 tonnes of nickel
	Indicated $61,656T$ @ 3.04%Ni for 1,876 tonnes of nickel

Note:

Total resource includes an oxide component of 37,348 @ 2.72%Ni.

• Current resource contains 10,570,000 lbs of nickel (compared to $\circ$ WMC estimate of 3,740,780 lbs of nickel).
• The results of the study have confirmed the robust and relatively $\circ$ uniform nature of the nickel mineralisation within the Mine deposit. The main Carnilya Hill Mine mineralised structures are for the most part open with respect to drilling at depth. There is potential to

increase the overall resource base with some limited extra peripheral and deeper drilling.

• On track to commence mining in the last quarter of 2003. Current $\circ$ focus in the immediate short term will be directed towards selection of optimal mining method, mine production scheduling and cash flow evaluation.
• Up until its closure in 1998, the Carnilya Hill mine produced 1.4 $\circ$ million tonnes of nickel ore at 3.38% for 47,000 tonnes of nickel metal valued at approximately A\$560 million. At the time of mine closure the nickel price was at the all time low. Previous independent research indicated that with the prospective contact continuing along strike both east and west, and at depth below 300 vertical metres, Carnilya Hill is more likely an incrementally developing mine suspended (whilst with WMC) through a lack of capital, rather than exhaustion of ore or prospects. The much improved economic conditions for nickel mining and improved cost structures translate into an opportunity for View to reopen the mine relatively quickly and cheaply.

Managing Director, Derek Lenartowicz commented that "the expanded resource at the Carnilva Hill Mine offers an exciting option of a quick re-entry to the mine with the potential to target a substantial quantity of high grade ore from the mine's upper levels remnant stopes and pillars.

The significant increase in the resource estimate for the Carnilya Hill Mine makes it likely that View will have two producing mines (Carnilya Hill and Zone29) within the next 9 months."

Derek Lenartowicz Managing Director

Contact: Derek Lenartowicz (08) 9381 6588

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 Director, Derek Lenartowicz (mining engineer) and the Company's general manager geology, Geoff Chapman who is a member of the Australian Institute of Mining and Metallurgy.