Celsius Resources Limited — Capital/Financing Update 2003

Jul 15, 2003

945 Wellington Street West Perth, Western Australia 6005 Telephone: + 61 8 9322 7600 $Fax + 61893227602$

16 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

FEASIBILITY ESTABLISHES PROFITABLE PROJECT

The Directors of View Resources Limited (View) are pleased to announce that an independent feasibility study into the Zone 29 deposit has established a profitable project with strong corresponding cash flows.

Zone 29 - Key Results

Following the recent completion of drilling on the Zone 29 nickel deposit which established an indicated and inferred resource 60% greater than previous resource estimates outlined by WMC Resources Limited (WMC), the independent initial feasibility study on the development of Zone 29 has produced the following key results:

• Recoverable nickel ore of 78,300 tonnes @ 3.14% to produce 2,463 tonnes of $\alpha$ nickel.
• Project revenue of \$18.2m. $\circ$
• Project profitability of \$6.4m on a fully costed basis, taking into account both $\circ$ capital and operating costs.
• On track to commence mining in the last quarter of 2003 with a project duration $\Diamond$ of approximately 14 months.
• The deposit is open along strike both in the east and west directions and at depth $\circ$ representing a significant opportunity to further increase mining reserves and profitability of the deposit.

Note: a nickel price of AUD\$5.85 per pound was utilised for the initial feasibility study results set out above.

Managing Director, Derek Lenartowicz commented that "View has completed an important milestone in so far as confirming that Zone 29 will yield a significant quantity of nickel ore. This will allow View to become a nickel producer in the short term and capitalise on the increase in global demand for nickel and the resultant increase in the nickel price."

Carnilya Hill Mine ۰

As mentioned in recent announcements, the current global positive growth in nickel and improved mining cost structures mean that View has a unique opportunity to reopen the Carnilya Hill mine relatively quickly and economically. View is in the process of finalising an updated, independently assessed resource figure for the mine in the next two weeks.

View will then complete an initial feasibility study determining the optimal mining method, mine production scheduling and cash flow evaluation.

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 Independent Mining Consultants Pty Ltd, independent mining consultants, who are a member of the Australian Institute of Mining and Metallurgy.