Celsius Resources Limited — Capital/Financing Update 2004

Sep 29, 2004

ASX Announcement 30 September 2004

Lion invests in emerging WA nickel and gold producer

Lion is pleased to announce an investment of \$2.5 million in emerging gold and nickel resource company, View Resources Limited, based in Western Australia. Managing Director of Lion, Robin Widdup, said: "It is great to become involved in a well managed company that we believe has substantial growth prospects".

View Resources is a nickel producer through two operations near Kambalda, both having considerable exploration potential. In addition, the company is currently undertaking a feasibility study, aimed at reopening the Bronzewing gold project by mid 2005, at a rate of 110,000-130,000 ounces per annum. View is managed largely by an ex-WMC team. headed by Derek Lenartowicz, who has significant experience in developing and operating resource projects. Latterly, before joining View, Derek managed the Mt Keith nickel operation for 5 years.

Lion will invest \$2.5 million in View for 6.25 million shares at 40 cents. The investment will require approval by View shareholders at a meeting to be held in November.

Enquiries:

Robin Widdup / Brooke Benfield Lion Selection Group Limited Tel: 61 3 9614 8008 Fax: 61 3 9614 8009 Email: lionselection@lsg.com.au