Celsius Resources Limited — Capital/Financing Update 2004

Jan 18, 2004

19 January 2004

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

By E-Lodgement

No. Pages: 2

View Commences Nickel Production

The Directors of View Resources Limited (View) are pleased to announce the commencement of regular ore deliveries from the Carnilya Hill nickel mine to WMC Resources' Kambalda nickel concentrator.

The initial parcel of approximately 1,000 tonnes of sulphide ore commenced delivery to the concentrator today (Monday, 19 January).

Spot samples from the ore indicated that the parcel was significantly higher grade than the resource estimates for the mined block. The final mined grade of the parcel will be determined by sampling and analysis during processing at the concentrator.

Mine re-opening work has progressed to the 5 level of the mine with ongoing access to mining blocks continuing as mine re-opening progresses. To date no problems have been experienced in re-accessing the mine with underground infrastructure and services found to be in excellent condition. Ore deliveries will be increased as the Carnilya Hill mine progresses towards full production capacity with 4,000 - 5,000 ore tonnes per month being delivered from March 2004 onwards.

View's Managing Director, Derek Lenartowicz commented that

"The commencement of production from Carnilya Hill transforms View into a nickel producer with low capital costs and high operating margins. View anticipates the Carnilya Hill mine being cash flow positive in the first quarter of 2004, which includes taking into account the capital costs required to re-open the mine.

The Carnilya Hill mine was purchased by View in August 2003 with the mine reopening in December 2003. "The efforts of all personnel involved in bringing Carnilya Hill into production in such a short period of time have been outstanding. View has capitalised on its ability to quickly transform nickel resources into deliverable ore and take advantage of the current high nickel price"

The excavation of View's second nickel mine at Zone 29, 4 kilometres west of Carnilya Hill, will commence in late January 2004 with nickel ore production from the mine expected to commence in the second quarter of 2004.

Derek Lenartowicz Managing Director View Resources Limited

Contact: Derek Lenartowicz (08) 9226 4611