Celsius Resources Limited — Capital/Financing Update 2005

Dec 22, 2005

23 December 2005

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

By E-Lodgement

Carnilya Hill Update

View Resources Limited ("View") advises that the estimated nickel production at its Carnilya Hill nickel project during the December quarter is 438 metal tonnes. This represents a record half year total production of 1,067 metal tonnes for the Company.

In line with the Company strategy of focussing on its Bronzewing gold project and the recent downturn in nickel prices, View is placing the Carnilya Hill nickel project on care and maintenance. Exploration will continue on the project through a farm-in agreement with Mincor Resources NL ("Mincor") as announced on 26 October. Under the terms of the agreement, Mincor must spend \$2.5 million on nickel exploration to earn 70% equity in the Carnilya Hill nickel project.

View will retain 100% ownership and the right to mine currently defined reserves and resources at the Zone 29 East extension under the terms of the agreement. It is intended that these reserves and resources will be mined in the future where market and project economic conditions are appropriate.

View Resources Managing Director Mr. Derek Lenartowicz said, "the placing of the project on care and maintenance will allow the company to focus its energy and resources on developing the Bronzewing gold project which has already shown strong potential with very encouraging recent drilling results".

Yours faithfully

Peter Landau Company Secretary

For further information contact:

Derek Lenartowicz, Managing Director (08) 9226 4611