Celsius Resources Limited — Capital/Financing Update 2005

Dec 4, 2005

5 December 2005

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

By e-lodgement

COCKBURN PROJECT DRILLING UPDATE

The Directors of View Resources Ltd (VRE) are pleased to announce that out of 5 holes drilled into the Orelia target all recorded significant gold intersections.

The intersections include:

• $\bullet$ 18.80 metres at 7.67 g/t gold including 9.05 metres at 12.34 g/t gold and 6.11 m at 5.15 g/t.
• 9 metres at 6.70 g/t gold including 3 metres at 15.73 g/t gold $\bullet$
• 10 metres at 4.45 g/t gold $\bullet$
• 8 metres at 4.49 g/t gold $\bullet$
• 4.68 metres at 5.22 g/t gold

The drilling program of approximately 10,000 metres of reverse circulation and diamond drilling is aimed at increasing geological confidence in the inferred component of the Cockburn resource. The total resource is 2.33 million tonnes at 5.5g/t for 412,000 ounces if gold at a cut-off grade of 3.0 g/t with the inferred component 1.60 million tonnes at 5.5 g/t.

The deposit has 3 distinct zones known as the Calista. Orelia and Cumberland. Theses zones contain many ore lenses that have the potential to be economic using underground mining techniques if continuity of mineralisation can be established. Diagram 1 shows the location of the resource lenses in relation to the current Cockburn open pit and the conceptual underground design.

The drilling to date has focussed on the inferred component of the Calista zone with 7 diamond drill holes with RC pre-collars completed, the upper portions of the Cumberland mineralisation where 7 RC holes have been completed and the inferred component of the Orelia lenses where 5 diamond drill holes have been completed. The results reported in this announcement relate to the Orelia target with the Calista and upper Cumberland Intersections reported previously.

The latest Orelia intersections are summarised in Table 1.

Drilling is continuing to target the Orelia and Cumberland main zone and is expected to continue until mid December. At the completion of the drilling the resource will be re-estimated and mine design finalised.

Diagram 1: Cockburn Deposit Schematic

						Intersections
			Co-ordinates AMG Zone 51 84			Total Depth	From	Tо	Interval	Gold
Target Area	Hole Number	Northing	Easting	Dip	Azimuth	Metres	Metres	Metres	Metres	g/t
	CKRCD10	6964994	295972	$-60$	77	291.5	233.00	237.00	4.0	1.50
							249.32	254.00	4.68	5.22
							273.00	281.00	8.0	2.56
							including
Orelia							275.00	279.00	4	3.74
	CKRCD11	6965048	295979	$-60$	77	243.5	226	236	10.00	4.45
	CKRCD12	6965053	296002	-60	77	190.5	121.00	126.00	5.00	2.62
							154.00	156.33	2.33	1.17
	CKRCD15	6965090	295942	$-60$	77	300.5	154.94	174.00	19.06	2.95
							including
							157.00	165.00	8.00	4.49
							224.00	233.00	9.00	6.70
							including
							230.00	233.00	3.00	15.73
	CKRCD16	6965084	295914	$-60$	77	330.5*	205.03	216.00	10.97	2.03
							including
							213.00	216.00	3.00	5.54
							311.00	329.80	18.80	7.67
									including
							311.00	317.11	6.11	5.15
-----	. $\cdots$	.	$\cdot$ .	.			320.75	329.80	9.05	12.34

Table 1: Cockburn Drilling Intersections > 1g/t Gold.

Notes on Table 1:

• 1. All intersections calculated above 1.0 g/t with maximum of 2 metres of <1.0 g/t internal dilution allowed except CKRCD16 311m to 329.8m included 3.64 metres <1g/t. No high grade cut applied.
• $2.$ All intervals from NQ2 diamond core drilling with half core samples.
• All assays conducted by Amdel laboratories Kalgoorlie using Fire Assay method FA1 (0.01 ppm Au detection 3. limit).
• 1. Downhole intersections approximate true widths.
• Hole dips and azimuth are design only. Detailed downhole survey to be completed. 5.

* Hole to be extended following high grade intersections near end of current hole.

Yours faithfully

/Mwsł

DEREK LENARTOWICZ Managing Director For further information contact: Derek Lenartowicz, Managing Director Ph: (08) 9226 4611

Note: The information in this report that relates to exploration results, mineral resources or ore resources is based on information compiled by Mr Geoff Chapman who is a full-time employee of the company and is a member o Institute of Mining and Metallurgy. Mr Chapman has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Chapman consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.