Celsius Resources Limited — Capital/Financing Update 2005

Nov 15, 2005

16 November 2005

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

By e-lodgement

COCKBURN PROJECT DRILLING UPDATE

View Resources is conducting a definition drilling program at the Cockburn deposit at its Bronzewing Project.

The Directors of View Resources Ltd (VRE) are pleased to announce significant gold intersections from the drilling program at the Cockburn deposit. Cockburn is located approximately 12 kilometres from View Resources Bronzewing gold processing plant.

The intersections include:

5m @ 21.71 grams of gold per tonne 4m @ 13.06 grams of gold per tonne (including 1.27m @ 36.20 grams of gold per tonne) 10.16 m @ 3.52 grams of gold per tonne (including $2m$ @ 11.42 grams of gold per tonne) 5.78 m @ 4.25 grams of gold per tonne 1m $@31.80$ grams of gold per tonne

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 5.5q/t for 412.000 ounces of 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 latest results are similar to previous broad spaced drilling in the inferred resource areas tested to date.

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.

The drilling to date has focussed on the inferred component of the Calista zone with 7 diamond drill holes with RC pre-collars completed, and the upper portions of the Cumberland mineralisation where 7 RC holes have been completed.

Drilling is currently targeting the potentially higher grade Orelia and Cumberland main zones and is expected to continue until late December. At the completion of the drilling the resource will be reestimated and mine design finalised.

The intersections above a 1g/t gold cut-off received from this drilling to date are summarised in Table 1.

							Intersections
		Co-ordinates AMG Zone 51_84			Total Depth	From	To	Interval	Gold
Target Area	Hole Number	Northing	Easting	Dip	Azimuth	Metres	Metres	Metres	Metres	g/t
	CKRCD 2	6964576	296159	-60	77	350		9.84 291.16 301 2.76
									including
							294.16 320	299 326	4.84 6.00	4.31 1.08
							265.18	268	2.82	1.08
	CKRCD3		296190	-60	77	320	271.22	277	5.78	4.25
		6964583					288	293	5.00	21.71
							302	309	7.00	3.69
		6964591	296226	-60	77	300	238	242	4	13.06
	CKRCD4							including
Calista							239.76	241.03	1.27	36.20
	CKRCD5	6964600	296262	-60	77	270	209.43	213	3.57 10.16	1.99 3.52
							236	246.16	including
							242.75	244.75	2	11.42
	CKRCD6	6964628	296162	-60	77	320	236.34	237.34	Ŧ	12.3
							245.26	251.18	5.92	2.15
							270.87	273	2.13	5.15
							276	284	8	2.90
	CKRCD7	6964635	296192	-60	77	300	262	271	g	2.60
							262	266	including 4	4.33
Cockburn Upper							60	69	g	1.31
	CKRC1	6964958	296260	$-55$	77	150			including
							66	69	3	2.3
							122	123	ŧ	4.75
							131	132	1	6.32
	CKRC3	6965006	296246	$-60$	77	140	30 46	33 47	2 t	2.06 2.95
							75	76	1	3.13
							139	140	$\ddagger$	1.64
	CKRC4	6965006	296246	$-75$	77	170	70	73	3	1.49
							102	109	7	1.90
	CKRC5	6965034	296254	-75	77	130	83	84	1	11.4
							99 117	100 118	$\mathfrak t$ 1	3.47 4.06
							124	125	1	1.96
	CKRC6	6965034	296254		77	145	64	67	3	1.35
							93	107	14	1.80
				$-85$				includina
							93	100	7	2.06
							119 140	120 141	ŧ 1	4.39 3.36
							25	$\overline{31}$	6	1.4
	CKRCD7	6965033	296250	-90	77	145	51	57	6	2.30
							107	108	ŧ	31.8
							111	112	ŧ	1.39
							115	116	1	3.04
	CKRC9	6965094	296182	-60	77	165	112	119 7 2.53
									including
							112	116	4	3.34

Table 1: Cockburn Deposit Definition Drilling Initial Results

Notes on Table 1:

All intersections calculated above 1.0 g/t with maximum of 2 metres of <1.0 g/t internal dilution allowed. No upper cut off applied.

True widths not known but are anticipated to approximate down hole widths.

Calista holes CKRCD prefix all intervals diamond drilling with half core samples.

Cumberland Upper holes all RC drilling riffle split samples on 1 metre intervals.

All assays completed by Amdel laboratories Kalgoorlie using Fire Assay method FA1 (0.01 ppm Au detection limit).

Laboratory and View Resources analytical standards, blanks and repeats conducted.

Collar co-ordinates are design only. Final collar surveys are pending.

Yours faithfully

Mwt

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 of the Australasian 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.