Celsius Resources Limited — Capital/Financing Update 2005

Mar 29, 2005

30 March 2005

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

By E-Lodgement

Lion Selection invests with confidence in View Resources

View Resources Limited is please to announce that it has secured an additional \$3 million of funding by placing 10 million shares at 30 cents each with 5 million free attaching 50 cent options (\$0.50, 31 March 2009). The placement was made to Lion Selection Group Limited ("Lion Selection").

View Managing Director Mr Derek Lenartowicz said, "This is tremendous news and secures our immediate funding requirements for the Bronzewing project."

Lion Selection had previously invested \$2.5 million in September 2004.

Mr Lenartowicz said, "Lion is an astute international outfit with a hard-earned reputation for strategic investment in emerging resource stocks.

"We are delighted at their further involvement with the Company which we regard as the best possible vote of confidence in our project viability and in the management team," he said.

"Mine production and development has been going well for us and our exploration program is continuing to deliver good results. At this stage it looks like it will be an excellent year for us despite the short term deferral of Bronzewing" he said.

View recently announced that nickel production, for the first two months of this year, have already exceeded the previous best full quarter production.

The attaching 5m options are subject to any necessary shareholder approvals. An Appendix 3B is attached in respect of the placement and the conversion of existing Class B incentive Shares.

The Company is also pleased to announce as part of the short term deferral of the Bronzewing project that it has reached agreement with Newmont Yandal Operations Pty Ltd to defer the final \$3m payment due on 31 March 2005 by way of two staged \$1.5m payments on 15 May and 15 June 2005.

Yours faithfully

Peter Landau Director / Company Secretary

Telephone: (08) 9226 4611 Facsimile: (08) 9226 4655

Level 12, London House 216 St Georges Tce, Perth WA 6000 ABN 95 009 162 949

Postal Address PO Box 7656 Cloisters Square WA 6850

About View Resources

View Resources is a nickel and gold mining company that aims to quickly transform projects into cash operations. View Resources operates Carnilya Hill and Zone 29 nickel operations, located in the world's premier nickel province, Kambalda. It has secured the Bronzewing gold and nickel project from Newmont Australia.

For further information contact:

Derek Lenartowicz, Managing Director (08) 9226 4611

David Griffiths, Gryphon Management Australia Pty Ltd Ph: (08) 9382 8300 / 0419 912 496

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement. application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000. 30/9/2001, 11/3/2002, 1/1/2003.

Name of entity

VIEW RESOURCES LIMITED

ABN

95 009 162 949

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

$\pm$ Class of $\pm$ securities issued or to $\mathbf{1}$ be issued

Ordinary Fully Paid

Options (50 cents, 31 March 2009)

• Number of $+$ securities issued or $\overline{2}$ to be issued (if known) or maximum number which may be issued
• Principal terms of the $+$ securities $\overline{3}$ (eg, if options, exercise price and expiry date; if partly paid $+$ securities. the amount outstanding and due dates for +convertible $\operatorname{if}$ payment; securities, the conversion price and dates for conversion)

10,000,000 Shares

5,000,000 Options (50 cents, 31 March 2009)

Shares - Ordinary Fully Paid

Options – (Exercisable at 50 cents, on or before 31 March 2009)

4	Do the $\pm$ securities rank equally	$Yes - shares$
	in all respects from the date of allotment with an existing + class of quoted + securities?	New class of unlisted option.
	If the additional securities do not rank equally, please state: the date from which they do the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment the extent to which they do not rank equally, other than in relation to the next dividend, distribution interest Oľ payment
5	Issue price or consideration	Option to raise \$3 million.	30 cents per share with a 1 for 2 free attaching
6	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	Fund Bronzewing project
7	Dates of entering + securities into uncertificated holdings or despatch of certificates	issued on or about 31 March 2005.	10,000,000 Shares & 3,400,000 Options to be
		Shareholder Approval	1,600,000 options to be issued subject to
		Number	*Class
8	Number and $\pm$ class of all	101,049,681*	Fully Paid Ordinary
	$+$ securities quoted on ASX (including the securities in clause 2 if applicable)	(post-consolidation)	Shares
*	See Part 3 for conversion of 8.5 million Class B Incentive Shares into Ordinary Fully Paid

• Shares.
• $\star$ 1,500,000 Ordinary Fully Paid Shares are subject to 12 month escrow period from 25 August 2004.

		Number	+ Class
9	tclass Number and οf all *securities not quoted on ASX (including the securities in clause 2 if applicable)	1,000,000	Options (Employee) (exercisable at 35 cents on or before 31 December 2006)
		8,500,000	Incentive Shares 8,500,000 Class C Incentive Shares convertible into shares upon the satisfaction of key performance event.
		I	Convertible note for \$5.854m converting at 60 cents per share with an attaching Option exercisable at 60 cents within 12 months of the date of conversion.
		5,000,000*	Options (exercisable at 50 cents on or before 31 March 2009)
		Shareholder Approval	* Note 1.6 million Options will be issued following
10	Dividend policy (in the case of a truet dietribution policy) on the	N/A

trust, distribution policy) on the
increased capital (interests)

Part 2 - Bonus issue or pro rata issue

11	holder security approval Is. required?	N/A
12	Is the issue renounceable or non- renounceable?	$\mathsf{N}/\mathsf{A}$
13	Ratio in which the *securities will N/A be offered
14	Class of securities to which the offer relates	I N/A
15	determine *Record date to entitlements	N/A
16	Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?	N/A

17	Policy for deciding entitlements in relation to fractions	N/A
18	Names of countries in which the entity has *security holders who will not be sent new issue documents	N/A
	Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7.
19	Closing receipt οf date for acceptances or renunciations	N/A
20.	Names of any underwriters	N/A
21	Amount of any underwriting fee or commission	N/A
22	Names of any brokers to the issue	N/A
23	Fee or commission payable to the broker to the issue	N/A
24	any handling fee Amount of payable to brokers who lodge acceptances or renunciations on behalf of + security holders	N/A
25	issue is contingent If the on "security holders" approval, the date of the meeting	N/A
26	entitlement and acceptance Date form and prospectus or Product Disclosure Statement will be sent to persons entitled	N/A
27	If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders	N/A
28	Date rights trading will begin (if applicable)	N/A
29	Date rights trading will end (if applicable)	N/A

30	How do *security holders sell their $N/A$ entitlements in $full$ through a broker?

• $31$ How do "security holders sell part of their entitlements through a broker and accept for the balance?
• 32 How do "security holders dispose of their entitlements (except by sale through a broker)?

33 *Despatch date $N/A$

Part 3 - Ouotation of securities

You need only complete this section if you are applying for quotation of securities

34 Type of securities (tick one)

$(a)$

$(b)$

37

• Securities described in Part 1
• All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35 If the "securities are "equity securities, the names of the 20 largest holders of the additional +securities, and the number and percentage of additional +securities held by those holders

If the "securities are "equity securities, a distribution schedule of the additional 36 *securities setting out the number of holders in the categories $1 - 1.000$ $1.001 - 5.000$ $5,001 - 10,000$ $10,001 - 100,000$ 100,001 and over

A copy of any trust deed for the additional *securities

Entities that have ticked box 34(b)

$N/A$

$N/A$

38	Number of securities for which *quotation is sought	8,500,000
39.	Class of "securities which for quotation is sought	Ordinary Fully Paid Shares
40.	Do the securities rank equally in all respects from the date of allotment with an existing "class of quoted securities? If the additional securities do not rank equally, please state: the date from which they do the extent to which they ٠ participate for the next dividend, the ∩n case trust, οf a. distribution) or interest payment the extent to which they do not $\bullet$ rank equally, other than in relation to the next dividend, distribution or interest payment	Yes
41	Reason for request for quotation now Example: In the case of restricted securities, end of restriction period (if issued upon conversion оf another security, clearly identify that other security)	Conversion of Class B Incentive Shares into Ordinary Fully Paid Shares upon achieving key milestone event.
42.	Number and + class of all + securities quoted on ASX (including the securities in clause 38)	See Part 8

Ouotation agreement

• $\mathbf{I}$ *Ouotation of our additional *securities is in ASX's absolute discretion. ASX may quote the *securities on any conditions it decides.
• $\overline{2}$ We warrant the following to ASX.
• The issue of the *securities to be quoted complies with the law and is not for an illegal purpose.
• There is no reason why those *securities should not be granted *quotation.
• An offer of the "securities for sale within 12 months after their issue will not require disclosure under section $707(3)$ or section $1012C(6)$ of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any *securities to be quoted and that no-one has any right to return any *securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the *securities be quoted.
• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the *securities to be quoted, it has been provided at the time that we request that the "securities be quoted.
• If we are a trust, we warrant that no person has the right to return the *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the *securities be quoted.
• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• $\overline{4}$ We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before "quotation of the *securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Date: 30 March 2005

Sign here:

Director/Company Secretary

Print name:

Peter Landau

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