Celsius Resources Limited — Capital/Financing Update 2006

Nov 27, 2006

28th November 2006 Company Announcements Office Australian Stock Exchange Limited 20 Bond Street Sydney NSW 2000

By e-lodgement

View One Step Closer to Nickel Production

Highlights:

• Pre-feasibility study commences at Carnilya Hill Nickel Mine
• Latest intersect 2.40m @ 8.29% Ni (CMD016)
• Mineralisation now extends over 750m down plunge $\bullet$
• Mine development decision possible before end of June 2007

View's JV partner at the Carnilya Hill nickel project Mincor Resources NL has commenced a prefeasibility study into the project on the back of further positive drilling results announced This continues to strengthen the project and the company's belief that nickel vesterdav. production could potentially commence as early as 2H 2007.

With two drill rigs on site now operating on double shift it is expected to have sufficient data to prepare a JORC-standard mineral resource for Carnilya Hill by March 2007. This will allow the JV partners to quickly build a mineable reserve and complete a feasibility study aimed at restarting the project.

With nickel currently enjoying record prices amidst high demand and low world supplies and an expected continuation of shortfall to demand, the fact that Carnilya Hill has all infrastructure in place and a signed off-take agreement for processing the ore gives View every chance of realising significant cash flows from this asset as early as the second half of 2007.

View Managing Director Tim Gooch said "Because we have to date been unable to develop a JORC-resource/reserve we have not been able to do any meaningful calculations of what value Carnilya Hill presents for View, and therefore the true sense of what may be realised from this project has largely gone unnoticed up to now. However this will quickly change over the next few months and we are very excited by what the prospects may be, particularly with a proven and very successful miner such as Mincor to develop the project".

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

View recently raised \$36.5 million to recommence operations at its Bronzewing Gold Project and there is now a very realistic chance that the Company will be in production of both gold and nickel in the second half of 2007.

"View's strategy is to become a mid-tier mining house over the next few years" Gooch added "and a key component is to have at least two operating mines, producing two valuable sources of income. With gold and nickel both enjoying significantly high prices at the moment and our ability to take advantage of existing infrastructure in place at both Bronzewing and Carnilya Hill to quickly restart operations, the timing of both of our assets coming into production in 2007 is looking very promising."

For further information contact: Tim Gooch Managing Director (08) 9226 4611 www.viewresources.com.au

Willie Rowe Gryphon Management Australia 0417 931 254 www.gryphon.net.au

Yours faithfully.

TIM GOOCH Managing Director View Resources Ltd.

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