Celsius Resources Limited — Capital/Financing Update 2006

May 9, 2006

10 May 2006

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

By e-lodgement:

View confirms commitment to the Bronzewing Gold Project and announces further equity placement.

The Board of View Resources has confirmed that subject to satisfactory resolution of key issues, the Bronzewing Gold Project presents a commercially viable operation and is ready to proceed into an operational phase of development.

These key conditions are summarised as follows;

• Confirming all costs within the model to ensure achievability within the current high cost environment, including signing of major service supply contracts.
• Confirmation of project finance designed to best meet Views needs.
• Maintaining a large percentage of upside to any future gold price increases via an attractive hedging policy, which can be financed on attractive terms utilising future gold production.
• Internal model based on obtaining \$250/oz margin on production ounces.
• Consideration of other "near-to" opportunities within the region that significantly impact on the commercial model and the level of debt/equity required to proceed to production.
• Consideration of an extension to the Cockburn open pit as a potentially more viable option versus the current underground mining strategy.

The Board has recognised the importance of spending further time understanding the impact of the above factors on the feasibility study. It acknowledges Bronzewing is a high cost producer and as such all of these factors will significantly influence the outcome of the project.

The ongoing push to further increase resource ounces is also a high priority. View has already identified a number of targets that would add significantly to its resources, including Venus, the base of the Cockburn pit and extensions to some of the pits on the Mt McClure trend. A detailed regional structural review has also been commissioned to help prioritise exploration targets.

View has a previously announced (21 April 2006) a reserve/resource base of over 340,000 ounces, including 103,000 ounces of probable reserves and 243,000 ounces of indicated resources.

Chief Executive Officer Tim Gooch added "We recognise that we have targeted a restart of Bronzewing in mid-2006 but in light of the rapidly changing market conditions the Board has instructed management to spend a short period of time considering all the available options, some of which have only become significant over the past month as gold prices have continued upwards. Our focus has not changed, but it would be remiss not to consider the potential for adding into the feasibility study any other factors that may add further value or reduce risk."

View is close to completing its detailed feasibility study and the preparation of a final bankable document. This will then allow View to complete project finance and quickly move into production. Discussions with banks are well advanced and are aimed to tailor a debt position which will underpin the Bronzewing project whilst leaving maximum exposure to any increases in gold prices. A number of hedging options are currently being modelled.

"We are currently talking to a number of financial institutions on our debt and hedging alternatives" said Mr Gooch, "and we are confident we can manage this in a cost effective manner that adds significant value to the company. Being near to production. View has a great advantage in being able to lock in gold prices that can deliver good project returns and we will utilise this advantage to quarantee us the target margins the Board requires, whilst leaving plenty of blue sky."

As the analysis of all relevant opportunities is forecast to take the company around three months to complete. View has secured further equity funding of AUD\$3 million via a private placement to sophisticated investors and supporting institutions. See note (i). This additional capital will be used for a major up front exploration program to identify and develop further resources, complete acquisitions, the feasibility study, corporate costs and strategic regional opportunities.

For further information relating to this release please contact View's Chief Executive Officer, Tim Gooch on (08) 9226 4611

Tim Gooch Chief Executive Officer

Note (i)

Please find attached an Appendix 3B for the issue of 15,000,000 Ordinary Fully Paid Shares and 7,500,000 Listed Options (20 cents, 30 June 2008)

For the purposes of section 708A of the Corporations Act 2001 (Cth) ("Act"), the Company has allotted the Shares without disclosure to investors under Part 6D.2 of the Act, and provides this notice in accordance with section 708A(5)(e). Further at the date of this notice, the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company, and section 674 of the Act. In addition, at the date of this notice there is no 'excluded information' (as defined by section 708A(7) and (8) of the Act), required to be disclosed by the Company.

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).

1	+ Class of $+$ securities issued or to be issued	Ordinary Fully Paid Listed Options (20 cents, 30 June 2008) Unlisted Executive Options
2	Number of $+$ securities issued or to be issued (if known) or maximum number which may be issued	15,000,000 Ordinary Fully Paid Shares 7,500,000 Listed Options (20 cents, 30 June 2008)
		2,000,000 Unlisted Executive Options
3	Principal terms of the $+$ securities (eg, if options, exercise price and expiry date; if partly paid $^+$ securities, the amount	Shares - Ordinary Fully Paid Listed Options $- (20 \text{ cents}, 30 \text{ June } 2008)$
	outstanding and due dates for payment; if $\uparrow$ + convertible securities, the conversion price and dates for conversion)	Unlisted Executive Options: 1,000,000 (20 cents, 30 June 2008) $ \,$ 1,000,000 (25 cents, 30 June 2009) $\overline{\phantom{m}}$

4	Do the $+$ securities rank equally in all respects from the date of allotment with an existing + class of quoted $+$ securities?	Yes – Shares and Options No – New class of Unlisted Executive Options
	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 or payment
5.	Issue price or consideration	Unlisted Executive	20 cents per share to raise \$3m. 1 for 2 free attaching option, (20 cents, 30 June 2008) Options issued pursuant to Employees Share Option Plan
6	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	To fund Bronzewing.	feasibility and development оf
7	Dates of entering + securities into uncertificated holdings or despatch of certificates	10 May 2006
8	Number and $\pm$ class of all + securities quoted on ASX (including the securities in clause 2 if applicable)	Number 173,568,310	+ Class Fully - Paid Ordinary Shares
		51,993,632	Options (20 cents, 30 June 2008)

		Number
Q	Number and $\text{class}$ of all 1,000,00
	*securities not quoted on ASX
	(including the securities in clause)
	2 if applicable)

Number	+ Class
1,000,000	Options (Employee)
	$(35 \text{ cents}, 31)$
	December 2006)
1,000,000	$(20 \text{ cents}, 30 \text{ June})$ 2008)
1,000,000	$(25 \text{ cents}, 30 \text{ June})$
	2009)
3,400,000
	Options (50 cents, 31
	March 2009)
3,600,000
	Options (20 cents, 30
	June 2008)

Dividend policy (in the case of a $\begin{bmatrix} \text{trust, distribution policy} \ \text{increased capital (interests)} \end{bmatrix}$ $10^°$

$\overline{\text{N/A}}$

Part 2 - Bonus issue or pro rata issue

11	security holder approval Is required?	N/A
$12^{\circ}$	Is the issue renounceable or non- renounceable?	N/A
13	Ratio in which the "securities will be offered	N/A
14	Class of securities to which the offer relates	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 Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7.	N/A
19	Closing date for receipt οf 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	Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of *security holders	N/A
25.	If the issue is contingent on "security holders" approval, the date of the meeting	N/A
26	Date entitlement and acceptance $N/A$ form and prospectus or Product Disclosure Statement will be sent to persons entitled
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 entitlements in full through a broker?	N/A

31	How do "security holders sell part ]
	of their entitlements through a
	broker and accept for the balance?

How do "security holders dispose
of their entitlements (except by sale
through a broker)? $32₂$

$^\ast$ Despatch date 33

$N/A$

$N/A$

$N/A$

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of 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
-36	If the securities are equity securities, a distribution schedule of the additional *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
-37	A copy of any trust deed for the additional "securities

Entities that have ticked box 34(b)

38 Number of securities for which *quotation is sought

39 Class of 'securities for which quotation is sought

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:

• $\bullet$ 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 or interest payment
• 41 Reason for request for quotation now

Example: In the case of restricted securities, end of restriction period

(if issued upon conversion of another security, clearly identify that other security)

42 Number and *class of all *securities quoted on ASX (including the securities in clause 38)

Ouotation agreement

• $\mathbf{1}$ *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

• $\bullet$ 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 $\bullet$ 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 ٠ *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.

Sign here:

Company Secretary

Date: 9 May 2006

Print name:

Mike Ralston

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