Celsius Resources Limited — Capital/Financing Update 2007

Oct 11, 2007

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12th October 2007 Company Announcements Office Australian Stock Exchange Limited 20 Bond Street Sydney NSW 2000 By e-lodgement

Bronzewing Performance Update

View Resources (ASX: VRE) is pleased to report that the ramp up to full operational production at the Bronzewing Gold Project is nearing completion. Many of the key operational issues have now been overcome as the Company drives towards the monthly 10,000 oz target that equates to the annualised production figure of 120,000 oz, making Bronzewing a substantial Australian gold producer.

Bronzewing now has ore presenting from five sources, the two underground declines Discovery and Calista, and three pits, Venus, Success and Central, with the resultant increase in stockpiles available. Operationally, both underground contractors on site are performing well and capital development is now back on schedule delivering more consistent higher grade ore as both declines begin their stoping programs.

With the current supply of ore the treatment plant now has the ability to blend the feed grade and material type to achieve optimum efficiency levels and targeted recoveries. The operational position is better than at any stage over the past 3-4 months, where lack of consistent ore supply has been a key limiting factor. With continuing improvement now forecast Bronzewing is moving towards its original targets and goals.

Bronzewing produced 17,600 oz gold during the June-Sept quarter when the ramp up began. With consistent ore supply and higher grades being processed the recovered ounces of gold will continue to build to 30,000 oz forecast for the current quarter.

Views other asset, the Carnilya Hill Nickel Project, development continues to go according to plan with the Joint Venture partners advancing the decline to the new ore body down plunge west from the old Carnilya Hill mine. It is still forecast that first revenues will come in from Carnilya Hill in January 2008 and that mine will contribute positively to View cash flows from the second quarter 2008.

Negotiations on refinancing are well advanced and the Company will make an announcement shortly.

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

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Tim Gooch Managing Director - View Resources Ltd

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