Celsius Resources Limited — Capital/Financing Update 2007

Jul 15, 2007

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16 July 2007

Company Announcements Office Australian Stock Exchange Limited 20 Bond Street, Sydney NSW 2000

By e-lodgement

View’s Gold and Nickel Projects Progressing as Major Shareholder IMC Increases its Stake

Following the announcement on 2 July on its planned $30M fund raising, View Resources Limited (ASX:VRE) is pleased to announce that the institutional offer was significantly over subscribed on the back of strong support from its existing shareholders. The Company has also received strong support for its Retail Offer which was made to the public last week.

34,705,000 shares at 40 cents under tranche one have already been issued with 40,295,000 shares under tranche two and the Retail Offer being subject to shareholder approval at an extra-ordinary general meeting to be held on the 6 August 2007.

View’s major shareholder IMC has used the placement to substantially increase their shareholding in the Company, strengthening the existing relationship and giving the first clear sign of their intent to grow their base and precious metals position in the Australian resource sector. IMC’s Asian-based core logistics, shipping and services, industrial supply chain and resources marketing capabilities make it an ideal partner to complement View’s mining and operational expertise and growth strategy. (Note that a change in substantial shareholding by IMC will be in two parts as they will only receive their allocation of shares in the second tranche).

The Company’s decision to hedge part of its gold production will start to show positive outcomes this month, with the first of its $830/oz put options being used, realising over $60 per ounce profit against the current gold spot price. The Company has 150,000 ounces of put options available over the next 30 months. The flat forward contracts at $900/oz start in January 2008. View’s other hedge sees 70% (23M litres) of its fuel needs for the next 18 months locked in at just below the feasibility study price, negating a major inflationary risk in the current high cost environment. View continues to ramp up production at the Bronzewing gold project, with full nameplate capacity of 2.3mtpa expected by the end of the current quarter.

Recommissioning of the Carnilya Hill Nickel Project JV (VRE 30%, Mincor Resources 70%) has also begun with initial ore extraction forecast in last quarter of 2007. The JV’s exploration program is also following up on the recent high grade massive nickel sulphide intersection in hole CMD026, some 230m beyond the current geological model, giving the strongest indication yet that ore body continues at depth and that a significant resource extension could be found. View expects both its projects to be cash positive in the first half of 2008, providing the platform for the Company to progress its stated goal to become Australia’s next mid-tier mining house.

Telephone: (08) 9226 4611 Level 12, London House Postal Address Facsimile: (08) 9226 4655 216 St Georges Tce, Perth WA 6000 Po Box 7656 ABN 95 009 162 949 Cloisters Square WA 6850

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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