Celsius Resources Limited — Capital/Financing Update 2007

Jun 11, 2007

12 June 2007

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

By e-lodgement

Carnilya Hill the Next Australian Nickel Mine

Gold producer View Resources Limited (ASX:VRE) is pleased to announce that it will soon add nickel production to the company with the fast-tracking of the Carnilya Hill Nickel Project. Following the successful completion of a Bankable Feasibility Study, the JV partners will move to recommence mining this July taking full advantage of current high nickel prices.

Based on the most recent nickel price forecasts by the Royal Bank of Canada, the project is estimated to generate more than A\$200M net cash for the JV partners before tax and with an internal rate of return greater than 600%. The project robustness is supported by an A\$14,300 per tonne breakeven total cost.

The new reserve of 14,000 tonnes of contained nickel comes from the 483,500 tonnes @ 2.9% Ni (See Note (i) below). View's share of metal in concentrate (30%) will be 3,804 tonnes adding significantly to the Company's cash flow from late in 2007 once full production has ramped up.

The Joint Venture recently announced exciting new drilling results which opened up the possibility for a major resource increase, with the most recent hole (CMD026) intersecting massive sulphides including 0.36m at 17.55% nickel from an overall intersection of 3.11m at 3.66%Ni. This result is 230 metres down plunge and to the west of the current resource (see announcement ASX Tue 29^th May 07) giving the project significant potential upside beyond the initial three year mine life.

View's Managing Director Tim Gooch added, "The Joint Venture has given the go-ahead to commence mining at Carnilya Hill as soon as possible. Our partner and operator Mincor Resources have done an excellent job in defining the new reserve and expediting the mine re-opening. We are also confident that this represents only the beginning as far as Carnilya Hill is concerned which following the latest drill result has excellent potential for future resource increases".

With View already producing gold at Bronzewing and nickel production scheduled for the second half of this year the Company is now well placed to take the next step in its strategic goal of becoming a midtier mining house

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

Yours faithfully,

Tim Gooch Managing Director View Resources Ltd

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

Note (i) The resource and reserve reported above is based on Mincor's recent ASX announcement "Mincor Approves \$28 Million Carnilya Hill Nickel Mine Development" dated 12 June 2007.

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