Celsius Resources Limited — Capital/Financing Update 2007

Apr 10, 2007

VIEW RESOURCES LIMITED

11 April 2007

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

By e-lodgement

62,000 Ounces Added to Bronzewing Reserve

Highlights:

• 62,000 ounces added to the Bronzewing Reserve $\bullet$
• $\bullet$ New Bronzewing underground resource 0.93Mt at 2.6g/t for 77,900 ounces
• Potential to add \$20M to project cash returns
• Recommissioning and first gold production on schedule for this current quarter

Following a detailed review of the Discovery and Central ore bodies at the Bronzewing Gold Project the Directors of View Resources Ltd (ASX:VRE) are pleased to advise that the overall reserves have been increased by 62k ounces and now stand at 544k ounces (previously 482k oz). See resource and reserve statement attached.

The Company has undertaken a re-optimisation and feasibility study on both the Discovery and Central underground and the Central open pit which has resulted in a significant increase in resource and reserves at the soon to be recommissioned Bronzewing mine. Both the Discovery and Central deposits are adjacent to the main processing facilities and will increase the life of the mine and add significantly to the project cash returns.

"These 62,000 ounces are a significant addition to Bronzewing's reserve and confirm our confidence in this project", View's Managing Director Tim Gooch said.

The new Bronzewing underground resource is based around the current Discovery and Central deposits. Initially View will reopen the Discovery underground in two stages, where the new reserve stands at 381kt's at 2.5g/t for 30.6k ounces. Stage one focuses on readily recoverable tonnes near surface which are easily and cheaply accessed with the Company targeting 120kt of higher grade ore, replacing the low grade stock piles originally scheduled in the early months of the mill feed program significantly improving project cash flows at this earlier critical stage.

Stage two is currently being finalised but is expected to recover the remaining 261kt, as well as a large proportion of the remaining 0.94Mt resource which also includes the Central underground. The excellent condition of the existing underground infrastructure and services allows a relatively low cost and expedient return to production.

Re-optimisation of the Central open pit cut-back at a higher gold price of \$800/ounce has seen an increase in reserves to 2.4mt's at 1.6g/t for 121.8k ounces (previous reserve 90k ozs). Mining has already commenced at the now larger Central pit with ore production still scheduled for this June quarter. Currently there are 160 personnel on site with pre-stripping commenced, the underground portal started and plant refurbishment well underway.

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

"The additional reserves reflect Views hunger to keep pursuing value adding opportunities and delivering on our commitments. Whilst the operations team still remains fully focussed on recommissioning the Bronzewing mine, we as a Company are already looking to the future and our strategic goal of becoming a mid-tier mining house and Bronzewing will be the foundation for this growth". Mr Gooch added.

Although not finalised the additional unhedged ounces have the potential to add more than \$20M to the projected project cashflow, currently forecast at \$74M, with little capital required to undertake the additional works.

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

Note 1. Bronzewing Underground Resource Estimate.

.
Barth and the state of a source of the Child Charles

Bronzewing Underground Remnant Resource Estimate, March 2007

Category	Tonnage (000's)	Gold Grade (g/t)	Contained Ounces
Indicated	847	26	70,100
Inferred	92	2.6	7,800
TOTAL	939	2.6	77,900

• The resource estimate reports mineralisation above a 1.5g/t grade cut-off $\bullet$
• Tonnes are rounded to the nearest thousand
• Ounces are rounded to the nearest hundred
• Grades are rounded to the nearest 0.1g/t.
• Some rounding errors will apply
• There are no resources in the measured category

Telephone: (08) 9226 4611 Facsimile: (08) 9226 4655

Level 12, Londan House 216 St Georges Toe, Perth WA 6000 ABN 95 009 162 949

Postal Address Po Box 7656 Cloisters Square WA 6850

An extensive underground database and extensive knowledge of the deposit were combined in producing the revised resource estimate which includes both the Discovery and Central portions of the deposit. The estimate is based on a comprehensive inverse distance resource model, initially developed and validated by Normandy Mining in 2001 and subsequently updated by Newmont as the basis of their Bronzewing reserve and resource statements for the period between 2002 and 2004. Although significant mineralisation was identified within the model at the time the mine was closed, Newmont wrote off all remaining resources at Bronzewing solely on the basis of their policy to only include material that they intended to mine.

The reclassification of the resource involved a detailed inspection of the resource model by the resource estimate's author. It takes into account the level of confidence in the modelled lode positions and orientation and is supported by the results of extensive underground and surface drilling, underground mapping and sampling information.

Lodes that have been classified as indicated are so classified on the following basis:

• Contain a minimum of 3 diamond drillholes
• Contain a minimum of 5 assays
• Satisfy the author that the lode is of sound orientation
• Satisfy the author that there is a high probability of the lode being as modelled (based on drilling, mapping or historical knowledge)
• Satisfy the author that the lode does not misrepresent tonnage or grade based on the $\bullet$ contained intersections
• Satisfy the author that the lode has not been extrapolated beyond a reasonable distance. $\bullet$
• Be of sufficient size after mining depletion to be of economic concern $\bullet$
• Have a lode grade above the reporting cut-off criteria of 1.5g/t gold $\bullet$

Resources classified as inferred satisfy the majority of the above criteria, but either possess a lower drill density or a reduced level of confidence.

Note 2. Bronzewing Mine (Discovery Zone) Underground Reserve.

Bronzewing Underground (Discovery Zone) Probable Ore Reserve Estimate, March 2007

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----- __	ranov - - UH. -------------------------------------- ------- --------	$I \sim 11$ . FOILE . .	. 7 ontainen unces
_	381	----- ____ ---- سى ئە	.30.600

• Tonnes are rounded to the nearest thousand
• Ounces are rounded to the nearest hundred
• Grades are rounded to the nearest 0.1g/t. $\bullet$
• Some rounding errors will apply
• $\bullet$ There are no proven reserves.

The underground reserve estimate is derived from the underground resource model validated by Mr Craig Fawcett. The Discovery ore reserve is determined using the methodology and process consistent with previous mining of this ore body applying relevant dilution and recovery factors. A cost evaluation was then applied to each mining area to determine inclusion within the stated

VIEW RESOURCES LIMITED

reserves. These costs are derived from those contained within an independent underground mining tender document and the results of the Bronzewing Bankable Feasibility Study.

As the mining resource being assessed is with the Indicated and Inferred categories only the material falling within the indicated code has been reported as Probable Reserves.

Note 3. Revised Central Open Pit Reserve

Central Open Pit Probable Ore Reserve Estimate, March 2007

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--------------	. ----------------- ----- --------- -	The contract of the contract of the contract of the contract of the contract of the contract of the contract of . ں ----------- 1.111	. _ ------------ _____

• é The reserve estimate reports mineralisation above a cut off grade of 0.6q/t
• $\bullet$ Tonnes are rounded to the nearest thousand
• Ounces are rounded to the nearest hundred á.
• Grades are rounded to the nearest 0.1g/t é.
• ö Some rounding errors will apply
• $\bullet$ There are no proven reserves

The open pit reserve has been developed using the previously reported Bronzewing inverse distance resource estimate validated by Snowden as part of the Bronzewing Bankable Feasibility Study. The reserve estimate reports gold mineralisation above 0.6g/t gold that falls within an open pit design developed from a Whittle Optimisation undertaken using an \$800/ounce gold price. Previous estimations had been reported using a lower gold price. Appropriate dilution and recovery factors were applied including mining dilution of 10% at 0.0g/t Au, mining ore recovery of 90% and metallurgical recovery of 93%. Mining and processing costs are derived from those developed for and reported in the Bronzewing Bankable Feasibility Study.

Note 4. Competent Persons Statements.

• $\mathbf{1}$ . Information in this report that relates to the Mineral Resource estimate for the Bronzewing Underground Deposit is based on information compiled by Mr Craig Fawcett BSc, G.Dip Eng., a full time employee of Ore Vision Pty Ltd. Mr Fawcett is a Member of the Australasian institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposit and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC code)'. Mr Fawcett consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
• $\overline{2}$ . The information in this report that relates to the Bronzewing underground Ore Reserves is based on information compiled by Anthony Lund, who is a Member of The Australasian Institute of Mining and Metallurgy. Anthony Lund is a full-time employee of View Resources Ltd and has over 10 years experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, including related mining method and project evaluation experience to qualify

Telephone: I	Requirements and the literature of the countries of containing equations of the countries (08) 9226 4611
Facsimile:	(08) 9226 4655

VIEW RESOURCES LIMITED

as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code)'. Mr Lund consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

1. The information in this report that relates to the Bronzewing Central Open Pit Reserve is based on Information compiled by Alan Cooper. Mr Cooper is a Principle Consultant Mining Engineer with Snowden Mining Industry Consultants and a Member of the Australian Institute of Mining and Metallurgy. He has more than 5 years experience in the estimation, assessment and evaluation of ore reserves for open pit and underground gold deposits and qualifies as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC code)'. He has no interest or relationship with View Resources Limited or any associated companies and consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.