Celsius Resources Limited — Capital/Financing Update 2007

Jan 22, 2007

VIEW RESOURCES LIMITED

23rd January 2007 Company Announcements Office Australian Stock Exchange Limited 20 Bond Street. Sydney NSW 2000

By e-lodgement

Bronzewing Forwards Locked in at \$900/oz

The Directors of View Resources (ASX:VRE) are pleased to announce completion of the full hedging programme for the Bronzewing Gold Project, with all prices achieved in excess of that previously modelled in the bankable feasibility study.

View has now locked in 175,000 ounces of forward contracts to deliver gold at a flat forward price of \$900/oz. achieving a \$325/oz cash margin on 38% of gold produced in the project. In addition View acquired a further 150,000 ounces of put options in November 2006 at a strike price of \$830/oz, giving a total of 325,000 ounces (70% total production) locked in at an overall minimum cash margin of around \$300/oz, with significant upside if the gold price moves over \$830/oz.

View's Managing Director Tim Gooch said "Our hedging programme is two fold; firstly we protect the project from its major risk, a significant down turn in gold price by locking in a quaranteed revenue. Secondly by purchasing the put options we still leave over 60% of our production exposed to an increase in gold price. Add to this the exploration potential to increase ounces. gives further upside in the current rising gold market. This hedging program is seen as fundamental to Bronzewing's success as it now becomes the platform from which we can grow the entire Company."

Bronzewing restart remains on track for Q2 2007 with all major service and supply contracts. plant recommissioning and personnel recruitment going ahead as scheduled.

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 View Resources Limited