Celsius Resources Limited — Capital/Financing Update 2011

Dec 7, 2011

8 December 2011

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MEDIA RELEASE/ASX ANNOUNCEMENT

UPDATE ON COAL ACQUISITION AND GRANT OF NEW NICKEL TENEMENT

1. Update on Coal Acquisition

View Resources Limited (ASX:VRE) ( View or the Company ) is pleased to advise that representatives of the Company’s appointed independent geologist, Micromine Consulting Pty Ltd, have completed a site visit to both the Bel-Alma and Sary-Mogol projects in Kyrgyzstan.

As part of the site visit, the snow cover was dug away from some of the historical trenching at the BelAlma project so that additional coal sampling could be conducted under the supervision of the independent geologist.

A total of 10 samples were taken from the Bel-Alma project and they will be sent to ALS laboratories in Mongolia for analysis (including analysis of any coking coal properties). A further 4 samples were taken from the Sary-Mogol project (which is not completely covered by snow).

Figure 1. Sampling of historical trenching at the Bel Alma Project

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These samples add to the historical technical information that was already available to the Company and which has now been translated from Russian to English in full. Micromine will be compiling and reviewing all of this detailed historical data as part of its independent geological review. As part of this review, Micromine will also be assessing the proximity of these projects to existing infrastructure and the implications for mining. From the Google Earth image below it can be seen that a sealed road runs adjacent to both properties. This same road links directly into China.

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The proximity of both projects to each other is identified in the picture above.

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The Sary-Mogol mine site is identified in the picture above, along with other mine sites in the area.

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The Bel-Alma licence area is identified in the picture above.

In addition to the above, the Company has embarked on an active recruitment process for a Managing Director to drive the Company’s operations moving forward. A number of high quality candidates are under consideration and View is confident of making an appointment early in the New Year.

2. Status of new Nickel exploration licence

The Company’s nickel exploration licence application E39/1641 located in the Eastern Goldfields has been recommended for grant and is currently progressing through the Native Title Process. The native title objection period closes shortly and, if there are no objections, the tenement would be expected to be granted in early 2012.

The Company continues to investigate other nickel opportunities in the Eastern Goldfields region.

3. Timetable

An indicative timetable for completion of the acquisition of the coal project remains on track:

Event	Date
Dispatch Notice of Meetingto shareholders	23December 2011
LodgeProspectuswith ASIC	16 January2012
Offerunder Prospectus opens	16 January2012
Offer under Prospectus closes	23 January 2012
General Meeting ofshareholdersto approveTransaction	30 January2012
Coalacquisitioncompletes	31January2012

AUTHORISED BY:

Ranko Matic

Non-Executive Director and Company Secretary

P: + 61 8 9226 4500

F: + 61 8 9226 4300

Level 1, 12 Kings Park Road WEST PERTH, WA 6005

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