Celsius Resources Limited — Capital/Financing Update 2012

Jul 3, 2012

MEDIA RELEASE/ASX ANNOUNCEMENT

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4 July 2012

UPDATE ON COAL PROJECTS: DRILLING CONTRACTS SIGNED, WORK PROGRAMMES APPROVED

HIGHLIGHTS

• Contract signed with ALPProject International to commence confirmatory drilling of Tuyuk-Kargasha tenement (5 core drill rigs planned) and Min Teke and Kokkia tenements (2 core drill rigs planned) in July to test an Exploration Target of 500 to 700 million tonnes of coal based on historical exploration[1]

• Licensing Committee of the Agency for Geology grants Kokkia exploration licence and approves the Min Teke and Sary Mogol development licences work programmes for 2012

• Road access to Min Teke development licence has commenced with KAB Group will enable contract mining of coal and exploration of the licence by trenching and drilling

• Trenching of Tuyuk-Kargasha tenement has commenced, trenching of Kokkia and Min Teke tenements to follow

• Contract signed with Southern Expedition to commence road works to Tuyuk-Kargasha tenement, and possibly Kokkia tenement after further road assessments

• Topographic and geological mapping completed by ALPProject International at Sary Mogol development licence as a precursor to mine start-up

• Road assessment to Bel Alma tenement in progress

View Resources Limited (ASX:VRE) ( View or the Company ) is pleased to advise it has completed contracts to commence drilling programmes on the Tuyuk-Kargasha, Kokkia and Min Teke tenements in July 2012. A total of seven diamond drill / core drill rigs have been secured for the 2012 field season, and mobilisation is expected within the next three weeks. In addition, the Licencing Committee of the Agency for Geology has granted the Kokkia exploration licence and approved the Min Teke and Sary Mogol development licences work programmes for 2012.

1 Note, the potential quantity is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. This Exploration Target is detailed in Table 1 below.

The Company has commenced exploration activities on its high quality coking and thermal coal projects located in Kyrgyzstan, namely Tuyuk-Kargasha, Min-Teke and Sary Mogol. Trenching and sampling of outcropping coal at Tuyuk-Kargasha is being carried out. Road assessments for access to Tuyuk-Kargasha, Kokkia and Bel Alma to carry out exploration activities such as drilling are underway. The Company has also completed a contract to Contract Mine on the Min Teke development licence, planned for the third quarter of 2012.

Mr Grant Thomas, Managing Director, View Resources Limited, commented:

“This is a very rapid start-up of our exploration activities in Kyrgyzstan, especially given that the Bishkek office was only established in April and the Kokkia Coal Limited transaction was only completed in June of this year. The commitment of View to the Kokkia assets is clear and our focus will be on defining resources that are compliant with the JORC code. View also remains committed to progress our current assets of Sary Mogol and Bel Alma. We look forward to keeping investors updated with results from activities as they are received.”

Figure 1. Location of View and Kokkia Projects, Kyrgyzstan

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EARTHMOVING AND DRILLING CONTRACTORS

The Company is pleased to is pleased to advise that it has engaged ALPProject International to carry out core drilling at the Company’s Kyrgyzstan Coal Projects.

A total of seven core drill rigs have been secured for the 2012 field season, and mobilisation is expected within the next three weeks. Of these drill rigs five have been earmarked to commence drilling at the Tuyuk-Kargasha prospects, testing the Exploration Target of 382 to 475 million tonnes of coal which has been estimated for these prospects. The potential quantity of this exploration target is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.

The other two drill rigs will commence drilling at the Min-Teke prospect, where the company has a valid development/mining license and then move to the Kokkia prospect to test an Exploration Target of an estimated 114 to 198 million tonnes of coal. The potential quantity of this exploration target is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.

The Company has already commenced construction of a road to Min Teke using KAB Group and has engaged Southern Expedition to upgrade/prepare road access to Tuyuk-Kargasha prospects in preparation for the drilling campaign. Access tracks and drill pads will then be constructed. In addition, the Company is taking advantage of the equipment on site to increase the pace of exploration by undertaking trenching across the prospects. Trenching and sampling has commenced at Tuyuk-Kargasha and is also planned for Kokkia and Min-Teke. The Company will also use the equipment available to carry out small scale bulk sampling activities exploiting outcropping or nearsurface coal.

Figure 2. ALPProject drill rig in operation in Kyrgyzstan.

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LICENCE APPROVALS

The Company is pleased to announce that the Licensing Committee of the Agency of Geology Kyrgyzstan has granted the Kokkia exploration licence (2593-CP, 26/06/2012 to 31/12/1023) and approved both the Min Teke (2397-CE, 26/06/2012 to 28/09/2019) and Sary Mogol (2989-CE, 28/06/2012 to 28/07/2016) development licence work programmes for 2012. This allows the Company to immediately pursue its planned activities on these licenses.

In Kyrgyzstan, following grant of an exploration or development license, a License Agreement must be agreed with the Licensing Committee of the Agency of Geology. These license agreements consist of agreed work programmes and expenditures for the next phase of exploration. Once one license agreement is finished or expires, the Company must agree the next license agreement.

COMPLETED AND ONGOING EXPLORATION ACTIVITIES

The Company is pleased to advise that topographic and geological mapping has been completed at Sary Mogol development licence as a precursor to planned mine start-up in 2012 and that a road assessment to Bel Alma licence is underway. A road to Bel Alma is required prior to possible exploration activities such as planned trenching and drill testing.

Geological reconnaissance has also been carried out at all of the Company’s projects in Kyrgyzstan, including traverses across the coal horizons, surface sampling, and reconnaissance mapping. The historical open pit at the Sary Mogol Prospect was mapped in detail specifically to identify the trend of the coal bearing horizon to enable a drill programme to be planned to test potential extensions of this horizon.

Figure 3. Outcropping four (4) metre coal seam in Tuyuk license.

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Figure 4. Equipment and infrastructure including coal stockpiles at the Sary Mogol Prospect

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ABOUT VIEW RESOURCES

View Resources is an Australian-based exploration company that was initially focused on the exploration, evaluation and exploitation of nickel deposits and other minerals located in Western Australia.

View recently acquired a 90% interest in the Sary Mogol and Bel Alma coal licences located in Alai Range region of southern Kyrgyzstan and is earning an 80% interest in the Tuyuk-Kargasha, Kokkia and Min Teke licences in the Uzgen Basin in Kyrgyzstan.

In addition to its existing assets, the Company continues to actively pursue new projects in the resources sector, not only in Australia and Kyrgyzstan, but elsewhere in the world, with the hope of subsequently developing mining operations on those projects.

Details of the Company’s current projects are detailed in its recent March 2012 Quarterly Activities Report located on the Company’s ASX announcements platform (ASX Code: VRE).

For more information, please visit www.viewresources.com.au or contact Mr Ranko Matic, Company Secretary on +61 (08) 9226 4500.

Competent Person’s Statement

The information in this report that relates to Exploration Results, Exploration Targets, Mineral Resources or Ore Reserves is based on information compiled by Mr Grant Thomas, who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Thomas is an employee of View Resources Limited and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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. Mr Thomas consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

Exploration Targets

It is common practice for a company to comment on and discuss its exploration in terms of target size and type. The information in this announcement relating to Exploration Targets should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. Hence the terms Resource(s) and Reserve(s) have not been used in this context in this announcement. The potential quantity of coal presented in this announcement as Exploration Targets are conceptual in nature. It should be noted that there has been insufficient exploration to define a Mineral Resource which complies with the JORC code, and it is uncertain if further exploration will result in the determination of a Mineral Resource. View Resources intends to carry out an exploration programme to systematically test the Exploration Targets for each of the Prospects, which are detailed in table 1 below.

Table 1. Exploration Targets for the Kargasha, Tuyuk, Kokkia and Min-Teke Prospects

Prospect	Exploration Target (millions of tonnes of coal)
Kargasha	115– 140
Tuyuk	267 –335
Kokkia	114 – 198
Min-Teke	5– 27
**Total **	501 – 700