Celsius Resources Limited — Capital/Financing Update 2012

Jan 24, 2012

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MEDIA RELEASE/ASX ANNOUNCEMENT

25 January 2012

UPDATE ON COAL ACQUISITION - ENCOURAGING RESULTS FROM SURFACE SAMPLING AT KYRGYZSTAN COAL PROJECTS

1. Receipt of Assay Results

View Resources Limited (ASX:VRE) ( View or the Company ) is pleased to advise that assay results have been received from coal samples taken at the Kyrgyzstan coal projects under the supervision of the Company’s appointed independent geologist, Micromine Consulting Pty Ltd (refer to prior announcement dated 8 December 2012).

The coal analyses were by Stewart Global Group (part of the ALS Group) at their accredited laboratories in Mongolia. Some selected samples are being sent to a laboratory in Australia for analysis of coal rank properties.

The results are set out in table 1 attached to this announcement and have confirmed the presence of relatively high energy thermal coal at both the Bel-Alma and Sary-Mogol projects in Kyrgyzstan. 12 out of the 14 samples returned calorific values above 5,500 Kcal/kg on an “as received” basis, including 4 samples above 7,000 kcal/kg and a maximum value of 7,284kcal/kg . 11 out of 14 samples contained less than 15% ash (including 5 samples with less than 5% ash).

It should be noted that these are surface samples of weathered coal and further exploration drilling and coal sampling, especially of fresh coal, is required to determine the representative characteristics of the coal seams at each Project.

The Company is now able to confirm satisfaction with its technical due diligence on the projects.

2. Timetable

The timetable for completion of the acquisition of the coal projects has been slightly varied as per below:

Event	Date
General Meeting of shareholders to approve Transaction	30 January 2012
Lodge Prospectus with ASIC	30 January 2012
Offer under Prospectus opens	30 January 2012
Offer under Prospectus closes	3 February 2012
Coal acquisition completes	4 February 2012

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

Competent Person’s Statement

The information in this announcement that relates to exploration results relating to the Kyrgyzstan coal projects is based on information compiled by Graeme Hewitt of Micromine Pty Ltd who is a Fellow of the Australasian Institute of Mining and Metallurgy. Graeme Hewitt has sufficient experience which 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’. Graeme Hewitt consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Table 1. Coal Assays from Bel-Alma Project (BA01 – BA10) and Sary-Mogol Project (CM01 – CM03)

SAMPLE NO.	AS RECEIVED BASIS	AS RECEIVED BASIS	AS RECEIVED BASIS	AS RECEIVED BASIS	AS RECEIVED BASIS		AIR DRIED BASIS	AIR DRIED BASIS	AIR DRIED BASIS	AIR DRIED BASIS	AIR DRIED BASIS		DRY BASIS	DRY BASIS	DRY BASIS	DRY BASIS	DRY BASIS	DAF	True Relative Density (TRD)	Free Swelling Index (FSI)
	Total Moisture (TM)	Ash (CPAA)	Volatile Matter (CPAV)	Fixed Carbon	Total Sulphur (TS)	Calorific Value (CV)	Analytical Moisture (CPAM)	Ash (CPAA)	Volatile Matter (CPAV)	Fixed Carbon	Total Sulphur (TS)	Calorific Value (CV)	Ash (CPAA)	Volatile Matter (CPAV)	Fixed Carbon	Total Sulphur (TS)	Calorific Value (CV)	Calorific Value (CV)
						mode- dynamic						mode- dynamic					mode- dynamic	mode- dynamic
	%					cal/g	%					cal/g	%				cal/g	cal/g
BA01	2.89	5.13	28.52	63.46	0.46	6649	2.80	5.13	28.55	63.52	0.46	6655	5.28	29.37	65.35	0.47	6847	7228	1.48	0.0
BA02	3.64	23.36	23.12	49.88	0.35	5240	2.22	23.71	23.46	50.61	0.36	5318	24.24	23.99	51.76	0.36	5438	7178	1.63	0.0
BA03	3.12	6.46	28.31	62.10	0.58	6674	2.33	6.51	28.55	62.61	0.59	6728	6.67	29.23	64.10	0.60	6889	7381	1.46	0.0
BA04	3.28	3.12	29.06	64.54	0.68	7075	2.20	3.16	29.38	65.26	0.69	7154	3.23	30.05	66.73	0.70	7315	7560	1.41	0.0
BA05	3.81	3.61	27.83	64.76	0.59	6942	2.18	3.67	28.30	65.86	0.60	7060	3.75	28.93	67.32	0.61	7217	7498	1.43	0.0
BA06	2.68	2.50	28.05	66.77	0.56	7171	2.04	2.52	28.23	67.21	0.57	7218	2.57	28.82	68.61	0.58	7369	7563	1.43	0.0
BA07	1.77	1.95	28.92	67.36	0.69	7284	2.17	1.94	28.80	67.08	0.68	7254	1.99	29.44	68.57	0.70	7415	7565	1.41	0.0
BA08	2.29	3.63	29.99	64.08	0.80	7060	2.23	3.64	30.01	64.13	0.80	7065	3.72	30.69	65.59	0.82	7226	7505	1.43	0.0
BA09	2.38	5.14	30.80	61.67	0.92	6872	2.42	5.14	30.79	61.65	0.92	6869	5.27	31.56	63.18	0.94	7040	7431	1.43	0.0
BA10	3.98	6.59	29.21	60.22	0.88	6625	2.31	6.70	29.72	61.26	0.89	6740	6.86	30.42	62.72	0.92	6900	7408	1.45	0.0
CM01	5.30	16.58	29.98	48.14	0.61	5710	2.66	17.04	30.81	49.48	0.62	5868	17.51	31.65	50.83	0.64	6029	7309	1.53	0.0
CM02	8.70	9.61	32.49	49.20	0.46	6086	3.38	10.17	34.38	52.06	0.49	6440	10.53	35.59	53.88	0.50	6665	7450	1.45	0.0
CM02/1	6.57	8.09	34.06	51.27	0.50	6356	3.44	8.37	35.20	52.99	0.52	6568	8.66	36.46	54.88	0.54	6803	7448	1.43	0.0
CM03	8.11	32.43	27.00	32.46	0.35	4336	2.34	34.47	28.70	34.50	0.37	4608	35.29	29.38	35.33	0.38	4719	7292	1.65	0.0