Celsius Resources Limited — Capital/Financing Update 2013

Jan 30, 2013

CELSIUS SUCCESSFULLY COMPLETES 2012

EXPLORATION WITH ADDITIONAL CONFIRMATION OF

COKING COAL AT KARGASHA

(UZGEN BASIN COKING COAL PROJECT) MAIDEN JORC EXPECTED BY END OF Q1 2013

HIGHLIGHTS

• Majority of 2012 drillhole assays have now been received. Assays clearly confirm coal seams at Kargasha have very good coking properties.

• Seams at Min Teke Project have coals with a mix of premium thermal coal and coking coal characteristics.

• At Kargasha latest new assay results from drillholes DD12TK002, DD12TK004, DD12TK005, DD12TK006 and DD12TK007 show excellent Free Swelling Index (FSI) properties in the range of 6.5 to 8.5. This matches the previously reported results for drillholes DD12TK001 and DD12TK003.

• For the complete 2012 Kargasha drilling of 49 coal samples analysed for FSI all but 3 show levels greater than 4.5 (typically assessed as the threshold for coking coal). Most samples show FSI in the range of 6.5-8.5 indicating coking coals could be of high quality.

• At Min Teke results from drillholes DD12MT001, DD12MT002 and DD12MT003 all show coal intersections of high thermal capacity with some samples showing good coking properties.

• The Company maintains its Exploration Target of 501 to 700 million tonnes of coal[1] for the Uzgen Basin Coking Coal Project.

• Celsius is currently preparing its ‘maiden’ JORC resource, which is expected to be finalised by the end of the first quarter this year.

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.

Celsius Coal Limited (ASX Code: CLA) ( Celsius or the Company ) is very pleased to release further coal quality analyses received from its 2012 drilling programme at the Company’s Uzgen Basin Coal Project located in the Kyrgyz Republic (Figure 1).

Kargasha Project - Analysis of Diamond Drill Core

"It is great to receive all 2012 analyses and fantastic to see they confirm that the Uzgen Basin Coking Coal Project has delivered quality coking coal results. When we acquired the Project we did so believing that it would rapidly become our core asset and one that has the potential to host a commercially viable premium coking coal project.” Grant Thomas, Managing Director reported on completion of the program and on receipt of the latest assay data “Celsius has achieved a remarkable amount already and the culmination of this work will be the initial JORC resource, which is on track to be released this quarter."

Celsius has previously reported the following coal intercepts for drillholes DD12TK001 to DD12TK007 in ASX release date 9 November 2012:

Drillhole Name	Soviet Hole Twin No.	Completed Depth	Intervals of Interest
DD12TK001	40	437m	3.52m interval including 2.04m of coal at 351.08m. 1.94m coal interval 361.56m.
DD12TK002	25	639m	1.10m interval including 0.82m of coal at 502.65m. 0.77m coal interval at 523.55m 1.29m interval including 1.17m of coal at 540.17m. 0.64m interval including 0.52m of coal at 548.08m.
DD12TK003	56 (250m E)	661m	1.06m coal interval at 552.64m. 0.68m coal interval at 558.42m. 1.15m interval including 1.06m of coal at 578.85m. 1.94m interval including 1.39m of coal at 602.2m. 0.56m coal interval at 607.2m.
DD12TK004	48	556.5m	0.94m interval including 0.89m of coal at 479.69m
DD12TK005	31	332m	1.71m interval including 1.00m of coal at 230.49m. 1.11m interval including 0.88m of coal at 260.20m.

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			1.59m interval including 0.81m of coal at 263.23m. 1.07m interval including 0.98m of coal at 273.08m. 1.40m interval including 0.98m of coal at 294.94m. 3.82m interval including 1.58m of coal at 298.09m. 1.09m interval including 0.69m of coal at 323.41m.
DD12TK006	30	274m	0.53m coal interval at 146.87m. 0.60m coal interval at 148.93m. 0.77m interval including 0.68m of coal at 174.23m. 1.37m interval including 0.97m of coal at 209.75m. 0.51m coal interval at 215.38m.
DD12TK007	Exploration	331m	1.20m interval including 1.11m of coal at 207.54m. 0.83m interval including 0.81m of coal at 245.85m. 0.61m interval including 0.59m of coal at 260.44m.
Sub-Total		3230.5m

These intercepts were originally confirmed in drillholes DDTK001 and DD12TK003 and have been confirmed by the recently received interim analyses for drillholes DD12TK002, DD12TK004 DD12TK005 DD12TK006 DD12TK007, with further testing continuing (results for DD12TK001 and DD12TK003 have previously been reported). This work was undertaken in the internationally accredited SGS laboratory in Novokuznetsk Russia using industry standard analytical procedures.

Results of raw coal sample testing are shown below. These laboratory results confirm coal intersected in all drillholes in the Kargasha Project area has potential to be used as coking coal , and also validate the thickness of coal intersected in drilling from visual inspection (reported 9[th] November 2012).

Coking coal potential is demonstrated by the results from Free Swelling Index (FSI) coking tests, with 46 of 49 coal samples from drillholes DD12TK001-DD12TK007 submitted for FSI tests returning results greater than 4.5.

All coal samples show very good thermal characteristics with high GCV[ad] (air dried gross calorific value), low IM (Inherent Moisture), and low to moderate phosphorus (P[d] ) and acceptable total sulphur (TS[d] ) . Coking coals with low concentrations of deleterious elements such as phosphorus and total sulphur are favoured by steel producers.

The drillhole DD12TK002, DD12TK004, DD12TK005, DD12TK006, DD12TK007 coking test results are consistent with those obtained for drillhole DD12TK001 (reported 9[th] October 2012) and DD12TK003 (reported

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12 December 2012) and also show a continuing trend of low to moderate phosphorous and total sulphur content. Given the spacing of drillholes (Figure 2) it is possible that a substantial portion of the coal at Kargasha has potential to be used as coking coal

DD12TK001 (Results of +0.5mm - 10mm fraction)

Sam. No.	From	To	Thick	IM	Ashad	VMad	GCVad	Pd	TSd	FSI
	m	m	m	%(ad)	%(ad)	%(ad)	Kcal/Kg(ad)	%(db)	%(db)
3003	352.87	353.36	0.49	1.5	5.7	18.5	7,697	0.001	0.32	0.5
3005	353.47	354.60	1.13	1.4	3.1	28.9	7,982	0.001	0.32	7.5
3008*	361.56	363.40	1.84	1.2	46.2	20.5	4,174	0.011	1.56	1.5

*** Incorrectly sampled with parting included. FSI on washed sample is 7.5.**

DD12TK002

Sam. No. From To Thick IM Ashad VMad GCVad	Pd TSd FSI
m m m %(ad) %(ad) %(ad) Kcal/Kg(ad)	%(db) %(db)
3050 502.65 503.26 0.61 1.1 11.4 38.9 7390 3053 523.58 524.32 0.74 1.8 5.7 30.0 7682 3055 525.67 525.98 0.31 1.3 4.7 36.1 7903 3057 540.17 540.38 0.21 2.2 5.7 34.2 7784 3059 540.50 541.46 0.96 1.2 20.4 31.2 6528 3061 543.54 543.87 0.33 1.3 9.1 34.9 7469 3063 548.08 548.58 0.50 1.2 27.0 26.9 5750	n/a 0.41 6.0 n/a 1.04 7.5 n/a 0.72 7.5 n/a 0.50 7.5 n/a 0.35 8.0 n/a 0.88 7.0 n/a 0.40 1.0

DD12TK003 (Results of +0.5mm - 10mm fraction)

Sam. No. From To Thick IM Ashad VMad GCVad	Pd TSd FSI
m m m %(ad) %(ad) %(ad) Kcal/Kg(ad)	%(db) %(db)
3011 540.50 540.78 0.28 1.4 7.1 38.1 7627 3013 552.64 553.70 1.06 1.2 8.5 37.5 7548 3016 556.44 556.90 0.46 1.4 10.9 35.4 7268 3019 558.42 559.10 0.68 1.3 10.7 36.4 7340 3021 566.38 566.56 0.18 1.1 23.9 31.1 6229 3022 571.77 572.04 0.27 1.2 15.1 33.9 6782 3023 577.49 577.84 0.35 1.1 12.6 35.6 7204 3025 578.85 579.43 0.58 0.9 23.0 42.2 5677 3027 579.52 580.00 0.48 0.8 20.2 33.5 6451	0.002 0.83 7.0 0.006 0.46 7.0 n/a 0.55 6.5 n/a 0.59 7.0 0.012 0.74 n/a 0.014 0.91 6.5 0.053 0.68 7.5 n/a 0.75 n/a n/a 0.60 n/a

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3029	588.08	588.21	0.13	0.9	37.0	29.2	5213	n/a	0.51	n/a
3030	588.21	588.68	0.47	0.9	19.3	35.9	6483	n/a	0.60	8.5
3033	602.20	602.67	0.47	1.0	27.4	30.1	5903	n/a	1.03	n/a
3035	602.78	603.00	0.22	1.0	27.6	27.2	5868	n/a	0.65	n/a
3037	603.44	604.14	0.70	1.0	32.4	27.7	5058	0.031	0.48	n/a
3040	606.64	607.20	0.56	1.5	15.3	32.2	6947	0.012	0.76	7.0
3042	608.57	608.94	0.37	1.2	21.1	30.7	6446	0.017	0.61	n/a
3046	631.77	632.00	0.23	1.0	12.2	32.9	7280	n/a	0.60	8.0

DD12TK004

Sam. No. From To Thick IM Ashad VMad GCVad	Pd TSd FSI
m m m %(ad) %(ad) %(ad) Kcal/Kg(ad)	%(db) %(db)
3066 479.69 480.00 0.31 1.7 5.4 35.2 7855 3068 480.05 480.63 0.58 1.5 5.1 37.6 7927 3070 488.53 488.83 0.30 1.4 8.9 34.3 7572 3071 443.38 443.77 0.39 1.5 8.1 36.9 7552	n/a 0.53 7.0 n/a 0.51 8.0 n/a 0.70 7.0 n/a 0.65 8.0

DD12TK005

Sam. No. From To Thick IM Ashad VMad GCVad	Pd TSd FSI
m m m %(ad) %(ad) %(ad) Kcal/Kg(ad)	%(db) %(db)
3073 230.49 231.16 0.67 1.4 26.0 30.7 5976 3075 231.85 232.20 0.35 1.5 12.1 34.8 7246 3076 236.69 236.89 0.20 1.3 4.5 40.4 7987 3080 260.64 260.72 0.08 1.1 38.6 26.0 5001 3082 260.81 261.31 0.50 1.9 5.5 37.2 7750 3084 263.23 263.43 0.20 1.1 22.5 32.0 6751 3085 263.43 263.48 0.05 0.6 22.5 41.6 6594 3086 263.48 263.63 0.15 1.7 6.2 34.4 7725 3088 263.73 264.00 0.27 1.3 30.7 28.3 5519 3091 273.32 273.81 0.49 1.3 10.3 38.0 7383 3093 273.90 274.15 0.25 1.5 6.3 36.5 7807 3096 294.94 295.07 0.13 1.2 16.1 32.8 6845 3098 295.34 295.73 0.39 1.5 12.3 32.4 7212 3100 295.89 296.34 0.45 1.3 11.2 34.9 7424 3103 298.09 299.00 0.91 1.2 10.0 34.0 7349 3106 301.20 301.32 0.12 1.1 25.6 27.0 6062 3108 301.36 301.91 0.55 1.1 12.3 40.0 7017	n/a 0.49 n/a n/a 0.63 6.5 0.002 0.66 6.5 n/a 1.90 n/a 0.005 0.96 6.5 n/a 0.64 n/a n/a 0.41 n/a n/a 0.68 8.0 n/a 0.83 n/a n/a 0.62 8.0 n/a 0.74 8.0 n/a 3.00 8.0 n/a 0.53 7.5 n/a 0.57 7.5 n/a 0.70 7.5 n/a 1.10 n/a n/a 0.51 8.0

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DD12TK006

Sam. No.	From	To	Thick	IM	Ashad	VMad	GCVad	Pd	TSd	FSI
	m	m	m	%(ad)	%(ad)	%(ad)	Kcal/Kg(ad)	%(db)	%(db)
3111	146.87	147.25	0.38	1.5	6.4	39.6	7753	n/a	0.51	5.5
3112	147.28	147.40	0.12	1.1	20.3	34.7	6661	n/a	0.42	n/a
3115	149.03	149.53	0.50	1.4	11.0	36.0	7255	n/a	0.86	7.5
3118	174.23	174.55	0.32	1.6	14.2	33.3	7089	n/a	0.80	7.5
3120	174.64	175.00	0.36	1.7	8.1	36.8	7646	n/a	0.85	6.5
3122	176.10	176.49	0.39	1.5	14.5	31.8	7036	n/a	0.81	7.0
3123	200.83	201.05	0.22	1.5	9.8	33.8	7458	n/a	0.74	8.0
3125	209.75	210.49	0.74	1.3	7.3	38.7	7704	n/a	0.55	8.0
3127	212.56	213.00	0.44	1.5	10.6	34.0	7373	n/a	0.80	8.0
3129	215.38	215.89	0.51	1.4	4.4	37.7	7983	n/a	0.75	8.0
3131	222.18	222.39	0.21	1.7	5.2	34.1	7820	n/a	0.77	8.0
3132	240.12	240.45	0.33	1.1	21.2	29.5	6401	n/a	0.52	n/a

DD12TK007

Sam. No.	From	To	Thick	IM	Ashad	VMad	GCVad	Pd	TSd	FSI
	m	m	m	%(ad)	%(ad)	%(ad)	Kcal/Kg(ad)	%(db)	%(db)
3134	207.54	208.38	0.84	1.5	11.0	38.0	7308	n/a	0.46	6.5
3135	208.38	208.47	0.09	1.8	34.3	26.8	5220	n/a	0.40	n/a
3136	208.47	208.74	0.27	1.4	9.5	37.0	7558	n/a	0.45	7.0
3140	210.27	210.54	0.27	1.0	19.6	35.4	6652	n/a	0.52	7.0
3142	244.15	244.55	0.40	1.4	29.2	31.9	5594	n/a	0.87	n/a
3144	245.85	246.68	0.83	1.4	8.8	37.8	7520	n/a	0.73	7.5
3147	248.16	248.77	0.61	1.3	27.6	29.5	5897	n/a	0.73	n/a
3150	260.44	261.05	0.61	1.3	25.3	32.0	6082	n/a	0.52	n/a
3153	296.17	296.51	0.34	1.3	8.6	33.7	7629	n/a	0.58	8.0

Samples for float/sink beneficiation testing from drillholes DD12TK002, DD12TK004, DD12TK005, DD12TK006 and DD12TK007 have been received and are currently being assessed and will be reported in the near future.

Kargasha Project - On-going Testing Program

Final analyses for drillholes DD12TK002, DD12TK004, DD12TK005, DD12TK006 and DD12TK007 have been specified and forwarded to SGS Novokuznetsk laboratory.

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Kargasha Project - Resource Estimation

Celsius is continuing to compile and interpret Soviet era diamond core drillhole, adit and trench data for Kargasha and Kokkia and it is progressively being entered into Vulcan software (after rigorous examination) for verification and analysis. The data will be used to create 3D digital coal seam thickness and quality models, which will form the basis of coal resource estimation.

Celsius has been able to secure quality 1:25,000 scale digital topographic data which has now been validated and is ready for use in resource estimates.

Min Teke Project – Analyses of Diamond Drill Core

Interim analyses for drillholes DD12MT001, DD12MT002 and DD12MT003 have been received with further testing continuing. This work was undertaken in the internationally accredited SGS laboratory in Novokuznetsk using industry standard analytical procedures. Results of raw coal sample testing are as follows and show consistently high gross calorific values, the majority of values are in excess of 6,000 Kcal/Kg with 10 samples exceeding 7,000 Kcal/Kg. Of a total of 14 FSI analyses all but 3 show results in excess of 6.0. It is probable that the lower FSI values are related to the depth of oxidation.

DD12MT001

Sam. No.	From	To	Thick	IM	Ashad	VMad	GCVad	TSd	FSI
	m	m	m	%(ad)	%(ad)	%(ad)	Kcal/Kg(ad)	%(db)
3451	16.60	17.19	0.59	1.9	34.1	24.9	4887	0.58	n/a
3452	23.22	23.81	0.59	1.9	31.3	26.9	4869	0.53	n/a
3453	62.60	63.40	0.80	1.5	20.5	28.0	6219	0.79	n/a
DD12MT002
Sam. No.	From	To	Thick	IM	Ashad	VMad	GCVad	TSd	FSI
	m	m	m	%(ad)	%(ad)	%(ad)	Kcal/Kg(ad)	%(db)
3455	39.71	40.28	0.57	1.6	29.6	26.1	5271	0.62	n/a
3456	58.16	58.50	0.34	2.2	26.8	26.2	5163	0.49	n/a
3457	71.19	71.56	0.37	0.9	43.8	21.0	4313	0.47	n/a
3458	76.55	77.11	0.56	1.5	20.6	32.8	6472	0.71	n/a
3459	77.77	78.45	0.68	1.7	32.6	28.0	5217	0.59	n/a
3460	81.11	81.50	0.39	1.9	24.1	26.9	6030	0.92	n/a
3462	104.30	104.95	0.65	2.2	25.3	30.5	5866	0.77	n/a
3466	113.70	114.05	0.35	1.4	8.3	33.5	7545	1.16	8.0
3468	114.36	114.66	0.30	1.4	13.8	33.0	7102	0.79	8.0
3469	114.88	115.30	0.42	1.5	7.2	33.1	7643	0.87	8.0

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3470	128.73	129.43	0.70	1.2	32.3	23.2	5400	0.57	n/a
3471	129.71	130.32	0.61	1.4	5.2	35.7	8001	0.66	8.5
3472	134.59	135.12	0.53	1.3	8.5	31.4	7532	0.59	n/a

DD12MT003

Sam. No.	From	To	Thick	IM	Ashad	VMad	GCVad	TSd	FSI
	m	m	m	%(ad)	%(ad)	%(ad)	Kcal/Kg(ad)	%(db)
3474	9.63	9.70	0.07	2.0	44.6	20.7	3773	0.44	n/a
3476	9.80	10.73	0.93	2.5	18.2	27.8	6215	0.63	1.0
3478	10.91	11.20	0.29	1.3	52.6	20.4	3299	0.63	n/a
3480	11.30	11.80	0.50	1.8	15.2	32.0	6818	0.69	5.5
3482	12.00	12.54	0.54	1.5	33.4	26.0	5269	0.54	n/a
3484	12.70	12.80	0.10	1.4	29.7	25.6	5562	0.44	n/a
3486	13.50	13.97	0.47	1.3	21.2	33.0	6159	0.65	n/a
3488	17.13	17.87	0.74	1.4	26.7	27.9	5824	0.68	n/a
3490	21.80	22.20	0.40	1.6	19.6	30.7	6364	0.79	1.0
3492	22.35	22.64	0.29	1.2	30.5	27.2	5584	0.79	n/a
3493	44.61	45.30	0.65	2.0	15.6	31.1	6809	0.60	6.0
3495	45.53	45.69	0.16	1.9	22.2	25.8	6328	0.69	n/a
3497	45.79	46.50	0.71	1.8	22.9	31.7	6028	0.83	n/a
3498	54.00	54.57	0.57	1.8	7.5	34.5	7614	0.89	7.0
3499	56.02	56.89	0.87	1.9	26.0	27.3	5874	0.63	n/a
3500	69.67	69.98	0.31	1.8	11.3	34.1	7284	0.83	6.5
3401	81.61	82.07	0.46	1.5	22.3	28.2	6203	0.75	n/a
3402	92.10	92.75	0.65	1.4	7.7	33.4	7594	0.99	7.0
3403	93.00	93.20	0.20	1.5	9.7	33.9	7422	1.29	7.0
3405	93.37	93.71	0.34	1.5	13.3	32.0	7144	0.86	7.0
3406	109.70	110.10	0.40	1.8	19.5	27.6	6467	0.59	n/a
3407	110.40	110.82	0.42	1.3	7.2	34.6	7660	0.60	7.0

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Geology

The Uzgen coal basin is located mainly on the southwestern slopes of the Fergana Range and is enclosed within the Paleozoic Fergana-Kokshaal structural zone. Paleozoic rocks served as a source of clastic material for the Jurassic coal-bearing formations within the Basin.

The Uzgen coal basin is comprised of Paleozoic (Silurian, Devonian, Carboniferous, Permian), Mezozoic (Triassic, Jurassic) and Cenozoic (Peleogen, Neogen) rocks which contains the main coal deposits of Kyrgyzstan including Kargasha, Kokkia, Min Teke, Kumbel, Zindan Chitty and Besh-Terek Coal Deposits (figure 1).

The Kargasha Prospect is located at the northern end of the main Uzgen Basin where seams are normally closer to the surface, thicker and better developed than elsewhere in the Basin. The northern portion of the basin has also been identified as having the potential to host coal of coking qualities. To the south of the basin coals are thought to be anthracitic and therefore of too high a rank to be able to produce coke.

Figure 1 - General geology Kyrgyz Republic

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Figure 2. Geology Map of the Kargasha License showing Celsius 2012 drilling, coal intersections and historical Soviet-era drilling.

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Kargasha Prospect
A
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Figure 3. Interpreted Cross Section showing DD12TK003 and historical Soviet-era drilling.

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A B
8.52m coal 4.94m coal
in 16 seams in 10 seams
DD12TK006
DD12TK003
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ABOUT CELSIUS COAL

Celsius Coal Ltd is focused on developing coking and thermal coal deposits in the Kyrgyz Republic.

Celsius owns 80% of its Uzgen Basin Coking Coal Project (comprising: Kargasha; Kokkia; and Min Teke), which cover an established Soviet-era coking coal resource. It also owns 90% of its Alai Range Projects (comprising: Sary Mogol and Bel Alma).

For more information, please visit www.celsiuscoal.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 the Managing Director of Celsius Coal 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.

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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. Celsius Coal 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)	Moisture (%)	Ash (%)db	Sulphur (%)db	Calorific Value (kcal/kg) daf
Kargasha	115 – 140
		0.9 – 6.0	3.0 – 10.0	0.4 – 0.9	7700 - 8700
Tuyuk	267 – 335
Kokkia	114 – 198	0.7 – 5.0	5.0 – 15.0	0.4 – 0.9	7800 - 8500
Min-Teke	5 – 27	3.0 – 10.0	10.0 – 25.0	0.4 – 0.9	6200 - 7700
Total	501 - 700

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