Celsius Resources Limited — Investor Presentation 2012

Jul 16, 2012

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17[th] July 2012

The Manager ASX Market Announcements Australian Stock Exchange Limited PO Box H224 Australia Square SYDNEY NSW 2000

Dear Sir/Madam,

PROPOSED CHANGE OF NAME AND INVESTOR PRESENTATION

The Board of View Resources Limited (ASX: VRE) is pleased to advise that it has resolved to change the company’s name, subject to shareholder approval, to Celsius Coal Limited.

The Company is also pleased to provide its most recent corporate investor presentation, which will be delivered to various broker and investment groups over the next few days.

A copy of the presentation is attached.

Yours faithfully,

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Ranko Matic Company Secretary

Level 1, 12 Kings Park Road, West Perth WA 6005 PO Box 44, West Perth WA 6872 Ph: (08) 9226 4500 Fx: (08) 9226 4300 ACN 009 162 949

View Resources Ltd to be renamed

COKING & THERMAL COAL PROJECTS

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The information contained in this presentation (“Presentation”) has been prepared by View Resources Ltd (to be renamed Celsius Coal Ltd) (“Company” or “Celsius”) and is being communicated for general background informational purposes only. The information contained in this Presentation is subject to updating, completion, revision, verification and further amendment. Neither the Company, nor its shareholders, directors, officers, agents, employees, or advisors give, has given or has authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as “Information”) and liability therefore is expressly disclaimed.

Information contained in this Presentation is the property of the Company. It is made available strictly for the purposes referred to above. Neither the communication of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction. This Presentation does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities in the Company, nor shall it, or the fact of its communication, form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment whatsoever with respect to such securities This Presentation is not to be communicated to any other person or used for any other purpose and any other person who receives communication of this Presentation should not rely or act upon it. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the attendee with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation that may become apparent either during, or at any time after this Presentation.

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Corporate

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• Established highly experienced Board and Management.

• Peter O’Malley -- Non-Executive Chairman

• • Grant Thomas – Managing Director

• Bill Oliver – Non-Executive Director

• Management active in country since March 2012

• Bishkek office established April 2012.

• Stock Code: ASX:VRE

• • Share Price: $0.025

• 52 Weekly Range: $0.01 – $0.032

• • Market Capitalization: $40M (based on Kokkia transaction completing)

• Local Directors and industry professionals

• • Major Shareholders consist of high net worth individuals, who are committed to making the company a success.

• Corporate Advisors: CPS Securities/ Kenosis Capital

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• Non-Executive Chairman – Peter O’Malley BA (Politics), Juris Doctor (Law)

Peter O‟Malley is the Chief Executive Officer and Founding Partner of Kenosis Capital Partners, a global merchant banking and advisory firm focused on the natural resources sector. Prior to founding Kenosis Capital Partners, Mr. O‟Malley was Head of the Asia-Pacific Natural Resources investment banking practice at Deutsche Bank and more recently at HSBC. Prior to joining Deutsche Bank and HSBC, Mr. O‟Malley was a senior energy and natural resources banker at Credit Suisse First Boston based in New York and Johannesburg.

During more than 21 years in investment banking, Mr. O‟Malley led the origination and execution of major mergers and acquisitions, equity and debt capital markets, and structured finance transactions in the metals and mining and oil and gas and sectors.

• Managing Director - Grant Thomas BSc (Hons), MAusIMM

Mr. Grant Thomas is a highly experienced geologist who is a Competent Person for the purposes of the JORC Code in coal and gold (together with other commodities). He has previously management roles with Rio Tinto, Hamersley Iron and was previously the Managing Director of Tianshan Goldfields Ltd, as well as Exploration Manager for Southern Gold Limited (ASX listed entities) and Director of Mojo Minerals Limited.

More recently, Mr Thomas has consulted for AsiaMin Consulting Limited (HK) primarily as a Competent Person and Valuer to various international and Chinese coal companies listing on the Hong Kong Stock Exchange. In this role, Mr Thomas completed Technical and Valuer reports, including JORC conversions, for several coal projects in Inner Mongolia and Xinjiang provinces China and Tajikistan.

• Non-Executive Director – Bill Oliver BSc (Hons), GDipAppFin (FINSA), MAIG, MAusIMM

Mr Oliver was appointed to the position of director on 23 December 2010. Mr Oliver has 14 years‟ experience in the international resources industry working for both major and junior companies. He has managed exploration and resources definition projects across a range of commodities for Harmony Gold, Rio Tinto, Iberian Resources, Bellamel Mining and BC Iron. He is currently Non Executive Director of Signature Metals.

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----- Start of picture text -----

Shares Options
Existing 1,081,953,670 170,000,000
Vendor Shares 500,000,000 0
Total 1,581,953,670 170,000,000
----- End of picture text -----*

• Up to an additional 800 million Performance Shares may be issued to the vendors of the Uzgen Basin projects, subject to meeting significant JORC resource milestones.

• ** These Options have an exercise price of $0.01 each and an expiry date of 31 March 2014 . A further 80 million Options ($0.02 exercise price) to be issued to the Directors (subject to shareholder approval) and 50 million Options ($0.02 exercise price ) to be issued to Kenosis Capital (subject to shareholder approval).

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THE HOT NEW ADDRESS FOR COAL

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Geology: Celsius has secured high quality thermal and coking coal deposits in Kyrgyzstan (principally the Uzgen Basin), with other potential acquisitions under consideration. During the time of the Soviet Union, Kyrgyzstan was designated as the main supplier of raw materials to the rest of the republics.

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Size: An Exploration Target[1] of 501 to 700 Mt has been defined for the Uzgen ' Basin Projects based on historical exploration (principally Soviet era mapping, trenching and ~30,000m drilling). Upside potential via exploration.

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Focus: Immediate drilling of Tuyuk-Kargasha, Kokkia and Min Teke to resource status in accordance with JORC code. Estimate initial resources by early 2013. Mining: Immediate mine start-up with Min Teke and Sary Mogol. Potentially significant open cut and underground mining at all projects – multiple sites. Infrastructure/Markets: The Kyrgyzstan coal projects are in close proximity to the proposed Trans-Asia Railway, China and other potential end users, as well as located in a country with strong and growing domestic demand.

1 Note that the potential quantity and grade of this Exploration Target is conceptual in nature and there has been insufficient exploration to define a Mineral Resource. This Exploration Target is detailed at the end of presentation.

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• 7 core drilling rigs secured for the 2012 field season, with mobilisation expected this month. Minimum 5,000 metres to be drilled.

• 5 rigs to commence drilling at Tuyuk and Kargasha. 2 rigs to commence drilling at MinTeke, then to move to Kokkia.

• Earthmoving has commenced on site, with access roads being upgraded / constructed.

• Drill pads / access tracks will then be constructed, as well as trenching outcropping surface coal.

• All work in Country uses local contractors, and field staff are sourced from the region.

• Celsius will train its technical staff in JORC compliant drilling and sampling procedures and other industry “best practices”.

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Location of Projects

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Overview

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• Celsius to acquire an 80% interest in three prospective high quality coking and thermal coal assets located in the Uzgen Basin, Kyrgyzstan.

• Exploration target of 501 to 700 Mt of coal based on historical exploration[1] .

• Tenements cover a total land area of 9,763Ha (97.63km[2] ).

• The Tuyuk-Kargasha project (8,000ha) is potentially a large tonnage coking coal project and has undergone substantial historical drilling. Semiindustrial scale plant built on site to test coking properties of coal.

• The Kokkia project (1,576ha) is potentially a large tonnage coking coal project with substantial coal outcropping at surface.

• The Min Teke project (187ha) consists of development /mining licence covering outcropping thermal coal.

• Several options exist for coal sales, including China and other Central Asian neighbours as well as domestic use.

1 Note that the potential quantity and grade of this Exploration Target is conceptual in nature and there has been insufficient exploration to define a Mineral Resource. This Exploration Target is detailed at the end of presentation.

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Outcropping coal near Tuyuk Prospect

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Overview

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• 90% interest in two prospective high quality thermal coal assets, located in southern Kyrgyzstan.

• The Sary Mogol project consists of a development/mining licence covering a previously operated open cut thermal coal mine.

• It is anticipated that production can be recommenced rapidly due to the infrastructure and expertise in place.

• The Bel Alma project is potentially a large tonnage, high energy thermal coal project (based on surface sampling). An Exploration Target[1] of 20 to 51 million tonnes of coal has been defined.

• Kyrgyzstan is a net importer of thermal coal, so there is potential to supply the domestic market.

• Projects are close to the Chinese border (another potential end user of the coal, along with regional neighbours).

1 Note that the potential quantity and grade of this Exploration Target is conceptual in nature and there has been insufficient exploration to define a Mineral Resource. This Exploration Target is detailed at the end of presentation.

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Active mining in Sary Mogol district

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• The Uzgen Basin coking coal projects are within 75km of existing railway (Kok Jangak) and close proximity to the proposed Trans-Asia Railway, which will allow direct access to China via rail.

• There are several options for the sale of coking coal, including China and markets in Kazakhstan, Uzbekistan, Tajikistan.

• The Altai Range thermal coal projects in southern Kyrgyzstan are very close to the north-west Chinese border providing the opportunity to sell directly into China.

• Kyrgyzstan is a net importer of thermal coal, so there is potential to supply the domestic market as well as supplying neighbouring central Asian countries mentioned above.

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• Management: Highly experienced and qualified Board and Management in place. Industry professionals who have been “on the ground” in country.

• First Mover: Celsius has secured a significant foot hold in highly prospective areas known to have extensive coal deposits (principally the Uzgen Basin), with other potential acquisitions under consideration.

• Cheap Entry: With a market capitalisation of circa $40m on completion of the recent acquisition, the current share price represents a very cheap entry into a portfolio of large tonnage, world class thermal and coking coal projects which have been drilled previously (~30,000m completed).

• Right Location: The Kyrgyzstan coal projects are in close proximity to the proposed Trans-Asia Railway, China and other potential end users, as well as located in a country with strong and growing domestic demand.

• Further Opportunities: Multiple quality additional projects available. The Company has built strong relationships with local partners and contractors.

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• Significant Exploration Upside:

• Tuyuk-Kargasha and Kokkia projects have significant potential for coking and thermal coal based on Soviet era exploration (quality exploration and evaluation).

• An Exploration Target[1] of 501 to 700 Mt has been defined based on historical exploration (principally Soviet era mapping, trenching and drilling (~ 30,000m)).

• Bel Alma and Min Teke projects have had limited past exploration and offer significant upside through drilling. The Exploration Target[1 ] defined for Bel Alma is between 20 and 51 million tonnes of coal.

• Utilization of modern drilling and exploration techniques (previous exploration focussed on surface coal and trenching).

• Immediate Mining:

• Min Teke development/mining licence and outcropping thermal coal.

• Sary Mogol development/mining licence and significant historical stockpiles of coal which could be exploited. Sampling indicates high energy thermal coal.

1 Note that the potential quantity and grade of this Exploration Target is conceptual in nature and there has been insufficient exploration to define a Mineral Resource. This Exploration Target is detailed at the end of presentation.

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Production Undertake a small capital program to begin open pit mining at Min Teke and Sary Mogol.

Prove Up Immediately commence drilling to test Exploration Targets at TuyukKargasha, Kokkia, Min Teke and Bel Alma.

Delineation of resources to JORC standard.

Pipeline First mover advantage.

Management has been active in country since first acquisition. Local directors.

Working closely with in country partners to secure additional quality coal assets.

Infrastructure planned near to current assets.

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Kyrgyzstan - Location

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Location of Projects

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• Acquiring 80% interest in three tenements covering a total area of 9,763Ha in the northern Uzgen Coal Basin

• Most coal beds are hosted by the Tuyuk formation, which outcrops throughout the three tenements.

Prospect	Exploration Target1 (Mt coal)
Kargasha	115 – 140
Tuyuk	267 – 335
Kokkia	114 – 198
Min-Teke	5 – 27
Total	501 - 700

1 Note that the potential quantity and grade of this Exploration Target is conceptual in nature and there has been insufficient exploration to define a Mineral Resource. This Exploration Target is detailed at the end of presentation.

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• Schematic cross section through the Tuyuk-Kargasha and Min Teke Prospects showing interpreted geology and the structure of the Tuyuk Formation.

• Note the shallow dip of the beds as well as small scale folding resulting in the coal remaining relatively close to the surface.

• The Uzgen Coal Basin has not undergone significant deformation unlike other coal basins in Kyrgyzstan.

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• The Tuyuk-Kargasha Project is located in the Uzgen district of the Osh region in Kyrgyzstan. The tenement is contiguous with the Kokkia tenement.

• The tenement (8,000Ha) is 70km from the rail station Kyzyl-Kiya, and 70km from Osh, one of the largest cities in Kyrgyzstan and currently proposed to have a rail terminal for the Trans-Asia railway.

• An Exploration Target of 267 to 335 Mt has been derived for Tuyuk based on .

• historical exploration[1]

• An Exploration Target of 115 to 140 Mt has been derived for Kargasha based on .

• historical exploration[1]

• The tenement area is completely underlain by Jurassic era sediments, the principal host rocks for coal in Kyrgyzstan.

• During the 2012 field season, Celsius intends to carry out trenching and drilling to both validate and confirm drill intersections and locate extensions to coal seams in untested areas.

1 Note that the potential quantity and grade of this Exploration Target is conceptual in nature and there has been insufficient exploration to define a Mineral Resource. This Exploration Target is detailed at the end of the presentation.

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• Exploration on Tuyuk-Kargasha tenement was predominantly completed in Soviet era 1941-1946. Based on these exploration results a non-JORC standard coal resource was estimated.

• A total of 60 cored drill holes were completed for 29,920m along with approximately 15,000m of trenching and adits.

• The Tuyuk Project has 9 main coal seams for a combined total of 8.3m.

• The Kargasha Project has 14 main coal seams for a combined total of 15.3m.

• Historical reports state that individual coal seams can reach a thickness of 8.7m .

• Kashirin, Ibraimov and Karabalaev (1975) state that coal from Tuyuk-Kargasha is bituminous coking coal (metallurgical and semi-industrial scale testing) with typical quality characteristics as follows:

• Ash: 3 to 9%; Water: 0.9 to 5.6%; Sulphur: 0.4 to 0.9%; and Calorific value: 8200 to 8700 kCal/kg.

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Soviet Era Drill Core and Adit

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Small Scale Mining Operation on Tenement Boundary

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• The Kokkia Project is located in the Togus-Torouz district of the Jalal Abad region in Kyrgyzstan. The tenement (1,576Ha) is contiguous with the Tuyuk-Kargasha tenement.

• An Exploration Target of 114 to 198 Mt has been derived for Kokkia based on historical .

• exploration[1]

• Exploration on Kokkia Project was predominantly completed in the Soviet era, with over 800m of trenching and 200m of adits completed.

• Based on historical trenching and adits, the Kokkia Project has 11 main coal seams for a combined total of 11.2m.

• Outcropping coal is present across a large portion of the license area.

• Kashirin, Ibraimov and Karabalaev (1975) state that coal from the Kokkia Project prospect is bituminous coal with typical quality characteristics as follows:

• Sulfur <0.94%;

Ash 4.5-13.8%; Water 0.72-2.99%; Carbon 85.3-87.5%; and

Calorific value 8350-8500 kcal/kg

1 Note that the potential quantity and grade of this Exploration Target is conceptual in nature and there has been insufficient exploration to define a Mineral Resource. This Exploration Target is detailed at the end of the presentation.

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• The Min Teke Project is a 187Ha development / mining license located in the Togus-Torouz district of the Jalal Abad region in Kyrgyzstan. The Project has access via sealed/gravel roads leading to the Makmal gold mine (15km).

• Historical exploration/mining has included trenching and adits to a depth of 20m, and several small scale open pits have been mined.

• At Min Teke coal layers are assigned to 9 groups and outcrop each side of a central ridge. The geomorphology is similar to a mesa with a resistant cap overlying the coal.

• An Exploration Target of 5 to 27 Mt of coal has been derived for Min-Teke based on .

• historical exploration[1]

• During 2012, Celsius intends to mine a minimum of 10,000t of coal at Min Teke to comply with the development/mining licence as well as drilling to quantify the coal present.

• Kashirin, Ibraimov and Karabalaev (1975) state that coal from Min Teke is bituminous coal with typical quality characteristics as follows:

• Sulfur 0.55%; Ash 19.20%; Water 6.77%; and Calorific value 6230-7680 kcal/kg.

1 Note that the potential quantity and grade of this Exploration Target is conceptual in nature and there has been insufficient exploration to define a Mineral Resource. This Exploration Target is detailed at the end of the presentation.

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• The Bel Alma Project is located in the Kadamjai district of the Batken region in Kyrgyzstan.

• The tenement is 75km from Kyzyl-Kiya, and 75km from Osh, one of the largest cities in Kyrgyzstan - currently proposing to have a rail terminal for the Trans-Asia railway.

• Based on visible inspection of the coal at surface and from trenching the true thickness of the Bel Alma coal seam is estimated to be between 30 - 75m, averaging 45m , with interbed thickness of less than 1m .

• Historical exploration includes six trenches with a total length of 627m and an approximate depth of 2m each, from which 238 samples were taken and analyzed.

• Results from surface sampling undertaken by consultants working for Celsius indicate relatively high energy thermal coal with 9 out of 10 samples returning calorific values above 5,500 kcal/kg on an “as received” basis.

• Encouragingly 4 out of 10 samples returned calorific values above 7,000 .

• kcal/kg

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• Coal Quality Data from Surface Sampling (as received basis)

Sample Number	Total Moisture (%)	Ash (%)	Volatile Matter (%)	Fixed Carbon (%)	Total Sulphur (%)	Calorific Value (cal/g)
BA01	2.89	5.13	28.52	63.46	0.46	6649
BA02	3.64	23.36	23.12	49.88	0.35	5240
BA03	3.12	6.46	28.31	62.10	0.58	6674
BA04	3.28	3.12	29.06	64.54	0.68	7075
BA05	3.81	3.61	27.83	64.76	0.59	6942
BA06	2.68	2.50	28.05	66.77	0.56	7171
BA07	1.77	1.95	28.92	67.36	0.69	7284
BA08	2.29	3.63	29.99	64.08	0.80	7060
BA09	2.38	5.14	30.80	61.67	0.92	6872
BA10	3.98	6.59	29.21	60.22	0.88	6625

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• An Exploration Target has been derived from 3D modeling of historical coal seam mapping and trench data projected 100m and 250m from surface respectively (density 1.5g/cc).

• • This work has resulted in an Exploration Target[1] of 20 – 51 million tonnes for the Bel-Alma Project.

Note that the potential quantity and grade of this Exploration Target is conceptual in nature and there has been insufficient exploration to define a Mineral Resource. Celsius Resources Limited intends to carry out a drilling program to collect sufficient coal quality and density data to enable this Exploration Target to be tested but it is uncertain if further exploration will result in the determination of a Mineral Resource.

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Bel Alma Project

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• The Sary Mogol Project is located in the Alay district of the Osh region in Kyrgyzstan.

• Recent coal production from the Sary Mogol tenement area means that it is ready for quick mine start up , with equipment and local workforce still available.

• Two coal seams (visible at surface) have been identified and mined at the Sary Mogol Project.

• Based on visual inspection the upper seam is between 7.3 and 10.3m thick, with an average thickness of 8.22m. The lower seam is between 6.7 and 9.6m thick but contains interbeds of waste material such as argillites and clays.

• Currently non-JORC standard resources but Celsius intends to undertake a drilling program which, may enable the company to define a JORC standard resource in 2012.

• Results from surface sampling undertaken by consultants working for Celsius indicate relatively high energy thermal coal with 3 out of 4 samples returning calorific values above 5,500 kcal/kg on an “as received” basis.

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• Coal Quality Data from Surface Sampling (as received basis)

Sample Number	Total Moisture (%)	Ash (%)	Volatile Matter (%)	Fixed Carbon (%)	Total Sulphur (%)	Calorific Value (cal/g)
CM01	5.30	16.58	29.98	48.14	0.61	5710
CM02	8.70	9.61	32.49	49.20	0.46	6086
CM02/1	6.57	8.09	34.06	51.27	0.50	6356
CM03	8.11	32.43	27.00	32.46	0.35	4336

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Sary Mogol

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• Kyrgyzstan is historically known for its natural resources and ideally placed to supply its closest neighbour China with much needed minerals and other resources.

• During the time of the Soviet Union, Kyrgyzstan was designated as the main supplier of raw materials to the rest of the republics.

• Kyrgyzstan's coal reserves have been estimated at about 27 billion tonnes, of which the majority remained entirely unexploited. Approximately 3 billion tonnes of this amount is judged to be of highest quality.

• The development of these coal deposits will be a significant boost to the Kyrgyzstan economy and the Company will work closely with government agencies to ensure that its operations benefit the regions in which they are located.

• The Company is also conscious of introducing “best practice” procedures to assist the development of the local mining industry.

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• For the first time, on 10 October 2010, Kyrgyzstan held free and fair parliamentary elections.

• Kyrgyz citizens voted in a referendum in June 2011 in favour of the introduction of a parliamentary democracy and constitutional changes, including curbing presidential powers.

• The country is now the first parliamentary democracy in Central Asia, a region dominated by authoritarian leaders.

• Almazbek Atambaev was elected President and commenced his new role on 1 January 2012.

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• "The most important thing today is stability because without stability Kyrgyzstan has no future"

• In his opening address called for ethnic harmony and on all political camps to unite to assure Kyrgyzstan's future prosperity.

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• Kyrgyzstan consumes in excess of 1.5mpta of thermal coal, but the domestic output is only in the order of 500ktpa.

• Consequently, there is a significant domestic market for quality thermal coal.

• Tajikistan and Uzbekistan are both importers of thermal coal and are in close proximity to the Tuyuk-Kargasha, Kokkia, Min Teke, Bel Alma and Sary Mogol projects.

And then there is China...

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• Celsius’ Alai Range Coal Projects are only 80-180km by road from the Chinese border.

• South-east of the Projects is Kashgar which is a major city in the region and has been designated as a new Economic Developmental Zone (EDZ) within China.

• Shandong Iron and Steel Group set to launch a large-scale iron and steel project in Kashgar. Commissioned in July 2012 with estimated cost of RMB 6 billion the production capacity of the project will reach six million tons steel/iron per year once completed.

• Another potential market is Urumqi, a significant steel producing city and capital of Xinjiang Province.

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• In 2009, China became the world‟s largest energy consumer, surpassing the United States.

• China's coal consumption is forecast to rise 28 percent between 2009 and 2015 to 2.67 billion tonnes a year, according to published government figures.

• For China‟s own electric generation

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program, it is building coal-fired generators and currently producing 80 percent of its electricity from coal-fired generation.

• China‟s coal-fired capacity is already about 80 percent higher than that of the United States and by 2035, it is expected to be more than 200 percent greater.

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• China and Kyrgyzstan have agreed to commence a feasibility study for the construction of the Trans - Asia Railway.

• This railway will link China – Kyrgyzstan – Uzbekistan.

• The railway is anticipated to be completed within 3 years from commencement of construction.

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• The railway will connect to the Nanjing line at Kashgar and from there, to the rest of China.

• The Kokkia Project lies within 6 kilometres of the proposed railway.

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• Tuyuk-Kargasha and Kokkia Projects – Carry out systematic exploration, drilling and sampling programs with the aim of testing the Company‟s Exploration Target and, if successful, delineating JORC compliant resources. Trenching has already commenced at Tuyuk.

• Min Teke and Sary Mogol Projects - Commence open pit coal mining and production. Complete drilling programs with the aim of defining a JORC compliant resource.

• Bel Alma Project - Carry out systematic exploration, drilling and sampling programs and test the defined Exploration Target.

• Identify markets for anticipated thermal coal sales (e.g. Sary Mogol) – including domestic, China, Uzbekistan and other adjacent countries.

• Acquire additional coal projects in Kyrgyzstan and potentially adjacent/nearby countries.

• Liaise with national and regional government agencies and other stakeholders to ensure all activities comply with relevant regulations.

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Celsius Coal Limited

Registered Office: Level 1, 12 Kings Park Road, WEST PERTH, WA, AUSTRALIA, 6005 Telephone: +61 8 9226 4500 Facsimile: +61 8 9226 4300 Website: www.celsiuscoal.com.au Email: info@celsiuscoal.com.au

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The information in this Presentation that relates to exploration results and Exploration Targets relating to the Kyrgyzstan Projects is based on information compiled by Grant Thomas who is Managing Director of Celsius Resources and a Member of the Australasian Institute of Mining and Metallurgy.

Mr Thomas 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‟.

Mr Thomas consents to the inclusion in this Presentation of the matters based on his 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. Celsius Resources intends to carry out an exploration programme to systematically test the Exploration Targets for each of the Prospects.