Celsius Resources Limited — Management Reports 2005

Sep 12, 2005

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View Resources Limited Level 12 London House 216 St Georges Terrace Perth, Western Australia 6000

Date of lodgement: 13-Sep-2005

Title: Open Briefing^®. View Resources. Bronzewing, BHP & Exploration

Record of interview:

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View Resources Limited is concentrating on completing the Cockburn underground feasibility study at its Bronzewing Project. The Cockburn Underground Resource (Indicated and Inferred) stands at 2.62 million tonnes at 5.0 g/t containing 418,000 ounces of gold. What have you achieved so far in that feasibility study? When do you expect to complete the study and to have the underground in production?

MD Derek Lenartowicz

Together with RSG Global Mining consultants in Perth we have completed the mine design and the preliminary economic assessment of the deposit. In order to quantify the size of the future operations we have taken into account the total current resources including inferred resources. The results of the study so far are very encouraging and subject to successful definition drilling, we're likely to bring Cockburn underground into production in the first half of next year. We've just commenced the definition drilling program.

We expect the Cockburn underground mine to produce within the range of 50,000 ounces to 70,000 ounces of gold per year over 4 years to 5 years.

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You recently stated that you've already received encouragement to proceed with the development program for the underground mine. Can you explain the major areas of evaluation and the key findings?

MD Derek Lenartowicz

The recently completed mine design examined all aspects of future production in considerable detail. We have constructed production and cost models from first principles and we're reasonably confident that we have a good understanding of the issues relating to mine development and cost control. The major conclusions are that, subject to successful definition drilling, it is likely that the mine could produce at a rate of about 500,000 tonnes of ore per year over 4 years to 5 years.

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View has the plant capacity at Bronzewing to process up to 2.3 million tonnes of ore per year. You recently announced that you have reached an in principle agreement to process Korab's Melrose ore deposits through the Bronzewing plant. When could Korab commence mining its deposits? What broad strategy are you pursuing to fully utilise the treatment capacity?

MD Derek Lenartowicz

Our strategy at Bronzewing is based on underpinning the operations from underground mining at Cockburn with additional mill feed coming from either our own open cut mines or from other external sources of ore. Cockburn underground will deliver approximately 500,000 tonnes per annum of high grade ore to the mill and this would leave spare processing capacity of about 1.5 to 1.8 million tonnes per year.

We have two options available to utilise the excess processing capacity at Bronzewing. The first is simply to campaign mill the underground ore only. However the preferred option is to utilise greater processing capacity by combining the underground ore with other sources of feed which could either be internal or external. The most likely sources of additional ore will be our own Bronzewing Central Open Cut mine which has a current reserve of approximately 1.7 million tonnes and Korab's Melrose gold project which consists of the Boundary, Stirling and Bungarra deposits. The Bungarra deposit is a resource of 1.7 million tonnes and is likely to be the first mined at Melrose.

By milling both underground and open cut ores we could fill the mill for approximately two years and produce about 120,000 to 140,000 ounces per year over that period.

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What are your ultimate production objectives? Can you explain the opportunities to add to the current underground and open cut resources at Bronzewing?

MD Derek Lenartowicz

In the past, Bronzewing consistently produced in excess of 200,000 ounces of gold per year. Our ultimate objective is to reach and maintain that level of production.

We believe there's strong potential to increase our underground resources by extensional drilling around the already defined resources. We're also very encouraged by the outcomes of our first pass exploration efforts elsewhere on the Bronzewing leases. We believe that our leases are largely under explored and offer excellent opportunities for discoveries of substantial gold deposits within easy trucking distance to our mill. We're also actively pursuing other Korab-like deals which would allow us to greater utilise our processing plant.

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View also recently announced that the Company has reached an agreement to use the BHP Billiton proprietary "Geoferret" technology to explore for nickel at its Kambalda tenements. Can you explain the technology and its attractions?

MD Derek Lenartowicz

The underground resources and reserves we have at Kambalda are very shallow. Our landholdings are almost untested below 200 metres under the surface. That differentiates us from other miners in the area who all have much deeper mines and deposits. BHP Billiton's technology will allow us to identify ore bodies up to 500 metres in depth. That could significantly impact on our current resource and reserve position.

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When do you expect the information to flow from Geoferret?

MD Derek Lenartowicz

We expect to start using Geoferret in a few weeks time.

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View also recently announced further significant high grade drilling results from Zone 29 nickel operation. You stated that the drilling has identified economic widths and grades of mineralisation over a strike length of approximately 200 metres and a dip extent in excess of 50 metres. How large is that area relative to the current resource at Zone 29 and what is the quality of the intersections?

MD Derek Lenartowicz

The grades of that new mineralisation are better than the grades we're currently mining at Zone 29. The new area which we have identified is large enough to extend the mine life by approximately one year and we're currently working through the mine design and economic assessment. We're aiming to finish this evaluation by the middle of next month.

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In July 2005, View produced record contained nickel metal of 210 tonnes. What future production levels do you expect at the nickel operations?

MD Derek Lenartowicz

This quarter we expect to build on the July results and to deliver another record production and profit number for our shareholders.

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View completed a Rights Issue in July which raised nearly \$7.6 million and you recently sold the Coogee gold assets for \$420,000. Can you clarify your current cash and debt position and where you expect the main expenditure?

MD Derek Lenartowicz

The money raised in July allowed us to financially restructure and revamp the company. We have eliminated debt and we now own 100% of all our assets. We have a clean share register and corporate structure and we have money to complete the Bankable Feasibility Study (BFS) at Bronzewing. We're in a position to achieve our objectives for this year and beyond.

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In summary, can you outline the major objectives for View over the next 12 months?

MD Derek Lenartowicz

Our short term objectives are to continue to deliver positive outcomes from our nickel operations. We will capitalise on the recently implemented operational improvements to deliver further reductions in mining costs and to improve mining efficiencies. We will also follow up on the strong exploration leads we have identified and we hope to add to our resource base at Kambalda. At Bronzewing our immediate objective is obviously to finish the BFS and to bring the mine into production as quickly as possible.

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Thank you Derek.

$For$ further information View visit $\alpha$ Resources please www.viewresources.com.au or call Derek Lenartowicz on (08) 9226 4611.

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