Celsius Resources Limited — Regulatory Filings 2012

Oct 8, 2012

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MEDIA RELEASE/ASX ANNOUNCEMENT 9[th] October 2012

COKING COAL POTENTIAL CONFIRMED

HIGHLIGHTS

• Coking coal was confirmed by coal quality analyses from diamond drillhole DD12TK001 at the Tuyuk-Kargasha prospect (the only drillhole assay results received to date).

• Similar coking quality coal analyses were returned from one of two selected channel samples from trench and adit in the Tuyuk-Kargasha outcrop area.

• Promising washability results showing good density contrast were seen on all samples that were subjected to float sink testing (three to date).

• A preliminary comparison of DD12TK001, adit and trench channel analytical data with Soviet era data indicates a positive trend of confirming historical results of deposit wide high thermal quality, with promising coking coal qualities.

• Coal samples from diamond drillholes DD12TK003, DD12MT001, DD12MT002 and DD12MT003 are en-route to SGS laboratories in Russia.

• Diamond core from drillholes DD12TK002, DD12TK004 and DD12TK005 are all in the process of being logged and sampled and will be dispatched to the same SGS laboratory. Results of this work will be the subject of a later ASX release.

• Celsius to announce maiden JORC resource estimate and overall coking coal properties once all current and historic data interpreted.

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Celsius Coal Limited (Proposed New ASX Code: CLA) ( Celsius or the Company ) is very pleased to release the first coal quality analyses received from its drilling programme at the Company’s Uzgen Basin Coal Project located in Central Kyrgyzstan.

Analysis of Diamond Drill Core

The Company has received analytical results from samples from its first Tuyuk-Kargasha diamond drillhole DD12TK001. This work was undertaken in the internationally accredited SGS laboratory in Novokuznetsk using industry standard analytical procedures. Results of coal sample testing are as follows:

Sam. No.	Fr	To	Th	RD	IM	Ashad	VMad	GCVad	Pd	TSd	FSI	HGI	G index
	m	m	m		%	%	%	Kcal/ Kg	%	%
3003 Unwashed	352.87	353.36	0.49	1.32	1.5	5.7	18.5	7,697	0.001	0.32	0.5	63	-
3005 Unwashed	353.47	354.60	1.13	1.27	1.4	3.1	28.9	7,982	0.001	0.32	7.5	55	83
3008** Unwashed**	361.56	363.10	1.54	1.69	1.2	46.2	20.5	4,174	0.011	1.56	1.5	53	0
3008 Washed**				-	1.0	9.7	31.7	7,493	0.002	1.12	7.2	N/A	66.5
3010 Unwashed	373.21	373.55	0.34	1.75	0.8	54.2	19.4	3,635	0.010	0.42	4.5	76	N/A

**float sink testing on sample 3008 confirms the likelihood that sample had included a shale parting results are at density 1.50g/cc.

It should be noted that FSI (Free Swelling Indices) of > 4 are generally associated with good coking coal qualities.

All coal samples show very good thermal characteristics with low air dried Ash, low IM (Inherent Moisture), high GCV[ad] (air dried gross calorific values) with low total sulphur (TS[d] ).

In addition, results from the two main coal seams (samples 3005 and 3008 washed) show very good coking characteristics with FSI (Free Swelling Indices) > 4 and the G indexes between 50-85. Other coking tests are available including Plastic Layer Thickness and Dilation, these results are also encouraging. Of further note are the results of float/sink testing on sample 3008 which shows a good density contrast for beneficiation.

Analysis of Channel Samples

Two channel samples have been analyzed in the same SGS laboratory, Sample 1 was a trench channel sample from outcrop in the Tuyuk Valley 50m NW of Hole 11 (1.2Kg sample, Figure 1) and Sample 2 was a 5.7Kg channel sample from an adit, also located within the Tuyuk Valley approximately 100m NW of Hole 11.

Results are as follows:

Sam. No.	Description	SG cut-off	Sam. %	RD	IM	Ashad	VMad	GCVad	Pd	TSd	FSI
					%	%	%	Kcal/Kg	%	%
1**	Trench sample	<1.40 SG	99.1	1.31	1.7	3.0	34.3	7941	-	0.63	-
1**	ditto	<1.35 SG	97.8	1.31	1.7	2.9	34.4	7956	-	0.64	5.1
2	Adit Sample	<1.40 SG	93.6	1.36	4.3	2.6	31.4	7202	0.003	0.64	0.6

**Sample 1 is provided at a second SG to show the good FSI which was not available with the inclusion of higher density fraction.

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Both coal samples show very good thermal characteristics with low air dried Ash, low IM (Inherent Moisture), high GCV[ad] (air dried gross calorific values) with low total sulphur (TS[d] ). Both samples have been taken from areas where significant oxidation will have occurred (exposed trench at sub-crop). Despite this, sample 1 still shows good FSI characteristics (Free Swelling Indices) being >4. Float sink testing shows that there is good density contrast and potential for beneficiation if required. Chinese standard coking tests (G Index) were not undertaken on these samples due to their oxidized condition.

Confirmation of Pre-Existing Drilling and Analytical Information

As the program progresses, it is becoming evident that the analytical data is falling within ranges quoted in the Soviet documentation. For the Tuyuk-Kargasha coalfields, there is very extensive reporting of test work; not only in the 60 Soviet era drillholes discussed in earlier ASX releases but also reporting from over 150 adits along the outcrop. These adits extending from 5m in length up to in excess of 150m and some to 500m where they have followed coal exposures underground in both the Tuyuk and Kargasha Valleys.

Also available to Celsius Coal is individual sample details for the intersection of Lower Seam IV in Soviet Hole 40, which is the hole that DD12TK001 twinned. Lower Seam IV is identified in a report summarising historical work on the projects by respected Russian mining consultants Miramine report and the coal quality analysis is comparable to sample 3008 above, with average qualities of:

Sam. No.	Fr	To	Th	RD	IM	Ashad	VMad	GCVad	Pd	TSd	FSI	HGI	G index
	m	m	m		%	%	%	Kcal/ Kg	%	%
3008 Washed*
	361.56	363.10	1.54	-	1.0	9.7	31.7	7,493	0.002	1.12	7.2	N/A	66.5
Soviet Hole	40
	362.36	363.02	0.66		1.5	9.1	29.9	7,541
Deposit Average Lower Seam 4			(south)***
					1.0- 1.3	7.9- 8.9	27.1- 28.9.	7434- 7459	0.003	0.5- 0.9

** Using float/sink density cut of 1.5gms/cc

*** In converting data from daf to ad basis average IM of 1.15 is used.

Inspection of the data above shows a very good comparison across the three sets of data. On this first borehole, the work is clearly confirming Soviet data that shows the very good thermal and potential coking coal characteristics with low air dried Ash, low IM (Inherent Moisture), high GCV[ad] (air dried gross calorific values) with low total sulphur (TS[d] ). These similar thermal characteristics are shown in the previously discussed channel adit and trench samples.

Figure 1. Geology Map & Interpreted Cross Section of the Tuyuk-Kargasha License showing location of 2012 drilling compared to historical drillholes.

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Kargasha Prospect
DD12TK003
X
DD12TK005
DD12TK002 DD12TK004
A
Channel sample 1 & 2
DD12TK001
Tuyuk
Prospect
B
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DD12TK001
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A

B

ABOUT CELSIUS COAL

Celsius Coal Ltd is an Australian-based exploration company focused on exploring and developing coking and thermal coal deposits in Kyrgyzstan.

Celsius acquired a 90% interest in the Sary Mogol and Bel Alma coal licences located in Alai Range region of southern Kyrgyzstan in March 2012 and has recently acquired an 80% interest in the Tuyuk-Kargasha, Kokkia and Min Teke licences in the Uzgen Basin. 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.

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

Change of Name and ASX Code

Celsius Coal Limited officially changed its name from View Resources Limited on the 5[th] October 2012. The company’s ASX ticker code is expected to change from VRE to CLA within the next 2 days.

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.

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 (%)	Sulphur (%)	Calorific Value (kcal/kg)
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