Celsius Resources Limited — Regulatory Filings 2012

Oct 2, 2012

MEDIA RELEASE/ASX ANNOUNCEMENT 3[rd] October 2012

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FURTHER COAL INTERSECTIONS FROM DRILLING OF UZGEN BASIN PROJECTS

HIGHLIGHTS

• Diamond core drilling at Tuyuk-Kargasha Prospect continues to intersect hard black bituminous coal. Two major seams of 1.94 metres and 1.06 metres were intersected in drillhole DD12TK003, with a total of 14 coal intersections >0.30m.

• Diamond core drilling at Min Teke Prospect intersects shallow coal seams of 2.93 metres, 0.84 metres, 1.89 metres and 1.17 metres in DD12MT003, 2.93 metres in DD12MT002 and 1.30 metres in DD12MT001. All holes intersected coal within 25 metres of surface.

• Drill data and initial analytical work correlates well with historical drilling, giving the Company further confidence in its Exploration Target of 501 to 700 million tonnes of coal[1] with coking coal potential for the Uzgen Basin Projects.

• First coal quality analyses anticipated from laboratory shortly and will be released to the market as soon as they are received.

• The Company is on track to drill approximately 5,000 metres at the Uzgen Basin Projects this year.

• Small scale mining has commenced at the Min Teke project with coal to be sold into the domestic market.

View Resources Limited (ASX:VRE) ( View or the Company ) is pleased to update the market on its drilling programme at the Company’s Uzgen Basin Coal Project located in Central Kyrgyzstan. The Company has completed four further drillholes at the Tuyuk-Kargasha and Min Teke Prospects, continuing its aggressive confirmatory drill program to test the Company’s Exploration Targets.

Image 1. Selected diamond drill core from DD12TK0003 at the Tuyuk-Kargasha Prospect

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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.

Drillhole DD12TK003 intersected 14 individual coal seams >0.30m within the Tuyuk Formation, the primary host for coal within the Uzgen Basin. The two major coal seams were 1.94 metres and 1.06 metres from visual inspection / hand measurements. Visual inspection also indicates that the coal intersected continues to be hard black bituminous coal as seen in the images within this release.

DD12TK003 was designed to test the continuity of coal seams identified in the Soviet era Hole 56 (Figure 1). As can be seen in Figure 1 (cross section) DD12TK003 is located less than 1km from outcropping coal seams. The two major coal seams were intersected between 552.64 to 553.7 metres and 602.20 to 604.14 metres (the second intersection included two minor waste interbeds). The first coal seam was intersected at 524.14 metres. Of note is the fact that 14 coal intervals thicker than 0.30 metres were intersected in DD12TK003, compared to 8 recorded in the historical drillhole. A “workable” coal seam is generally considered to be any seam thicker than 0.6 metres.

The company is currently completing drillhole DD12TK002, twinning Soviet era Hole 25 (Figure 1). Drilling difficulties have delayed progress but coal has already been intersected (Image 2). On completion of this drillhole, drill rigs will move to the northern part of the Tuyuk-Kargasha license (Figure 1), aiming to first validate historical drilling closer to outcropping coal and then to possibly test extensions in the north-eastern area of the license (which historically was not drilled).

Image 2. Selected diamond drill core from DD12TK002 at the Tuyuk-Kargasha Prospect:

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The company has completed three drillholes at the Min Teke Prospect, with coal successfully intersected at shallow depths in all of them.

Image 3. Selected diamond drill core from DD12MT002 at the Min Teke Prospect:

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Figure 1. Geology Map & Interpreted Cross Section of the Tuyuk-Kargasha License showing DD12TK003.

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Kargasha Prospect
A
DD12TK003
X
B
DD12TK002
DD12TK001
Tuyuk
Prospect
A
DD12TK003
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B
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Six coal seams were intersected in DD12MT001 with first coal being intersected at a depth of 16.60 metres and a seam of 0.59 metres being intersected between 16.60 metres and 17.19 metres.

Fifteen coal seams were intersected in DD12MT002 with first coal being intersected at a depth of 21.49 metres and a seam of 2.93 metres intersected between 112.37 metres and 115.30 metres (including waste interbeds).

22 coal seams were intersected in DD12MT003 with first coal being intersected at a depth of 9.61 metres and seams of 2.93 metres, 0.84 metres and 1.8 9 metres intersected between 9.61 metres and 46.50 metres and 1.17 metres intersected between 110.40 metres and 110.87 metres (including waste interbeds).

Image 4. Selected diamond drill core from DD12MT003 at the Min Teke Prospect:

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The Company is on track to achieve approximately 5,000 metres of diamond core at the Uzgen Basin Coal Projects this field season, subject to continuing favourable weather. All drill core from completed drillholes has been logged, photographed and sampled with coal analyses being undertaken at the internationally accredited SGS Novokuznetsk Laboratory, Russia. Coal quality analysis results from the first drillhole DD12TK0001 are anticipated shortly and will be released as soon as they are received.

Consultants from the Snowden Group have completed an audit of drilling and sampling procedures on site and have concluded that the current programme is being conducted and managed in accordance with generally accepted international best practise guidelines. Snowden believes that the exploration data generated through this exploration campaign will stand up to detailed auditing and independent scrutiny and be acceptable for use in generating robust geological models, Coal Resource estimates and public reports. Whether a JORC compliant Coal Resource is able to be estimated (and that category of any Coal resource) will be determined at the end of the drilling programme based on a combination of drillhole spacing and geostatistics. Snowden were also satisfied with the core recoveries being achieved by the drilling company.

Commenting on the Snowden audit, View Resources Managing Director, Mr Grant Thomas stated:

To get such a positive review from an internationally respected consultancy group such as Snowden is a “big tick” for the work we are doing and testament to the hard work of everyone working with us in Kyrgyzstan. It is also pleasing that drilling continues to intersect what appears to be good quality coal and to correlate closely to the historical drilling.

The Company has also commenced small scale mining at the Min Teke Prospect. Under the terms of the Company’s Development / Mining License the Company must mine 5,000 tonnes of coal a year to be sold into the domestic market. The Company anticipates generating a small cash flow from these activities which will further fund the Company’s exploration programmes.

Image 4. Mining Operations Min Teke Prospect:

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ABOUT VIEW RESOURCES

View Resources (to be renamed Celsius Coal) is an Australian-based exploration company that was initially focused on the exploration, evaluation and exploitation of nickel deposits and other minerals located in Western Australia.

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

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.viewresources.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 View Resources 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. View Resources 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