Celsius Resources Limited (Celsius or the Company) (ASX: CLA) is pleased to provide an update on activities at its 100% owned Cullarin West Project in the Lachlan Fold Belt region of NSW, Australia.

A desktop review of publically available geological and geophysical information undertaken by consultants to the Company has identified multiple targets prospective for McPhillamys-style gold mineralisation at the Cullarin West prospect. The Cullarin West project is located adjacent to and along strike of Sky Metals' (ASX: SKY) Cullarin discovery.

The review indicated seven priority targets with multiple geological similarities to the Hume Target within Sky Metals' Cullarin project where 93m at 4.24 g/t gold from 56m was intersected.

This desktop review follows the Company's initial appraisal of Cullarin West, including a site visit, which indicated the project is underlain by similar geological and structural features which host mineralisation at Cullarin. Only limited historical exploration has been undertaken in the tenement area due to widespread recent cover obscuring bedrock geology, an assessment confirmed by the more detailed desktop work.

Celsius Resources Chairman Bill Oliver said: 'This is an exciting phase in our early work on Cullarin West with seven priority targets identified within our license which lies along strike from Sky Metals recent Hume discovery. Upon tenement grant, anticipated this quarter, we intend to undertake reconnaissance field work at four of these targets potentially leading to drill testing later this year. I look forward to updating investors and the boarder market as we progress with our exploration of this highly prospective project along with the other opportunities we continue to evaluate.'

Contact:

Tel: +61 8 6188 8181

Fax: +61 8 6188 8182

Email: info@celsiusresources.com.au

Web: www.celsiusresources.com.au

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