Ann: Opuwo Cobalt Project Operations Update, page-2

OPUWO COBALT PROJECT – OPERATIONS UPDATE HIGHLIGHTS

• 48 resource holes (8,129 metres) completed/in progress, all completed holes intersecting cobalt-copper mineralisation.
• Results of first two batches of samples due next week, with reporting shortly thereafter.
• 15,000 m drilling program scheduled for mid-December completion, with Maiden Mineral Resource targeted for Q1, 2018.
• Initial phase of metallurgical test work nearing completion at SGS Australia.

Celsius Resources Limited (“Celsius” or “the Company”) is pleased to provide an update on the latest activities at its 95% owned Opuwo Cobalt Project (“Project”) in Namibia. As at 20 November, a total of 48 holes in the resource drilling program had been completed, or were in progress, for a total of 8,128.76 metres (Figure 1).
This drilling comprises 34 Reverse Circulation (RC) holes (5,286 m) and 14 Diamond Core (DC) holes (2,842.76 m). All completed holes continue to intersect the cobalt-copper mineralised Dolomite Ore Formation (DOF) based on visual inspection, with four batches of samples now submitted to the laboratory.
Results from the first two batches, consisting of 697 samples, are scheduled to be reported to the Company next week, with reporting to the market shortly thereafter. As previously reported, the initial phase of metallurgical test work is continuing at SGS Australia in Perth, with initial findings expected to be reported within the coming weeks.


About the Opuwo Cobalt Project

Celsius is aiming to define a long life, reliable source of cobalt at Opuwo. The Company considers the Project to have the following advantages: • Large scale. • Favourable mineralogy: cobalt and copper sulphide minerals. • Low in deleterious elements: notably arsenic, cadmium and uranium. • Mining friendly, politically stable and safe location with excellent infrastructure. • Cobalt: best exposure to lithium ion battery boom.
The Opuwo Cobalt Project is located in northwestern Namibia, approximately 800 km by road from the capital, Windhoek, and approximately 750 km from the port at Walvis Bay (Figure 2). The Project has excellent infrastructure, with the regional capital of Opuwo approximately 30 km to the south, where services such as accommodation, fuel, supplies, and an airport and hospital are available. Good quality bitumen roads connect Opuwo to Windhoek and Walvis Bay.
The Ruacana hydro power station (320 MW), which supplies the majority of Namibia’s power, is located nearby, and a 66 kV transmission line passes through the eastern boundary of the Project. The Opuwo Project consists of four Exclusive Prospecting Licences covering approximately 1,470 km2.


Exciting run up to Christmas methinks....