CityView Sharer Updated Report 2009.

PERTH, Australia -- CityView Corp. (ASX:CVI) (OTCBB:CTVWF) (FWB:C4Z), a natural resource company, is accumulating a valuable commodity portfolio of copper, gold, diamonds, coal, iron ore, rare earths and oil refinery interests. Management has a long successful track record in mining and energy, and is currently developing assets in Angola, one of Africa's largest producers of oil. CityView's strategy is to leverage its established infrastructure, technical expertise and strong industry partnerships in Southern and West Africa to upgrade its properties into bankable assets/full production.

MARKET FOCUS

Angola is Sub-Saharan Africa's second largest oil producer, the region boasts a daily production of approximately 2 million barrels of oil. Angola is also the world's fourth largest producer of diamonds (by value), accounting for about 15% of all rough diamond global production. The country also has deposits of numerous, yet-to-be exploited minerals. Given the region's hydroelectric resources, and massive, yet untapped cultivable terrain, Angola has the potential to become one of Africa's richest countries. As of October 2008, Angola had US$19 Billion in foreign reserves.

Following decades of war and political unrest, Angola has risen its sovereign risk rating from a 5 to tier 3 within the past five years. Favorable tax breaks and working conditions, combined with a transition to democracy, make Angola an attractive niche market for CityView. The Company's Chairman of the Board, Manuel Africano, is the former Minister of Mines of Angola and is instrumental in bringing key industry and political relationships necessary to establish production operations and future exploration projects in the region.

INVESTMENT HIGHLIGHTS

* Undervalued Stock - CityView is among the top 20 actively traded shares on the ASX. The Investor's Digest of Canada recently reported CityView as an undervalued stock stating that the net worth of its properties exceeds its current market capitalization.

* Diversified Assets - CityView's project licenses include copper, gold, carbonatite, diamonds and beryllium resources, with additional interests in an oil refinery.

* Near-Term Cash Flow - CityView has two potential cash-generating projects focused on alluvial diamonds and oil production.

* Strong Liquidity & Easy Transferability - CityView has traded over 2 Billion Shares in the last 12 months and is freely trading between US register and the Australian register (ASX).

* Niche Market: CityView is one of the largest concession holders in Angola, Africa's richest producer of energy with daily production of nearly 2 million barrels of oil.

* Management Expertise: The former Minister of Mines of Angola, Manuel Africano, is Chairman of CityView and rounds out a expert management and advisory team that collectively holds over 100 years of experience in the natural resource sector.

COMMODITY PORTFOLIO

Metal Concessions

CityView owns approximately 45% of Fortitude Minerals Limited (Fortitude), one of the largest concession holders in Angola. Fortitude holds a controlling interest in nine concession areas totaling more than 18,000 square kilometers of prime mineralized areas in Angola.

Included in the mine concession areas are five copper licenses running for several hundred kilometers along the western seaboard of Angola and they encompass the greater part of the Upper Cuvo formation, where copper mineralization has been reported along its entire length. Included amongst the copper licenses is Cachoeiras de Binga, on which over 6,000 meters of core has been drilled.

Fortitude's Chipindo Gold license area has high gold grades reported in artisinal workings. Its geology is similar to the Minas Gerais gold area of Brazil and to the Kalgoorlie region of Western Australia. The Longonjo copper-gold-rare earths license area contains Catabola and Longonjo Carbonatite. At Catabola, copper and iron oxide mineralization has been identified over a 1.6 kilometer strike. At Longonjo Carbonatite, niobium, tantalum and uranium minerals have been identified. CityView plans to acquire the remaining shares in Fortitude and then bring Cachoeiras and Longonjo to bankable feasibility/production, which it expects to be a low cost production. Exploration in other concession areas is also planned.

BULLISH COMMODITIES MARKET

* Oil: World consumption of oil (32 Billion barrels per year) exceeds new discoveries of oil (5 - 7 billion barrels per year).

* Gold: The world's currencies are regulated by the value of gold. Current world gold production is approx. 78 million ounces per annum, with new gold discoveries at around 20 million ounces each year.

* Copper: The BRIC economies Brazil, Russia, India and China are still in a metals-intensive stage of development, and should continue as such in the foreseeable future.

* Diamonds: Demand for rough diamonds is increasing, while global supply is declining. After 2011, supply is likely to decline sharply with three major mines fading (Ekati in Canada, Udachinaya in Russia and Venetia in South Africa).

Diamond Concessions

CityView holds 18.5% ownership in Angola Diamond Holdings Limited, the parent company of Canzar Resources Limited, which operates the Nhefo and Luachisse Diamond concessions in Angola. The Nhefo concession area spans 3,280 km2 and covers most of the alluvial diamond areas of the Rio Luachimo in the province of Luanda Norte. The Luachisse concession area is 2,700 km2 and encompasses much of the key diamond areas of the province of Bie. Canzar's percentage ownership of Nhefo is 42% and Luachisse 41%., with the Government holding the balance.

CityView believes cash flow can be generated through the use of high-capacity Dense Medium Separator (DMS) mobile plants with a cyclone capacity running at 65 tonnes per hour. Each high-speed diamond processing plant has the throughput of 200 tonnes of feed per hour. The Company calculates that head feed at Nhefo should grade on average 0.15 carats per tonne, at a selling price of approximately

US$200 per carat. Based on two DMS plants installed (400 x 0.15 x $200), Nhefo is expected to generate US$12,000 per hour from production of diamond rough stones at an operational cost of 40% of income. CityView plans to acquire the balance of the shares in Angola Diamond Holdings Limited and then bring Nhefo into production, followed by Luachisse.

Oil Refinery

West and Southern Africa do not have enough refinery capacity, and this unmet demand is likely to continue. Much of the fuel consumed in West Africa has to be imported from Europe. Consequently, refined products are in short supply and very expensive. CityView plans to participate in a refinery capable of processing approx. 50,000 bpsd of crude oil, which is to be upgraded to 100,000 bpsd. The refinery serves to supply oil at a much lower cost than through importation. CityView's strategy is to complete the refinery acquisition in Nigeria and then proceed quickly to installation and mobilization.

CONCLUSION

CityView makes it possible for investors to benefit from the global need to replenish the world's dwindling resources of oil and precious metals. Through select acquisitions of interests in prolific oil, diamond and other precious metal concessions in Angola, CityView has created a valuable commodity portfolio. A superior management team, state-of-the-art equipment suppliers and established infrastructure in Angola are ideal conditions to move CityView into online production by year-end 2010.

CityView has many unique opportunities to develop bankable/producing properties in Africa. In addition to its current interests (of which it has plans to acquire 100% ownership) within the vast Angolan terrain, the Company has the potential to acquire additional assets and/or engage in exploration activities for sustainable, long-term growth. CityView's diversified portfolio minimizes risk, while offering above average upside potential for its shareholders.

Certain statements contained herein, which are not historical facts, are considered forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. The Private Securities Litigation Reform Act of 1995 of the United States provides a "safe harbor" for forward-looking statements. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the Company materially and is detailed from time to time in the Company's reports filed with the U.S. Securities and Exchange Commission, available at http://www.sec.gov.