BULLETIN RESOURCES LIMITED — Capital/Financing Update 2011

Jul 13, 2011

Bulletin Resources is the 100% owner of the Nicolson’s Gold Project located near Halls Creek in the Kimberley region of Western Australia. The project has a combined open pit and underground Mineral Resource of 1 million tonnes at 5.20g/t Au (for a total of 169,500 ounces) and a 120,000 tpa processing facility currently under care and maintenance.

ASX Code: BNR

Issued capital:

55,500,003 listed ord. shares 11,874,997 restricted ord. shares 8,250,000 unlisted options

Share price (13 July 2011): $0.135

Market capitalisation at 13 July 2011: $9.10 million

Cash on hand at 31 March 2011: $8.96 million

[ASX Announcement ]

14 July 2011

Bulletin Successfully Tests Gold Processing Facility

SUMMARY

• Power station, crushing circuit, conveyors, ball mill and leaching circuits successfully energised and mechanically tested.

• Results received for a further 7 holes at Nicolson’s Find. Best results include:

• NRC11044 : 2.0m at 14.1 g/t Au from 137m NRC11048 : 2.0m at 6.9 g/t Au from 159m NRC11064 : 2.0m at 6.7 g/t Au from 282m

• Drilling advances into Nicolson’s South with significant mineralisation intersected at depth. Best results to date are:

NRC11014 : 4.0m at 5.0 g/t Au from 129m;

• and 3.0m at 9.2 g/t Au from 135m

Directors:

Non-Executive Chairman: Phil Retter Managing Director: Marty Phillips Executive Director Operations: Mick Fitzgerald Non-Executive Director: Steve Robinson

Marty Phillips Managing Director

Investor and Media Contact:

Marty Phillips +61 8 9388 6921 Fergus Ross Six Degrees Investor Relations fergus@sixdegreesmedia.com.au +61 2 9230 0661

Bulletin Resources Limited

ASX Announcement

Bulletin Resources Limited (ASX: BNR) (“Bulletin”) is pleased to provide the following update on activities at its 100% owned Nicolson’s Gold Project located near Halls Creek in northern WA.

PROCESSING FACILITY RESTART

As part of a detailed condition check of the 120,000 tpa processing facility, Bulletin has successively re-energised and mechanically tested the power station, crushing circuit, conveyors, ball mill and leaching circuits. Testing began on 25 June with the aim of determining the electrical and mechanical condition of all equipment. This outcome will form part of the scope and cost for refurbishing and returning the processing facility back to full operation.

DRILLING RESULTS

Assay results have now been received for an additional 7 holes drilled at Nicolson’s Find and from the first 14 holes at Nicolson’s South. The results are summarised in Table 1 (see below).

At Nicolson’s Find, high grade intersections continue be encountered within the footwall lode, including from re-entries of several holes that were terminated prematurely by the former owners of the project. Significant results include:

1NRC11044 : 2.0m at 14.1 g/t Au from 137m

1NRC11048 : 2.0m at 6.9 g/t Au from 159m NRC11064 : 2.0m at 6.7 g/t Au from 282m

The first phase of drilling at Nicolson’s South was mainly aimed at assessing the up-plunge potential of the high grade lode mineralisation for mine planning purposes. While host structures were intersected in several holes, no significant gold results were returned. The highly weathered nature of the host rocks at Nicolson’s South suggests the possibility for supergene depletion within the shallower levels of the deposit.

More encouraging indications have been returned from the limited results received to date from holes targeting extensions to the Nicolson’s South lode at depth and include:

NRC11014 : 4.0m at 5.0 g/t Au from 129m; and

3.0m at 9.2 g/t Au from 135m

1 Holes NRC11044 and NRC11048 are extensions of historical holes.

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Bulletin Resources Limited

ASX Announcement

Bulletin’s Managing Director, Marty Phillips said: “It was a surprisingly smooth restart of the facility after having been idle for nearly 8 years. While some refurbishment will be required we are very encouraged by its overall condition.”

“Drilling at Nicolson’s South is nearly complete and the drill rig will now advance further south to commence the assessment of our priority open pit targets at Rowdies and Wagtails.”

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Bulletin Resources Limited

ASX Announcement

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Table 1:1Latest AssayResults from Nicolson’s Gold Project
Hole ID	Local North	Local East	Local mRL	From (m)	To (m)	2Down- hole Interval (m)	3Grade (g/t Au)	4Zone
Nicolson’s Find Intersections
NRC11026	19381	10139	297	98	99	1	5.6	Main
NRC11028	19420	10182	295	124	125	1	1.6	Main
NRC11029	19440	10181	296	100 122	101 124	1.0 2.0	2.3 2.0	HW Main
5NRC11044	19582	10163	298	124 137 141	125 139 143	1.0 2.0 2.0	2.2 14.1 1.5	FW FW FW
5NRC11048	19589	10182	298	159 163	161 164	2.0 1.0	6.9 1.3	FW FW
NRC11049	19600	10242	297	219 228	222 229	3.0 1.0	2.7 2.9	FW FW
NRC11064	19695	10306	298	278 282 333	279 284 335	1.0 2.0 2.0	5.5 6.7 1.9	FW FW FW
Nicolson’s South Intersections
NRC11001	19040	9964	294	-	-	-	-
NRC11002	19040	10077	292	-	-	-	-
NRC11003	19060	9963	295	-	-	-	-
NRC11004	19100	9967	297	-	-	-	-
NRC11006	19100	10031	295	-	-	-	-
NRC11007	19100	10099	292	-	-	-	-
NRC11008	19120	10073	295	130	131	1.0	1.3	Main
NRC11009	19140	9983	298	-	-	-	-
NRC11010	19140	10024	297	78	80	2.0	2.1	Main
NRC11012	19200	9975	301	-	-	-	-
NRC11014	19200	10070	296	109 129 135	110 133 138	1.0 4.0 3.0	4.0 5.0 9.2	HW? Main Main
NRC11018	19240	10146	294	200 226	201 227	1.0 1.0	2.7 1.3	Main FW
NRC11020	19278	9976	303	4 30	5 31	1.0 1.0	1.1 1.8	Main FW
NRC11022	19320	10095	299	82 -	83 -	1.0 -	1.3 -	HW Main

Notes:

1Drilling and assay results in Table 1 are down-hole intervals compiled using a 1.0 g/t Au lower cut with no internal dilution unless noted. No upper cut value has been applied to the assay results.

2True intersection widths are estimated to be 60 to 80 % of down-hole intersection widths. All holes are drilled with a dip of -60[o] and azimuth of 270[o] to grid unless otherwise indicated. Holes NRC11044 and NRC11048 are extensions of historical holes.

3Drill samples were analysed using a 40 gram fire assay with AAS finish.

4Zones are mineralised zones. They are denoted as Hanging Wall (HW), Main (Main) and Footwall (FW) for the Nicolson’s Find and Nicolson’s South deposits. 5Holes NRC11044 and NRC11048 are extensions of historical holes.

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Bulletin Resources Limited

ASX Announcement

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Figure 1: Long section showing approximate location of Nicolson’s foot wall zone drill intersections and resource model extent (in orange) superimposed on main zone resource outline

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Figure 2: Long section showing approximate location of Nicolson’s main zone drill intersections superimposed on a gram/metre representation of the main zone

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Bulletin Resources Limited ASX Announcement

About Bulletin Resources

Bulletin Resources holds a 100% interest in the Nicolson’s Gold project which comprises a contiguous mineral tenement holding covering approximately 70km[2] in the Kimberley Region of WA. The project is estimated to host an Indicated Resource of 787,900 tonnes at 5.05g/t Au for approximately 127,800 ounces of gold and an Inferred Resource of 234,200 tonnes at 5.54g/t Au for approximately 41,700 ounces of gold. Also located on the project is a 120,000 tpa processing facility currently under care and maintenance. The principal objective of the company is to advance the project to the stage of decision to mine.

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Competent Persons statement

The Information in this report that relates to the interpretation of Exploration Results and Mineral Resources has been based on information compiled by Mark Csar. Mark Csar is a Fellow of the Australian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity they have undertaken to qualify as a Competent Person as defined in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code 2004). Mark Csar is a full-time employee of Bulletin Resources Limited and consents to the inclusion in this report of the matters based on his information in the context in which it appears.

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