BULLETIN RESOURCES LIMITED — Capital/Financing Update 2011

May 31, 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

[ASX Announcement ]

1 June 2011

Bulletin Reports Further High Grade Intersections at Nicolson’s Gold Project

HIGHLIGHTS

• Continued positive results from high grade Nicolson’s lode extending below former open pit;

NRC11041 : 7.0m at 22.8 g/t Au (including 4.0m at 38.8 g/t Au)

Issued capital:

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

• Potential discovery of high grade hanging wall lode north of open pit;

NRC11055 : 3.0m at 11.7 g/t Au

Share price (31 May 2011): $0.155

Market capitalisation at 31 May 2011: $10.44 million

Cash on hand at 31 March 2011: $8.96 million

Marty Phillips Managing Director

Directors:

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

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

1. DRILLING PROGRESS

Bulletin Resources Limited (ASX: BNR) (“Bulletin”) is pleased to announce further results from the current 11,500 metre RC drilling program at the Company’s wholly owned Nicolson’s Gold Project near Halls Creek in Western Australia.

Assay results have now been received for an additional 14 holes designed to:

• provide further information on a lightly drilled hanging wall lode located to the immediate north of the former Nicolson’s open pit;

• continue the evaluation of the main high grade, north plunging lode extending below the open pit; and

• test the potential for additional shallow mineralisation north of the open pit.

Hole NRC11055 successfully confirmed the presence of high grade gold mineralisation over a 3 metre downhole width within an interpreted hanging wall lode to the north of the open pit. A cross section of this intersection is presented in Figure 1 and a summary of all hanging wall intersections greater than 1g/t Au is presented in Table 1.

Further drilling will be planned to assess the potential of the hanging wall lode for additional high grade mineralisation.

Continued positive results have also been returned from drilling targeting the high grade Nicolson’s main lode beneath the former open pit, including one outstanding result of 7.0m at 22.8 g/t Au (including 4.0m at 38.8 g/t Au) in hole NRC11041 (refer to Figures 2 and 3). A summary of the other main lode intersections greater than 1g/t Au is presented in Table 1.

A series of 9 shallow RC holes were also completed in the lightly drilled area to the immediate north of the open pit to assess the potential for additional open pitable mineralisation. Narrow widths of mineralisation were encountered in two of these holes (refer to Table 1).

2. CORPORATE UPDATE

The Company also wishes to announce the appointment of Mr Mick Fitzgerald, formerly Underground Manager at Apex Minerals’ Wiluna Gold Operation and Non-executive Director of Bulletin, to the position of Executive Director of Operations. Mick will be responsible for the day to day management of the Nicolson’s Project.

Mick brings 38 years of hands-on involvement in the mining industry. He was previously the owner of mining contracting company Alliance Mining Pty Ltd, and has accumulated many years’ experience working for Barminco Limited and Barrick Gold Corporation. Mick is a qualified diesel mechanic and holds a WA Shift Supervisors Certificate and a Queensland Senior Site Executive Certificate.

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Bulletin Resources Limited ASX Announcement

Bulletin’s Managing Director, Marty Phillips said: “The latest results are particularly encouraging as they indicate to us that there is a potential repetition to the high grade mineralisation north of Nicolson’s Find.”

“With drilling now underway at Nicolson’s South, we are confident of defining further high grade lodes and expanding Bulletin’s resource base beyond the current estimate.”

“I also welcome Mick Fitzgerald who will be an integral part of the project’s development team. Mick’s experience, especially in narrow vein underground mining, will greatly assist us in developing an appropriate mining strategy to progress the Nicolson’s Project towards production”.

Table 1:[1] Interim Assay Results from Nicolson’s Gold Project

Hole ID	Local North	Local East	Local mRL	From (m)	To (m)	2Down- hole Interval (m)	3,5Grade (g/t Au)	4Zone
NRC11036	19539	10175	296	69 121	70 124	1.0 3.0	5.0 3.6	HW Main
NRC11041	19559	10185	297 including	131 131 148 150	138 135 149 151	7.0 4.0 1.0 1.0	22.8 38.8 1.7 1.0	Main FW FW
NRC11043	19579	10141	297	-	-	-	-
NRC11047	19599	10164	297	-	-	-	-
NRC11051	19639	10074	298	21 40	24 41	3.0 1.0	1.2 1.4	HW Main
NRC11052	19640	10169	299	64 104 140	65 105 141	1.0 1.0 1.0	8.0 5.6 1.0	HW Main FW
NRC11053	19659	10031	298	18	19	1.0	5.3	Main
NRC11054	19659	10057	298	-	-	-	-
NRC11055	19660	10187	299	75 129	78 130	3.0 1.0	11.7 11.0	HW Main
NRC11057	19680	10038	298	-	-	-	-
NRC11058	19680	10060	298	-	-	-	-
NRC11061	19702	10040	298	-	-	-	-
NRC11062	19710	10082	299	-	-	-	-
NRC11065	19719	10167	300	149	150	1.0	11.0	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. 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 at a declination of -60[o] and azimuth of 270[o] to grid unless otherwise indicated. 3Drill samples were analysed using a 40 gram fire assay with AAS finish. 4Zones are mineralised zones denoted as Hanging Wall (HW); Main (Main) and Footwall (FW).

5Holes with “-“returned no significant Au values. All these holes targeted potential mineralisation at shallow (< 50m) depths.

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Bulletin Resources Limited ASX Announcement

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Figure 1: Drill section 19660N showing high grade hanging wall intersection in hole NRC11055 north of the open pit

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Figure 2: Drill section 19560N showing high grade main lode intersection in hole NRC11041 beneath the open pit

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Bulletin Resources Limited ASX Announcement

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Figure 3: Long Section showing approximate location of Nicolson’s main lode drill intersections superimposed on a gram/metre representation of the resource model

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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Bulletin Resources Limited ASX Announcement

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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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