BULLETIN RESOURCES LIMITED — Capital/Financing Update 2012

Mar 1, 2012

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 1.38 million tonnes at 5.58g/t Au (for a total of 248,500 ounces) and a 120,000 tpa processing facility currently under care and maintenance.

ASX Code: BNR

Issued capital:

62,190,128 listed ord. shares 5,184,872 restricted ord. shares 8,250,000 unlisted options

Share price at 1 March 2011: $0.13

Market capitalisation at 1 March 2011: $8.8 million

Cash on hand at 31 December 2011: $3.9 million

[ASX Announcement ]

2 March 2012

Strike extent of new Paddock Well target grows to 1km

• Surface sampling extends strike length of the partially exposed Paddock Well prospect to over 1 kilometre

• High grade rock chip results (24.1 g/t Au and 11.3 g/t Au) returned from two subsidiary northwest-trending structures

• Detailed mapping and surface sampling over the Western Reefs prospect at Nicolson’s outlines potential for additional high grade lode mineralisation with results of 8.5 g/t Au and 53.1 g/t Au

Bulletin’s Managing Director, Martin Phillips commented: “Over recent months, our project team has successfully confirmed its geological and structural model for locating additional gold mineralisation within the Nicolson’s project. Our forthcoming drilling program will hopefully reveal the resource potential of these new targets.”

Martin Phillips Managing Director

Directors:

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

Investor and Media Contact:

Fergus Ross Six Degrees Investor Relations fergus@sixdegreesmedia.com.au +61 2 9230 0661

ASX Announcement

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Bulletin Resources Limited (ASX: BNR) (“Bulletin”) is pleased to announce further results received from ongoing reconnaissance sampling program over its 100% owned Nicolson’s project tenements (Figure 1). The sampling formed part of an extensive program of geological mapping and rock chip sampling validating numerous documented gold occurrences in the project database as well as testing conceptual targets. In particular, areas with a similar geological and structural setting to the main Nicolson’s line of deposits were specifically targeted. At Nicolson’s, gold mineralisation is related to north to northeast trending quartz veins hosted within sedimentary and volcaniclastic rocks adjacent to a granite contact.

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Figure 1: Geological map of Nicolson’s project

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ASX Announcement

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1. Paddock Well prospect

Ongoing geological mapping and rock chip sampling along the granite contact further south of the high grade results reported in Bulletin’s ASX release dated 10[th] February 2012 has outlined several additional mineralised quartz vein outcrops (Figure 2).

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Figure 2: Paddock Well prospect rock chip samples with grades greater than 3 g/t Au annotated.

Of particular note are two northwest trending quartz veins exposed to the immediate southwest of the previously reported results, returning up to 24.1 g/t Au and 11.3 g/t Au from limited rock chip sampling (Figure 2).

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ASX Announcement

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A quartz-hematite vein hosted within metasediments and striking sub-parallel to the granite contact was also located approximately 800m south of the previously reported Paddock Well results. Here the vein outcrop extends over a strike length of approximately 150m with gold grades above 3 g/t Au and elevated lead values returned from several rock chip samples.

The Shifty’s prospect is a westerly striking quartz vein hosted within granite that was previously drilled during the 1990s (Figure 2). The gold mineralisation at Shifty’s is interpreted as being unrelated to the Paddock Well quartz lodes. Significant drill intersections previously reported from Shifty’s include 2m at 8.3 g/t Au from 6m (PWRC03) and 2m at 7.4 g/t Au from 11m (PWRC07). However the vein is considered to have limited depth and strike potential. All previous drill hole results from the Shifty’s prospect are summarised in Table 2.

Rock chip sampling of a northwest trending, untested quartz vein exposed over a 50m strike length to the immediate south of Shifty’s returned a best result of 9.8 g/t Au. Like Shifty’s, this vein is also hosted within granite and is considered to offer limited potential.

Further exploration over the Paddock Well prospect is planned with a drilling program scheduled to commence following the conclusion of the wet season.

2. Western Reef prospect

Detailed mapping and limited rock chip sampling along strike of the Western Reef prospect (Figure 3) returned highly encouraging results of 8.5 g/t Au and 53.1 g/t Au. Mapping suggests that the earlier drilling was ineffective at Western Reef with the host structure dipping more steeply than previously interpreted. Additional drilling to confirm the revised interpretation is also planned for the forthcoming program.

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ASX Announcement

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Figure 3: Western Reef prospect rock chip samples with grades greater than 3 g/t Au annotated.

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ASX Announcement

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Table 1[1] : Rock chip sample results

Sample ID East North

Au (ppm) Ag (ppm) Cu (%) Pb (%) Zn (%)

Paddock well B018082 327641 7961434 B018083 327641 7961434 B018084 327591 7961375 B018085 327580 7961404 B018086 327397 7961118 B018087 327375 7961027 B018088 327604 7960955 B018089 327589 7960971 B018090 327536 7961012 B018091 327558 7961018 B018092 327615 7961069 B018093 327696 7961089 B018094 327643 7961100 B018095 327708 7961082 B018096 327718 7961075 B018097 326979 7960697 B018098 326986 7960650 B018099 327007 7960594 B018100 327025 7960561 B018101 327027 7960539 B018102 327038 7960522 B018103 327047 7960502 B018104 327033 7960585 B018106 326926 7959950 B018109 326903 7959919 B018112 326905 7959915 B018113 326900 7959907 B018114 326895 7959898 B018115 326873 7959855 B018116 327616 7960709 B018117 327659 7960672 B018118 326868 7959836 B018126 327803 7960756 B018127 326921 7960060 B018128 326933 7960052 B018129 326959 7960042 B018130 327260 7960994 B018131 327273 7960983 B018132 327286 7960956 B018133 327270 7960935 B018134 326940 7960010 B018135 326924 7959971 B018136 326858 7959806 B018137 326849 7959793 B018138 326879 7959798 B018139 327059 7960183 B018140 327074 7960160

0.1 0.8 - - - - 0.3 - - - - 0.1 - - - - - - - - 1.3 2.4 - - - 0.3 0.7 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1.1 - - - - 0.2 - - - 0.5 15.8 - - - 0.9 0.7 - - - 2.3 14.0 - - - 1.6 7.9 - - - 11.3 29.0 - - - 0.5 4.3 - - - 0.9 1.1 - - - 0.5 2.3 - - - 0.1 0.9 - - - - 0.0 - - - 0.9 0.2 - - - 3.6 27.6 - 3.3 0.2 3.5 6.8 - - 0.2 0.5 1.6 - 0.7 0.2 3.3 18.2 - 0.3 - 4.9 2.6 - - - 0.1 - - - - - - - - - 0.3 2.9 - 2.5 - 0.0 0.7 - - - 0.1 0.3 - - - - 0.4 - 0.6 - 0.2 0.1 - - - 0.2 - - 0.8 - 0.3 - - - - 2.0 0.1 - - - - - - - - 0.2 0.8 - 0.2 - 1.1 1.5 - - - 1.0 13.1 - 0.2 - 0.2 1.8 - - - - 0.2 - - - 1.8 0.3 - - - 9.8 1.0 - - -

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ASX Announcement

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Sample ID East North

Au (ppm) Ag (ppm) Cu (%) Pb (%) Zn (%)

B018141 327079 7960153 B018142 326734 7959518 B018143 326736 7959538 B018144 326742 7959559 B018145 326742 7959579 B018146 326786 7959697 B018147 326817 7959725 B018148 326831 7959758 B018149 326834 7959762 B018150 326884 7959765 B018151 326888 7959736 B018152 326902 7959712 Western Reef B018124 326248 7962890 B018153 325982 7962961 B018154 326058 7963042 B018155 325980 7962770 B018156 325978 7962787 B018157 325971 7962728 B018158 325900 7962811 B018159 325893 7962795 B018160 325926 7962875 B018161 325692 7962878 B018162 325709 7962883 Shifty’s Reef BRSH001 327161 7960241 BRSH002 327120 7960262 BRSH003 326957 7960448 BRSH004 326944 7960427 BRSH005 326942 7960413 BRSH006 326921 7960388

0.4 0.1 - - - - 0.1 - - - - 0.1 - - - - 0.1 - - - - - - - - - - - - - - - - - - - 0.9 - - - - 0.4 - - - - 0.1 - - - - - - - - - - - - - 0.6 - - - - 8.5 1.4 - - - 0.6 0.4 - - - - 1.5 - - - - 0.2 - - - - 0.1 - - - 1.5 0.4 - - - 0.0 0.2 - - - 53.1 38.0 - 0.2 - 0.2 1.2 - - - 0.3 0.2 - - - 45.4 - 0.1 24.1 - -

Notes for Table 1: 1Rock chips were analysed using ICP-MS methodology for base metals. Gold and silver were analysed using a 40 gram charge and an AAS finish. Shifty’s Reef rock chips were assayed for gold only.

Table 2: Shifty’s Prospect – Table of previous drill results

1Hole ID	East	North	From (m)	To (m)	2Down- hole Interval (m)	3Grade (g/t Au)
SHRC1101	327070	7960247	44	45	1.0	1.4
SHRC1102	327084	7960224	-	-	-	-
SHRC1103	327107	7960226	-	-	-	-
SHRC1104	327126	7960214	40	41	1.0	0.9
			102	103	1.0	0.5
SHRC1105	327146	7960207	-	-	-	-
SHRC1106	326915	7960388	-	-	-	-

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ASX Announcement

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1Hole ID	East	North	From (m)	To (m)	2Down- hole Interval (m)	3Grade (g/t Au)
SHRC1107	326954	7960412	-	-	-	-
PWRC01	327077	7960263	4	5	1	2.0
			24	26	2	4.6
PWRC02	327093	7960239	46	47	1	1.4
PWRC03	327102	7960269	2	3	1	1.6
			6	8	2	8.3
PWRC04	327099	7960257	8	9	1	3.6
PWRC05	327118	7960259	13	15	2	5.7
PWRC06	327115	7960244	16	17	1	1.3
PWRC07	327136	7960248	11	13	2	7.4
PWRC08	327132	7960231	43	45	2	2.1
PWRC09	327155	7960242	5	7	2	3.6
PWRC10	327151	7960224	44	45	1	10.3
PWRC11	327193	7960228	41	42	1	2.1
PWRC12	327235	7960221	-	-	-	-

Notes for table 2

1 Drilling and assay results in Table 2 are down-hole intervals compiled using a 1.0 g/t Au lower cut. 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 unless noted otherwise are drilled with a dip of -60[o] and an azimuth of approximately 020[o] to magnetic north. Holes SRHC1106 and SHRC1107 were drilled at an azimuth of 050[o] magnetic.

3Drill samples with prefix SHRC were analysed using a 40 gram fire assay with AAS finish. Drill samples with prefix PWRC were analysed using a 50 gram fire assay with AAS finish.

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ASX Announcement

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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 737,800 tonnes at 5.55g/t Au for approximately 131,700 ounces of gold and an Inferred Resource of 647,000 tonnes at 5.61g/t Au for approximately 116,800 ounces of gold (total of 1.38 million tonnes at 5.58g/t Au for 248,500oz Au). 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.

Prospect Category	Prospect Category	Tonnes Grade (g/t Au) Ounces	Tonnes Grade (g/t Au) Ounces	Tonnes Grade (g/t Au) Ounces
Nicolson’s Open pit Indicated Open pit Inferred Total open pit Underground Indicated Underground Inferred Total underground Nicolson’s total		520,800 5.70 95,400
		37,300	2.74	3,300
		558,100 5.50 98,700
		131,900	5.56	23,600
		474,700 6.04 92,200
		606,600	5.94	115,800
		1,164,700 5.73 214,500
Rowdies Open pit Indicated		59,000	3.81	7,200
Open pit Inferred
		29,200	2.48	2,300
Total open pit Underground Indicated Underground Inferred Total underground Rowdies total Wagtail area Open pit Indicated Open pit Inferred Total open pit Underground Indicated Underground Inferred Total underground Wagtail area total		88,200	3.37	9,600
		9,400 4.68 1,400
		2,900	4.12	400
		12,300 4.55 1,800
		100,500	3.51	11,300
		16,700 7.56 4,000
		73,600	5.36	12,700
		90,300 5.76 16,700
		-	-	-
		29,300 6.27 5,900
		29,300	6.27	5,900
		119,500 5.89 22,600
Total Total open pit		736,600	5.28	125,000
Total underground		648,200 5.92 123,500
Project total		1,384,800	5.58	248,500

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ASX Announcement

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Competent Persons statement

The information in this table that relates to Mineral Resources is based on information compiled by Mr Ian Glacken, who is a Fellow of the AusIMM. Mr Glacken is a full time employee of Optiro Pty Ltd where he holds the title of Principal Consultant. Mr Glacken has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Glacken consents to the inclusion in this table of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Exploration Results is based on information compiled by Mark Csar, who is a Fellow of The AusIMM. Mark Csar is a full-time employee of the company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mark Csar consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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