BULLETIN RESOURCES LIMITED — Capital/Financing Update 2013

Mar 11, 2013

12 March 2013

ASX Announcement

Placement and New Drilling Program

Bulletin Resources Limited (ASX: BNR) is pleased to announce it has received a $600,000 funding commitment (before costs) from a new strategic investor via a share placement at an average issue price of $0.055 per share, representing a 22% premium to Bulletin’s closing share price on 11 March 2013.

The placement of approximately 10.9 million ordinary shares will be issued within the discretionary capacity of the Board under ASX Listing Rule 7.1 and as part of placement of the shortfall of shares not subscribed for by Shareholders pursuant to the Company's share purchase plan announced to ASX on 23 October 2012.

The funds raised under this placement will be applied towards exploration and resource expansion drilling at the Company’s Lamboo and Golden Crown Projects as well as general working capital.

A 5,000 metre reverse circulation (“RC”) drilling program is scheduled to commence in late March, weather permitting. Drilling at Nicolson’s Find will test the down-plunge extension to the recently announced (24 December 2012) drill result of 4m at 22.3g/t Au in the north of the deposit (Figure 1). RC drilling planned for Wagtail South will continue to assess the depth extensions of the deposit in proximity to the drill hole result announced in December which returned multiple high grade intersections of 1m at 13.4g/t Au, 3m at 5.8g/t Au and 1m at 6.3g/t Au (Figure 2). The program will also assess the new open pit targets recently discovered within the Lamboo Project at Nicolson’s North and Hyena (Figure 3) and at the Shifty’s prospect (Figure 4). Drilling at the Golden Crown Project is planned to confirm and raise confidence in the existing resource estimate as well as exploring for structural repetitions to the mineralisation.

Bulletin’s Managing Director, Mr Martin Phillips, commented: “We are encouraged by the high level of interest being shown in our project and remain committed to progressing discussions on our financing strategy. We look forward to updating the market on the results from the forthcoming drilling program as part of our resource growth strategy.”

-ENDS-

ASX Announcement

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Figure 1 Nicolson’s Find RC Drilling Target

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Figure 2 Wagtail South RC Drilling Target

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Figure 3 Nicolson’s North and Hyena RC Drilling Targets

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Figure 4 Shifty’s RC Drilling Targets

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About Bulletin Resources

Bulletin Resources Limited (ASX: BNR) is a gold development company, focused on commercialising and expanding its resource inventory in the prospective Halls Creek goldfield, located in the East Kimberley region of Western Australia.

Since listing on the ASX in 2010, Bulletin has rapidly grown its Mineral Resource to 294,000oz at 5.2g/t Au and has completed a feasibility study at its flagship Lamboo Project which confirmed average production of 28,000oz Au per annum for an initial five years through the existing processing facility. This near-term development scenario provides the potential to realise cash flow and fund future exploration at several near-mine targets. There is substantial valuation upside by increasing mine life.

The short time frame to production, subject to securing financing, and low risk restart of the existing processing plant and mine development, provides unique competitive advantages for Bulletin.

2013 is set to be a big year for the Company as it approaches production with a skilled board and management team underpinning opportunities for exploration and corporate growth.

For further information please contact:

Anna Nahajski Staples AMN Corporate +61 (0)400 205 433 anna@amncorporate.com

Martin Phillips Bulletin Resources +61 (0) 8 9388 6921 admin@bulletinresources.com

Ore Reserve Statement – September 2012

Mine Tonnes	Mine Tonnes	Proved Gold grade (g/t) Contained Gold (oz)	Proved Gold grade (g/t) Contained Gold (oz)	Probable Total Tonnes Gold grade (g/t) Contained Gold (oz) Tonnes Gold grade (g/t) Contained Gold (oz)	Probable Total Tonnes Gold grade (g/t) Contained Gold (oz) Tonnes Gold grade (g/t) Contained Gold (oz)	Probable Total Tonnes Gold grade (g/t) Contained Gold (oz) Tonnes Gold grade (g/t) Contained Gold (oz)	Probable Total Tonnes Gold grade (g/t) Contained Gold (oz) Tonnes Gold grade (g/t) Contained Gold (oz)	Probable Total Tonnes Gold grade (g/t) Contained Gold (oz) Tonnes Gold grade (g/t) Contained Gold (oz)	Probable Total Tonnes Gold grade (g/t) Contained Gold (oz) Tonnes Gold grade (g/t) Contained Gold (oz)
Nicolson's South -		- -		268,000	4.4	38,000	268,000 4.4 38,000
Nicolson's Find -		- -		92,000 5.9		17,000 92,000 5.9 17,000
Wagtail North -		- -		105,000	3.0	10,000	105,000 3.0 10,000
Rowdies -		- -		19,000 2.0		1,00019,000 2.0 1,000
Wagtail South -		- -		77,000	3.6	9,000	77,000 3.6 9,000
Total Open Pit				560,000	4.2	75,000560,000 4.2 75,000
Underground -		- -		177,000	6.0	34,000	177,000 6.0 34,000
Total -		-		737,000	4.6	110,000 737,000 4.6 110,000

Note: Figures may not add due to rounding

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Mineral Resource Statement – September 2012

Category	Tonnes	Gold grade (g/t)	Contained Gold (oz)
Lamboo Project
Nicolson’s Open pit Indicated	333,000	5.5	59,000
Open pit Inferred	16,000 2.7 1,000
Total open pit	349,000	5.4	60,000
Underground Indicated	406,000	6.5	85,000
Underground Inferred	372,000	5.7	69,000
Total underground	778,000 6.2 154,000
Nicolson’s total	1,127,000	5.9	214,000
Rowdies Open pit Indicated	17,000 2.4 1,000
Open pit Inferred	6,000	2.7	1,000
Total open pit	22,000	2.5	2,000
Underground Indicated	35,000	5.4	6,000
Underground Inferred	7,000 6.4 1,000
Total underground	43,000	5.6	8,000
Rowdies total	65,000 4.5 9,000
Wagtail North Open pit Indicated	87,000 3.8 11,000
Open pit Inferred	1,000	0.8	0
Total open pit	88,000	3.8	11,000
Underground Indicated	82,000	4.9	13,000
Underground Inferred	4,000 4.7 1,000
Total underground	86,000	4.8	13,000
Wagtail North total	174,000 4.3 24,000
Wagtail South Open pit Indicated	51,000 5.6 9,000
Open pit Inferred	7,000	1.9	0
Total open pit	58,000	5.2	10,000
Underground Indicated	16,000	4.5	2,000
Underground Inferred	5,000 5.1 1,000
Total underground	21,000	4.6	3,000
Wagtail South total	79,000 5.0 13,000
Total Total open pit	517,000 5.0 82,000
Total underground	928,000 6.0 178,000
Project Total Project total	1,445,000 5.6 261,000

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Category	Category	Tonnes Gold grade (g/t) Contained Gold (oz)	Tonnes Gold grade (g/t) Contained Gold (oz)	Tonnes Gold grade (g/t) Contained Gold (oz)
Golden Crown Project
Golden Crown Open pit Inferred		136,000 3.80 17,000
Faugh-a-Ballagh Open pit Inferred		187,000	2.83	17,000
Project Total		323,000 3.24 34,000
Combined Total		1,768,000	5.2	294,000

Note: Lamboo Project Resource Estimate reported at 0.6g/t Au cut-off grade for potential open pit material and 3.0g/t Au cut-off grade for potential underground material. Golden Crown Project Resource Estimate reported at 1.0g/t Au cut-off grade. Figures may not add due to rounding.

Competent Persons Statement

The information in this report that relates to the Lamboo Project Mineral Resources is based on information compiled by Mr Ian Glacken, who is a Fellow of the Australasian Institute of Mining and Metallurgy (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 report and table of the matters based on his information in the form and context in which it appears.

The information in the tables that relates to Golden Crown and Faugh-a-Ballagh Mineral Resources is based on information compiled by Mr Aaron Green, who is a Member of the Australian Institute of Geoscientists (AIG). Mr Green is a full time employee of Runge Limited where he holds the title of Operations Manager WA. Mr Green 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 Green 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 table that relates to Ore Reserves is based on information compiled by Mr Glen Carthew who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Carthew is a full time employee of AMC Consultants Pty Ltd. Mr Carthew 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’. Mr Carthew 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 Mr Mark Csar, who is a Fellow of Australasian Institute of Mining and Metallurgy (AusIMM). Mr 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’. Mr 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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