CULLEN RESOURCES LIMITED — AGM Information 2007

Nov 25, 2007

Cullen Resources Limited Cullen Resources Limited

Annual General Meeting Nov 26th 2007

IMPORTANT NOTICE

This presentation has been prepared by Cullen Resources Limited ACN 006 045 790 (Cullen) for general information purposes only.

The presentation is not and should not be considered as an offer or invitation to subscribe for or purchase any securities in Cullen, or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in Cullen will be entered into on the basis of this presentation.

This presentation may contain certain forward-looking statements which have not been based solely on historical facts but rather on Cullen's current expectations about future events and on a number of assumptions which are subject to significant uncertainties and contingencies many of which are outside the control on Cullen and its directors, officers and advisers.

Due care and attention has been taken in the preparation of this presentation. However, the information contained in this presentation (other than as specifically stated) has not been independently verified for Cullen or its directors and officers, nor has it been audited. Accordingly, the company does not warrant or represent that the information contained in this presentation is accurate or complete. To the fullest extent permitted by law, no liability, however arising, will be accepted by Cullen or its directors, officers or advisers, for the fairness, accuracy or completeness of the information contained in the presentation.

Cullen Fundamentals

yDirectors Dr Chris Ringrose (Managing Director)

Dr Denis Clarke (Chairman) Wayne Kernaghan (Company Secretary) John Horsburgh (Director) Grahame Hamilton (Director)

• yChief Geologist Dr Matt Cornelius
• yNumber of shares – ~481M with 16M unlisted options
• yCash - ~\$1.4M ASX Code = CUL
• yTop 20 shareholders = ~20%, ~4200 shareholders
• yMarket capitalization = ~\$60M, share price 12.5c

Cullen – Strategy and Focus

• yMULTI-COMMODITY SEARCH THROUGHOUT AUSTRALIA
• yDISCOVERY-DRIVEN , MAINLY GREENFIELDS PROJECT GEN.
• yFARM-OUT STRATEGY IN TANDEM WITH PROJECT GEN.
• yCOMPETITIVE EDGE THROUGH GEOCHEMICAL EXPERTISE
• yDEVELOPING A SUBSTANTIAL TARGET INVENTORY

Share Graph - 2007

WORK FOR 2008

WA Project Portfolio - Exploration Progress

CULLEN'S TOP TEN TARGETS FOR 2008*

	TARGET AREA	COMMODITY	TARGET TYPE	TARGET MARKED BY	NEXT PHASE OF EXPLORATION	CULLEN INTEREST% (Partner)
	Catho Well	Fe	Channel Iron Deposit (CID)	Known resource (68Mt @ 55.38% Fe)	Extension RC drilling & baseline environmental studies	30% (API)
	Coolgardie	Au	Shale/Quartz vein contact	Previous drill intersections, analogy to East Kundana gold deposit	RC drilling	100%
3.	Gunbarrel	Au	Shear zones	Gold nugget patch, aeromagnetic interpretation	Mapping and air core drilling	100%
4	Woodcutters	Au	Shear zones	Gold-in-calcrete anomalies Aeromagnetic interpretation	Air core drilling	100%
5.	Stirling	U	Palaeochannel calcrete	"Down-channel" from known deposit	Air core drilling	100%
6	Agnew	Au	Sediments and shear zone	Aeromagnetic interpretation analogy to Genesis gold deposit	Air core drilling	100%
	Wonganoo	Ni	Komatiite-hosted massive sulphide	Geochemical anomaly and Aeromagnetic interpretation	EM survey, RC drilling	30% (BHPBilliton)
8	Forrestania	Ni	Komatiite-hosted massive sulphide	EM anomalies, Aeromagnetic interpretation	EM (Squid), EM (Fixed Loop) and RC drilling	20% (HNR)
9.	Tunnel Creek	U	Unconformity/structure	Radiometric anomalies	Mapping and air core drilling	30% (THX)
	10 Snowy Mountain	Fe	Bedded Iron Deposit (BID)	Historical drill intersection	RC drilling	20% (FMG)

*Further exploration of Top Ten Targets, subject in some cases to tenement grant, Heritage clearances, DOIR approvals of work programs and drill-rig availability.

Pipeline Projects Killaloe/ Wyloo-Fe / Olary, SA / Lake Mackay / Coober Pedy/ Carbonatite /NT Arunta / NT Amadeus / Minter/ Include: Kimberley Pb-Zn / Wyloo-Au/ Snowy Mountain-Au/ Duchess-Au-Cu/ Gunbarrel-Ni

Ashburton and West Pilbara JV Projects

West Pilbara - Mt Stuart Iron Ore JV with API

CULL EN

West Pilbara Channel Iron Ore Projects

Catho Well Channel Iron Deposit Extension

Wyloo Iron JV (Metawandy)

• $\widehat{\mathbf{X}}$ Metawandy Iron Deposit (225Mt @ 62.1% Fe -Hamersley Iron Pty Ltd)
• Target Areas for Iron Ore والمعالم Brockman Iron Formation Marra Mamba Iron Formation

"Snowy Mountain" Iron JV near Paraburdoo

Tunnel Creek – Uranium Channel Radiometrics

Coolgardie Gold Project

	2 kilometre
	Alluvium
	Colluvium
	Laterite and reworked products
	Porphyry
	Granite
	Metamorphosed high-mg basalt
	Dolerite
	Metakomatiite
	Fault
	Shear zone
$\propto$	Historical and working mines
$\mathbf{\Theta}$	Gold occurence
	Cullen tenement houndary

Coolgardie Gold Project

AERIAL PHOTO

Coolgardie Gold Project – Melanie Ann Prospect

Melanie Ann Prospect

Drill hole intersection of 20m @ 2.8 g/t Au

Melanie Ann Prospect

Coolgardie Project – Lady Grace Prospect

PLANNED WORK:

• mapping; sampling and compilation;
• RC drilling

NE Goldfields Projects – Nickel and Gold

Syenite
Monzonite
Syenogranite ®
Trondhjemite & granodiorite
Quartz porphyry
Greenstone sequence
Granodiorite and monzogranite, sheared
Gold Deposit
Gold Prospect
Nickel Deposit
Cullen NE Goldfields projects

Gunbarrel BHP Billiton JV - Nickel

Gunbarrel – New prospect area for gold targeted

Woodcutters – in emerging new exploration corridor

Calcrete anomalies defined – Air core drilling to follow

Woodcutters - grass roots gold project

First pass reconnaissance sampling has generated regional scale anomalies

CALCRETE SAMPLING Au ppb

• $< 2.8$
• $-2.8 3.4$
• $3.4 4.2$
• $4.2 4.8$
• $4.8 5.6$
• $5.6 7.2$ ●
• 7.2-18.6

Woodcutters "lake" scenery

North East Goldfields Uranium Projects

Stirling Uranium Target – "Down-channel" from Maitland

Agnew Project – Uranium and Gold Targets

Palaeochannel for calcrete-hosted uranium targets

5km

N

Gold targets on greenstone stratigraphy (from aeromagnetics interpretation)

NE Goldfields - Wonganoo Ni and Au targets

FORRESTANIA PROJECT

12km north of Western Areas' Flying Fox nickel deposit

OVERALL PERFORMANCE 2006-2007

• SHARE PRICE INCREASE IN 2007 - >300%
• PROJECT PROTFOLIO ENHANCED – COMMODITY AND GEOGRAPHIC SPREAD INCREASED
• EXPLORATION TEAM STRENGTHENED - Dr Matt Cornelius
• FOCUSED EXPLORATION EXENDITURE ON NEW 100% PROJECTS
• HIGH LEVEL OF EXPLORATION ACTIVITY BY JV PARTNERS
• MKT. CAP ~\$15M to >\$50M CORPORATE PROFILE ENHANCED