CULLEN RESOURCES LIMITED — AGM Information 2008

Nov 20, 2008

Annual general meeting

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DISCLAIMER

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’S FUNDAMENTALS

Directors

Chief Geologist

Dr Chris Ringrose (Managing Director) Dr Denis Clarke (Chairman) Wayne Kernaghan (Company Secretary) John Horsburgh (Director) Grahame Hamilton (Director) Dr Matthias Cornelius

Number of shares ~555M with18M unlisted options Cash ~$6.5M (30/9/08) ASX Code = CUL Top 20 shareholders = ~47%, 3,600 shareholders Market capitalization = ~$23M, share price 4.2c

CURRENT POSITION

CASH - $6.5 million (30/9/08) Two substantial shareholders: Aquila - ~17% and AMCI - ~18%

Contributing to Definitive Feasibility Study for iron ore development project Substantial, multi-commodity exploration portfolio

CULLEN SHARE PRICE HISTORY – 1YR

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Cullen Aquila
16.00
0.16
14.00
0.14
12 00.
0.12
10.00
0.10
8.00
0.08
6.00
0.06
4.00
Dec Feb April June Aug Oct
2007 2008 2008 2008 2008 2008
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CULLEN : CASH PLUS

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8 JV’s –
Leading edge
including
geochem for
major
new projects
partners
Measured
Project
Generation
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CULLEN PROJECTS

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STRATEGY GOING FORWARD

- - MULTI PRONGED, CASH CONSERVATIVE APPROACH

• 1. EXPLORATION ACTIVITY FROM ON-GOING JOINT VENTURES MULTICOMMODITY TARGETS : Fe, U, Ni, Au

• BUILDING TARGETS ON SEVERAL PROJECTS FOR - POSSIBLE FARM OUT – W,U, Cu-Au, Pb-Zn

• SEEKING EARLY CASH FLOW FROM DISCOVERY OF GOLD - RESOURCES (CULLEN 100%) IN THE “SHADOW” OF ACTIVE MILLS:

Killaloe e.g. (Higginsville); Agnew (Barrick and Goldfields) Coolgardie (Three Mile Hill)

• 1. PROJECT GENERATION AUSTRALIA AND OVERSEAS

CURRENT JV’S (CULLEN CARRIED) AND PLANNED ACTIVITIES

BHPB (Ni) – HELICOPTER-BORNE, EM SURVEY PLANNED AT GUNBARREL THUNDELARRA (U) - RADIOMETRIC AND TEM ANOMALIES TO BE TESTED INTREPID (Au) – FOLLOW-UP OF SOIL ANOMALIES

FMG (Fe) - 2 JV’s IN PILBARA – EARLY STAGE COMPLETED, RC TO FOLLOW

HANNANS REWARD (Ni) - RC AND AIRCORE DRILLING

RED HILL IRON LIMITED (Fe, Au and BASE METALS) – EARLY STAGE WORK COMPLETED, FURTHER DRILLING

CULLEN’S PROJECT PIPELINE

Definitive Feasibility Study Targeting Mineralised Trends Advanced Exploration Early Stage

MT STUART IRON ORE JV (Cullen 30% and contributing - API 70%)

Mt Stuart JV owns Catho Well Deposit 79.5Mt @ 55.34% Fe (CULLEN’S SHARE – 23.85Mt) Part of West Pilbara Iron Ore Project Managed by API (50:50 Aquila Resources Ltd and AMCI Investments Pty Ltd) TOTAL RESOURCES = 430Mt @ 56.86% Fe (Channel Iron Deposits – centred 60km south of Pannawonica) Aquila owns 16.91% of Cullen AMCI owns 17.60% of Cullen (Aug’08)

MT STUART IRON ORE JV

79Mt @ 55.34% Fe Catho Well Channel Iron Deposit

Mt Stuart JV 18.5%

WEST PILBARA IRON ORE PROJECT TOTAL PIE = 430Mt @ 56.86% Fe CULLEN’S SHARE ~23.85Mt @ 55.34% Fe

API-Red Hill Iron Ltd (RHI JV) API-CUL (Mt Stuart JV)

MT STUART JV – DEFINITIVE FEASIBILITY STUDY IN PROGRESS

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ASHBURTON AND WEST PILBARA JV PROJECTS

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TUNNEL CREEK JV – TARGETS DEFINED

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FORRESTANIA PROJECT Ni

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Fox nickel
deposit
EM ANOMALIES – “TN1”
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GUNBARREL GOLD – CULLEN MOSTLY 100%

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-
west and Duketon in the east
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GUNBARREL GOLD TARGETS

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Aeromagnetic Image Interpreted Bedrock
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AGNEW GOLD - CULLEN 100%

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Palaeochannel
for calcrete-
hosted uranium Gold targets = palaeoplacers
and buried bedrock
targets
(?greenstone stratigraphy
from aeromagnetics
interpretation)
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AGNEW PROJECT

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COOLGARDIE GOLD – CULLEN 100% HIGH-GRADE GOLD HITS AT “MELANIE ANNE”

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COOLGARDIE PROJECT - AERIAL PHOTO
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HIGH-GRADE GOLD HITS AT “MELANIE ANNE” FOLLOW-UP RC DRILLING PLANNED

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KILLALOE GOLD – CULLEN 100%

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POSSIBLE CARBONATITE NE GOLDFIELDS, WA – CULLEN 100%

AEROMAGNETIC ANOMALIES – drill test, possible Rare Earth bearing intrusive

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Plan to drill current Quarter - awaiting drill rig
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AMADEUS BASIN URANIUM – CULLEN 100% TENEMENT APPLICATION/PREVIOUS WORK

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20kilometres
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AMADEUS BASIN

TENEMENT APPLICATION- RADIOMETRICS

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20kilometres
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CULLEN’S AGENDA GOING FORWARD

CONTRIBUTE IN PARTNERSHIP TO POTENTIAL PILBARA IRON ORE DEVELOPMENT PROJECT – DEFINITIVE FEASIBILITY STUDY IN PROGRESS

PROGRESS EXPLORATION TARGETING AND EVALUATION FOCUSED ON GOLD FOR EARLY CASH FLOW

ADVANCE URANIUM EXPLORATION PORTFOLIO

GENERATE, ACQUIRE AND EVALUATE NEW PROJECTS

COMPETENT PERSON STATEMENT

The information in this report that relates to Exploration Results is based on information compiled by Dr Chris Ringrose, Managing Director, Cullen Resources Ltd who is a Member of the Australian Institute of Mining and Metallurgy. Dr. Ringrose is a full time employee of Cullen Resources Ltd. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration, and to the activity which has been undertaken , to qualify as a Competent Person as defined by the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr. Ringrose consents to the report being issued in the form and context in which it appears .