CULLEN RESOURCES LIMITED — Capital/Financing Update 2006

Nov 26, 2006

Hannans Reward Exploring for Gold & Base Metals

Hannans Acquires 80% of Forrestania Project

Hannans Reward (ASX:HNR) has increased its interest in the strategically important Forrestania Joint Venture to 80%, following the acquisition of an additional 30% from Cullen Resources Ltd (ASX:CUL) for \$250,000.

The Forrestania Joint Venture area comprises ground located proximal to Western Areas Ltd (ASX:WSA) and Kagara Zinc Ltd (ASX:KZL) on the highly prospective western margin of the Forrestania Greenstone belt south of Southern Cross, Western Australia (refer attached map). The recent start-up of Western Areas' Flying Fox nickel mine 12 km south of the Joint Venture area and the \$25 million tenement package acquisition by Kagara is testament to the prospectivity of the Joint Venture area.

The acquisition of a controlling 80% interest in the Joint Venture area ensures that exploration success will enhance value for Hannans shareholders. The next phase of exploration at Forrestania includes additional geophysics for nickel plus drilling to establish a JORC compliant gold resource, once environmental approvals have been obtained.

The Forrestania Joint Venture was previously a 50:50 joint venture with Cullen Resources Ltd (ASX:CUL). Hannans will free-carry Cullen at 20% to a decision to mine based on completion of a bankable feasibility study. If a decision to mine is made. Cullen can elect to maintain its 20% interest by contributing to expenditure or dilute to a 2.5% net smelter return royalty.

For further information on the Forrestania Project we encourage interested persons to complete a Google Earth tour of the Project at www.hannansreward.com.

If you have any questions please contact Damian Hicks, Executive Director or Terry Grammer, Executive Director on +61 8 9324 3388.

Background

Hannans Reward is a junior exploration company focused on exploring for gold and base metals. The company has five projects - all located in Western Australia:

• Forrestania JV nickel and gold project located about 12km north of Western Area's Flying Fox mine. $\bullet$
• Oueen Victoria Rocks nickel & gold project located about 30km south-west of Coolgardie.
• Sunday gold & nickel project located about 20km east of Leonora.
• Maggie Hays South nickel project located about 25km south east of LionOre's Maggie Hays nickel mine.
• Jigalong project located about 150km east of Newman in the Pilbara.

Company contacts: Telephone: (08) 9324 3388 Fax: $(08)$ 9324 3366 admin@hannansreward.com Email: Website: www.hannansreward.com Address: Level 2, 11 Ventnor Ave, West Perth, WA

Company Directors: Chairman: Executive Director: Executive Director: Director: Director: Director:

Richard Scallan Damian Hicks Terry Grammer Ernie Dechow William Hicks Frank Cannavo