CULLEN RESOURCES LIMITED — Capital/Financing Update 2006

Apr 6, 2006

Hannans Reward Exploring for Gold & Base Metals

Hannans Completes Forrestania Acquisition & Commences Exploration

Hannans Reward Limited (Hannans, ASX:HNR) and Cullen Resources Limited (Cullen, ASX:CUL) have completed acquisition of the Stormbreaker Nickel Sulphide Project and the North Ironcap Gold Project, located in the Forrestania region of Western Australia.

Stormbreaker Project

• $\bullet$ The Stormbreaker Project is interpreted to contain over an 8 km strike length of the same ultramafic units that host Western Areas NL's Flying Fox, New Morning and Daybreak Nickel Deposits, approx. 12 kms to the south.
• All previous nickel exploration on this Project area is pre 1975 and no modern nickel exploration methods or concepts have been applied.
• Modern exploration up until late 2001 has focused on the gold potential of the Project with $\bullet$ numerous unexplained surface gold anomalies.

North Ironcap Project (Gold Rights Only)

• A review of the database for this mineralization, including some 400 drill holes, has commenced, but further assessment is required to confirm previous Mineral Resource and Ore Reserve statements.
• Current drilling does however allow the identification of higher grade targets with average grades in excess of 3g/t (length weighted average of +1 g/t composites, top cut 15g/t).
• On the basis of this drilling information, an exploration target with the potential for 120,000 to 140,000 ounces of gold is considered to exist within the 1.6km of strike drilled to date.
• The 1.6km long, well-mineralised, gossanous trend is open along strike for 1.5km and at depth.
• The documented description of the host stratigraphy to the North Ironcap gold mineralization has many similarities to the large Great Victoria (~360,000 ozs - from Sons of Gwalia Annual Report 1999) and Hercules (~200,000 ozs - from Sons of Gwalia Annual Report 2001) gold deposits, both located in the Marvel Loch district of the Forrestania Greenstone belt.

Exploration Program

• Airborne magnetics covering both the Stormbreaker and North Ironcap Projects are currently being acquired.
• A ground electromagnetic (EM) geophysics program covering the Stormbreaker Project is scheduled to commence within two weeks

Hannans Reward Exploring for Gold & Base Metals

• Environmental approvals are currently being sought to commence drilling at the North Ironcap Project.
• Data compilation and review of all relevant previous exploration results is currently taking place.

Additional Ground Applied For

Hannans and Cullen have jointly applied for an exploration licence and 7 prospecting licences in a contiguous block which adjoins the Stormbreaker tenements to the west these tenements will form part of the Joint Venture Project Area.

If you have any questions in relation to this announcement please contact Mr. Terry Grammer. Executive Director - Exploration or Mr. Damian Hicks, Executive Director - Corporate on (08) 9324 3388 or visit www.hannansreward.com.

Technical aspects of this report that relate to exploration results are based on information reviewed by Dr Chris Ringrose, Exploration Director, Cullen Resources Ltd who is a Member of the Australian Institute of Mining and Metallurgy, and Mr. Clay Gordon, who is a Member of the Australian Institute of Mining and Metallurgy and Australian Institute of Geoscientists. Dr. Ringrose is a full time employee of Cullen Resources Ltd and Mr. Gordon is employed by Mining Assets Pty Ltd. Each 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 and Mr. Gordon consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Hannans Reward

Exploring for Gold & Base Metals