CULLEN RESOURCES LIMITED — Capital/Financing Update 2010

Jun 3, 2010

==> picture [461 x 65] intentionally omitted <==

ABN 46 006 045 790

ASX ANNOUNCEMENT

4 June 2010

GRANT FOR CANNING BASIN COAL DRILLING

• Government Grant of $95,000 awarded for proposed coal exploration drilling programme;

• 15 hole drill test planned for this July along ~20km of target stratigraphy within E04/1836; and,

• Application E04/1946, within the NW group, has now been granted.

Cullen Resources Limited ( Cullen ) is pleased to announce that its application for a grant from the Western Australia Government to support its drilling programme for coal in the Canning Basin, has been successful. Cullen has been granted $95,000 through the Co-funded Government – Industry Drilling Programme under the Royalties for Regions, Exploration Incentive Scheme. Grants under this scheme are designed to support innovative programmes in greenfields exploration terranes with applications assessed on technical and exploration target merits.

==> picture [379 x 40] intentionally omitted <==

==> picture [379 x 40] intentionally omitted <==

==> picture [379 x 40] intentionally omitted <==

==> picture [379 x 40] intentionally omitted <==

==> picture [379 x 40] intentionally omitted <==

==> picture [379 x 40] intentionally omitted <==

==> picture [379 x 40] intentionally omitted <==

The drilling now proposed by Cullen in E04/1836, the eastern part of the Fitzroy Trough, has the potential to provide the first evidence of the presence of coal in the eastern part of the basin and could thereby significantly increase its mineral potential, and the value of Cullen’s coal portfolio in the Canning Basin generally.

A heritage survey has been planned to commence in mid-June and Cullen is on-track to initiate the drilling programme in E04/1836 this July (subject to drill rig availability).

Dr Chris Ringrose, Managing Director, +61 8 9474 5511

ATTRIBUTION - 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.

---

Unit 4, 7 Hardy Street, South Perth, Western Australia 6151;Tel: +61 8 9474 5511; Fax: +61 8 9474 5588 Wesbite: www.cullenresources.com.au Email: info@cullenresources.com.au