CULLEN RESOURCES LIMITED — Capital/Financing Update 2011

Feb 7, 2011

ASX / Media Release

8 February 2011

Meridian triples the size of the Lennard Shelf Zinc-Lead Project tenure with the purchase of additional tenements

Highlights

• The purchase of additional tenements on the Lennard Shelf from Cullen Resources Limited increases Meridian’s overall land holding by approximately 300%;

• Provides Meridian with nearly contiguous land coverage from the Emanuel Range Mineral Resources (Kapok, Kapok West and Cadjebut Splay) to the Pillara tenements and north to the Fossil Downs Mineral Resource;

• Meridian’s exploration team are confident of defining a number of high quality exploration targets due to the current success in continuing to grow the mineral resource inventory of the Lennard Shelf Zinc-Lead Project;

• This acquisition is part of Meridian’s longer term strategy to add significant value to the project through the discovery of new mineral resources on the Lennard Shelf by regional and brownfield exploration.

Australian resources company Meridian Minerals Limited (‘Meridian’ or ‘Company’) (ASX: MII) has today completed the acquisition of two exploration tenements from Cullen Resources Limited (Cullen). These two tenements (ELA04/1893 and ELA04/1896), the subject to this transaction, which are in the process of being granted, surround the Emanuel Range Project area (Kapok, Kapok West, Cadjebut Splay, Gap Creek),extend to the Pillara Mine tenements and north towards Fossil Downs (Figure 1). They provide a vital link between all of Meridian’s Mineral Resources on the Lennard Shelf Project. With this purchase, Meridian has increased its Lennard Shelf landholding by approximately 675 square kilometres, or around 300%.

Meridian’s Managing Director, Jeremy Read, said that the acquisition of these two large exploration tenements has allowed Meridian to triple its landholding within the highly prospective Lennard Shelf region.

“The Lennard Shelf region is one of the world’s premier Mississippi Valley Type (“MVT”) zinc-lead provinces and our exploration team is confident of continuing Meridian’s current success in continuing to grow the mineral resource inventory of the Lennard Shelf Zinc-Lead Project.”

“Our drilling conducted in 2010 showed that even in areas with a significant amount of previous drilling, new mineral resources can be defined and we believe that there are more lead-zinc deposits to be found on the Lennard Shelf,” Mr. Read said.

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Pursuant to the terms of the contract, Meridian is to pay Cullen A$100,000 and issue 2,000,000 fully paid Meridian shares for the acquisition of ELA04/1893 and ELA04/1896.

For further information please visit www.meridianminerals.com.au or contact:

Mr Jeremy Read Mr James Harris Managing Director Professional Public Relations Meridian Minerals Limited Tel: 08 9388 0944 Tel: 07 3225 0400 Mob: 0400 296 547 Mob: 0409 484 322 Em: james.harris@ppr.com.au

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----- Start of picture text -----

780000 800000 820000 840000
8000000 WC99/19 8000000
GEIKIE GORGE
Bunuba NATIONAL PARK
"Brooking Springs"
E 04/1649
"Fossil Downs"
M 04/283
Fossil Downs
E 04/1108
M 04/271
Junjuwa
FITZROY CROSSING
E 80/4251
E 04/1896
7980000 7980000
M 04/323
E 04/1038
"Gogo"
Bayulu M 04/431 M 04/430
E 04/1038
PILLARA
M 04/325
M 04/364 WC00/10
M 04/365
Gooniyandi Combined 2
7960000 7960000
E 04/1896
E 04/1894 E 04/1893
7940000 7940000
M 04/360 GOONGEWA (mined out)
M 04/139 E 04/1651
M 04/359
L 04/17
L 04/19 M 04/140
L 04/18
M 04/141
M 04/135
E 04/1896 M 04/363 Kutarta M 80/323
L 04/23 E 04/1895
G 04/17,18,19M 04/136 CADJEBUT M 04/134 (mined out)
M 04/189 Cadjebut Splay
Palijippa KAPOK EAST
Tenements purchased from Lennard Shelf Pty Ltd
Kapok West
Exploration Licence M 80/270
Mining Lease Mining Lease Application WC97/101 KAPOK CENTRAL
General Purpose Lease E 80/4240
7920000 Miscellaneous Licence Kurungal 7920000
Tenements purchased from ZincCo Australia Ltd
Exploration Licence Application
Tenements purchased from Cullen Resources Ltd
Exploration Licence Application 780000 800000 820000 840000
Broome Derby 0 5 10 15 km Registered Native Title Claim
Port Hedland MAP
AREA Mine
Newman MGA Zone 51. GDA94 Datum.UTM Projection Resource
WESTERN Level 1, 30 Little Cribb Street Tel +61 7 3225 0400
AUSTRALIA Milton QLD 4064 Fax +61 7 3225 0499
Geraldton
Prepared: QH Date: 24.01.2011
PERTH Kalgoorlie LENNARD SHELF ZINC PROJECT, WESTERN AUSTRALIA Revised: Drwg: MML-0111
Esperance LOCATION OF TENEMENTS FIGURE 1
Creek
RIVER
Boab
LOUISA
MARGARET
RIVER
Creek
Nipper
Creek
GREAT
Christmas
Creek
Pierre
FITZROY
HIGHWAY
Mount RIVER
NORTHERN
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