CULLEN RESOURCES LIMITED — Capital/Financing Update 2012

Oct 10, 2012

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ABN 46 006 045 790

www.cullenresources.com.au ASX Symbol: CUL

ASX ANNOUNCEMENT 11 October 2012

Sulphide mineralization intersected at TL Property, - British Columbia assays pending

Six diamond drill holes for 463m have been completed at the “TL” base metal property in British Columbia, Canada in which Cullen Resources Limited (Cullen) is earning 80%.

Five holes were drilled near three Cullen trenches that exposed a gossan with high-grade zinc (3m @ 9%) and highly anomalous Mo (maximum of 1339ppm) and Re (~300ppb). Anomalous concentrations of copper, bismuth, nickel, tin, and tungsten were also recorded from trench channel samples. The trenches, which cover ~80m of strike, lie along the northern section of a discrete magnetic and the “C-03” electromagnetic (EM) anomaly of approximately 500-600m length. The sixth hole was a step-out about 80m south east along strike of the trenches (see Figure 1).

The drilling intersected two types of mineralization (assays pending):

• 1) Semi-massive, disseminated and interstitial pyrrhotite, pyrite and sphalerite in multiple zones up to ~1m thick within intervals of about 5-7m thick, occurring over 80m strike within a calcsilicate - graphitic quartzite rock in the area of the trenches in holes 3,4 and 5 (Figures 2 and 3); and,

• 2) Brecciated, pyrrhotite-pyrite-sphalerite hosted by stratabound quartz-carbonategraphite metasediments, up to 20m thick, which correlates with the high-grade Zn zone exposed by Cullen’s trenching. This mineralization was seen in holes 3, 4, 5 and 6 over 160m of strike (Figures 5 and 6).

The drilling indicates these mineralized zones dip at ~70º to the east and are open along strike and at depth, below ~50m. Gossanous float (Figure 4) has also been found further south-east along strike, ~300m from the trenches, along a newly-cut fire track (assays pending).

Cullen believes the preliminary core logging from this drilling indicates high base metal prospectivity of the partially tested “C-03” EM target. It is emphasized that, although sphalerite has been observed in drill core, the pending core assays (expected in about 3-4 weeks) will provide a quantitative estimate of the zinc content of the various zones of mineralization.

This drilling also supports prospectivity for the whole project area which hosts a number of discrete EM conductors interpreted from Cullen’s HeliTEM survey data as possible massive sulphide and/or graphite mineralisation targets.

1

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Figure 1
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Figure 2: Section of about 0.5m of semi-massive sulphide, pyrrhotite-pyrite-sphalerite, from DDH 4 (trench area) at 15m depth – Type 1 mineralization

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Figure 3: Second section of about 1m of semi-massive sulphide, mainly pyrrhotite and pyrite, from DDH 4 (trench area) at 18m depth - Type 1 mineralization

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Figure 4: Sample of gossan from fire track about 300m south east of trenches

Figure 5: Section of Type 2 mineralization - brecciated, sulphide-bearing (including some sphalerite) quartzcarbonate-graphite stratabound metasedimentary unit, up to 20m thick (DDH 3).

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Figure 6: Section of Type 2 mineralization (DDH 3).

Background

This exploratory diamond drilling programme was a partial test of a large, base metal gossan and associated geochemical and geophysical anomalies at one EM conductor site within the TL property (Cullen earning 80%) in southeast British Columbia. This drilling follows sampling and trenching by Cullen which delineated a 10-35m wide zone of sulphide-rich quartzite, with zinc concentrations of up to 9% over three metres in channel sampling, coincident magnetic and EM anomalies , and a trend of zinc anomalies in soils stretching for over 400m along strike.

The trenching targeted an area of anomalous geochemistry (including cadmium and thallium) detected by assays of tree-tops sampled by helicopter. (Ah soil data was obtained as follow-up, as shown on Figure 1). A regional helicopter-borne EM survey was also flown (HeliTEM) and shows the gossan (with pyrite and pyrrhotite) exposed by trenching, to be part of an approximately 500m long magnetic and electromagnetic anomaly within a much larger (up to 6km long) electromagnetic conductor (see Figures).

Detailed examination of the EM survey data by consultants, Southern Geoscience, indicates that the TL Property project area is generally resistive with the exception of several large stratigraphic conductors. Three dimensional conductivity modeling has shown these stratigraphic conductors are sub-horizontal and probably graphitic.

Cullen acknowledges Drs Bob Thompson and Renee Hetherington of RIT Minerals (RITM) Corp, for the use of photographs. Dr Colin Dunn and RIT Minerals (RITM) Corp are the Syndicate owners of the TL Property from whom Cullen may earn its 80% interest.

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Geological setting of the TL Property, SE British Columbia

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Typical scenery from the TL Property where treetops provided the geochemical sampling medium (see below)

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HeliTEM survey data image

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HeliTEM survey data image

Dr Chris Ringrose, Managing Director

11 October 2012

ABOUT CULLEN : Cullen is a Perth-based minerals explorer with a multi-commodity portfolio including projects managed through a number of JVs with key partners (FMG, APIJV (Aquila-AMCI), Advaita, Hannans Reward, Northern Star, Matsa and Thundelarra/Avocet), and a number of projects in its own right. The Company’s strategy is to identify and build targets based on: data compilation, field reconnaissance and early-stage exploration (particularly geochemistry). Projects are sought for most commodities mainly in Australia but with selected consideration of overseas opportunities, with current activities in Namibia, Canada, Sweden and Finland. A number of Cullen’s 100%-owned projects have now reached the target drill-testing stage.

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 Limited who is a Member of the Australian Institute of Mining and Metallurgy. Dr. Ringrose is a full -time employee of Cullen Resources Limited. 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.

REGISTERED OFFICE : Unit 4, 7 Hardy Street, South Perth WA 6151. Telephone: +61 8 9474 5511 Facsimile:+61 8 9474 5588 E-mail : cullen@cullenresources.com.au

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