CULLEN RESOURCES LIMITED — Capital/Financing Update 2013

Jun 5, 2013

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ABN 46 006 045 790

www.cullenresources.com.au

ASX Symbol: CUL

ASX ANNOUNCEMENT

6 June 2013

Four priority massive nickel sulphide targets for RC drilling, Mt Eureka Project, W.A.

Cullen Resources Limited (Cullen) is pleased to announce a recently completed moving loop, ground electromagnetic survey (MLTEM) has confirmed and upgraded several high-quality conductors identified by Cullen’s extensive airborne EM (VTEM) survey completed in March. Interpretation and modeling of the MLTEM anomalies, in combination with geochemical data, has outlined 19 target areas for nickel sulphide exploration at its wholly owned Mt Eureka Project*, four of which are being prepared for immediate drilling. It is anticipated that drilling will commence in late June / early July pending receipt of regulatory authority.

HIGHLIGHTS

• Ground EM has been completed over three VTEM conductors in the southern part of the Mt Eureka Project;

• Modeled MLTEM conductive plates have been selected for drill testing on three target trends;

• A prospective ultramafic target area, with coincident elevated platinum (Pt) and palladium (Pd) lag values and a VTEM conductor, is interpreted by Cullen to be approximately on-strike of the stratigraphic position which hosts the Camelwood nickel sulphide discovery, and constitutes a fourth high priority target;

• Prospecting and sampling of “gossan” in these four areas indicates locally elevated Ni and Cu concentrations, with Pt+Pd assays pending, and;

• RC drilling will test these four priority targets in holes drilled to ~300m depth.

Unit 4, 7 Hardy Street South Perth | Western Australia 6151

Telephone: +61 8 9474 5511 | Facsimile: +61 8 9474 5588 E-mail: cullen@cullenresources.com.au Website: www.cullenresources.com.au

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PRIORITY DRILL TARGETS (FIGURE 2):

TARGET 1: Cullen’s VTEM survey data detected a conductive zone of ~1.3km strike length within Cullen’s E53/1637, along strike from the “Silverbark” ground EM anomaly identified by Rox Resources (RXL: ASX release of 13 March 2013). In this area, modeling of Cullen’s ground MLTEM surveying has defined a series of conductive plates dipping to the east (3550º) with moderate conductance. The surface projection of these modeled conductors is generally coincident with a “gossan” trend with sample assay values of up to 306ppm nickel (Ni) and 311ppm copper (Figures 2 and 3).

TARGET 2: A second set of conductive plates has been modeled from the MLTEM about ~1km west of Target 1, in a position considered by Cullen to be - geologically favourable for the accumulation of nickel sulphides coincident with the interpreted base of the “Central Ultramafics“. In this area, a particularly strong conductance was modeled on one line of the MLTEM survey, and is the target for drill testing.

TARGET 3: A third conductive target trend from VTEM surveying has been confirmed by MLTEM surveying. Modeling from this target shows a low conductance, near-vertical source. Together with field evidence of thick quartz veins in the area, it is possible that the VTEM and MLTEM responses indicate a fault or shear zone that may be mineralized.

TARGET 4: On-going review of Cullen’s extensive database has highlighted elevated platinum (Pt) and palladium (Pd) values in lag samples collected and analysed by previous joint venturer , WMC Limited (WMC), in 2002-2003. One trend of these elevated values, the “Armalite” prospect, coincides with a magnetic anomaly, elevated Ni and Cu values in lag, and a second-order VTEM anomaly (Table 1 and Figure 2). Only one line of ground EM was completed by WMC in this area, in 2002, but no anomaly was detected.

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ON-GOING EVALUATION OF 15 OTHER TARGETS

The Mt Eureka project area includes a wide variety of targets for massive nickel sulphide deposits (Table 1 and Figure 2). Some of these have been drill-tested by WMC/BHPB Limited in joint venture with Cullen in 2002-2006, generally by 1 or 2 diamond drill holes. However several have received very limited follow-up, with no ground EM and/or deeper drill testing. These targets include unresolved down hole EM (DHEM) and/or ground EM anomalies, as well as geochemical and lithological targets along strike of known mineralisation.

Cullen will continue fieldwork and database review to identify the priorities for drill testing.

Managing Director, Dr Chris Ringrose, comments: “The Mt Eureka Project is confirmed as Cullen’s top priority. We look forward to initiating an RC drill programme to test the first four targets – as soon as statutory authority is received – and to preparing other targets for drill testing for potential massive nickel sulphides deposits.”

Dr Chris Ringrose, Managing Director

6 June 2013

*MT EUREKA PROJECT – E53/1299, 1300, 1209, 1630, 1635, 1637 and PLs 53/1264, 1265, Cullen 100%

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), 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 project generation activities in Namibia 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 Australasian 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

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Table 1: SUMMARY OF TARGETS FOR MASSIVE NICKEL SULPHIDES – MT EUREKA

Target (Fig. 2)	PROSPECT	Originator	VTEM Anomaly	Ground EM Anomaly	NOTABLE LAG VALUES*	MAGNETIC ANOMALY		WORK COMPLETED /PLANNED
1	Silverbark North	Cullen	Yes	Yes	Not sampled	Yes		Drilling planned June/July2013
2	South Central	Cullen	Yes	Yes	Not sampled	Yes		Drilling Planned June/July2013
3	South Western	Cullen	Yes	Yes	Not Sampled	Yes		Drilling Planned June/July2013
4	Armalite	WMC	Yes	No	Ni – 760ppm; Cu – 430 ppm; Pd – 18ppb; Pt - 22ppb	Yes – high MgO ultramafic		Drilling Planned June/July 2013
5	Shotgun	WMC	Yes Cullen	No	Ni – 900ppm; Cu – 270 ppm; Pd – 16ppb; Pt - 40ppb	Yes – high MgO ultramafic		Prospecting – June/July 2013
6	303	WMC	Yes	No	Ni – 1150ppm; Cu – 340 ppm; Pd – 37ppb; Pt - 43ppb	Yes – high MgO ultramafic		Prospecting – June/July2013
7	AK47 (A1)	WMC	Yes	Yes	Ni – 1330ppm; Cu – 275 ppm; Pd – 24ppb; Pt - 45ppb	Yes – massive sulphide intersected		GBD 2-7 :core re- assessment planned (0.2m @ 1.93% Ni)
8	RAB Hole	Dominion	Yes	Not tested	Ni – 800ppm Cu– 385ppm	Yes		11m @ 0.86% Niin RAB hole , prospecting –June2013
9	A4	WMC	Yes	Yes	Ni –1020ppm Cu–330ppm	Yes		GBD 9 and 1 : core re- assessment planned
10	A5	WMC	Yes	Yes	Ni –2250ppm Cu– 285ppm	No		GBD 10 and 11 : core re-assessment planned
11	A2	WMC	Yes	Yes	Ni – 455ppm Cu– 200ppm	No		GBD 8 : core re- assessment planned
12	A3	WMC	No	Yes	Ni – 330ppm Cu– 220ppm	Yes		Not drill tested
13	H4 (Luger)	WMC	Yes	Yes	Ni – 400ppm Cu–650ppm	Yes		GBD 14, 15 (unresolvedDHEM)
15	H6	WMC	Yes	Yes	Ni – 260ppm Cu–325ppm	Yes		GBD 18 planned not completed.
16	Gewehr	WMC	Yes	Yes	Ni – 480ppm Cu–330ppm	Yes		GBD16,17 fell short of modelledDHEMplate
17	NA1	Newexco1	Yes	Not Tested	Ni – 260ppm Cu– 455ppm	Yes		No drilling
18	NA2	Newexco	Yes	Not Tested	Ni – 100ppm Cu–340ppm	Yes		No drilling
19	GBAC43	BHP	No+	No+	Not sampled	Yes – high MgO ultramafic		Along strike of AK47

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Table References/Notes:

• 1

• “Gunbarrel – A VTEM Interpretation and Review of Existing

• Geophysics E53/1299 and E53/1300: Newexco Services Pty Ltd, 2010.”

• GBD 1-19 diamond drillhole series by WMC/BHPB

• +No effective EM surveying near GBAC43 due to conductive surface

• Pt and Pd assays were completed on selective lag samples and only in target areas 4 - 7

• *Values spatially associated but not necessarily in one sample

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FIGURE 1

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FIGURE 2 (see Table 1 for description of targets)

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