CULLEN RESOURCES LIMITED — Capital/Financing Update 2014

Apr 13, 2014

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ABN 46 006 045 790

www.cullenresources.com.au ASX Symbol: CUL

14 April 2014

Drilling Update, Mt Eureka Project

HIGHLIGHTS

• RC drilling (8 holes for 1216m) has been completed at the Mt Eureka Project exploring four EM conductors and geological/geochemical targets for nickel sulphide mineralisation at two prospects: Doyles and Silverbark North.

• Drilling at Doyles Prospect returned a best intersection of 2m @ 1.2% Ni (from 28m) within a 13m thick interval from 21m averaging 0.61%Ni , confirming shallow nickel geochemical anomalies in ultramafics from historic RAB drilling

• A second intersection at Doyles of 3m @ 0.36% Ni with 44ppb Pt+Pd combined (from 52m) in weathered ultramafic at the interpreted stratigraphic base of this unit

• Cullen’s interpretation of recent drilling results, with a further review of ground EM and aeromagnetic data at Doyles , has defined an ultramafic trend prospective for nickel mineralisation along approximately 6km of strike

• Down-hole EM surveying and an extension of ground EM geophysical surveys at Doyles is planned to commence this week

• A follow-up phase of RC drilling at Doyles and Silverbark North is planned to commence towards the end of April, with assay results expected to be reported around early June

REGISTERED OFFICE : Unit 4, 7 Hardy Street, South Perth WA 6151 Telephone : 089 474 5511; FAX : 089 474 5588 Contact : Dr Chris Ringrose, Managing Director; email : cringrose@cullenresources.com.au

Cullen Resources Limited Drilling Update – April 2014

BACKGROUND

Cullen Resources Limited (Cullen) holds 100% of ~650km[2] of approved tenure* in the Mt Eureka Greenstone Belt in the North Eastern Goldfields of Western Australia which includes multiple targets for nickel sulphides and gold. The high nickel prospectivity of Cullen’s ground is confirmed by the discovery of nickel sulphides by Rox Resources Limited (Rox) at Camelwood and Cannonball – Musket (Fisher East Project), located a few kilometres along strike to the south of Cullen’s tenement boundary (Rox ASX release, ASX: RXL of 3/10/2013 describes the maiden mineral resource for Camelwood and ASX release of 10/1/2014 describes discoveries at Cannonball and Musket).

Cullen has completed RC drilling (8 holes for 1216m) at its Mt Eureka project exploring four EM conductors and geological/geochemical targets for nickel sulphide mineralisation at two prospects: Doyles and Silverbark North – as reported herein.

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• Mt Eureka Project – ELs 53/1299,1300,1209,1630,1635,1637,1611 - Cullen 100%

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Cullen Resources Limited Drilling Update – April 2014

DOYLES NICKEL PROSPECT

Cullen completed a ground EM survey at its Doyles nickel prospect in January 2014. The survey targeted a cluster of “picks” (anomalies) from a 2007 VTEM survey that are broadly coincident with an area of anomalous nickel geochemistry from historic shallow drilling (as reported previously, Cullen ASX: 23/10/2013). The ground EM survey defined three “strong” bedrock conductors in the Doyles prospect area and seven drill holes have been completed (Table 1) testing both the modeled conductor plates and geological/geochemical trends.

Cullen’s drilling near historic intercepts of Ni (geochemically anomalous in nickel for over ~0.6km of strike at shallow depth) shows a 13m thick interval from 21m depth averaging 0.61% Ni with a best intersection of 2m @ 1.2% Ni in weathered ultramafic (MERC 121, from 28m). This drilling, when viewed with ground EM and aeromagnetics data interpretation, has confirmed a target ultramafic trend about 6km in total strike length. The northern 2km has never been tested by any geophysical (VTEM or ground EM) or geochemical surveys (due to interpreted, near-surface conductive regolith and thick transported cover at the salt lake margin).

This “Doyles ultramafic trend” is coincident with a trend of “weak” bedrock conductors interpreted from Cullen’s ground EM, but not modeled, which are generally untested both along strike and in fresh rock. In Cullen’s opinion, this confirms Doyles as a prime target for followup drilling, which is planned to commence towards the end of April. An extension of the ground EM survey to the north is to commence this week. This follow-up drilling at Doyles will target the stratigraphic base of the ultramafic in fresh rock (below about 80m vertically) and along strike to the south (see Figure).

Strong conductors C1 and C2 at the Doyles prospect appear to be explained by sections of black shale with pyrite and pyrrhotite, lower in the stratigraphic sequence than the target Doyles ultramafic units with low conductivity . In summary:

• At C1, the shale is at a mafic/ultramafic contact, which may be prospective along strike;

• At C2, the modeled conductor plate appears to be a sulphide lens comprising mainly pyrite and pyrrhotite, within mafics;

• The EM Conductor C3 at Doyles appears to be due to shale at a mafic schist-gabbro contact, however, the drill hole testing this conductor also intersected a mafic/ultramafic contact at a shallow depth (~52m) which is the prospective Doyles ultramafic trend;

• Best result was an interval of 3m @ 0.36% Ni with 44ppb Pt+Pd from 52m in weathered ultramafic in hole MERC118 .

Down hole EM surveying will be completed to confirm an intersection of the modeled conductors at C1, C2 and C3, and search for off-hole conductors.

SILVERBARK NORTH NICKEL PROSPECT

This prospect comprises a series of VTEM and ground EM modeled conductors stretching over 1km in Cullen’s ground (E1637). Cullen targeted this conductor trend for structurally remobilised nickel sulphide mineralisation (e.g. Spotted Quoll-type) and for shear-hosted gold and/or VMS base metals. Cullen’s previous reconnaissance RC drilling at Silverbark North, failed to reach the target depth and two drill holes were abandoned in silicate facies, banded iron formation (BIF) about 100m above the target EM conductor. Cullen has now completed an effective test of one of the modeled conductive plates at Silverbark North in the recent RC programme (MERC107 - Table 1).

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Cullen Resources Limited Drilling Update – April 2014

The hole intersected black shale with pyrite and pyrrhotite and, subject to down hole surveying, appears to explain the source of the EM conductor at this position. The contact of the BIF/chert sequence with overlying greenstone to the west, which may include ultramafics, was not reached and further drilling as part of the next work phase will explore for this contact (see Figure).

ADDITIONAL TARGETING

Previous programmes of exploration for nickel sulphides in the Mt Eureka greenstone belt have included work by: WMC Limited, BHP Billiton Limited and the Independence Group NL. These exploration efforts were largely driven by geophysical surveying (VTEM and ground EM) with drill testing of modeled conductor plates. This is best industry practice and has led to a number of nickel sulphide discoveries throughout Western Australia. This approach has also been successful in the Mt Eureka belt, and identified nickel anomalies and an intersection of massive nickel sulphide at the “AK 47” prospect for example.

Cullen’s exploration programmes for nickel sulphides at Mt Eureka have also been driven primarily by the testing of VTEM and ground EM conductors. The recent RC drilling comprised only one drill hole per conductor plate and constitutes only a first-pass test of some large targets/conductor plates. Further drilling along strike and in between some of these plates may be required, especially where the plate is coincident with the base of an ultramafic that is overlying sulphur-rich sediment. This is commonly where nickel sulphides are precipitated from komatiitic magma.

Cullen also notes that nickel sulphide mineralisation may occur where there are weak or no conductor responses from VTEM and/or ground EM surveys and this will be considered when prioritising targets. Cullen has reviewed its VTEM and ground EM data in areas of primary nickel prospectivity, from geological and geochemical vectors, for the presence of 2[nd] and 3[rd] order conductor responses which may have been previously overlooked. One such target lies west of MERC 107, where a subsidiary EM response (not modeled) is coincident with an ultramafic unit (see Figure). There are multiple, strike-extensive, prospective ultramafic horizons in Cullen’s project area previously discounted in preference for testing of first-order VTEM and ground EM conductors.

IMMEDIATE FOLLOW-UP PROGRAMMES

Cullen has contracted a company for the next round of drilling planned to include (see Figures):

• follow-up RC drilling of nickel geochemical anomalies at Doyles prospect;

• RC drilling to the west of the recently completed RC drill hole MERC 107, and to test a target ultramafic horizon further to the west; and,

• an RC drill hole designed to intersect the base of the Central ultramafic “complex” on section from MERC 103 – interpreted to be a prospective shale/ultramafic contact.

An extension of ground EM surveys at Doyles and down-hole EM surveying is planned to commence this week, and the drilling programme will be initiated as soon as possible following receipt of statutory approvals – anticipated to be by late April.

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Cullen Resources Limited Drilling Update – April 2014

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Cullen Resources Limited Drilling Update – April 2014

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Table 1: RC Drill holes

Table 1: RC Drill holes	Table 1: RC Drill holes	Table 1: RC Drill holes	Table 1: RC Drill holes	Table 1: RC Drill holes	Table 1: RC Drill holes	Table 1: RC Drill holes	Table 1: RC Drill holes	Table 1: RC Drill holes	Table 1: RC Drill holes	Table 1: RC Drill holes	Table 1: RC Drill holes	Table 1: RC Drill holes	Table 1: RC Drill holes	Table 1: RC Drill holes
Hole Prospect Easting (m) Northing (m) EOH depth (m) Dip (degrees) Azimuth (degrees) From (m) To (m) Thickness (m) 1Ni (%) 2Ni (%) 1Cu (ppm) 2Cu (ppm) 3Pt+Pd (ppb)
MERC107	Silverbark North	355101	7038953	268	‐60	270				NSR
MERC116	Doyles ‐ Conductor C1	358148	7059540	198	‐60	270				NSR
MERC117	Doyles ‐ Conductor C2	358402	7060726	224	‐65	350				NSR
MERC118	Doyles ‐ Conductor C3	358358	7061502	204	‐60	270	50	55	5	0.18		133		34
Including (1‐m splits)							52	55	3		0.36		91	44
1‐m splits yet to be analyzed							55	65	10	0.26		24		16
MERC119	Doyles ‐ RAB anomaly Central	358490	7061892	83	‐60	270	25	40	15	0.18		37		12
1‐m splits yet to be analyzed							50	55	5	0.22		24		5
MERC120	Doyles ‐ RAB anomaly Central	358511	7061892	88	‐60	270	50	60	10	0.25		33		11
1‐m splits yet to be analyzed							75	80	5	0.18		23		5
MERC121	Doyles ‐ RAB anomaly North	358627	7062297	58	‐60	270	20	50	30	0.24		83		6
Including (1‐m splits)4							21	34	13		0.61		54	9
Including (1‐m splits)							28	30	2		1.25		68	10
MERC122	Doyles ‐ RAB anomaly North	358650	7062297	93	‐70	270	50	55	5	0.18		15		5

Notes refering to Table 1:

Easting & Northing in MGA94, Zone52

1 Ni (%) and Cu (ppm) for 5m composite samples by ICP‐OES from aqua regia digest (partial) . Lower cut‐off grade of 0.15% Ni with up to 5m of internal dilution; no upper cut‐off applied

2 Ni (%) and Cu (ppm) for 1‐m splits by ICP‐OES from 4acid digest (near total) . Lower cut‐off grade of 0.25% Ni with up to 2m of internal dilutio; no upper cut‐ off applied

3 Pt+Pd (ppb) by ICP‐MS from aqua regia digest (partial) , lower detection limits of 5 ppb. Results of less than the detection limit are calculated as 1/2 detection limit, ie, 2.5ppb; 1/2 detection limit value is used for averaging

4 One‐metre splits for the interval 35‐50m yet to be analysed. NSR ‐ No significant results (Ni less than 0.15% and Cu less than 15ppm in 5‐m composite sample) Average value calculated as the arithmetic average rounded up or down

JORC Code, 2012 Edition – Table 2

Section 1 Sampling techniques and data

Section 1 Sampling techniques and data	Section 1 Sampling techniques and data	Section 1 Sampling techniques and data
Criteria	JORC Code explanation	Comments re RC drilling programme
Sampling technique	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or XRF instruments, etc). These examples should not be taken as limiting the broadmeaning ofsampling.	The Silverbark North and Doyles nickel targets were sampled using reverse circulation (RC) drill holes testing individual EM conductors and geochemical anomalies. Eight RC holes were drilled for 1216m.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used	The collar positions were located using a handheld GPS with an approximate accuracy of ±3m; down-hole surveys were completed.
	Aspects of the determination of mineralisation that are material to the Public report In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1m samples from which 3kg was pulverised to produce a 30g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailedinformation.	RC drilling was used to obtain one metre samples from which a 3-4kg sub-sample was taken using a cone splitter. The sub-sample together with the remainder of the 1-m sample was placed on the ground. From each drill spoil pile, a c. 400g sample was then collected using a scoop; five of such 1-m samples were combined into one composite sample. The composite samples (2-3kg) were sent to an accredited Perth laboratory for analysis.
Drilling technique	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method etc).	Drilling was by reverse circulation using a 140mm diameter face-sampling hammer bit.
Drill Sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed	Sample recovery was assessed visually and the recovery recorded. The samples were generally dry or damp, and showed little (<10%) variation in volume.
	Measurements taken to maximise sample recovery and ensure representative nature of the samples.	The samples were visually checked for recovery, contamination and water content; the results were recorded on spreadsheets. Cyclone, splitter and buckets were cleaned regularly and thoroughly (between rod changes and after completion of each drill hole) to avoid cross contamination.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	The holes were kept dry and within the targeted zones, there was no significant loss/gain of material introducing a sample bias.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgicalstudies.	All samples were logged by a geologist in order to provide a geological framework for the interpretation of the analytical data.

Cullen Resources Limited Drilling Update – April 2014

Drilling Update –	April 2014
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel etc) photography.	Logging of rock chips was qualitative (lithology, type of mineralization) and semi-quantitative (visual estimation of sulphide content, quartz veining, alteration etc.).
	The total length and percentage of the relevant intersections logged	All drill holes were logged in full.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and wether quarter, half or all core taken.	Not applicable - no core taken
	If non-core, whether riffles, tube sampled, rotary split, etc and whether sampled wet or dry.	One-metre samples were split dry using a cone splitter attached to the drill rig. Composite samples were taken using a sampling scoop.
	For all sample types, quality and appropriateness of the sample preparation technique.	All samples wer pulverised utilising Essa LM1, LM2 or LM5 grinding mills determined by the size of the sample. Dry crushed or fine samples were pulverized to produce a homogenous representative sub-sample for analysis. A grind quality target of 85% passing 75μm was established and is relative to sample size, type and hardness. However the nature (hardness) of some samples is such that this may not always be achievable using standard preparation protocols. In such case an additional 2nd stage grinding was applied where a sub split is taken and further ground to ensure the assay pulp passes QC. In extreme cases, 85% passing 75 micron may not be achievable and thus cannot be guaranteed for all samples. Low chrome steel bowls were used for pulverising which could impart trace levels ofcontaminants suchas Cr,Fe andMo.
	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	Duplicates, certified reference materials and blanks were inserted by the laboratory and reported in the final assay report.
	Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.	For quality control of the field sampling, duplicate samples of the 5-m composites were taken at the rate of 1 per 20. The results were satisfactory.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	The sample size is considered appropriate for the purpose of this drilling programme, which is exploratory and primarily aimed at establishing the presence of mineralisation.
	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	For all 5-m composite samples, a 10g aliquot was digested using aqua regia. Analysis for gold was by AAS; Cu, Ni and Zn were analysed using ICP-OES, Pt and Pd was analyzed using ICP-MS. The aqua regia digestion is considered partial depending on the host of the elements analyzed, but does provide an acceptable level of accuracy for an initial assessment of the contained target elements. In addition to the composite samples, the one-metre split samples were analyzed for select geological intervals. The digestion of these samples was by four-acid digest which is considered near-total. A suite of elements including Ni, Cu and Zn, wasthenanalysed usingICP-OES.

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Cullen Resources Limited Drilling Update – April 2014

Drilling Update –	April 2014
	For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	Not applicable, no geophysical parameters reported.
Quality of assay data and laboratory tests	Nature of quality control procedures adopted (egg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have beenestablished.	International standards, blanks and duplicates have been inserted by the laboratory and results are satisfactory. Field and laboratory duplicates all show HARD values of less than 10.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Cullen staff (Chief Geologist and Managing Director) have visually inspected the samples and sampling procedures.
	The use of twinned holes	No twinned holes drilled to date
	Documentation of primary data, data entry procedures, data verification, data storage (physically and electronic) protocols.	All primary geological data were recorded manually on log sheets and transferred into digital format.
	Discuss any adjustment to assay data.	No adjustments were made to assay data other than the replacement of ‘less than detection limit’ with a value of halfof therespective detection limit.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down- hole surveys), trenches, mine workings and other locations used in Mineral Resources estimation.	All drill collar surveys were by handheld GPS. Several measurements (2-3) at different times were averaged; the estimated error is ±3m.
	Specification of the grid system used.	The grid coordinates for the Silverbark North and Doyle's targets are in GDA94, Zone 51
	Quality and adequacy of topographic control.	There is currently no topographic control and the RL is assumed as 500m for all drill holes.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	The drill holes tested five targets, one of which (Doyles RAB anomaly) is located along a c. 0.6km long geochemically anomalous trend, 3 targets are discrete EM conductors some 0.6 to 1km apart, the fifth target, SilverbarkNorth,islocated some25km tothe south.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Reserve and Ore Re4serve estimation procedure(s) and classifications applied.	The drilling was exploratory and not designed to satisfy requirements for mineral reserve estimations.
	Whether sample compositing has been applied.	The drill spoil generated by the RC drilling was composited into one metre intervals.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	The drilling is exploratory only and designed to test geophysical targets for the presence of nickel mineralisation at depth (holes MERC107 & 116-118). Each of the geophysical targets was intersected by a single drill hole only and it therefore has to be assumed that this drilling has not achieved unbiased testing of the entire target. The drill orientation was generally to the west (270 degrees) and at an angle of -60 degrees with the exception of MERC117 which targeted the conductor C2 at an azimuth of 350 degrees and a dip of -65 degrees. Drilling at Doyles (RAB Anomaly) Prospect (holes MERC119-122) tested Ni intercepts in historic RAB/AC drilling reported by previous explorers. The controls of the mineralisation are not known yet and hence it is unclearwhether the sampling was unbiased or not.

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Cullen Resources Limited Drilling Update – April 2014

Drilling Update –	April 2014
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	The exact dip of the mineralization related to geophysical modeling has not been established yet (single holes only) but based on the geophysical modeled plates it is likely that the drilled intersections overestimate the true thickness of any intersected mineralisation.
Sample security	The measures taken to ensure sample security.	All samples were handled, transported and delivered to the laboratory by Cullen staff or Cullen contractors. All samples were accounted for.
Audits or reviews	The results of and audits or reviews of samplingtechniques and data.	No audits or reviews of sampling techniques and data have been conducted to date.
	Section 2 Reporting of exploration results
Mineral tenements and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interest, historical sites, wilderness or national park and environmental settings.	The drill targets are located on E53/1299 (Doyles) and E53/1637 (Silverbark North) which are both 100% owned by Cullen Resources Limited. Cullen has signed an agreement with Central Desert on behalf of the Wiluna traditional owners who have native title over the respective areas. All drill sites and access tracks were cleared by the tradional owners prior to commencement of ground-disturbing activities. There are no particular environmental settings.
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licenceto operatein the area.	The tenure is secure and in good standing at the time of writing.
Exploration done by other parties	Acknowledgement and appraisal of exploration by other parties.	There has been no previous drilling at Silverbark North by other parties than Cullen and only limited historic drilling at the Doyles Prospect (Dominion Mining, 1994)
Geology	Deposit type, geological settings and style of mineralisation.	The targeted mineralisation is komatiite-hosted and/or associatedArchean nickelsulphide.
Drill hole information	A summary of all information material for the understanding of the exploration results including a tabulation of the following information for all Material drill holes:
	· E_asting and northing of the drill_ hole collar	See attached table
	·Elevation or RL (Reduced level- elevation above sea level in metres)and the drill hole collar
	· D_ip and azimuth of the hole_
	·Down hole length and interception depth
	·Hole length
	If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explainwhythisisthe case.	See attached table
Data aggregation methods	In reporting Exploration results, weighing averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually	See notes on attached table.

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Cullen Resources Limited Drilling Update – April 2014

Drilling Update –	April 2014
	material and should be stated.
	Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	Where averaging of results for 1-m intervals has been applied, no upper limits were used for the elements reported. The lower cut-off for Ni is 0.25%. The averaged interval may include up to 2m of internal dilution. See attached table.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalents used.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results.	Drilling was at 60-70 degree angles to test geophysical target plates derived from EM ground surveys. The mineralisation encountered in drilling is variably dipping to the east and mineralisation intercepts are likely to overstate the true width of mineralisation.
	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	The exact geometry of the mineralisation is not known yet.
	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’)	The reported mineralised intervals are down-hole lengths only, and the true width of the mineralisation is not yet known.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts would be included for any significant discovery being reported. These should include, but not be limited toa plan view of drill hole collar locations and appropriate sectionalviews..	see attached table/figures
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	see attached table
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations, geophysical survey results, geochemical survey results, bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious orcontaining substances.	There are currently no other exploration data that appear meaningful in the context of the reported results.
Further work	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-outdrilling).	Further work, including RC drilling, and ground and down hole geophysical surveys, is planned.

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Cullen Resources Limited Drilling Update – April 2014

Diagrams clearly highlighting the See attached figures areas of possible extensions, including the main geological interpretations and future drilling areas, providing this information is not commercially sensitive.

The Information in this report that relates to Exploration Results for the Mt Eureka project is extracted from Cullen’s ASX announcements of 22 and 30 of January 2014 entitled: “Strong EM conductors identified, Mt Eureka greenstone belt” and “Quarterly Report for the period ended 31 December 2013” respectively. Information in this report may also reflect past exploration results, and Cullen’s assessment of exploration completed by past explorers. The Company confirms it is not aware of any new information or data which materially affects the information included in this announcement.

ATTRIBUTION: Competent Person Statement

The information in this report that relates to exploration activities and 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 2012 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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