CULLEN RESOURCES LIMITED — Interim / Quarterly Report 2007

Jul 30, 2007

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ABN 46 006 045 790 www.cullenresources.com.au ASX Symbol: CUL

____________ QUARTERLY REPORT for the period ending 30 June 2007 31 July 2007 _____________

Unit 4, 7 Hardy Street HIGHLIGHTS South Perth WA 6151 IRON Phone: +61 8 9474 5511 Facsimile: +61 8 9474 5588 • The initial resource estimate for the Catho Well Channel Iron Deposit is 68Mt @ 55.38% Fe (Cullen 30%) • A new JV has been signed with FMG Ltd to explore for CONTACT: Dr Chris Ringrose, bedded iron deposits ~20km SE of Paraburdoo

CONTACT: Dr Chris Ringrose, Managing Director cringrose@cullenresources.com.au

NICKEL

PROJECTS:

• Plans to drill test eight EM anomalies at the Forrestania project in the Third Quarter – subject to rig availability

Gold and Nickel : Gunbarrel; Wonganoo; Killaloe; Forrestania

URANIUM

Iron : Mt Stuart; Metawandy; Paraburdoo

• Two key uranium-prospective tenements in WA have now been granted (Cullen 100%)

• A radiometric survey completed at the Kungerong (Tunnel Creek JV) uranium project has returned several high-order anomalies to be followed up with a Tempest (AEM) survey

Uranium : Tunnel Creek; Central Australia; North Yilgarn

Copper – Gold : Duchess

GOLD

Tungsten : Minter

• First pass geochemical sampling at Woodcutters has outlined a 10km long Cu-Au-As anomaly oriented NE parallel to regional-scale structures (Cullen 100%)

• • RAB drilling programme due to commence in August at North Ironcap project (Hannans Reward/Cullen JV)

Gold : Hardey Junction; Woodcutters

ABOUT CULLEN

GOLD-COPPER

Cullen is a Perth based, diversified, minerals explorer with a number of JV’s with key partners including: BHP Billiton; FMG; API (Aquila); Hannans Reward; Intrepid; Red Hill Iron, Minotaur and Thundelarra.

• IOCG targets on the Pilgrim Fault, south of Mt Isa, have returned selected outcrop samples with up to 15 g/t gold, 3.3% copper and 50% iron

The Company continues to build its tenement portfolio throughout Australia and progressively evaluates and prioritises exploration plays with a view to further JV’s or its own evaluation.

PROJECT GENERATION

• Two new ELA’s have been pegged to cover a possible carbonatite intrusion in the north Yilgarn – Cullen 100% 2

• • 900km tenement application in North Gawler Craton, SA to cover IOCG targets

PROJECT LOCATIONS

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KEY PROJECT – Iron

WEST PILBARA, W.A.

MT STUART JOINT VENTURE - Cullen 30% of iron ore rights

The West Pilbara - Mt Stuart Joint Venture (Australian Premium Iron Joint Venture [API], 70% and Managers, and Cullen Resources Limited, 30%) has previously announced to the ASX (16 May 2007) an initial Resource Estimate for its Catho Well Channel Iron Deposit (CID) of 68Mt @ 55.38% Fe – see Table 1. The Catho Well CID is one of five separate iron resources in the West Pilbara Region; centred approximately 50 kilometres southwest of Pannawonica, in which API has an interest (see Figure). Aquila Resources Limited (50% owner of API) has also reported that these five CIDs collectively comprise: 203Mt @ 57.44% Fe . The Catho Well CID is therefore 33.4 % of the CID resources estimated to date in API’s West Pilbara Iron Ore Project area and Cullen’s attributable share of the Catho Well deposit is 20.4Mt @ 55.38% Fe. API’s various West Pilbara CID Project interests have been the major focus of exploration programmes since 2005. An extensive reverse circulation drilling programme completed in 2006 has led to the resource estimates. (Golder Associates Pty Ltd was commissioned to complete the in-situ, JORC-compliant resource estimate.)

Quarterly Report for the period ending 30 June 2007

2

Table 1: Catho Well CID – Cullen 30% (cut-off grade >54% Fe, no Al2O3 cut-off applied)

Resource Classification	Tonnage (Mt)	Average Grade	Average Grade	Average Grade	Average Grade	Average Grade	Average Grade	Average Grade	Average Grade
		Fe%	SiO2%	Al2O3%	P%	S%	Mn%	MgO%	LOI%
Indicated	47.7	55.45	6.68	3.02	0.038	0.016	0.079	0.170	10.26
Inferred	20.3	55.23	7.15	3.24	0.037	0.016	0.071	0.161	9.83
Total	68.0	55.38	6.82	3.09	0.038	0.016	0.077	0.167	10.13

The Catho Well resource has similar iron grades to the pisolitic ores mined at Robe River and Yandicoogina (~57% Fe). The average alumina (Al2O3) grade within the Catho Well Resource is the second lowest of the five resources in the project area and there may be the opportunity to beneficiate and also to blend this resource with other resources in the area in order to manage potential product specifications. Positives of the Catho Well Resource are the relatively low average phosphorous levels at Catho Well (0.038%), the lowest of the five resources, and the average LOI, at 10.13%, the highest of the five resources.

During the Quarter API initiated drilling at the Mt Stuart project to assess the north western extensions of Catho Well CID and drilling remains ongoing. A total of 11 holes for 326m was completed.

Drilling encountered variable thicknesses of CID material with a general increase towards the southwest. Bedrock lithologies, mostly turbiditic sediments and cherts of the Mount McGrath Formation, were as shallow as 6m from surface along the northern margin of the mesa. The CID material tested generally consisted of vitreous goethite, goethite and sometimes hematite-rich pisolitic CID with interstitial clay zones. Assay results are pending.

API has initiated a Pre-Feasibility Study for its West Pilbara Iron Ore Project and has received a number of reports relating to the Port Options Study, Transport Corridors, and Process Plant basis for design and operating criteria. API also commenced planning to utilise a continuous surface miner to dig a bulk sample. Studies are ongoing.

KEY PROJECT – Nickel

NORTH EASTERN GOLDFIELDS, W.A.

GUNBARREL NICKEL JOINT VENTURE - BHP Billiton holds a 75% interest in nickel and base metal rights; Cullen's 25% interest is free carried to Decision to Mine

BHP Billiton completed four diamond drill holes (for 1063m) to test 3 EM conductors. No economic magmatic sulphides were intersected, but two holes (GBD15 and GBD16) contained trace to 5% disseminated and vein sulphides in ultramafics. All holes intersected sedimentary sulphides (including pyrite, pyrrhotite and chalcopyrite) below the ultramafic contact. Downhole EM at one target confirmed that sedimentary sulphide horizons as the source of the surface EM anomalies. Assay data is pending.

Quarterly Report for the period ending 30 June 2007

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KEY PROJECT – Uranium

ASHBURTON PROVINCE, W.A.

TUNNEL CREEK JOINT VENTURE – Thundelarra/Element 92 can earn 70%

The Company has signed a Letter Agreement with Element 92 Pty Ltd (Element 92), a wholly owned subsidiary of Thundelarra Exploration Ltd (Thundelarra), for a Joint Venture over its three applications (ELA’s 52/1890-1892) at Tunnel Creek. Thundelarra is actively exploring for uranium exploration within Australia and is a major shareholder in Aldershot Resources Ltd (Aldershot), a Canadian-listed uranium exploration company. Aldershot owns the Turee Creek uranium project, the most exciting uranium prospect in the Tunnel Creek area, and is currently negotiating access agreements with a number of Native Title groups in the area. Thundelarra can earn a 70% equity in Cullen’s three tenements by expenditure of $1.5M within five years, after which Cullen can contribute or convert to a 20% Free Carried Interest to completion of a Bankable Feasibility Study.

The JV Manager has reported the results of a radiometric survey of its Kunderong Project area, which includes the Tunnel Creek JV. The radiometric survey was flown in March 2007 to identify target areas for unconformity and structurally-controlled uranium mineralisation of the Ranger and Jabiluka type. Preliminary results from this survey are very encouraging and a number of trends of uranium channel anomalies have been identified within the Cullen-Thundelarra JV area (see Figure). The radiometric survey has clearly outlined the position of the nearby Turee Creek uranium deposit (1.05Mt @ 0.035% U3O8 - Aldershot Resources Ltd), and identified a number of uranium channel anomalies which appear to be related to geological contacts and interpreted faults. (N.B. The red and yellow shades of the image reflect zones of higher uranium channel radiometric response in the survey data and some of these features are associated with known uranium mineralisation – as in the excised area of Cullen’s ELA 52/1891.)

Thundelarra has indicated that the radiometric survey data are presently being further assessed by a consultant geophysicist and that it now plans to undertake a “Tempest” airborne electromagnetic survey in August 2007 over the major prospects of the JV project area.

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KEY PROJECT – Gold and Nickel

FORRESTANIA REGION, W.A.

STORMBREAKER AND NORTH IRONCAP GOLD / NICKEL PROJECTS – Hannans Reward Limited 80%, and Cullen 20% and free carried to a Decision to Mine

The Stormbreaker and North Ironcap Projects lie along the western margin of the nickelrich Forrestania greenstone belt and about 15km on strike north of the Flying Fox, New Morning and Daybreak nickel deposits of Western Areas NL. No modern ground geophysical exploration has previously been employed in the Stormbreaker Prospect area.

EM and IP surveys have identified 15 new anomalies along 4km of strike and eight EM targets are to be drill tested for nickel sulphides with a programme of ~1650m of RC.

The North Ironcap Project (gold rights only) contains a significant trend of gold mineralisation with the potential for 120,000 to 140,000 ounces of gold within the 1.6km of strike drilled to date. This well-mineralised, gossanous trend is open along strike for another 1.5km and at depth.

Clearing permission has now been obtained and RAB drilling of ~3200m is scheduled to commence in August to test for northern extensions to the known mineralisation.

EXPLORATION ACTIVITIES – Nickel

IRWIN BORE AND MT TATE TENEMENTS

– Cullen 100% - E53/1040 and E53/1096;

• Cullen 90%, Western Australia Resources Ltd 10% - E53/1209 and E53/1137

These tenements, situated immediately south of the Gunbarrel Nickel JV's AK47 Ni-Cu sulphide discovery, contain the interpreted strike extension of the AK47 ultramafic stratigraphy. The tenements have been explored most recently by the Independence Group for Ni - Cu sulphides in JV with Cullen, however following a database review, Independence has notified Cullen of its withdrawal from the JV. Cullen is awaiting the final reports from Independence and will then assess the scope for further exploration.

Quarterly Report for the period ending 30 June 2007

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EXPLORATION ACTIVITIES – Gold / Nickel

NORTH EASTERN GOLDFIELDS, W.A.

WONGANOO GOLD / NICKEL PROJECT - Cullen 100% - E53/1046, E53/1069 and E53/1083; and Cullen 80% with Quantum Resources Limited 20% on E53/988

During the first quarter of 2007, regional laterite sampling on E53/1046 identified Ni and Au dispersion haloes in a mafic dolerite sequence close to the axis of the regional antiform (29 ppb gold in laterite and 1400 ppm Ni associated with anomalous PGE). During the current quarter, a biogeochemical survey was completed that covers an area of approximately 1.5km x 0.6km centered on these anomalies. Results show a Ni-Co anomaly in biota approximately 300m east of the previously identified laterite anomaly and open to the east. An approximately 300m long Au anomaly extends southeast across the hinge of the antiform. Further geochemical sampling is planned to outline the extent and strength of the biota anomalies in preparation of a drilling programme.

Documentation for a new nickel rights Joint Venture over EL’s 53/1046; 1069; 1083 is nearing finalisation.

EASTERN GOLDFIELDS, W.A.

KILLALOE PROJECT, near NORSEMAN - Cullen 100%

At Killaloe, reconnaissance sampling of saprolitic outcrop in the northern part of the tenement in the previous quarter showed three of the samples collected, in an area of ~20 x 100m, have strongly anomalous zinc (1.1 to 2%), lead (2.8%) and copper (1.0%) concentrations, confirming similar results by previous explorers.

This base metal mineralisation is associated with anomalous levels of Au, Cd, Hg, In, Mo, Pt, Se, Sn, Sb and the rare earth elements. The geochemical signature is interpreted to be that of a volcanic-hosted massive sulphide system similar to that described from the Abitibi Sub-province in Canada (e.g. at the Potter Zn-Cu mine and the Potterdoal Zn-Cu deposit).

Prospect-scale geological mapping and rock chip sampling completed during the current quarter has outlined a southeast trending, approximately 3km long zone of meta-sediment with anomalous Zn (500 to 5900 ppm) and Cu (100 to 2000 ppm). Additional sampling at the site of the initial Zn-Pb-Cu anomaly also showed anomalous Au (maximum 3.4 g/t Au) which will be further investigated.

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EXPLORATION ACTIVITIES – Gold

NORTH EASTERN GOLDFIELDS, W.A.

GUNBARREL GOLD – Cullen holds 100% of the gold rights

Previous gold exploration completed on this very large greenfields project has been substantial with ~$4M incurred by Cullen and its Joint Venture partners since 2001. A large geochemical and geophysical database has been established.

A number of targets with anomalous gold intersections in previous RAB/air core drilling are under review and these may warrant further exploration. For example, at the Dugite prospect, with an intersection of 11m @ 1.36 g/t Au including 1m @ 5.71 g/t Au at the bottom-of-hole (62-63m); and at Target 5 with 32m @ 0.20 g/t Au from 40m to the end of hole. Although previous RAB/air core drilling has covered large areas of the tenement package, much of this work has been wide-spaced, in some areas (400 x 100m), which leaves scope for further exploration. The north eastern extension of the Connemara/Eureka East target area (4m @ 2.10 g/t Au) includes ~5km of largely untested greenstone stratigraphy for further exploration .

AGNEW PROJECT, SOUTH OF AGNEW/LAWLERS – Cullen 100%

ELA 36/632 covers ~212km[2] of granite and greenstone terrain south of the Agnew/Lawlers gold mines in the Lawlers greenstone sequence (see Figure). Located close to a major E-W drainage, the southern part of the tenement is considered prospective for sediment-hosted and calcrete-hosted uranium deposits. In addition, the northeastern portion of the tenement is highly prospective for primary and laterite-hosted gold mineralisation along a greenstone sequence that hosts several large gold deposits, including the Songvang open pit and the Waroonga underground complex owned by Goldfields SA, 5-10km along strike to the north.

Thick transported overburden covers the entire tenement area and is likely to have rendered previous surface exploration ineffective. There is no record and very little evidence of any exploration drilling within the tenement area and it is therefore considered unexplored despite its proximity to existing mines, i.e. the project area represents a “brownfields” exploration setting. During an initial field visit, a geochemical orientation survey using biota was completed and samples have been submitted for analyses. An interpretation of aeromagnetic data will assist in identifying structural targets as well as concealed goldbearing laterite that may have been transported down-slope from the Lawlers and Agnew gold districts.

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EASTERN GOLDFIELDS, W.A.

WOODCUTTERS PROJECT, near NORSEMAN - Cullen 100%

The Company has been granted two Exploration Licences (E15/933 and E28/1662) in the “Woodcutters” area east of its Killaloe gold-nickel project area. These applications are within an emerging, new exploration corridor which includes the Tropicana and Beachcomber gold discoveries and where there is a major exploration push by NewmontSIPA and Anglogold-Independence Group. Cullen has completed an orientation geochemical survey using nodular/pisolitic calcrete sampling (maximum Au and U assays of 7.8ppb and 4.9ppm respectively) within the two tenements. On the basis of these positive results, together with the favourable regional geological setting and the lack of any previous systematic exploration at Woodcutters, the company has now completed an initial, regional calcrete geochemical survey along existing tracks.

The survey generated three distinct Au anomalies in the project area. In the northern part, (within E28/1662) is an approximately 10km long, northeast trending anomaly (maximum 9.4 ppb Au – local background 2-3 ppb Au) that is associated with anomalous Cu (max. 76 ppm) and As (max. 43 ppm). Along strike to the southwest is a 6km long, northeast trending Au-Cu anomaly with a maximum of 9 ppb Au. In the southern part of the area (E15/933), a gold anomaly trends northeast over a distance of approximately 7km, with a maximum concentration of 9.8 ppb Au. Systematic infill sampling of the anomalous zones, using calcrete and other sample media, has now commenced.

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ASHBURTON PROVINCE, W.A.

HARDEY JUNCTION JOINT VENTURE - Intrepid Mines Limited earning up to 80%

Intrepid operates the Paulsens Gold Mine located approximately 15km north of the Hardey Junction JV ground. Intrepid, as Manager of the JV, is progressively exploring the Mt McGrath Formation prospective trend with plans to undertake further rock chip traverses at the Mt Edith and Alven prospects in the coming field season.

CULLEN/RED HILL JOINT VENTURE - Red Hill Iron Limited earning 70%

Cullen and Red Hill have signed a Joint Venture Agreement on tenements E08/1135, 1330, 1341, 1292, 1375 and 1622, all of which are contiguous with Red Hill’s major Project Area in the NW of the Ashburton Basin (see Figures). The JV excludes the iron ore rights, which remain the subject of a separate joint venture between Cullen and API. Red Hill can earn its equity by expending $1M over a four year period with a minimum of $200,000 in the first year.

The main target, already defined by Cullen, is the Yanks Bore prospect, where work by Cullen and other parties has defined a gold-mineralised system extending over 25 kilometres. Limited drilling of part of this zone intersected 3 metres @ 2.4 grams per tonne gold, including one metre of 6.7 grams per tonne in altered dolomite.

Work on the Joint Venture has commenced with planning of programmes of soil sampling, RAB drilling and IP surveying along the Yanks Bore fault to be implemented in the coming Quarter.

EXPLORATION ACTIVITIES – Uranium

The Company’s exploration portfolio for uranium now includes applications over ~8500 sq km in WA, NT and SA. These applications include:

• three exploration licence applications (ELAs) in the Ashburton province of WA for unconformity-type uranium targets (Thundelarra JV) with a further three, in the name of Cullen’s subsidiary Montrose Resources Limited, in the same area;

• twelve ELAs for calcrete-type uranium targets in the northern and north-eastern portions of the Yilgarn in WA;

• five ELAs in the Amadeus Basin/Arunta Orogen region of far eastern WA for calcrete, IOCG and/or sandstone-hosted uranium; and

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• four ELAs in the Northern Territory for sandstone-hosted, lignite and/or vein-alteration type uranium in the Amadeus Basin-Arunta region around Alice Springs.

A further four ELAs have been lodged in the Northern Yilgarn block, WA, in an area north and west of the Yeelirrie uranium deposit. These applications are targeting the unconformable contact of the Proterozoic Glengarry Basin sediments on the Archean basement, close to interpreted basement structures which may have played a role in supplying uranium for the Yeelirrie deposit (see Figure).

The Company has commenced data compilation for its uranium property portfolio and has initiated the process of negotiation and documentation in order to facilitate access on Aboriginal Reserve ground. It has also completed some preliminary reconnaissance work on some tenements. Compilation results to date have identified several areas for follow-up work in the current Quarter.

In Western Australia, Cullen has completed orientation work on its granted Stirling Project area (E37/851 - see Figure) to test the use of different regolith materials for uranium exploration. The results have shown which sampling is likely to be most successful in detecting uranium beneath shallow transported cover and the same sampling strategy will now be applied more widely in the search for sediment-hosted uranium mineralisation within drainage. EL 51/1170, 25km NE of the Hillview uranium project (Encounter Resources), which has significant (60-125 ppb U) previous assays of bore water, is also now granted and preliminary exploration geochemistry is planned.

In South Australia , Cullen’s two ELAs (356 and 357) are located in the Olary uranium province in South Australia, between the Crocker Well and Radium Hill uranium deposits. A review of open file exploration data and regional geophysics has identified a number of target areas which require follow up. In particular, ELA 357 contains at least six occurrences of massive albitites which may be prospective for uranium. In the Ukrainian shield, albitite-hosted uranium deposits are known in the Kirvograd Region, such as Severinskoye (50,000t of contained uranium @ 0.1% U3O8). Previous rock chip sampling of a 1 km trend of ironstones and gossans at the Pauper Prospect in ELA 357, has yielded up to 6.3 % Cu and 1.3 g/t Au and vanadium up to 520ppm V.

In the Northern Territory , previous exploration for uranium within ELA 25494, located about 100km SSW of Alice Springs, has been limited to helicopter and ground radiometric surveying, due to land access restrictions at the time of the previous uranium exploration push in the 1970’s. Although, up to 103 radiometric anomalies were identified at that time, and many were checked with hand held scintillometer, there has been virtually no exploration drilling for uranium. Recent airborne geophysical surveys by the NT government, shows a stratigraphic trend of uranium channel anomalies that occurs within ELA 25494. This trend is along the interpreted strike of the Undandita Sandstone, which hosts the Angela-Pamela, redox front uranium deposits, located just south of Alice Springs (12,650t of U grading 0.1% U3O8). Magellan Petroleum drilled “WW No1” to test oil and gas accumulations in the Devonian sedimentary sequence in the Waterhouse anticline. In the section from 140-170m downhole there is a strongly anomalous gamma (radioactivity) log within a sandstone unit. This is a priority target area for exploration upon the successful grant of the application.

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EXPLORATION ACTIVITIES – Iron

ASHBURTON PROVINCE, W.A.

WYLOO DOME IRON ORE PROJECT - Iron Ore Rights JV with FMG Ltd

Fortescue Metals Group Ltd (FMG) can earn up to an 80% interest in the iron ore rights on a group of Cullen’s tenements in the West Pilbara Region. The tenements, E08/1393 and ELs 47/1154, 1649 and 1650, include Marra Mamba and Brockman Iron Formations along the eastern and northern margin of the Wyloo Dome. These formations host the adjacent Metawandy bedded goethite-haematite deposits of Hamersley Iron Pty Ltd, for which an Inferred Resource of 225Mt @ 62.1% Fe has been reported.

FMG has completed an aeromagnetic and radiometric survey over the northern portion of the tenements, purchased satellite imagery and completed reconnaissance mapping and rock chip sampling.

Geological mapping is in progress on historic prospect areas and the extent of the iron formations.

PARABURDOO IRON ORE PROJECT - Iron Ore Rights JV with FMG Ltd

The Company has signed a Memorandum of Understanding with Fortescue Metals Group Ltd (FMG) allowing FMG to earn up to an 80% interest in the iron ore rights on Cullen’s E52/1667, located ~25km south east of Paraburdoo in the Pilbara Region of Western Australia.

E52/1667 includes potential for bedded iron deposits within the Brockman Iron Formations, along strike from the Paraburdoo and Channar Group of iron deposits (see Figure).

Principal terms of the MOU are:

• FMG commits to spend a minimum of $75,000;

• FMG may earn 51% interest in the iron ore rights by sole funding total expenditure of $600,000 within three years of the Execution Date of the MOU;

• FMG may earn a further 29% interest in the iron ore rights if it sole funds an additional $1M within a further three years;

• Cullen’s residual interest (49% or 20%) shall be free carried to Decision to Mine (DTM); and

• at DTM, FMG shall negotiate in good faith a financing package to facilitate Cullen’s participation in the mining development. If Cullen does not participate it shall receive a 1.5% FOB Royalty on the first to 20M tonnes of ore.

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EXPLORATION ACTIVITIES – Tungsten

CENTRAL LACHLAN N.S.W. - MINTER TUNGSTEN PROJECT

At the Minter Project near Lake Cargelligo, Cullen is targeting stockwork and vein-type tungsten mineralisation related to granitic cupolas (domes).

Previous drilling has intersected wide zones of anomalous to strongly anomalous tungsten (ranging from 100 to 1000ppm W) associated with quartz–pyrite veining. Best intercepts included 12m @ 0.18% WO3 from 123m (DRC1), 8m @ 0.13% WO3 from 92m (DRC4) and 4m @ 0.17% WO3 from 158m (DRC4). The drilling indicates extensive tungstenanomalous stockwork veining with approximate dimensions of 800m N-S and 500m E-W, possibly related to underlying granitic cupola(s).

The Company is seeking a JV partner.

EXPLORATION ACTIVITIES – Gold / Copper

DUCHESS PROJECT AREA, QLD – Minotaur Exploration Ltd can earn 70%

At Duchess (EPMs 11990, 12395), ground magnetic and reconnaissance rock chip sampling further highlighted the prospectivity of the Pilgrim Fault “megabend” area where gravity surveys had previously indicated potential for ironstone-related copper-gold mineralisation. Selected outcrop samples returned up to 15 g/t gold, 3.3% copper and 50% iron , and ground magnetics with gravity have delineated magnetite and haematite ironstones. Further detailed mapping, soil sampling and drilling of at least two holes are planned for the coming Quarter.

PROJECT GENERATION – Possible Carbonatite

The Company has applied for two exploration licences in the northern Yilgarn region of Western Australia, one of which covers a sub-circular-shaped aeromagnetic anomaly, measuring ~5km x 4km, which may be a carbonatite intrusion (see Figure). Current regional geological maps show the feature to be: “an Archaen intrusive of unknown type, low magnetisation” ; or the “Albion Downs carbonatite”. Cullen has reviewed available previous exploration reports and carried out first pass ground reconnaissance over the aeromagnetic anomaly. This review suggests that there has been very little previous exploration and no drill testing of this large and prominent magnetic feature which therefore remains unexplained.

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Cullen’s tenement applications also cover: a set of N-S trending structures and/or dykes including a second, smaller circular magnetic (high) feature, which may also be a carbonatite (see Figure), a major shear zone; and the axis of a major antiform.

(Carbonatites are mantle-derived intrusive pipes that may host economic ore deposits of metallic and non-metallic metals and minerals, including REE, Nb, Cu, V, phosphate and vermiculite. Known examples of carbonatites in Western Australia with economic significance include the Mt Weld Carbonatite, located 30km SE of Laverton (a world-class deposit of REE owned by Lynas Corporation Limited) and the Cummins Range Carbonatite, located 130km SSW of Halls Creek in the Kimberley (a REE deposit owned by Navigator Minerals Limited). Other examples of such intrusions in the world include: the Palabora Carbonatite in South Africa which has average grades of 0.5% Cu, in addition to nickel, lead, zinc, uranium, REE, vermiculite and phosphate.

During first pass reconnaissance the company collected five laterite samples 1-5km away from the magnetic low. Although these samples show no element enrichment indicative of a nearby carbonatite, the morphological low developed on top of the aeromagnetic feature may have reduced mechanical dispersion and nearby laterites may not therefore include any geochemical signature of the feature.

As its next stage in exploration, Cullen intends to investigate the area by modelling the available magnetics data (to give an indication of the shape and depth of the intrusive body). This will be in addition to some further surface and biota sampling traverses. An early stage drill test, once the tenements are granted, is envisaged.

PROJECT GENERATION – Iron Oxide Copper Gold (IOCG) Targets in South Australia

The Company has applied for ELA 327/07, “Bindabu Bore”, which comprises an area of approximately 900km[2] centred 100km W of Coober Pedy in the northern Gawler Craton of South Australia. The tenement covers part of the Mabel Creek Gravity High which has strong magnetic features reflecting complex Proterozoic/Archaean basement at 150–230m depth. In the 1981-2006 period, the area attracted the attention of a number of companies such as BHP, CRA and Normandy for its Olympic Dam IOCG potential. However, despite the recognized presence of prospective Proterozoic basement at moderate depths, the area has only been lightly explored. In fact, there has been no active exploration since 1998 and only one gravity/magnetic anomaly was drilled within the entire area prior to this. A preliminary review of MESA’s SAEI magnetic/gravity data by Cullen has identified a number of untested IOCG-type magnetic signatures, which were also recognised in geophysical interpretation by Normandy in 1998. A more detailed review of available data is in progress.

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For further information or a colour copy of this Report, please contact:

Dr Chris Ringrose, Managing Director

089 474 5511 0439 843 756

31 July 2007

ATTRIBUTION

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.

The information in this report that relates to Exploration Results for uranium is based on information compiled by Dr Chris Ringrose, Managing Director of Cullen Resources Ltd and reviewed by Mr Grahame Hamilton, Director, Cullen Resources Ltd , both of whom are Members of the Australian Institute of Mining and Metallurgy. Mr Hamilton is also a geological consultant to 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 and Mr Hamilton consent to the report being issued in the form and context in which it appears.

The information in this announcement, insofar as it relates to iron ore exploration activities, is based on information compiled by Stuart H Tuckey, who is a member of the Australian Institute of Mining and Metallurgy, and who has more than five years experience in the field of activity being reported on. Mr. Tuckey is a full-time employee of API Management Pty Ltd. Mr. Tuckey has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Tuckey consents to the inclusion in the report of the above matters, based on their information in the form and context in which it appears.

The information in this announcement that relates to Mineral Resources of iron is based on information compiled by Mr Stuart H Tuckey, Dr Sia Khosrowshahi and Mr Jani Kalla who are members of the Australian Institute of Mining and Metallurgy. Mr Tuckey is a full-time employee of Australian Premium Iron. Dr Khosrowshahi and Mr Kalla are employees of Golder Associates Pty Ltd. Messrs Tuckey, Khosrowshahi and Kalla have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Tuckey, Dr Khosrowshahi and Mr Kalla consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Quarterly Report for the period ending 30 June 2007 14

14

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117°00' 119°00'
C a r n a r v o n
B a s i n PROTEROZOIC
Yanks Bore
Bangemall Group
Yanks Bore Mount Minnie Group
trend
Boolaloo Granodiorite
CULLEN/RED HILL JV CULLEN/API IRON ORE JV PROJECT Bresnahan Group
CULLEN/RED HILL JV LOCATION Newman Wyloo Group - Ashburton Basin
ARCHAEAN
Fortescue and Hamersley Group
Granite
Catho Well - 68Mt @ 55.38% Fe, JORC Perth Fault
Road
CULLEN/FMG IRON ORE JV Gold prospect/mine
PAULSENS
Iron ore prospect/mine
F o r t e s c u e a n d H a m e r s l e y G r o u p
Uranium prospect
Metawandy URANIUM OCCURRENCES
Mt Clement Sedimentary - calcrete
Anthiby Vein and hydrothermal - unconformity
Cheela
Residual and supergene
CULLEN/INTREPID Electric
23°00' GOLD JOINT VENTURE Dingo
Ibex
Paraburdoo NEW
Eastern Ranges
Paraburdoo Mt Bruce CULLEN/FMG
Group Channar Mt Channar IRON ORE JV
Mt Olympus
Turee Creek
Xanadu Waugh
B a n g e m a l l G r o u p
G a s c o y n e W y l o o G r o u p - Angelo River
C o m p l e x A s h b u r t o n B a s i n B r e s n a h a n S y l v a n i aI n l i e r
Nobbys G r o u p
CULLEN/THUNDELARRA Anomaly
URANIUM JV
N
Mt Bresnahan
50 kilometres
Excised
PILBARA & ASHBURTON PROJECTS
C U L L E N CULLEN
Simplified Geology & Tenement Location Re sources Limited TENEMENT APPLICATIONS
ROCKLEA
DOME
Z O N E
H I N G E
P
A R
A B
U
R
D
O O
PHZ
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400 000mE 450 000mE
Wyndham
Pannawonica Port Hedland PROJECT
LOCATION
7 600 000mN Newman
Robe
Mesas Meekatharra Wiluna
Geraldton
Kalgoorlie
Deepdale Perth
Mesa J
Cochrane
Jewel Bungaroo Creek
Deposit
Quaternary cover sequence
Basement sequence
Hamersley Sequence
Channel Iron Deposit outcrop
Red Hill West
Channel Iron Deposit prospect
Prospective drainage trend
Iron ore mine
7 550 000mN Upper Cane
Channel Iron Deposit (CID) Resource
Cardo Bore
Mt Stuart JV(Cullen 30% API 70%)
tenement boundary
Cardo Bore Red Hill/API JV areas tenement
East boundary
Mt Stuart
Catho Well
68Mt @ 55.38% Fe
Catho Well
Paulsens
Gold Operations
7 500 000mN
N
20 kilometres
WEST PILBARA CHANNEL IRON ORE PROJECTS
C U L L E N
API, Red Hill & Cullen Tenements Resources Limited
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118°00' ANGELO RIVER 118°30' 118°30'
TUREE CREEK 23°30'
(Redport Ltd -
PROTEROZOIC "Pre-resource mineralisation
Bangemall Group ~644 000t @ 0.124% U O ")3 8 TUREE CREEK
Bresnahan Group (Aldershot Resources Ltd -
Unconformity 1.05Mt @ 0.035% U O3 8
THUNDELARRA
Wyloo Group - Ashburton Basin inferred resources, non JORC)
ARCHAEAN
Fortescue and Hamersley Group
Turee Creek
Fault U3O8 Limited
Road E52/1893
Uranium prospect rocks to 1% U O3 8 DIORO/CVRD
URANIUM OCCURRENCES
Sedimentary - calcrete N
Vein and hydrothermal - unconformity CAMECO
Residual and supergene 10 kilometres AUST
CULLEN CULLEN
Mt Bresnahan
TENEMENT APPLICATIONS ELA 52/1892
Nobbys Anomaly
CAMECO 23°45'
AUSTRALIA
U3O8 Limited CAMECO U3O8 Limited
rocks to 0.25% U O3 8 ELA 52/1891 CULLEN AUSTRALIA ELA 52/1890 CULLEN Drilling includes
5.5m @ 0.62% U O3 8
118°00' ELA 52/1892
Wyndham
N
Port Hedland 10 kilometres
Significant uranium channel
TUNNEL CREEK
radiometric anomaly
Newman
Meekatharra Wiluna
Significant uranium channel
Geraldton radiometric anomaly
Kalgoorlie excised
Perth
Significant uranium channel
ELA 52/1891 radiometric anomaly ELA 52/1890
KUNDERONG PROJECT - TUNNEL CREEK JV
C U L L E N
Uranium Channel Radiometrics, Simplified Geology & Tenement Location
Re sources Limited
(Geology compiled from GSWA 1:250 000 map sheets and GSWA Report 64)
23°30'
23°45'
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120° 121°
ELA 53/1630 26 °
LAKE WAY/CENTIPEDE
ELA 51/1223 Proterozoic (Nova Energy Limited)
Glengarry Basin Inferred Resource
15.51Mt @ 0.058% U O3 8
ELA'S 53/1333, 1334, 1336
GUNBARREL
F LAKE MAITLAND
(Redport Limited)
Inferred & IndicatedResources
EL 51/1170 15.2Mt @ 0.052% U O3 8
New ELA's over 27 °
?carbonatite
WONGANOO
YEELIRRIE
(BHP Billiton) EL 37/851
35Mt @ 0.16% U O3 8
ELA'S 37/920, 921, 922
28°
N F
ELA 36/632
50 kilometres
Alluvial filled palaeo drainages and lake sediments
Geenstone
Granite
Interpreted palaeochannel Possible carbonatite
F Interpreted fault
Uranium occurrences and resources
PROJECT
LOCATION Regolith samples >20ppm U (GSWA sampling)
Cullen Resources Limited uranium tenements
Perth
Cullen Resources Limited gold/nickel tenements
NORTH EAST GOLDFIELDS URANIUM PROJECTS
C U L L E N
Location Plan Resources Limited
Hn kle -i r Cent pedi e
Dawson
LE NI STER
W LUNAI
u
for
n
n m
co
ity
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120°00’ 120°15’
27°00’
N
5 kilometres
Outline of new ELA's
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27°15’
27°00’
Granite gneiss
(shear zone)
Faults/dykes
?Carbonatite
l
?Carbonatite
l
27°15’
NORTH YILGARN CARBONATITE PROJECT
C U L L E N
Aeromagnetics & Interpretation Resources Limited
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
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l
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Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98.

Name of entity

CULLEN RESOURCES LIMITED

ABN 46 006 045 790	Quarter ended (“current quarter”)
46 006 045 790	30 June 2007

Consolidated statement of cash flows

Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Net Operating Cash Flows	Current quarter $A’000	Year to date ( 12 months) $A’000
	- (341) - - (72) - 8 - - -	- (1,801) - - (340) - 41 - - -
	(405)	(2,100)
Cash flows related to investing activities 1.8 Payment for purchases of: (a)prospects (b)equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a)prospects (b)equity investments (c)other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material)- Security deposits Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	- - (3) - - - - - -	- - (81) 250 - - - - -
	(3)	169
	(408)	(1,931)

• See chapter 19 for defined terms.

Appendix 5B Page 1

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Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(408)	(1,931)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other share issue expenses Net financing cash flows	946 - - - - (39)	2,716 - - - - (112)
	907	2,604
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter	499 1,303 -	673 1,129 -
	1,802	1,802

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		100
		-
1.25	Explanation necessaryforanunderstanding ofthe transactions
	-

Non-cash financing and investing activities

2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

• See chapter 19 for defined terms.

Appendix 5B Page 2

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Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

	3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
		-	-
		-	-

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development	$A’000
	250
	-
Total	250

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	1,802	1,303
	-	-
	-	-
	-	-
Total: cash at end of quarter(item 1.22)	1,802	1,303

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
	-	-	-	-
	-	-	-	-

• See chapter 19 for defined terms.

Appendix 5B Page 3

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Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions	-	-	-	-
	- -	- -	- -	- -
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs	474,039,763	474,039,763	-	-
	22,000,000 -	22,000,000 -	4.3 cents -	- -
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted	-	-	-	-
	- -	- -	- -	- -
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	7,500,000 8,000,000 7,000,000	- - -	Exercise price $0.05 $0.04 $0.08	Expiry date 28 February 2010 30 November 2007 28 February 2010
	3,000,000 3,000,000	- -	$0.05 $0.08	28 February 2010 28 February 2010
	-	-	-	-
	-	-	-	-
7.11 Debentures (totals only)	-	-
7.12 Unsecured notes (totals only)	-	-

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Law or other standards acceptable to ASX (see note 4).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here: ...................................... Date: 27/07/07........................

(Director/Company secretary)

Print name: Wayne Kernaghan

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

• See chapter 19 for defined terms.

Appendix 5B Page 5

1/7/98*