CULLEN RESOURCES LIMITED — Interim / Quarterly Report 2008

Apr 29, 2008

ABN 46 006 045 790

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www.cullenresources.com.au ASX Symbol: CUL 30 April 2008

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QUARTERLY REPORT for the period ending 31 March 2008

	PRINCIPAL OFFICE Unit 4, 7 Hardy Street South Perth WA 6151 Telephone: +61 8 9474 5511 Facsimile : +61 8 9474 5588 ____ CONTACT Dr Chris Ringrose, Managing Director E-mail: info@cullenresources.com.au _____ PROJECTS Gold and Nickel- Gunbarrel; Wonganoo; Killaloe, Forrestania Iron- Mt Stuart; Wyloo; Paraburdoo Uranium- Tunnel Creek; Central Australia; North Yilgarn Copper - Gold- Duchess Tungsten- Minter Gold- Hardey Junction; Yanks Bore Woodcutters; Agnew _____ ABOUT CULLEN _Cullen is a Perth-based, diversified, minerals explorer with a number of JVs with key partners including: BHP Billiton; FMG; API (Aquila); Hannans Reward, Intrepid, Red Hill Iron; Minotaur; and Thundelarra. The Company continues to build its tenement portfolio throughout Australia and progressively evaluates and prioritises exploration plays with a view to further JVs or its own evaluation.	HIGHLIGHTS IRON • Increase in the Resource Estimate for theCatho Well Channel Iron Deposit(CID) from 68Mt to79.5Mt @ 55.34% Fe(Cullen 30%) • Drilling planned at Wyloo and Paraburdoo (FMG JVs) • New CID target at Yanks Bore (Red Hill JV) NICKEL • Geophysical surveys (both MLEM & SQUID) for nickel at Stormbreaker South,Forrestania areaare underway GOLD • Possible breakthrough at Gunbarrel project - drilling planned within highly prospective , ~12km x 3.5km gold-arsenic-antimony anomaly which includes the known Southern Gold Prospect and a new target area where visible gold in quartz veins, and surface gold nuggets have been found • RC Drilling at Coolgardie intersected :3m @ 60.6 g/t Au from 69m (including 1m @ 173 g/t Au)with follow-up drilling planned • Drilling also planned at Yanks Bore (Cullen 30%) and Woodcutters (Cullen 100%) projects PROJECT GENERATION • Two target areas for magnetite iron deposits +/- Iron Oxide Copper Gold-type deposits have been claimed in Finland, as part of a project identification initiative in Northern Scandinavia CORPORATE • A Substantial Holder Notice has been lodged by Aquila Resources Limited (15.78%). In addition, as at 21 April 2008, AMCI Group and the FRC Group hold a combined 11.12% shareholding, as per their substantial shareholder notice dated 24 April 2008

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ASX Quarterly Report - March 2008 2

KEY PROJECT – Iron

WEST PILBARA, W.A.

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

As announced to the ASX on 7 March 2008, the West Pilbara - Mt Stuart Joint Venture (Australian Premium Iron Joint Venture (API), 70% and Managers, and Cullen Resources Limited, 30%) announced an increase of the Resource Estimate for its Catho Well Channel Iron Deposit (CID) from 68Mt to 79.5Mt @ 55.34% Fe – see Table. The increased Catho Well resource estimate has been compiled by API staff and Golder Associates in accordance with the guidelines of the Australasian Code for reporting of Identified Mineral Resources and Ore Reserves (JORC, 2004), and includes all additional RC drilling completed in calendar 2007. This increase in resource tonnes is primarily attributable to the evaluation of the northern strike extension of the Catho Well channel iron deposit.

Cullen’s attributable share of the Catho Well deposit is 23.85 Mt @ 55.34% Fe.

Table: Catho Well CID – Cullen 30% (cut-off grade >52% Fe, S.G. - 2.7)

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	55.1	55.40	6.67	3.00	0.037	0.016	0.080	0.170	10.32
Inferred	24.4	55.20	7.06	3.18	0.036	0.016	0.080	0.170	9.99
Total	79.5	55.34	6.79	3.06	0.037	0.016	0.080	0.170	10.22

The average phosphorous levels at Catho Well (0.037%) and the average alumina levels (3.06%) are favourable characteristics of this material and there may be the opportunity to blend this resource with other resources in the area in order to satisfy potential product specifications.

The Catho Well CID is one of nine separate iron resources in the West Pilbara Iron Ore Project area, centered ~50 kilometres south of Pannawonica, in which API has an interest (see Figure). Aquila Resources Limited (50% owner of API) has reported that these nine CID’s collectively comprise a resource of: 430 Mt @ 56.86% Fe.

In terms of Mine Planning for Catho Well, API has completed the first phase of environmental surveying, with the second phase due to be completed in the first half of 2008. Environmental work has to date focused on the collation and analysis of field data obtained during calendar 2007. This information has been incorporated into draft environmental referral documents for the West Pilbara Iron Ore Project. The referral documents, required to initiate government environmental assessment processes, are scheduled for formal submission in the second quarter of 2008.

A programme of groundwater exploration will also extend through this period, with metallurgical testing of diamond core samples on-going and plans for bulk sampling to provide further samples for metallurgical test work.

A second phase of environmental surveys commenced during the Quarter as weather and access conditions permitted. Additional field sampling for troglobitic (vertebrate or invertebrate that lives entirely in the dark parts of caves or cavities) fauna around the Catho Well deposit was completed and laboratory sorting of samples remained in process at quarter’s end. In an initiative to expedite the assessment of stygofauna (small, aquatic groundwater invertebrates) within the project area, a review of mineral exploration holes was commissioned to identify holes that might be suitable for sampling. Environmental surveys will gather momentum during April and May as the wet season recedes.

ASX Quarterly Report – March 2008 3

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ASX Quarterly Report – March 2008

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KEY PROJECT – Gold

NORTH EASTERN GOLDFIELDS, W.A.

GUNBARREL – E53/535, 968, 818, 837, Cullen holds 100% of the gold rights; IRWIN BORE - E53/1040, Cullen 100%; E53/1209 and E53/1137 - Cullen 90%, Western Australia Resources Ltd 10%

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.

During 2007, Cullen has reassessed the tenements’ overall gold potential using laterite geochemistry and prospecting, and has outlined an As-Sb-Au anomaly that is interpreted to extend from Graf’s Find in the south to Southern Prospect in the north (12 x 3.5 km) – see Figure. The Au-As-Sb anomaly is well-defined, strikes approximately NNE, and is distinct on a regional scale; it has a maximum Au result of 258 ppb (fire assay) in lateritic residuum.

The anomaly is considered by Cullen to represent an important new gold target including NW-SE structures interpreted from aeromagnetics data overlying interpreted, buried granite which have never specifically been targeted by drilling. The anomaly covers a favourable geological setting including foliated felsic rocks, aplitic dykes, cherts and fine to medium-grained mafic and ultramafic rocks with abundant gossanous quartz veins. Part of the anomalous trend is concealed by alluvium and colluvium. Where the anomaly covers deeply-eroded terrain with thin soil cover, visible gold (matchhead-sized nuggets) has been found.

This newly-defined geochemical trend and the associated NW-SE structures are the focus of this year’s field season - a drilling programme will commence as soon as permits have been received and a heritage survey has been completed. During the current quarter, Cullen has conducted further sampling, prospecting and geological mapping across the prospective target zone in preparation of a drilling campaign. The analytical results are pending.

Cullen has also commissioned an interpretation of regional and high resolution aeromagnetic data covering the target zone to assist with the drill target delineation - this work is in progress.

ASX Quarterly Report – March 2008 5

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KEY PROJECT – Gold

EASTERN GOLDFIELDS, W.A.

COOLGARDIE PROJECT - Option to Purchase 100%

The results of an initial RC drilling programme (12 holes for 1024m) completed at the Coolgardie Gold Project (option to purchase M15/237,128, P’s15/4570-4572 and 15/4593, and MLA 15/876) were announced during the Quarter. Results include - all in “Hole 1”:

• 5m @ 2.72 g/t Au from 60m;

• 3m @ 60.6 g/t Au from 69m (including 1m @ 173 g/t Au);

• 13m @ 1.91 g/t Au from 96m; and,

• 4m @ 1.26 g/t Au from 126m to end-of-hole

• testing below an historical intersection of 4m @ 3.5 g/t Au in “BEX 13”;

and in “Hole 12”, testing the same lode 40m along strike to the south west:

• 4m @ 6.00 g/t Au from 92m, and

• 3m @ 2.53 g/t Au from 111m

• beneath an historical intersection of 7m @ 4.88g/t Au in “BEX 11”.

These results, showing gold mineralisation related to quartz veining and sulphidic porphyry and dolerite, underline significant potential for high-grade, lode-style mineralisation within the Melanie Anne prospect area (M15/237) – see Figure.

Cullen also completed two holes from the floor of the southern limit of the A-Cap open pit (from where it has been reported that ~190,000t of ore at 1.8 g/t Au for 11,000 ozs was produced in the mid-1980’s). The pit extends to approximately 10m depth, from where Cullen’s drilling intersected:

• 9m at 3.27m from 27m in Cullen Hole 10, and

• 3m @ 5.10 g/t Au from 30m in Cullen Hole 11

In summary, these first-pass drill results indicate significant potential for: high-grade, lode-style mineralisation at Melanie Anne, and porphyry-hosted quartz vein/stockwork mineralisation at A-Cap. Further drill testing of these targets and of the deeper portions of the Melanie Anne lodes is planned.

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COOLGARDIE PROJECT RESULTS OF RC DRILLING - FEBRUARY 2008

HOLE ID	E	N	Dip	Azimuth	FROM m	TO m	TO m	INTERVAL m	INTERVAL m	RESULT g/t Au	TARGET (see Figure)
RC 0802-1	327283	6570047	-60	160	60	65		5		2.72*	Melanie Anne - Lodes2& 3
					69	70		1		3.12
					70	71		1		173.00
					71	72		1		5.60
					96	109		13		1.91*
					117	120		3		1.25*
					126	130		4		1.26*
RC 0802-2	327399	6570157	-60	340	23	24		1		1.86	Melanie Anne - Lode1
RC 0802-3	327404	6570150	-60	340	Abandoned - technical difficulties						Melanie Anne - Lode1
RC 0802-4	327353	6570178	-60	340	15		18		3	1.02*	Melanie Anne - Lode 1
RC 0802-5	327360	6570159	-60	340	No value >1.00						Melanie Anne - Lode1
RC 0802-6	327482	6568764	-60	120	Novalue >1.00						Porphyry South
RC 0802-7	327455	6568777	-60	120	No value >1.00						Porphyry South
RC 0802-8	327426	6568791	-60	120	Novalue >1.00						Porphyry South
RC 0802-9	327401	6568800	-60	120	Novalue >1.00						Porphyry South
RC 0802-10	327653	6569046	-90		27		36		9	3.27*	A-CapPit
RC 0802-11	327638	6569055	-60	137	30		33		3	5.10*	A-CapPit
RC 0802-12	327251	6570025	-60	160	92		96		4	6.00*	Melanie Anne - Lode2& 3
					111		114		3	2.53

• Intervals reported include some 3m composites where not reported as 1m intervals, with no internal dilution. Assays by 50g Fire Assay Charge with quartz wash between samples.

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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

Nickel Exploration

The Stormbreaker and North Ironcap Projects lie along the western margin of the nickel-rich Forrestania greenstone belt and are centered about 12km on strike north of the Flying Fox, New Morning and Daybreak nickel deposits of Western Areas NL.

The Hannans-Cullen JV has completed the first modern ground geophysical exploration employed in the Stormbreaker Prospect area. Late in the Quarter, Hannans Reward, as Manager of the JV, commenced two new geophysical surveys (MLEM and SQUID) - these surveys were originally scheduled to commence in December 2007 but have been delayed due to contractor unavailability. The MLEM (moving loop electromagnetic) survey is testing an interpreted ultramafic unit at the northern end of the Stormbreaker South prospect area (within tenement E77/1354); and the SQUID survey has been designed to further delineate a deep, untested bedrock conductor identified during a FLEM (fixed loop electromagnetic) survey completed by previous explorers.

A review of all previous geophysical surveys (completed by Hannans and others) was initiated to identify any unresolved conductors.

Auger soil sampling is planned for the coming Quarter to target the basal contact of a major, strike-extensive (~10km), interpreted ultramafic unit within the JV area. This will be followed by aircore drilling to test any resulting soil anomalies.

Gold Exploration

An RC drilling programme (8 holes for 870m) was recently completed at the North Ironcap gold prospect. The drilling was designed to test below the August 2007 RAB drilling at the northern end of the tenement. Results did not include any ore-grade gold intersections.

A review of the gold potential within the broader Stormbreaker and North Ironcap Projects was also initiated during the Quarter, focusing on a review of the known North Ironcap gold mineralisation. Preliminary assessment suggests this mineralisation could be developed economically by heap leach extraction method. A bulk sample will be collected from the known North Ironcap gold mineralisation for metallurgical test work.

Outside North Ironcap, the gold prospectivity was ranked on historic geochemistry, magnetic data, Landsat imagery and the limited, previous explorers’ drill data. A high priority gold target has been identified in the southern half of E77/1354 where a series of northeast trending shears are present. A first-pass soil orientation line was completed and returned very encouraging results up to 530ppb gold in the mag-lag soil fraction, with associated high values of arsenic and tungsten, both of which are strong pathfinders for gold mineralisation. Additional sampling for gold is planned for the current Quarter.

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EXPLORATION ACTIVITIES – 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 - E53/535, 568, 818, 837

At present BHP Billiton has plans to finalise a desktop study to further delimit productive horizons and prospective areas within the Gunbarrel belt. However, no fieldwork is planned for the coming quarter.

IRWIN BORE TENEMENTS - Cullen 100% - E53/1040; and 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.

As part of a review of the scope for further exploration for gold and nickel on these tenements, Cullen conducted regional laterite sampling. The multi-element analyses for 23 laterite samples were received and based on these results, 17 samples were resubmitted for platinum group element analyses to detect signatures of komatiite-hosted massive sulfides. None of these samples show unambiguous characteristics of magmatic Ni sulphide mineralization nearby. Samples taken during the current quarter will be screened for PGE and re-analyzed using Ni fire assay if required.

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% - E53/988

A nickel rights Joint Venture with BHP Billiton over EL’s 53/1046; 1069; and 1083 (see Figure), allows BHP Billiton to earn up to 70% in all Minerals, excluding gold.

Cullen has conducted various initial exploration programmes for gold and nickel, and has highlighted areas of interest for nickel within E53/1046. A detailed aeromagnetic survey of the new JV area and BHP Billiton’s own adjoining projects was flown in November 2007, and may provide a new insight into the prospectivity for both nickel and gold deposits. Geological interpretation of the aeromagnetics data is on-going.

Plant-based sampling tested potential Au and Ni targets identified from laterite geochemistry and/or geophysical surveys, and located two gold targets in the southern part of E53/988, east of an interpreted ultramafic unit, with both results exceeding the 99[th] percentile for Wonganoo Au data. These two anomalies require follow-up drill testing.

Sampling close to a previously identified EM conductor within E53/988 ("WE-2A") returned anomalous Ni concentrations in vegetation. Re-analyses of 18 laterite samples for the full suite of platinum group elements (PGEs) show both laterite samples in the vicinity of this geophysical conductor also have anomalous Ni and specific PGE concentrations. WE-2A therefore becomes a high-priority target for magmatic Ni sulfide mineralization and will be drill tested in the near future.

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EASTERN GOLDFIELDS, W.A.

KILLALOE GOLD/NICKEL PROJECT, near NORSEMAN - Cullen 100%

Killaloe is located approximately 25 km NE of Norseman in the Eastern Goldfields of WA and covers approximately 150 km[2] of Archaean greenstones between the Zuleika Shear and the Boulder-Lefroy Fault at the southern end of the Norseman-Wiluna Greenstone Belt, an area highly prospective for gold. The Killaloe Project covers about 20 strike km of greenstones and includes the Duke, Baseline, Cashel, Peninsula and Killaloe, structurally-controlled gold prospects. At Cashel, a sub-cropping narrow quartz vein with bonanzagrade native gold was discovered by pitting.

Following a review of the extensive database generated by past explorers, Cullen has completed plant - based surveys (~460 samples) across previously identified geophysical and geochemical (RAB and AC drilling) Ni and kimberlite targets, as well as along a broad corridor (2.5 x 1.5 km) that includes Au occurrences at Cashel.

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The geochemical results show a regional, NNW gold trend that is centered on the Cashel gold discovery and extends for approximately 1200m. This gold trend is located approximately ~6km NW of the recent gold discovery announced by Avoca (see Figure). Drill testing of the Cashel gold trend and deeper drilling ( 80 - 150m) of the known surface mineralization is planned.

Several geophysical targets and previously identified soil or auger anomalies were tested for surface expressions of Ni sulphide mineralization. Some targets show discrete Ni anomalies that do not appear to be due to sulphidic sediments, and therefore warrant drill testing and/or follow-up geochemical work.

EXPLORATION ACTIVITIES – Gold

NORTH EASTERN GOLDFIELDS, W.A.

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

ELA’s 36/632 and 656 covers ~342 km[2] of granite and greenstone terrain south of the Agnew/Lawlers gold mines in the Lawlers greenstone sequence. The northeastern portion is highly prospective for primary and laterite-hosted gold mineralisation along a greenstone sequence that hosts several large gold deposits, including Songvang and Waroonga owned by Goldfields SA, 5-10km along strike to the north. Aeromagnetic data indicate the felsic stratigraphy hosting the Genesis gold deposit, approximately 20 km along strike to the north, may extend south into the Cullen tenements.

Thick transported overburden covers the 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 "brownfields" setting close to existing mines.

Reconnaissance-type, plant-based sampling was completed along tracks and fence lines on ELA36/632. The results show a good correlation between the geochemical signatures and the interpreted bedrock stratigraphy. Several gold anomalies ranging from 10 to 57 ppb Au (which is considered to be highly anomalous in this sample type) indicate a high potential of the tested sequence to host gold mineralisation.

Additional plant-based sampling will be completed across both tenements to map the stratigraphy and delineate gold anomalies for drill testing. The Company is awaiting the grant of the tenements and completion of the required heritage surveys in order to commence drilling.

(Located close to a major E-W drainage, the southern part of ELA 36/632 is also considered to be prospective for sediment-hosted and calcrete-hosted uranium deposits.)

WOODCUTTERS PROJECT, near NORSEMAN - Cullen 100%

The Woodcutters Project is located within an emerging, new exploration corridor which includes the Tropicana and Beachcomber gold discoveries, and where there is a major exploration push by Newmont-SIPA and Anglogold-Independence Group. An announcement by SIPA Resources International (“SRI” – ASX 19/10/07) reports a new gold prospect (“Socrates”, with 29 m @ 2.1 g/t Au) in an area located ~ 30km east of Cullen’s Woodcutters Project (see Summary Figure).

Interpretation of aeromagnetic data indicates the presence of a prominent NNW-SSE stratigraphic trend within E28/1662 that represents an Archaean target horizon – possibly a banded iron formation. Aircore drilling is planned to test this trend and some of the geochemical anomalies identified by earlier work, also within E28/1662. Heritage surveying of the proposed drilling sites was completed in early April, with drilling to follow as soon as a suitable drill rig can be scheduled.

ASX Quarterly Report – March 2008 12

ASHBURTON PROVINCE, W.A.

HARDEY JUNCTION JOINT VENTURE - Intrepid Mines Limited earning up to 70%

Intrepid Mines, which completed a merger with Emperor Mines Limited during the Quarter, is operator of the Paulsens Gold Mine located approximately 15 km north of the Hardey Junction JV ground. Intrpeid, as Manager of the Hardey Junction JV, has indicated, through its recent corporate presentations, plans to reinvigorate regional exploration around Paulsens.

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

Cullen and Red Hill have a Joint Venture Agreement on tenements E08/1135, 1330, 1341, 1292, 1375 and 1622 (565 km[2] ), all of which are contiguous with Red Hill’s major Project Area in the NW of the Ashburton Basin. The JV excludes the iron ore rights, which remain the subject of a separate joint venture between Cullen and API, except on E08/1622. Red Hill can earn its equity by expending $1M over a four year period with a minimum expenditure of $200,000 in the first year.

RC drilling of Induced Polarisation chargeability and resistivity anomalies defined along the Hunter Zone in 2007 will be conducted in the second half of 2008.

A significant area of anomalously high Fe soil geochemistry, underlain by a buried CID system in the north east of the JV area within E08/1622 has been defined by broad-spaced soil sampling. This target will be drill - tested during the next Quarter.

EXPLORATION ACTIVITIES – Uranium

The Company’s exploration portfolio for uranium includes applications and tenure in WA, NT and SA. Ongoing assessment has led to prioritization of the portfolio and, subsequently, one exploration licence application in WA has been withdrawn and two tenements in SA have been submitted for surrender. The process of prioritizing target areas will continue.

At present the portfolio comprises:

• 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;

• nine ELAs and 4 EL’s for calcrete-type uranium targets in the northern and north-eastern portions of the Yilgarn in WA;

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

• three ELAs and two granted EL’s in the Northern Territory for sandstone-hosted, lignite and/or veinalteration type uranium targets in the Amadeus Basin-Arunta region around Alice Springs.

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WESTERN AUSTRALIA

On 26 September 2007, a meeting was held with Traditional Owners on site at the Kiwirrkurra Community located about 600 km west of Alice Springs near Lake Mackay, regarding four Cullen/Montrose applications, and an Access Agreement was subsequently drafted and signed. The issuing of an Access Permit under this Agreement was not completed by the cut-off date of 21[st] April, 2008, and thus this Agreement has terminated. Cullen will now review its options in regard to these tenements (4) and two other tenement applications it has in the Lake Mackay area, in light of this outcome, the results of its on-going geological review, including remote sensing, and its estimation of fieldwork and logistical costs in this very remote region.

The Stirling Project (E37/851) is centered approximately 13 km southeast of the Maitland Palaeochannel Uranium deposit, and at the southern end of the company’s Wonganoo Project tenement area (see Figure). Following successful geochemical orientation work, a systematic regional geochemical survey (~180 samples) was completed over E37/851 in the search for calcrete and/or sediment-hosted U mineralisation within the Maitland drainage. The results of this survey indicate the presence of a coherent uranium anomaly extending ~7 km x 1 km along the trend of the drainage channel. This anomaly includes anomalous geochemical sample sites reported by the Geological Survey of WA (GSWA) in their regional survey (see Figure). The Cullen geochemical survey also highlights four anomalous gold results forming a ~3.5 km x 0.5 km E-W orientated cluster in the northern part of the tenement. The latter anomalies may reflect the presence of goldbearing, detrital material, possibly from the Yandal greenstone belt in the west. Both of these target trends will be drill tested once access permission is gained and a suitable drill rig has been sourced.

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The Hillview Project (E51/1249 & 1170) is located 25 km NE of the Hillview uranium project (Encounter Resources) and has significant (60-125 ppb U) previous assays of bore water. E51/1170 is now granted and a new application, E51/1249, adjoining to the south, extends the prospective area. Reconnaissance plant~ based sampling was completed on both tenements totaling 220 samples.

The geochemical data from this survey strongly suggest calcrete-hosted U mineralization extends from known mineralization on Encounter’s tenements into Cullen’s tenement areas to the north, and anomalous areas will be the focus of follow-up drill testing in due course.

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, in the Ashburton Province. Thundelarra is actively exploring for uranium within Australia area, and is currently negotiating access agreements with a number of Native Title groups for the Joint Venture. Thundelarra can earn 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 project area contains the highly prospective unconformable contact between the Middle Proterozoic Bresnahan Group rocks and the Lower Proterozoic Wyloo Group. This unconformity and associated faulting are prospective for uranium mineralisation similar in style to the Ranger and Jabiluka deposits in the Alligator Rivers Region of the Northern Territory. A “Tempest” airborne electromagnetic survey was completed during the Quarter to further test a number of radiometric anomalies within E52/1890. The Tempest system has been successfully used in the East Alligator River uranium field of the Northern Territory to locate the uranium prospective unconformity and associated alteration zones beneath up to 300 metres of cover. Results from this survey are presently being reviewed.

Reconnaissance work has been completed on the Rason, Porcupine and Darlot South tenement applications in preparation for systematic work upon granting of these tenements.

NORTHERN TERRITORY

EL 26142 and EL 25716 are located approximately 140km ENE of Alice Springs. Exploration for uranium has previously been carried out in the region by PNC, which located the "Yambla Prospect" within ELA 26142. PNC interpreted the prospect as: "a structurally-controlled, vein-hosted uraninite-type target", in 1992. The prospect was marked by scattered, nodular uranium mineralization (?uraninite), and by anomalous scintillometer readings in outcrop and trenches. PNC completed 13 drillholes at the Yambla and concluded that: “although no economic mineralisation was intersected, the alteration envelope was intersected in all drillholes and radiometric anomalies were intersected in 3 drillholes”. Only one traverse of drilling was completed which did not sufficiently test: “the 1.5km strike length of surface mineralisation, with only 150m of mineralised strike tested to a vertical depth of 50m.” PNC also reported uranium mineralisation at the Bonny, Hof, and Moondyne Prospects, but these occurrences have not been reviewed by Cullen as yet.

Cullen’s field investigations confirmed that there are indications of uranium mineralisation in the Yambla prospect area, with location of elevated scintillometer readings related to spot occurrences (as nodules) of a black mineral with a yellow weathering product – thought to be pitchblende (uraninite) . A grab sample of surface soil taken from an area of elevated scintillometer readings, assayed 4.21% U3O8 (repeat 4.03% U3O8) with 0.58% Thorium.

During the current quarter, Cullen completed a systematic, ultra-detailed spectrometer survey and additional soil sampling. The spectrometer readings suggest a shoot-like geometry of the U mineralization along a meta-sedimentary host sequence. Earlier work, including costeaning and drilling, may therefore have been sub-parallel to the strike of these high-grade shoots. The Company is currently re-assessing the project and considering further potential for exploration. Results of the soil sampling are pending

The company has been advised that meetings with the Traditional Owners regarding access to ELA 25494 and ELA 25493, located about 100 km and 150 km SSW of Alice Springs, are expected to be undertaken in June 2008.

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SOUTH AUSTRALIA

The Weekeroo area (E3838 and 3888) is on the northern margin of the Weekeroo Inlier which is part of the Proterozoic Olary Block. A follow-up programme of spectrometer surveying and ground reconnaissance was completed during the Quarter. The results of spectrometer surveying indicate that the target areas for uranium mineralization have generally elevated background readings but do not show highly anomalous enrichment. This has downgraded the prospectivity of these tenements which subsequently were submitted for surrender.

EXPLORATION ACTIVITIES – Iron

ASHBURTON PROVINCE, W.A.

WYLOO DOME IRON ORE PROJECT - Iron Ore Rights JV with FMG Ltd, Cullen retains 100% of other mineral rights

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 225 Mt @ 62.1% Fe has been reported.

FMG has completed aeromagnetic and radiometric surveys over the northern portion of the tenements, purchased satellite imagery and completed reconnaissance mapping and rock chip sampling. A drill programme is planned for the 2008 field season following heritage surveys and access preparation. A Miscellaneous Licence has been applied for to cover an access track.

Cullen has completed data compilation and interpretation of mapping, remote sensing and aeromagnetics for E08/1393, which has led to the identification of several target areas for gold and/or base metals. A field reconnaissance and prospecting programme was completed in early October,2007 over a number of these targets, and although rock chip samples did not return any significant gold results, a number of these target areas will be revisited in the coming field season for further sampling and mapping.

PARABURDOO IRON ORE PROJECT - Iron Ore Rights JV with FMG Ltd, Cullen retains 100% of other mineral rights

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 Groups of iron deposits.

FMG has completed compilation of historical exploration data and helicopter-borne reconnaissance, and purchased orthophotograpy. Review of previous work highlighted the results of RC drilling completed by Hamersley Iron in 1995 to test the “Snowy Mountain Fault”. Fourteen holes were completed and one intersected high-grade, low-phosphorous iron mineralisation:

RC95SM001 – 10-22m : 12m @ 61.4% Fe; 5.41% SiO2 ; 3.38% Al203 ; 0.054%P

This drill result is an encouraging indication of the potential for iron mineralisation beneath cover within E52/1667.

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Work proposed by FMG includes an initial drilling programme and geological mapping about the "Snowy Mountain Fault", for which a programme of work application has been lodged.

Cullen has completed a data compilation and data interpretation which has led to the identification of three target areas for gold including the Snowy Mountain Fault itself. Field reconnaissance and mapping programmes, as a first step, will commence in the 2008 field season.

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 along a 20km trend of inferred, buried granite.

Exploration by Cullen (IP surveying and RC drilling) has focused on a large bedrock tungsten anomaly at the Doyenwae Prospect with greater than 500ppm WO3 extending over an area of 600m x 400m. Cullen’s RC percussion drilling has intersected broad zones of low-grade scheelite mineralisation related to pervasive quartz-pyrite stockworks/veins hosted by hornfelsed sediments. Best intercepts included: 12 m @ 0.18% WO3 from 123 m (DRC1), 8 m @ 0.13% WO3 from 92 m (DRC 4) and 4 m @ 0.17% WO3 from 158 m (DRC4). A review of data indicates potential targets for higher grade tungsten closer to, or at, the granite-sediment interface at Doyenwae.

At the Minter North Tungsten Prospect, 3.5 km south of Doyenwae, disseminated scheelite was intersected in previous drilling, hosted by outcropping granite (50 m @ 0.1% WO3).

The remainder of the 20 km trend is virtually unexplored. A detailed ground magnetic survey is currently in progress to define the shape of the interpreted underlying intrusive. It is anticipated that prospective "cupolas" (domes) will be identified.

EXPLORATION ACTIVITIES – Iron Oxide Copper Gold (IOCG)

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

At Duchess (EPMs 11990, 12395), ground magnetics and reconnaissance rock chip sampling have 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 Au, 3.3% Cu and 50% Fe , and ground magnetics with gravity have delineated magnetite and haematite ironstones.

During the Quarter, five angled RC holes for a total of 793 m were drilled into a gravity anomaly, two magnetic anomalies and two surface geochemical anomalies. Varying degrees of IOCG-style alteration were intersected and drill samples have been submitted for analysis.

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PROJECT GENERATION – MVT Lead–Zinc Project

The Company has applied for eight exploration licences on the Lennard Shelf in the Kimberley Region of WA, south-east of Fitzroy Crossing. The Lennard Shelf area is a world-class province for Mississippi Valley Type (MVT) Lead-Zinc deposits which include the Pillara and Cadjebut deposits.

A review of previous exploration and stratigraphic and structural data is in progress. Compilation of interpreted seismic data from petroleum exploration around the Lennard Shelf has proved to be particularly useful and will provide an interpretation of important structures along the edge of the Canning Basin in the area of the Lennard Shelf, as corridors of interest for buried Pb-Zn mineralization and targets for first-pass geochemical sampling.

PROJECT GENERATION – Possible Carbonatite

The Company has been granted two exploration licences in the northern Yilgarn region of Western Australia, which covers two interesting aeromagnetic features which may be carbonatites. One of the aeromagnetic anomalies is a sub-circular-shaped aeromagnetic anomaly that measures ~5km x 4km (see Figure). Current, published 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.

==> picture [446 x 190] intentionally omitted <==

Figure - AEROMAGNETIC ANOMALIES, located approximately 35km east of the Yeelirrie uranium deposit in the NE Goldfields, to be drill tested as a possible, carbonatite intrusive.

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.

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(Carbonatites are mantle-derived intrusive pipes that may host economic ore deposits of metallic and nonmetallic 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.)

The company has received clearance from the DOIR to carry out its initial drilling programme which will be implemented as soon as a suitable drill rig can be sourced.

PROJECT GENERATION – Iron Oxide Copper Gold (IOCG) Targets

The Company’s application, ELA 327/07 - “Bindabu Bore”, 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 IOCG potential. However, despite the recognised 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. An interpretation of open-file magnetics data has been completed by Encom Technology and integrated with open-file gravity data, elevation data, and ASTER imagery. Two priority magnetic targets, "A" and "B", have been identified. Target A is a possible magnetic alteration zone around mafic intrusives at depth; Target B is a complex series of iron-rich BIFs along a major fault zone. Coincident gravity-magnetic anomalies would be targets for IOCG deposits.

PROJECT GENERATION – SCANDINAVIA

Cullen Resources Limited through its wholly-owned subsidiary Montrose Resources Limited, has been granted two areas of Claim Reservations in Finland that are prospective for magnetite iron deposits and/or Iron Oxide Copper Gold (IOCG) deposits.

A Claim Reservation is a one year licence (each max area 9km[2] ), which gives the applicant a priority right to apply for Claims (each 1km[2] ) within the Claim Reservation. Cullen’s two areas of interest comprise 110 km[2] (“Inari”- 13 Claim Reservations) and 81 km[2] (“Kolari” - 9 Claim Reservations) – see Figure. These areas have been selected due to their favourable geological features and proximity to known mineral resources, in what appears to be an under-explored region. The Claim Reservations provide the opportunity to review, in more detail, the prospectivity of the areas prior to any decision to apply for Claims.

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==> picture [441 x 486] intentionally omitted <==

Cullen’s two Claim Reservation areas in Finland cover magnetite iron deposit targets +/- copper – gold (see Figures). The first of these, “Inari”, covers a ~10km trend of magnetic anomalies believed to be indicative of banded iron formations. The trend lies ~50km south-west of the Borjnevatn iron ore deposits near Kirkenes in Norway which are owned by recently-listed, ASX company, Northern Iron Limited. There are iron prospects noted on the Geological Survey of Finland’s website (www.gtk.fi) on the magnetic trend in Cullen’s Claim Reservation area, which were previously investigated by Outukumpu, but the nature and quality of any mineralisation is not known at this stage.

The second Claim Reservation area, called “Kolari”, lies along strike from a number of historical magnetite deposits, including the previously-mined Hannukainen and Rautuvaara Fe-Cu-Au deposits. The Hannukainen deposit and the Pajala Shear Zone, are the subject of exploration by Canadian company Northland Resources Inc. that holds a number of Claims in the Kolari area in Finland and across the border into Sweden. Cullen’s Claim Reservation area includes the small Juvakaisenmaa magnetite deposit (0.8Mt @ 40.3% Fe – quoted on www.gtk.fi) which will be a focus point for initiating an exploration review.

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Cullen’s interest in pursuing exploration opportunities in northern Scandinavia (including parts of Norway, Finland and Sweden – see Figure) reflects its favourable view of the region’s prospectivity and operating environment. The Scandinavian countries offer: stable government and regulatory parameters; established mining environments with a long history of mining; excellent infrastructure; readily available exploration services and world-class geological databases made available to the exploration community by government agencies. The prospectivity for discoveries of iron, nickel, gold and PGM mineralisation in this underexplored terrane is considered to be good with examples of substantial ore deposits in the region of Cullen’s focus such as: Kiruna (Fe); Suurikkussiko (Au); Arctic Platinum (PGM); Kevista (Ni); and Bjornevatn (Fe) - see Figure. Sweden and Finland are major mineral suppliers to Europe, with a modern, well-established and efficient infrastructure via roads, rail and water.

CORPORATE

During the December Quarter 2007, Cullen Resources Limited placed 72 million shares to Aquila Steel Pty Ltd (a subsidiary of Aquila Resources Limited) to raise $7.2m. Aquila Resources Limited has acquired additional shares on market and, as per the last Substantial Notice lodged, holds 15.78% of the share capital of the company. AMCI Investments Pty Ltd and FRC AMCI Intermediate BV have become a substantial shareholder with a 11.12% shareholding (as at 24 April 2008). The Company held ~$7.9 million in cash at the end of the Quarter.

For a colour copy of this Report please visit Cullen's website www.cullenresources.com.au or for further information contact:

Dr Chris Ringrose, Managing Director +61 8 9474 5511

30 April 2008

ATTRIBUTION

Competent Person Statements

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 that relates to Mineral Resources 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.

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