CULLEN RESOURCES LIMITED — Interim / Quarterly Report 2013

Aug 4, 2013

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ABN 46 006 045 790
www.cullenresources.com.au ASX Symbol: CUL 5 August 2013
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Mt Eureka drilling update

• Nickel sulphide targets refined and prioritised

• Significant sulphide zone intersected at Southern gold prospect

Background

Cullen Resources Limited (Cullen) holds 100% of ~650km[2] of approved tenure* in the Mt Eureka Greenstone Belt in the North Eastern Goldfields of Western Australia which includes several targets for nickel sulphides. The high nickel prospectivity of Cullen’s ground is confirmed by the discovery of nickel sulphides by Rox Resources Limited (Rox) at Camelwood (Fisher East Project) which is located ~3km on strike to the south of Cullen’s tenement boundary (ASX releases by Rox, ASX: RXL, of 19/12/2012 and 14/1/2013) - see Figure 1.

Cullen has completed a preliminary reconnaissance RC drilling programme at its Mt Eureka project to test three EM conductors and one geological/geochemical target for nickel sulphide deposits (4 holes for 730m). Minor amounts of disseminated sulphide mineralization were encountered in several geological positions at these targets, with assays pending. In addition Cullen completed one vertical hole to a depth of 234m at the Southern gold prospect in the Mt Eureka project, which intersected a thick (~30m) sulphidic (mainly pyrite, ~1-10%) zone, with assays pending.

Summary of drilling results

• Two EM conductors tested appear to be related to sulphidic and/or graphitic shales;

• One EM conductor remains untested - drillhole abandoned prior to reaching target depth due to drilling difficulties through extremely hard chert bands;

• One geological/geochemical nickel sulphide target located along the strike extension of the Camelwood nickel sulphide bearing ultramafic (as interpreted by Cullen), showed minor sulphide on an ultramafic contact; and,

• A single drill hole at the Southern gold prospect intersected a substantial thickness of sulphidic and altered metasediments and felsic volcanics in an area and at a depth not tested by previous drilling, ~200m along strike of some significant previous gold hits (up to 9m @ 6.2 g/t Au).

REGISTERED 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 : cullen@cullenresources.com.au

Cullen Resources Limited Quarterly Report for the period ending 30 June 2013

All assay data should be available in about three weeks and thereafter the priorities for further work on these targets will be decided. This may include: downhole EM surveying; follow-up drilling; and/or ground EM surveys over some of the other 15 targets in the project area.

DETAILS OF TARGET DRILLING FOR NICKEL (FIGURE 2):

TARGET 1: One RC drillhole was undertaken in this area, where Cullen’s VTEM survey data detected a conductive zone, confirmed by ground EM, of ~1.3km strike length within Cullen’s E53/1637, along strike from the “Silverbark” ground EM anomaly identified by Rox (RXL: ASX release of 13 March 2013). Due to excessively abrasive ground condition the hole was abandoned having passed through a sulphidic banded iron formation (BIF) and several metres of chert. However the modeled EM plate was not reached and lies some 100m below the end of the hole completed.

To correctly and efficiently test this EM conductor, Cullen will require to use diamond drilling and/or undertake further ground preparation to reposition a hole at a new site, to avoid the need to drill through the massive, footwall chert horizon.

Cullen’s drilling suggests that the EM conductor in this area is not part of the BIF-chert stratigraphy it has intersected to date, but lies at depth (and stratigraphically above), and remains to be tested.

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

Cullen’s drill test of this target showed the modeled conductor is coincident with thick (~ 10m) sulphidic and graphitic shale in contact with a thin ultramafic and dolerite. Pending downhole EM surveying, it appears that the modeled EM conductor has been explained in this case by the conductive shale.

TARGET 3: A third conductive target trend from VTEM surveying has been confirmed by MLTEM surveying. Modeling from this target shows a low-conductance, near-vertical source.

A drillhole completed by Cullen indicates that the modeled conductor is coincident with a sheared metasediment with minor graphite which is the likely source of the EM response (pending downhole EM surveying). Together with field evidence of thick quartz veins in the area, it is possible that the VTEM and MLTEM responses indicate a fault or shear zone that may be gold mineralized.

TARGET 4: On-going review of Cullen’s extensive database has highlighted elevated platinum (Pt) and palladium (Pd) values in lag samples collected and analysed by previous joint venturer, WMC Limited (WMC), in 2002-2003. One trend of these elevated values, the “Armalite” prospect, coincides with a magnetic anomaly, elevated Ni and Cu values in lag, and a second-order VTEM anomaly (Table 1 and Figure 2).

Cullen completed an RC hole which intersected an ultramafic horizon with minor sulphide at its contact with a mafic unit. This ultramafic horizon appears to be the stratigraphic base of the eastern ultramafic unit (based on regional aeromagnetic data) and is interpreted by Cullen to be along strike of the ultramafic unit that hosts the Camelwood Ni deposit.

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Cullen Resources Limited Quarterly Report for the period ending 30 June 2013

GOLD TARGET AT SOUTHERN

Gold mineralization at Southern was first discovered by Cullen in 2003 when air core drilling tested a gold in lag geochemical anomaly. Since then several phases of drilling, including RC and diamond, have been completed and indicated a large area of gold mineralization measuring ~ 200 x 1km. Although local intersections included up to 9m @ 6.2g/t Au no coherent zone of potentially economic mineralization has been determined to date.

The single vertical RC hole completed at Southern in this programme, to a depth of 234m, tested the postulated down-plunge extension of the known gold mineralization. The metasediments and felsics intersected in this drill hole have not been found in the prospect stratigraphy by previous drilling, and include an interval from about 166m to 200m depth with sulphide mineralization of 1 to 10% (visual estimate only), quartz veining, hydrothermal alteration and local hydraulic brecciation. The profile is weathered to a depth of more than 100m and previous shallow RAB and aircore drilling in this area did not reach the sulphide mineralization at depth.

This drilling is part of a programme supported by a recently-awarded, co-funded grant of $60,000 from the WA government’s Exploration Incentive Scheme. All approvals are in place for a further 5 drill holes at Southern, should assays for gold prove encouraging.

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FIGURE 1 *** Mt Eureka Project –** ELs 53/1299, 1300, 1209, 1630, 1635, 1637, 1611 - Cullen 100%

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Cullen Resources Limited Quarterly Report for the period ending 30 June 2013

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FIGURE 2 (see Table 1 for description of targets)

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Cullen Resources Limited Quarterly Report for the period ending 30 June 2013

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

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

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Cullen Resources Limited Quarterly Report for the period ending 30 June 2013

Table References/Notes:

• “Gunbarrel – A VTEM Interpretation and Review of Existing Geophysics E53/1299 and E53/1300: Newexco Services Pty Ltd, 2010.”

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

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

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

• *Values spatially associated but not necessarily in one sample

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Cullen Resources Limited Quarterly Report for the period ending 30 June 2013

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FIGURE 4

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Cullen Resources Limited Quarterly Report for the period ending 30 June 2013

Dr Chris Ringrose, Managing Director

5 August 2013

REGISTERED 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 : cullen@cullenresources.com.au

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

ATTRIBUTION: Competent Person Statement

The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Dr Chris Ringrose, Managing Director, Cullen Resources Limited who is a Member of the Australasian Institute of Mining and Metallurgy. Dr. Ringrose is a full time employee of Cullen Resources Limited. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined by the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr. Ringrose consents to the report being issued in the form and context in which it appears.

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