CULLEN RESOURCES LIMITED — Investor Presentation 2004

Mar 23, 2004

Resource of casaling

Company Profile and Activities Update For Shareholders and Investors March 2004

CORPORATE STRATEGY

• GROWTH THROUGH DISCOVERY • PROJECT GENERATION, TARGET IDENTIFICATION AND SELECTIVE FARM OUT

- FOCUS ON WESTERN AUSTRALIA - BUILDING INTERESTS IN NSW

Cullen's Team

• Experienced Plutonic , Troy, Solomon Pacific
• Good track record Exploration/Mining/Corporate

DADGNS GEIKE Wayne Kernaghan. John Florsough Crehane Hamilton Dr Chris Ringrose

CULLEN'S GROUND

CONTIGUOUS LAND PACKAGES

PROSPECTIVE, UNDEREXPLORED, GREENFIELDS TERRANES

SCOPE TO APPLY NEW ORE MODELS

CULLEN FUNDAMENTALS

• " Directors Dr Denis Clarke (Chairman) - Wayne Kernaghan (Company Secretary) - John Horsburgh (Jt Managing Director) - Grahame Hamilton (Jt Managing Director)
• Dr Chris Ringrose (Exploration Director)
• Number of shares 320M with 15.5M unlisted options
• Cash ~\$2M ASX Code = CUL
• " Top 20 shareholders $=$ $-20\%$ , 2,800 shareholders
• Market capitalisation $= -\$12M$ , share price $-3.6c$

Western Australia

ASHBURTON PROJECT •Carlin-style model

NORTHEASTERN GOLDFIELDS PROJECT

$\bullet$ ~100 km of strike of prospective greenstones

NORSEMAN PROJECT

• Major gold centre

Eastern Australia

MT ISA PROVINCE $Cu - Au$ Prospectivity, project near Duchess

NEW SOUTH WALES Exploration for Intrusive Related Gold Deposits

PROJECT STATUS

• FOCUS FOR GOLD ON GUNBARREL AND WONGANOO PROJECTS, NE GOLDFIELDS, WESTERN AUSTRALIA
• MAJOR JV WITH WMC FOR NI GUNBARREL PROJECT
• MAJOR TARGET DEVELOPMENT AND EVALUATION IN PROGRESS NSW PROJECTS
• OTHER FARM OUT PARTNERS SOUGHT, WITH DATA REVIEWS IN PROGRESS

Ashburton Project, WA

• " Major tenement package on the Paraburdoo Hinge Zone structural corridor - includes Paulsens/Mt Olympus gold deposits
• E Favourable stratigraphy; thrusted contacts; anomalous As/Au, intrusive granites nearby- Carlin type gold deposits model

Iron ore prospectivity under review

Northeast Goldfields, WA

Northeast Goldfields

• Over 100 km of strike of greenstone belt lithologies
• Contiguous tenement holdings whole greenstone belt held by Cullen
• Generally underexplored masking alluvial cover
• Numerous targets from soil sampling, aeromagnetics data interpretation, and Cullen drilling to date - Southern prospect e.g. (9m $@$ 7g/t Au)
• Underexplored ultramatics package is nickeliferous - sulphide discovery at AK47 prospect

Gunbarrel

Prospective gold corridors defined from detailed compilation of geochemical, aeromagnetic, geological and drilling databases - focus for further drilling campaigns

Wonganoo Target Areas

NORSEMAN, WA

• SIGNIFICANT POSITION IN TERMS OF REGIONAL NI AND AU MINING CENTRES.
• SIMILAR STRATIGRAPHY TO KAMBALDA WITH UNTESTED GOSSANS
• ADVANCED JV NEGOTIATIONS WITH MAJOR GOLD COMPANY
• REVIEWS BY POTENTAL NI RIGHTS FARM IN PARTNERS IN PROGRESS

KILLALOE - Regional Location

L N

EXSIGNED IN THE TAXE TO NOUS CONSTANTING TO A SALE AND A CONSTANT HAS OREANS th the Gentral Lachten Rold Belf OT NOW SOUTH WATES

What are - "Intrusion Related Gold Deposits"

A relatively NEW CLASS

Associated with tin, molybdenum and tungsten provinces

Spatially, temporally and genetically associated with intrusions

Type examples in the Tintina Province of Alaska-Yukon

Economic potential only recognised over the last 10 years

Bulk tonnage/low grade and high grade vein types

Synoptic Geotectonic Setting Lachlan Geosyncline

West

AMAGMATIC

MAGMATIC

Continental Crust

Margin/Plate

Oceanic Crust Host

Ardiethan Sn IRG BAT

East

Heat source

IRG deposits - geochemistry and ore association are related to host rock type and deposit setting.

What's good about -The Central Lachlan Fold Belt ?

• Extends for over 400 km from north of Cobar to south of Albury.

• Recognised as tin-tungsten (Sn-W) province associated with granitic intrusions.

· Numerous gold (Au) occurrences, spatially associated with the intrusive granites but underexplored for Au

Gunebang * O Gold prospect / deposit NSW $\Box$ Tim and/or hungstest
prospect i deposit CONDOBOLIN m Sonah Cullen Tenement Tenements Minter Application OLake Cowal Citecare WEST WYALOWS Ardienan GRIFFITH O OGidgingbung Burganist Crong Grung Z 50 km Central Lachlan
Fold Belt Bellingen NEW SOUTH Ŧ. VICTORIA CULLEN

NSW - typical old gold workings

Gibsonvale ELA

HAIIIIAH

V,

& Geology

Sn deposits indicated in blue, Au in yellow.

Gold mineralisation clusters on western margins of intrusions

Gibsonvale - detail of magnetics and magnetic features

Yalgogrin - shear related gold mineralisation in granite

YALGOGRIN PROJECT - Gibsonvale ELA

• Positive Features for IRG model:
• " Gold in soil anomalies in granite
• 7 Cullen dump samples from old workings averaged 35.8 g/t Au
• Clusters of old workings along structures in granite and at contact with metasediments

PLANNED PROGRAMME - Yalgogrin

• Soil sampling between Scoop Holes and Bursted Boulder workings
• Detailed soil sampling around previously reported anomalous rock chip sites
• First pass air core drilling to test veined granite around old workings (Scoop Holes)

Mt Solitary ELA Target is southern magnetic anomaly for Au-Bi-As-qtz vein-hosted mineralisation under shallow to moderate cover similar in style to that drilled at Mt Solitary (on northern mag anomaly - excised)

PLANNED ACTIVITIES - 2nd QUARTER

• RAB/air core drilling -
• Gunbarrel, W.A. Wonganoo, W.A. Yalgogrin, N.S.W Harry Smith, N.S.W
• Soils sampling programs -
• Minter, N.S.W. Yalgogrin Grong Grong, N.S.W
• Airborne EM Gunbarrel Nickel
• Project generation and farm out activities ongoing

SUMMARY AND CONCLUSIONS

• EXPERIENCED, DISCOVERY-DRIVEN CORPORATE AND MANAGEMENT TEAM
• . PROJECT-SCALE TENEMENT PACKAGES IN HIGHLY PROSPECTIVE TERRANES FOR AU AND Ni
• PLANNED DRILLING PROGRAMMES FOR APRIL START
• POSSIBLE FARM OUT OF SOME Ni AND/OR AU RIGHTS
• E RECONNAISSANCE AND PROJECT GENERATION ONGOING