CULLEN RESOURCES LIMITED — Investor Presentation 2007

Sep 16, 2007

17 September 2007

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ASX ANNOUNCEMENT

CULLEN RESOURCES LIMITED INVESTOR PRESENTATION

By Electronic Lodgement

Attached is Cullen Resources Limited's current Investor Presentation

Dr Chris Ringrose Managing Director

For further information contact: Chris Ringrose on (08) 9474 5511

The information in this presentation 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 presentation being issued in the form and context in which it appears.

ABN 46 006 045 790 Unit 4, 7 Hardy Street, South Perth WA 6151 Tel: (08) 9474 55 11 Fax: (08) 9474 5588 Email: info@cullenresources.com.au Website: www.cullenresources.com.au

Cullen Resources Limited

INVESTOR PRESENTATION – SEPTEMBER 2007

IMPORTANT NOTICE

This presentation has been prepared by Cullen Resources Limited ACN 006 045 790 ( Cullen ) for general information purposes only.

The presentation is not and should not be considered as an offer or invitation to subscribe for or purchase any securities in Cullen, or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in Cullen will be entered into on the basis of this presentation.

This presentation may contain certain forward-looking statements which have not been based solely on historical facts but rather on Cullen's current expectations about future events and on a number of assumptions which are subject to significant uncertainties and contingencies many of which are outside the control on Cullen and its directors, officers and advisers.

Due care and attention has been taken in the preparation of this presentation. However, the information contained in this presentation (other than as specifically stated) has not been independently verified for Cullen or its directors and officers, nor has it been audited. Accordingly, the company does not warrant or represent that the information contained in this presentation is accurate or complete. To the fullest extent permitted by law, no liability, however arising, will be accepted by Cullen or its directors, officers

30% of JORC Fe Resource - 68Mt @ 55.38% Fe

10 JV’s – including major partners

Excellent uranium portfolio

Leading edge geochem for new projects

Aggressive

• Directors

Dr Chris Ringrose (Managing Director)

Dr Denis Clarke (Chairman) Wayne Kernaghan (Company Secretary) John Horsburgh (Non Exec) Grahame Hamilton (Non Exec)

• Chief Geologist – Dr Matthias Cornelius

• Number of shares – ~480M with 16M unlisted options

• Cash - ~$1.8M ASX Code = CUL

• Top 20 shareholders = ~18%, 3,800 shareholders

One year Share graph – Cullen Resources

Cullen’s Main Project Areas and JV’s

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Several JV’s, with great partners : Several Commodities:
BHP Billiton x 2 (Ni) Minotaur (Cu - Au)
Thundelarra (U) API JV (Aquila-50%) (Fe) Nickel
FMG x 2 (Fe) Intrepid (Au)
Hannans Reward (Ni, Au) Red Hill Iron (Au, BM)
Gold
Uranium
Mt Isa Region (Au,Cu)Mt Isa Region (Au,Cu)
Ashburton (U,Fe,Au,BM)Ashburton (U,Fe,Au,BM) Lake Mackay (U)Lake Mackay (U)
Tungsten
NE Goldfields NE Goldfields
(Ni,Au,U)(Ni,Au,U) Norseman (Ni,Au)Norseman (Ni,Au)
Minter (W)Minter (W)
Iron Ore
Forrestania (Ni,Au)Forrestania (Ni,Au)
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Cullen’s Current JV’s and Near Term Activities

JV’S WITH : -

• API (Fe) - PRE FEASIBILITY STAGE - Cullen (30%)*

• BHP Billiton (Ni) – HAS DRILLED EM TARGETS (Assays pending Sep’07)

• THUNDELARRA (U) – TO FLY AEM OVER U-CHANNEL ANOMALIES

• MINOTAUR (Cu-Au) - PLANNING DRILLING OF ALTERATION ZONES

• FMG (Fe) - 2 JV’s IN PILBARA – EARLY STAGE

• HANNANS REWARD (Au and Ni) – RC DRILLING PLANNED FOR Ni TARGETS, AND RAB DRILLING GOLD TARGETS - AUGUST 07

• RED HILL IRON LIMITED (Au and BASE METALS) – EARLY STAGE WORK – IP SURVEYING, RAB DRILLING AND SOIL SAMPLING PLANNED

Cullen’s Project Portfolio

Pre feasibility stage Targeting mineralized trends Advanced Projects Early Stage

Cullen Resources Limited

IRON ORE PROJECTS

West Pilbara – Mt Stuart Iron Ore JV with API

West Pilbara Channel Iron Ore Projects

Red Hill Iron Limited – JV for gold and base metals

Wyloo Project – Iron Ore JV with FMG Limited

Paraburdoo Project – Iron Ore JV with FMG

Ashburton and West Pilbara JV Projects - Summary

Cullen Resources Limited

URANIUM PORTFOLIO

TUNNEL CREEK JV – UNCONFORMITY, ASHBURTON REGION, WA NORTH YILGARN – PALAEOCHANNEL TARGETS , WA LAKE MACKAY – IOCG and PALAEOCHANNEL, CENTRAL AUSTRALIA AMADEUS BASIN – SANDSTONE HOSTED, NORTHERN TERRITORY ARUNTA REGION – VEIN, PALAEOCHANNEL AND ALTERATION, NT

Cullen’s Uranium Portfolio

~9,500 sq km

Tunnel Creek JV - Unconformity Target Type

Tunnel Creek JV– Uranium Channel Radiometrics

North East Goldfields Uranium Projects

? Carbonatite in North Yilgarn – ? REE +/- U

Aeromag. and landscape

Lake Mackay Projects – Uranium and IOCG

Northern Territory Projects – Tenement applications

Amadeus Basin – Tenement Application/Previous work

Amadeus Basin – Cullen Application + Radiometrics

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Intersections from previous drilling:
H21 26.65-27.15 0.5m @ 4700ppm U308
J25 36.5-37.0 0.5m @ 1900ppm U308
J60 65.6-66.0 0.4m @ 4100ppm U308
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South Australia – Applications

Cullen Resources Limited

Coolgardie – Several walk-up drill targets

Option to purchase tenement package in highly mineralized area

Coolgardie Project – Immediately adjoins old gold mine

Aerial photo shows proximity to old gold mines

Coolgardie Project – Summary of prospectivity

PLANNED WORK:

Woodcutters – grass roots gold project

First pass reconnaissance sampling has generated regional scale anomalies

Woodcutters – in emerging new exploration corridor

Cullen Resources Limited

Wonganoo and Gunbarrel – Nickel JV’s

Forrestania – JV with Hannans Reward

~ 12km north of Western Areas Flying Fox nickel deposit

Norseman – Killaloe Project Gold and Nickel

Norseman - Killaloe Gold and Nickel (Cullen 100%)

Cullen Resources Limited

Duchess Project, JV with Minotaur - Queensland

Duchess – JV with Minotaur

Minter Tungsten Project, NSW

Cullen - Conclusions

• WELL PLACED FOR A DISCOVERY THROUGH AGGRESSIVE MULTI-PRONGED APPROACH – JV’S AND NEW PROJECTS

• JV’S WITH : BHPB x 2 (Ni); INTREPID (Au); MINOTAUR (Cu-Au); HANNANS REWARD (Ni and Au); FMG x 2 (Fe), API (Fe); THUNDELARRA (U); RED HILL IRON (Au, BM).

• CONTRIBUTING TO EXPENDITURE ON WEST PILBARA Fe EXPLORATION (30%) - CATHO WELL CID JORC = 68Mt @ 61.62 % Fe (Calcined)

• TARGET GENERATION FOR URANIUM, GOLD AND NICKEL USING LOW-COST, LEADING EDGE GEOCHEM

• SUBSTANTIAL 100% CULLEN PROJECT PIPELINE PORTFOLIO