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CULLEN RESOURCES LIMITED — Investor Presentation 2009
Nov 15, 2009
64724_rns_2009-11-15_3a64a23f-9e1c-4dc2-be01-0b799060c12f.pdf
Investor Presentation
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INVESTOR UPDATE – NOVEMBER 2009 Managing Director: Chris Ringrose
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+ OTHER OPPORTUNITIES FOR DISCOVERY in
COPPER | NICKEL | GOLD | TUNGSTEN | URANIUM
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Disclaimer
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 or advisers, for the fairness, accuracy or completeness of the information contained in the presentation.
EXPLORATION TARGETS
The term Exploration Target where used herein is conceptual in nature and there has been insufficient exploration to define a Mineral Resource, and it is uncertain if further exploration will result in the determination of a Mineral Resource under the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, the JORC Code (2004). The Exploration Target is not being reported as part of any Mineral Resource or Ore Reserve.
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Outline of Presentation
1. CORPORATE 2. IRON
3. COAL
4. OTHER COMMODITIES
5. CONCLUSIONS
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Cullen Fundamentals
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Number of shares : ~555M
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Unlisted options : 18M
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Cash ~$3.5M (30/9/09) Top 20 : ~47%
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Market Cap: ~ $33 M (@ 6c)
Dr Denis Clarke ‐ Chairman Dr Chris Ringrose ‐ Managing Director Mr Grahame Hamilton‐ Non Exec Mr John Horsburgh – Non Exec Mr Wayne Kernaghan – Non Exec/Co Sec
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Aquila
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1 year share price ($)
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Cullen
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Major Shareholders – Aquila (16.91%); AMCI (17.60%); Directors (6.7%)
Cullen Projects Location Summary
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Canning Basin ‐ Coal
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West Pilbara ‐ Iron
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Uranium Copper‐Gold
Uranium
Gold Uranium
Nickel Tungsten
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WELL POSITIONED PORTFOLIO
(Note ‐ General area of projects indicated only)
KEY PROJECTS
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Owns IRON
Resource ‐24Mt @
55.34% Fe (JORC)
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+ Exploration Target
20‐40Mt (CUL 30%)
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Canning Basin
COAL
exploration
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Frontier exploration,
very large Basin,
widespread coal
occurrences,
corporate action
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WEST PILBARA IRON ORE PROJECT
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West Pilbara Iron Ore Project (WPIOP Stage 1)
DFS in progress for development of Channel Iron Deposits (CIDs) owned by JV participants AQA/AMCI/RHI/CUL
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API’s proposed
railway and port
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WPIOP
(Stage 1)
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West Pilbara Iron Ore Project (WPIOP Stage 1)
50% 50% Aquila AMCI CUL ‐ 24Mt API JV ‐ 393Mt RHI ‐ 84Mt 30% 20%
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Mt Stuart JV
Catho Well
([email protected]%Fe)
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Red Hill JV
Cardo Bore etc
([email protected]%Fe)
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WPIOP – Stage 1
501Mt @ 56.43% Fe
Channel Iron Deposits
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FOR EXPORT TO CHINA
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West Pilbara Iron Ore Project (WPIOP Stage 1)
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Cullen owns 30% of Catho Well CID
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Contributing at 30% to DFS
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part of WPIOP
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$0.7M budget in
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09/10
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API’s proposed
railway and port
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WPIOP Stage 1
including Catho
Well CID
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West Pilbara Iron Ore Project (WPIOP Stage 1)
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Catho Well
79.5Mt @ 55.34%Fe
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Total CID Resources
API-RHI-CUL
501Mt @ 56.43%Fe
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West Pilbara Iron Ore Project (WPIOP Stage 1)
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Mt Stuart JV
(Cullen 30% and contributing ‐ API 70%)
Catho Well Channel Iron
Deposit
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WPIOP – Stage 1
Total Channel Iron Deposits
501Mt @ 56.43% Fe
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16.8%
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Catho Well: Fe ‐ 55.34%; Al2O3 ‐ 3.06%; P ‐ 0.037% ‐ ‐ ‐ Red Hill JV: Fe 56.63%; Al2O3 3.70%; P 0.072% ‐ ‐ ‐ Total: Fe 56.43%; Al2O3 3.60%; P 0.067%
Lower alumina, Low P
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CANNING BASIN COAL PROJECT
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Canning Basin Coal
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Canning Basin Coal ( Tenements in Red)
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Canning Basin Coal Exploration ‐ Plan of Attack
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TRIAL SOIL GAS GEOCHEM COMPLETED, ASSAYS AWAITED
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INTERPRETATION OF NEW AEROMAGNETICS DATA
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INTERPRETATION OF LANDSAT TM DATA
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MARKETING RESEARCH
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APPLICATION FOR DRILL SUPPORT FROM GSWA (FEB 2010)
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PROGRESSIVE TENEMENT APPROVALS (by mid 2010)
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SCOUT DRILLING (2010 FIELD SEASON)
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PLAN FURTHER FUNDING OPTIONS
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Cullen’s Other Projects
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AGNEW – GOLD – YILGARN – 100%
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KILLALOE – GOLD/NICKEL – YILGARN – 100%
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GUNBARREL – GOLD – YILGARN – 100%
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COOLGARDIE – GOLD – YILGARN – 100%
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WOODCUTTERS – GOLD – YILGARN – 100%
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LAVERTON – GOLD – YILGARN – 100%
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DUCHESS – COPPER/GOLD – MT ISA – 100%
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MINTER – TUNGSTEN – LACHLAN –100%
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LENNARD SHELF – LEAD/ZINC – KIMBERLEY – 100%
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RASON – NICKEL – YILGARN – 100%
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CUNDEELEE – URANIUM – YILGARN – 100%
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Active JV’s (Cullen Carried)
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Nickel
Helicopter‐borne, VTEM completed at Gunbarrel (October 09)
Uranium
Radiometric and TEM anomalies to be tested
Gold
Follow‐up of soil anomalies, near Paulsens Mine
Iron
Two JV’s in Pilbara, RC drilling planned
Nickel
VTEM surveying at Forrestania planned
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Extensive Pipeline of Projects & Active JV’s
1EXPLORATION TARGET at Catho Well
The Exploration Target is conceptual in nature and there has been insufficient exploration to define a Mineral Resource, and it is uncertain if further exploration will result in the determination of a Mineral Resource under the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, the JORC Code (2004). The Exploration Target is not being reported as part of any Mineral Resource or Ore Reserve.
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Agenda Going Forward (Estimates)
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2009 2010 2011 2012 2013
IRON (WPIOP ‐ Stage 1)
Exploration Drilling ‐ Catho Well South ??
DFS completed ~mid‐2010
Approvals then construction begins
Production start‐up expected mid‐2013
COAL (Canning Basin)
Data compilation/targeting
Marketing research
Funding option studies
Exploration drilling commences
Target
OTHER PROJECTS
prioritization Farm Out selectively
Project Generation on‐going
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DFS = Definitive Feasibility Study
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SUMMARY
• CONTRIBUTE IN PARTNERSHIP
TO POTENTIAL PILBARA IRON ORE DEVELOPMENT PROJECT – DEFINITIVE FEASIBILITY STUDY IN PROGRESS
- FOCUS ON CANNING BASIN COAL PROJECT DEVELOPMENT
PROGRESS MARKETING, TARGETING AND PLANNING FOR EXPLORATION DRILLING
- PRIORITIZE TARGETS AND MANAGE RISK
FARM‐OUT AS OPPORTUNITIES ARISE
- TARGET NEW OPPORTUNITES
COAL, IRON, GOLD, COPPER AND URANIUM
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Competent Person Statement
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 announcement, insofar as it relates to iron ore exploration activities, is based on information compiled by Mr 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.
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Thank you
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