IRON ORE

West Pilbara, WA

CU

LLEN

Res

ou

rces

Lim

ited

www.cullenresources.com.auASX: CUL

10 Iron Ore...Design/print/finish by CSIRO Creative Services Western Australia

2012

Dig

gers

& D

eale

rs

7 500 000mN

7 600 000mN

7 550 000mN

400 000mE 450 000mE

20 kilometres

N

Pannawonica

Paulsens Gold Operations

Cardo Bore

Cardo BoreEast

Cardo BoreNorth

Catho WellNorth

Upper Cane

Cochrane

Jewel

Ken's Bore

Trinity BoreMt Stuart

Red Hill West

Robe Mesas

Deepdale Mesa J

Bungaroo Creek Deposit

Catho Well Resource 98Mt @ 55% Fe

Quaternary cover sequence

Basement sequence

Hamersley Sequence

Channel Iron Deposit outcrop

Channel Iron Deposit prospect

Iron ore mineChannel Iron Deposit (CID) Resource

Mt Stuart JV(Cullen 30% API 70%) tenement boundary

Red Hill/API JV areas tenement boundary

CID resource

Mt Stuart Iron Ore JV (Cullen 30% - API 70%) owns 98Mt @ 55% Fe - Catho Well CID

Part of West Pilbara Iron Ore Project (WPIOP). Managed by API = 50:50 JV Aquila/AMCI

DFS in progress for WPIOP - Stage 1 (30 Mt pa)

Major CUL Shareholders: Aquila 14.76%; AMCI 7.34%; Wythenshawe 12.84%

Aquila AMCI

API JV

Mt Stuart JV - Catho Well Channel Iron Deposit

WPIOP 445 Mt @ 57.05% Fe Channel Iron Deposits

Stage 1 (Maiden Reserve)

WEST PILBARA IRON ORE PROJECT (WPIOP) 50% 50%

70%

30%

RHI

CUL 21 Mt

Wyloo Iron Ore JV (Cullen 20% - Fortescue 80%)

CID’s Tonnes (Mt) Fe(%) SiO2(%) Al2O3(%) P(%) LOI(%)

Catho Well 70.0 54.81 7.22 3.23 0.037 10.31

RESERVE

IN D IA N OC EA N

ANKETELL POINT

Hardey

Channar

Mt Whaleback

Solomon

Cloudbreak

Christmas Creek

Nyudunghu

Mt MacLeod

Flying Fish

SheilaValley

Eliwana

Serenity

Newman

Port Hedland

Marble Bar

Dampier

Paraburdoo

Pannawonica

Tom Price

Iron ore deposits

Fortescue iron ore deposit

Existing railway

Existing Fortescue railway

Proposed Solomon railway (Fortescue - 23/3/11)

Proposed Central Pilbara railway (Fortescue - 23/3/11)

Proposed railway (APIJV)

WYLOO JV

Cullen/Fortescue

BID: 36m @ 62.2% Fe

Fortescue'sWestern Hub

2017 - 60Mtpa

Mt Stuart JV Catho Well CID

API JV's proposed railway and port

PARABURDOO JV

Cullen/Fortescue

Maiden resource at Wyloo South - 16.9Mt @ 57.11% Fe