History

Cullen Resources Limited (Cullen) was launched in 1999 by way of a merger with Montague Gold NL, an unlisted gold exploration company. At that time the company raised $2.5 M to fund exploration at its two main exploration projects: Tick Hill in north-western Queensland and at De Courcy in the Wyloo Dome area of Western Australia.

The merger brought John Horsburgh and Grahame Hamilton, both highly regarded explorers and successful mine developers, to Montague. They previously co-founded Solomon Pacific Resources NL which was taken over by Acacia Resources for approximately $104 M in 1996.

They were joined on the Board of Directors by Dr Denis Clarke, Cullen's current Chairman and Mr. Wayne Kergnahan a former Director of Montague Gold NL, as Company Secretary.

Dr Chris Ringrose, Cullen's Managing Director, joined the company in January 2003 as Exploration Director, assuming his current role in November 2006. Dr Ringrose has 25 years experience in the exploration industry and served as Exploration Manager for Troy Resources prior to joining Cullen.

Dr Matt Cornelius joined Cullen as Chief Geologist in February 2007. Dr Cornelius has previously held positions as Senior Geologist with Reynolds Australia Metals and Exploration Manager with Julia Mines NL and, more recently, that of Principal Scientist and Research Leader with CSIRO.

Corporate Objective and Strategy

Cullen's objective is to create and build shareholder wealth through participation in the discovery and development of ore deposits.

The company aims to achieve this objective by utilizing a team of experienced professionals, each with a proven track record in mineral exploration, and by:

• maintaining a portfolio of active exploration properties in areas of known mineralisation and previous mine development;
• applying modern exploration concepts in the identification and acquisition of new project areas; and
• attracting joint venture partners to participate in the exploration of its properties.

Cullen has been successful in farming out its properties, and in some cases, to different partners for separate commodities. Potential JV partners preferred by Cullen include:

• those with particular exploration expertise and/or with tenements adjoining Cullen's; and
• those with expertise in the target commodity and deposit type being sought.

These farm-out activities are complemented by Cullen's on-going project generation, including reconnaissance or greenfields exploration programmes.
Cullen's principal assets include:

• an iron ore resource in the Pilbara (Mt Stuart Iron Ore Joint Venture (30% Cullen) which is part of a Pre-Feasibility Study);
• a substantial landbank  for uranium exploration; 
• nine significant Joint Ventures (BHP Billiton (two); FMG (two); API (Aquila); Intrepid; Hannans Reward; Element 92 and Red Hill Iron);
• tenements with known Au mineralization in the highly prospective Coolgardie region;
• a large tenement portfolio with properties in WA, QLD, SA and NSW, that Cullen explores for Ni, Cu, Au and W.

These assets and the management team provide the opportunity for discoveries in some of Australia's most important geological terranes and for most major commodities.

Cullen's generation of new copper, gold, uranium and base metals targets in its own right, are chosen by review of public domain geological, geophysical and geochemical databases. Cullen looks to upgrade some targets by first pass exploration. The company has in Dr Matt Cornelius, its Chief Geologist and former CSIRO Research Leader, a specialist with skills in regolith interpretation, exploration geochemistry and the ranking of targets for several important types of mineralization.