CULLEN RESOURCES LIMITED - Regulatory Filings 2014

==> picture [476 x 71] intentionally omitted <==

==> picture [433 x 27] intentionally omitted <==

----- Start of picture text -----

ABN 46 006 045 790
www.cullenresources.com.au ASX Symbol: CUL 17 June 2014
----- End of picture text -----

ASX ANNOUNCEMENT

KILLALOE JOINT VENTURE

KILLALOE JV– EL63/1018, 1199 and PLs 63/1331-1333,1672: Matsa Resources Limited 80%; Cullen 20% free carried interest to Decision to Mine.

Please find herewith a copy of an announcement made by the Manager of the Joint Venture, Matsa Resources Limited (ASX: MAT, 16 June 2014) in relation to drilling at the Killaoe Project.

Matsa’s announcement contains the full extent of information provided to Cullen at this time and in the format provided.

REGISTERED OFFICE : Unit 4, 7 Hardy Street, South Perth WA 6151 Telephone : 089 474 5511; FAX : 089 474 5588

Contact : Dr Chris Ringrose, Managing Director; email: [email protected]

==> picture [595 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

==> picture [132 x 116] intentionally omitted <==

LIMITED ABN 48 106 732 487

ASX Announcement

16 June 2014

Significant Nickel Sulphides at Killaloe JV Project

Highlights

==> picture [11 x 14] intentionally omitted <==

14.65m of komatiite hosted nickel rich disseminated and semi-massive sulphides intersected between 78.7m and 93.35m, in diamond drillhole 14KLDH01 which is currently in progress at Killaloe.

==> picture [11 x 14] intentionally omitted <==

Additional narrow nickel rich semi-massive sulphides (0.2m at 137.5m and 0.05m at 145m) intersected in underlying metabasalt.

==> picture [11 x 15] intentionally omitted <==

Mineralised intercepts to date include:

==> picture [11 x 15] intentionally omitted <==

93.15 – 93.35m Semi-massive pyrrhotite and possible pentlandite with spot hand held XRF values to 3.15% Ni at base of komatiite sequence,
137.5 – 137.7m Vein hosted semi massive pyrrhotite and possible pentlandite with spot handheld XRF values to 1.75% Ni ,
78.7 – 93.15m Disseminated pyrrhotite and possible pentlandite with spot handheld XRF assays on core between 0.04% Ni and 0.6% Ni .
Based on preliminary inspection, Ni mineralisation occurs as sulphides, (most probably pentlandite) which occur together with disseminated and semi-massive pyrrhotite in ultramafic volcanics (komatiite).
The drillhole is currently in progress at a depth of 150m with down hole EM to commence as soon as possible to define targets for further drilling.

CORPORATE SUMMARY

Executive Chairman

Paul Poli

Direc tor

Frank Sibbel

Director & Company Secretary

Andrew Chapman

Shares on Issue

144.15 million

Unlisted Options

8.3 million @ $0.31 - $0.43

Top 20 shareholders

Hold 48%

Share Price on 13 June 2014

29.5 cents

Market Capitalisation

$42.53 million

Symons Hill Project Update : site preparation completed. Drilling of RC pre-collars to commence this week in preparation for diamond drilling.

Head Office: Suite 11, 139 Newcastle Street, Perth Western Australia 6000 Tel : +61 8 9230 3555 Fax: +61 8 9227 0370 Bangkok Office: Unit 1808, Pacific Place 2, 142 Sukhumvit Road, Klongtoey, Bangkok 10110 Tel : +66 0 2653 0258 Fax : +66 0 2653 0258 [email protected] www.matsa.com.au

==> picture [596 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

Matsa is very pleased to report preliminary spot handheld XRF assays of nickel sulphide mineralisation intersected in diamond drillhole 14KLDH01. The programme was designed to test a high priority ground EM conductor underlying the Hanging Wall Gossan prospect at Killaloe.

It should be noted that spot handheld XRF assays test only a very small part of the core. Full laboratory assays will be reported when they become available. While Matsa is extremely encouraged by these preliminary assays, further work is required to determine the significance of this discovery.

==> picture [357 x 443] intentionally omitted <==

Figure 1: Killaloe JV Project and Location of Hanging Wall Gossan prospect and diamond hole 14KLDH01

Killaloe Project (Matsa Resources 80%, Cullen Resources 20%)

The Killaloe project comprises tenements as summarised in Figure 1 and is a joint venture between Matsa 80% and Cullen Resources Limited 20%. Exploration under the joint venture is managed by Matsa.

Diamond drillhole 14KLDH01 was designed to test a conductor identified by a ground EM survey over the Hanging Wall Gossan prospect (Figure 1). The conductor was identified by surveys carried out in 2013 (21 ground EM traverses for a total of 16.7 line kilometres) as announced in Matsa’s report to the ASX dated 29[th] October 2013.

Page 2

==> picture [596 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

Diamond Drillhole 14KLDH01 Preliminary results

Diamond drillhole 14KLDH01 parameters are as follows:

==> picture [11 x 15] intentionally omitted <==

Location, 395140mE, 6460305mN, 302mRL (MGA51);
Orientated towards 055 degrees (ENE) at a dip angle of -60 degrees; and
In progress, current depth 150m.

A 0.2m lens of semi-massive sulphide mineralisation was intersected below a 14.5m thick zone of disseminated sulphides at contact between komatiite lavas and underlying basalts. Further zones of semi massive sulphides of 0.2m and 0.05m respectively were intersected in the underlying basalt.

Spot handheld XRF Assays for Ni, Cu and Cr at selected points along core are tabulated in Appendix 1. A description of handheld XRF methodology is presented in Appendix 2.

Preliminary spot handheld XRF results over selected intervals on diamond drill core are summarised below:

78.7 – 93.15m 1% – 3% disseminated sulphides in Komatiite. Spot handheld XRF values to 0.6% Ni. 93.15 – 93.35m 30% – 40% semi-massive sulphides in sheared komatiite (Figure 2). Mineralisation is located close to the contact between komatiite and underlying metabasalt. Spot handheld XRF results to 3.15% Ni.
93.35 – 94.4m ~1% fine grained sulphides (possibly pyrrhotite and pentlandite) in metabasalt. 94.4 – 94.8m ~5% disseminated sulphides (pyrrhotite and possible pentlandite) in sheared metabasalt.
137.5m – 137.7m Semi massive sulphide vein including Ni sulphides (probably pentlandite) in metabasalt with spot handheld XRF value to 1.75% Ni.
145.20m –145.25m Semi massive sulphide vein including Ni sulphides (probably pentlandite) in metabasalt with spot handheld XRF value to 0.6% Ni.

Page 3

==> picture [596 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

==> picture [377 x 281] intentionally omitted <==

Figure 2: Semi Massive pyrrhotite pentlandite (XRF to 3.15% Ni), KLDH01 93.15 - 93.35m

==> picture [375 x 281] intentionally omitted <==

Figure 3: Semi Massive pyrrhotite pentlandite (XRF to 1.75% Ni), KLDH01 137.5 – 137.7m

Planned Activities

Downhole EM (DHEM) surveying is planned immediately upon completion of diamond drillhole KLDH01 in order to map out the extents of massive sulphide mineralisation away from the current drillhole.

Further drilling is proposed to targets defined by downhole EM surveys.

Page 4

==> picture [596 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

==> picture [377 x 386] intentionally omitted <==

Figure 4: Executive Chairman Paul Poli and supervising geologist Mark Csar at diamond hole drill site

For further Information please contact:

Paul Poli Executive Chairman

Phone +61 8 9230 3555 Fax +61 8 9227 0370 Email [email protected] Web www.matsa.com.au

Exploration results

The information in this report that relates to Exploration results, is based on information compiled by David Fielding, who is a Fellow of the Australasian Institute of Mining and Metallurgy. David Fielding is a full time employee of Matsa Resources Limited. David Fielding has sufficient experience which is relevant to the style of mineralisation and the type of ore deposit under consideration and the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. David Fielding consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Page 5

==> picture [596 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

Appendix 1: Handheld XRF Assays for Cr, Cu and Ni at selected points on Core

Reading	Depth	Mode	Elapsed Time 1	Elapsed Time 2	Elapsed Time 3	Elapsed Time Total	Cr_ppm	Cu_ppm	Ni_ppm
1	78.2	Soil	81.49	80.9	86.89	249.28	1757	70	5599	Disseminated Sulphide
2	81.7	Soil	80.01	79.77	87.47	247.25	1683	12	1043	Disseminated Sulphide
13	85.1	Soil	80.52	80.29	87.64	248.45	1809	14	837	Disseminated Sulphide
14	86.1	Soil	81.14	80.96	87.95	250.04	1669	14	682	Disseminated Sulphide
15	87.1	Soil	81.64	81.38	87.48	250.5	4368	16	1167	Disseminated Sulphide
16	88.1	Soil	80.84	80.69	87.82	249.34	3301	3.5	550	Disseminated Sulphide
17	89.1	Soil	80.93	80.71	87.86	249.5	3317	17	806	Disseminated Sulphide
18	90.1	Soil	80.97	80.78	87.87	249.62	4133	26	762	Disseminated Sulphide
19	91.1	Soil	80.79	80.63	88.04	249.46	2344	7.6	422	Disseminated Sulphide
3	93.15- 93.35	Soil	84.79	83.9	85.6	254.29	1102	1047	22303	20cm semi massive sulphide vein
7	93.15- 93.37	Soil	85.02	84.02	85.29	254.34	932	429	22591
8	93.15- 93.38	Soil	85.13	84.13	85.28	254.54	499	209	23645
9	93.15- 93.39	Soil	85.11	84.04	85.41	254.56	528	458	31519
10	93.15- 93.40	Soil	85.32	84.29	85.54	255.15	344	655	28903
6	93.15- 93.36	Soil	84.2	83.46	86.31	253.97	1508	22	5092
11	137.5	Soil	85.12	83.94	84.8	253.86	6	10	17547	20cm semi massive sulphide vein
12	145.2	Soil	84.82	83.64	84.77	253.23	141	55	6212	5cm semi massive sulphide vein

Page 6

==> picture [833 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

Appendix 2 - Matsa Resources Limited - Killaloe JV Project

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling	Nature and quality of sampling (eg cut channels, random chips,	XRF Analysis on HQ core using a handheld Olympus Innovx
techniques	or specific specialised industry standard measurement tools	Delta Premium (DP4000C model) XRF analyser.
	appropriate to the minerals under investigation, such as down	Measurements were taken on surface of the core and depth
	hole gamma sondes, or handheld XRF instruments, etc). These	intervals recorded.
	examples should not be taken as limiting the broad meaning of	Cutting and sampling of core still to be carried out.
	sampling.
	Include reference to measures taken to ensure sample
	representivity and the appropriate calibration of any
	measurement tools or systems used.
	Aspects of the determination of mineralisation that are Material
	to the Public Report.
	In cases where ‘industry standard’ work has been done this
	would be relatively simple (eg ‘reverse circulation drilling was
	used to obtain 1 m samples from which 3 kg was pulverised to
	produce a 30 g charge for fire assay’). In other cases more
	explanation may be required, such as where there is coarse
	gold that has inherent sampling problems. Unusual
	commodities or mineralisation types (eg submarine nodules)
	may warrant disclosure of detailed information.
Drilling	Drill type (eg core, reverse circulation, open-hole hammer,	Core drilling carried out by Frontline drilling using a track-
techniques	rotary air blast, auger, Bangka, sonic, etc) and details (eg core	mounted Desco 7000 diamond drill rig. Mud rotary bit used
	diameter, triple or standard tube, depth of diamond tails, face-	from surface down to the weathered zone and changed to triple
	sampling bit or other type, whether core is oriented and if so, by	tube HQ from fresh rock to end of hole. Core is oriented using
	what method, etc).	Reflex ACT II RD digital core orientation tool.
Drill sample	Method of recording and assessing core and chip sample	Core is currently logged and recovery will be measured.
recovery	recoveries and results assessed.
	Measures taken to maximise sample recovery and ensure
		Page 7

==> picture [833 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

Criteria	JORC Code explanation	Commentary
	representative nature of the samples.
	Whether a relationship exists between sample recovery and
	grade and whether sample bias may have occurred due to
	preferential loss/gainof fine/coarse material.
Logging	Whether core and chip samples have been geologically and	Geologic and geotechnical logging carried out on the core.
	geotechnically logged to a level of detail to support appropriate	Logging recorded as qualitative description of colour,
	Mineral Resource estimation, mining studies and metallurgical	lithological type, grain size, structures, minerals and alteration.
	studies.	All cores are photograpped using a digital camera.
	Whether logging is qualitative or quantitative in nature. Core (or
	costean, channel, etc) photography.
	The total length and percentage of the relevant intersections
	_logged. _
Sub-	If core, whether cut or sawn and whether quarter, half or all	Cores to be sawn and quarter core splits to be sampled and
sampling	core taken.	submitted to the lab. Sampling intervals still to be determined.
techniques	If non-core, whether riffled, tube sampled, rotary split, etc and
and sample preparation	whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique.
	Quality control procedures adopted for all sub-sampling stages
	to maximise representivity of samples.
	Measures taken to ensure that the sampling is representative
	of the in situ material collected, including for instance results for
	field duplicate/second-half sampling.
	Whether sample sizes are appropriate to the grain size of the
	material being sampled.
Quality of	The nature, quality and appropriateness of the assaying and	Olympus Innovx Delta Premium (DP4000C model) handheld
assay data	laboratory procedures used and whether the technique is	XRF analyser.
and laboratory tests	considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	Reading times employed was 90 sec/beam for a total of 270 sec using Soil Mode. Handheld XRF QAQC includes duplicates, standards and blanks.
		Page 8

==> picture [833 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

Criteria	JORC Code explanation	Commentary
	Nature of quality control procedures adopted (eg standards,
	blanks, duplicates, external laboratory checks) and whether
	acceptable levels of accuracy (ie lack of bias) and precision
	have been established.
Verification	The verification of significant intersections by either	Not carried out because laboratory QA QC procedures are
of sampling	independent or alternative company personnel.	regarded as sufficient for surface samples.
and	The use of twinned holes.	Data entry carried out by field personnel thus minimizing
assaying	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	transcription or other errors. Trial plots in field and rigorous database procedures ensure that field and assay data are
	Discuss any adjustment to assay data.	merged accurately.
Location of	Accuracy and quality of surveys used to locate drill holes (collar	Drill collars are surveyed by modern hand held GPS units with
data points	and down-hole surveys), trenches, mine workings and other	accuracy of 5m which is sufficient accuracy for the purpose of
	locations used in Mineral Resource estimation.	compiling and interpreting results.
	Specification of the grid system used.	Topographic control 2-5m accuracy using published maps or
	Quality and adequacy of topographic control.	Shuttle Radar data is sufficient to evaluate topographic effects
		on assay distribution.
Data	Data spacing for reporting of Exploration Results.	Not known at this stage.
spacing and	Whether the data spacing and distribution is sufficient to
distribution	establish the degree of geological and grade continuity
	appropriate for the Mineral Resource and Ore Reserve
	estimation procedure(s) and classifications applied.
	_Whether sample compositing has been applied. _
Orientation	Whether the orientation of sampling achieves unbiased	Diamond drill hole is oriented at -60oand due SW targeting a
of data in	sampling of possible structures and the extent to which this is	modelled EM conductor.
relation to	known, considering the deposit type.	More information on the mineralized intersection upon
geological structure	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and	completion of geological and geotechnical logging.
	reported if material.
Sample	The measures taken to ensure sample security.	Sampling intervals to be marked up on core accompanied by
security		separate printed cutting interval sheet. Core trays to be
		Page 9

==> picture [833 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

Criteria	JORC Code explanation	Commentary
		secured with steel straps on a pallet for transport to the core
		cutting contractor. Samples to the laboratory will be placed in
		calico bags then onto green bags. The green bags will be
		sealed with cable ties for transport to the laboratory.
Audits or	The results of any audits or reviews of sampling techniques	N/A
reviews	and data.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	Type, reference name/number, location and ownership	Cullen Exploration owns the tenements and Matsa has farmed
tenement	including agreements or material issues with third parties such	in to the Killaloe Project and has earned 80% interest in the
and land	as joint ventures, partnerships, overriding royalties, native title	project after spending $500,000 in exploration costs.
tenure status	interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along	The project consists of 2 ELs and 4 Prospecting licenses. The Project is Located on Vacant Crown Land. The project is located within Native Title Claim No. 99/002 by
	with any known impediments to obtaining a license to operate	the Ngadju people.
	in the area.	A heritage agreement has been signed and exploration is
		carried out within the terms of that agreement.
		At the time of writing these licenses expire between 14thJune
		2013 and 8thJuly 2017.
Exploration	Acknowledgment and appraisal of exploration by other parties.	Significant past work has been carried out by other parties for
done by		both Ni and Au exploration including, surface geochemical
other parties		sampling, ground electromagnetic surveys, RAB, AC, RC and DD drilling.
Geology	Deposit type, geological setting and style of mineralisation.	The target is gold in shear controlled mineralization close to a
		splay of the Zuleika Shear within a distinctive corridor of mafic
		volcanic, ultramafic and metasediments.
		AnothertargetisKambalda styleNi hostedinultramaficrocks
		Page 10

==> picture [833 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

Criteria	JORC Code explanation	Commentary
		within the project.
Drill hole	A summary of all information material to the understanding of	Co ordinates and other attributes of diamond drillholes are
Information	the exploration results including a tabulation of the following	included in Appendix 2.
	information for all Material drill holes:
	`o` easting and northing of the drill hole collar
	`o` elevation or RL (Reduced Level – elevation above sea level
	in metres) of the drill hole collar
	`o` dip and azimuth of the hole
	`o` down hole length and interception depth
	`o` hole length.
	If the exclusion of this information is justified on the basis that
	the information is not Material and this exclusion does not
	detract from the understanding of the report, the Competent
	_Person should clearly explain why this is the case. _
Data	In reporting Exploration Results, weighting averaging	Downhole assay values will be reported when it becomes
aggregation	techniques, maximum and/or minimum grade truncations (eg	available.
methods	cutting of high grades) and cut-off grades are usually Material
	and should be stated.
	Where aggregate intercepts incorporate short lengths of high
	grade results and longer lengths of low grade results, the
	procedure used for such aggregation should be stated and
	some typical examples of such aggregations should be shown
	in detail.
	The assumptions used for any reporting of metal equivalent
	_values should be clearly stated. _
Relationship	These relationships are particularly important in the reporting of	All intercepts reported are measured in down hole metres.
between	Exploration Results.
mineralisatio	If the geometry of the mineralisation with respect to the drill
n widths and	hole angle is known, its nature should be reported.
intercept lengths	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).
		Page 11

==> picture [833 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

Criteria	JORC Code explanation	Commentary
Diagrams	Appropriate maps and sections (with scales) and tabulations of	Suitable summary plans have been included in the body of the
	intercepts should be included for any significant discovery	report.
	being reported These should include, but not be limited to a
	plan view of drill hole collar locations and appropriate sectional
	_views. _
Balanced	Where comprehensive reporting of all Exploration Results is	Not required at this stage.
reporting	not practicable, representative reporting of both low and high
	grades and/or widths should be practiced to avoid misleading
	_reporting of Exploration Results. _
Other	Other exploration data, if meaningful and material, should be	Previous RC drill hole (KLC21) at this target intersected trace
substantive	reported including (but not limited to): geological observations;	Ni sulphides (3m @ 0.49% Ni from 88m – includes 1m @
exploration data	geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock	0.65% Ni and 1m @ 0.52% Ni from 99m). No DHTEM were employed to test for off-hole conductors after this hole was drilled.
	characteristics; potential deleterious or contaminating
	_substances. _
Further work	The nature and scale of planned further work (eg tests for	Down hole TEM (DHTEM) is planned after the completion of
	lateral extensions or depth extensions or large-scale step-out	the hole.
	drilling).	Further DD drilling to define continuity of nickel sulphide
	Diagrams clearly highlighting the areas of possible extensions,	mineralization within the komatiite host rock pending results of
	including the main geological interpretations and future drilling	the DHTEM.
	_areas, provided this information is not commercially sensitive. _

==> picture [604 x 72] intentionally omitted <==

Page 12

AI assistant

CULLEN RESOURCES LIMITED Regulatory Filings 2014

64724_rns_2014-06-16_31edb795-b01c-49d2-a2cb-99865fa75191.pdf

ASX ANNOUNCEMENT

KILLALOE JOINT VENTURE

ASX Announcement

16 June 2014

Significant Nickel Sulphides at Killaloe JV Project

Highlights

CORPORATE SUMMARY

Executive Chairman

Shares on Issue

Unlisted Options

Top 20 shareholders

Killaloe Project (Matsa Resources 80%, Cullen Resources 20%)

Diamond Drillhole 14KLDH01 Preliminary results

Planned Activities

For further Information please contact:

Exploration results

Appendix 1: Handheld XRF Assays for Cr, Cu and Ni at selected points on Core

Appendix 2 - Matsa Resources Limited - Killaloe JV Project

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

AI assistant

CULLEN RESOURCES LIMITED — Regulatory Filings 2014

64724_rns_2014-06-16_31edb795-b01c-49d2-a2cb-99865fa75191.pdf

ASX ANNOUNCEMENT

KILLALOE JOINT VENTURE

ASX Announcement

16 June 2014

Significant Nickel Sulphides at Killaloe JV Project

Highlights

CORPORATE SUMMARY

Executive Chairman

Shares on Issue

Unlisted Options

Top 20 shareholders

Killaloe Project (Matsa Resources 80%, Cullen Resources 20%)

Diamond Drillhole 14KLDH01 Preliminary results

Planned Activities

For further Information please contact:

Exploration results

Appendix 1: Handheld XRF Assays for Cr, Cu and Ni at selected points on Core

Appendix 2 - Matsa Resources Limited - Killaloe JV Project

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

More from CULLEN RESOURCES LIMITED

CULLEN RESOURCES LIMITED Regulatory Filings 2014