Cullen Resources Ltd (ASX:CUL) Updgrades West Pilbarra Iron Deposit Resource Estimate

The West Pilbara - Mt Stuart Joint Venture (Australian Premium Iron Joint Venture (API), 70% and Managers, and Cullen Resources Limited (ASX: CUL)(PNK: CULRF), 30%) is pleased to announce an increase of the Resource Estimate for its Catho Well Channel Iron Deposit (CID) from 68Mt to 79.5Mt @ 55.34% Fe - see Table. The revised Catho Well resource estimate has been compiled by API staff and Golder Associates in accordance with the guidelines of the Australasian Code for reporting of Identified Mineral Resources and Ore Reserves (JORC, 2004), and includes all additional RC drilling completed in calendar 2007. This increase in resource tonnes is primarily attributable to the evaluation of the northern strike extension of the Catho Well channel iron deposit.

Upgraded Resource Estimate, Catho Well Channel Iron Deposit - 79.5Mt @ 55.34% Fe

Cullen's attributable share of the Catho Well deposit is 23.85 Mt @ 55.34% Fe.

Table: Catho Well CID - Cullen 30% (cut-off grade >52% Fe, S.G. - 2.7)

-----------------------------------------------------------------------
Resource       Tonnage                   Average Grade
Classification  (Mt)  -------------------------------------------------
                      Fe%   SiO2%  Al2O3% P%    S%    Mn%   MgO%  LOI%
-----------------------------------------------------------------------
Indicated       55.1  55.40 6.67   3.00  0.037 0.016  0.080 0.170 10.32
Inferred        24.4  55.20 7.06   3.18  0.036 0.016  0.080 0.170  9.99
Total           79.5  55.34 6.79   3.06  0.037 0.016  0.080 0.170 10.22
-----------------------------------------------------------------------

The average phosphorous levels at Catho Well (0.037%) and the average alumina levels (3.06%) are favourable characteristics of this material and there may be the opportunity to blend this resource with other resources in the area in order to manage potential product specifications.

In terms of Mine Planning for Catho Well, API has completed the first phase of environmental surveying, with the second phase due to be completed in the first half of 2008. A programme of groundwater exploration will also extend through this period, with metallurgical testing of diamond core samples on-going and plans for bulk sampling to provide further samples for metallurgical test work.

Competent Person Statement

The information in this announcement that relates to Mineral Resources is based on information compiled by Mr Stuart H Tuckey, Dr Sia Khosrowshahi and Mr Jani Kalla who are members of the Australian Institute of Mining and Metallurgy. Mr Tuckey is a full-time employee of Australian Premium Iron. Dr Khosrowshahi and Mr Kalla are employees of Golder Associates Pty Ltd. Messrs Tuckey, Khosrowshahi and Kalla have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the 'Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Tuckey, Dr Khosrowshahi and Mr Kalla consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.


About Cullen Resources Limited

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 A$2.5 M to fund exploration at its two main exploration projects at: Tick Hill in north-western Queensland and at De Courcy in the Wyloo Dome area of Western Australia.


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