CUL 0.00% 1.8¢ cullen resources limited


  1. 179 Posts.

    HOMEX - Sydney

    Directors of Cullen Resources Limited (Cullen) are pleased to
    announce an important development which expands the scope of the
    Gunbarrel Gold and Nickel Projects located 800km northeast of Perth,

    The WA Department of Minerals and Petroleum Resources has finally
    granted Exploration Licences Red Bluff E 53/818 and Doyle Bore E
    53/837 to Cullen after nearly four years. The delay, being partly
    attributable to Native Title issues, has now been satisfactorily
    resolved. With these licences and acquisition rights to the adjacent
    Irwin Bore tenement package owned by Revesco Limited (see ASX
    announcement, 28 February 2002), Cullen has achieved the first ever
    consolidation of the northern Mount Eureka Greenstone Belt. The now
    licences (total area 420kmsq) cover 28 strike km of rocks and
    structures prospective for gold and nickel mineralisation and
    specific targets for both commodities.

    At least four high priority gold targets have been identified from
    previous work and will provide the focus of a substantial exploration
    programme in 2002. They include Baseline North, Baseline South, Doyle
    Bore Gold (all with untested RAB drill hole anomalies) and the Eureka
    North Trend. A comprehensive assessment of all the Gunbarrel Gold
    Project tenements (Figure 1) is underway in preparation for
    base-of-hardpan and RAB drilling programmes scheduled this quarter.
    Targets developed by this work will be aircore/RC drilled in the
    second half of 2002.

    The newly granted tenements will also allow the separate Gunbarrel
    Nickel Project (Cullen WMC Joint Venture) to expand nickel sulphide
    exploration activities into areas of prospective ultramafics with lag
    sampling and EM surveys scheduled, WMC's current quarter budget for
    the Gunbarrel Nickel Project is $230,000.

    Joint Managing Director John Horsburgh said "Patience has finally
    paid off and the granting of the new Exploration Licences paves the
    way for some exciting exploration over the next two quarters with
    separate gold and nickel programmes Turning. On the gold front,
    Cullen is well funded to thoroughly test this under explored but
    highly prospective greenstone belt."

    For further information contact John Horsburgh or Grahame Hamilton
    Ph: 02 9437 4588 or Fax: 02 9437 4599

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