ASX Announcement 24 December Drilling results confirm depth potential of Lamboo Project

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1 Bulletin Resources is the 100% owner of the Lamboo and Golden Crown Gold Projects located near Halls Creek in the East Kimberley region of Western Australia. The projects have a combined open pit and underground Mineral Resource of 1.77 million tonnes at 5.2g/t Au (for a total of 294,000 ounces) and a 120,000 tpa processing facility currently under care and maintenance. ASX Code: BNR Issued capital: 81,504,762 listed ord. shares 8,875,000 unlisted options Share price at 21 December 2012: $0.054 Market capitalisation at 21 December: $4.4 million Cash on hand at 30 October 2012: $1.0 million Directors: Non-Executive Chairman: Phil Retter Managing Director: Martin Phillips Non-Executive Director: Steve Robinson Investor and Media Contact: ASX Announcement 24 December 2012 Drilling results confirm depth potential of Lamboo Project Quartz lode mineralisation successfully intersected in majority of holes drilled down-plunge of the Nicolson s South and Nicolson s Find resource. Highlights include: NRC12045 : 4m at 22.3g/t Au from 179m including : 1m at 61.2g/t Au from 180m NRC12020 : 1m at 8.5g/t Au from 198m NRC208 : 1m at 13.5g/t Au from 307m NRC12032 : 3m at 4.0g/t Au from 206m NRC12026 : 5m at 2.3 g/t Au from 197m Depth potential of the two Wagtail South lodes confirmed: WRC12010 : 1m at 13.0g/t Au from 94m : 3m at 5.8g/t Au from 165m : 1m at 6.3g/t Au from 180m Bulletin to receive $135,000 in co-funding from the WA Department of Mines and Petroleum under the WA State Government Exploration Incentive Scheme s (EIS) Co-funded Exploration Drilling Program. Bulletin s Managing Director, Martin Phillips commented: The results from this wildcat program are extremely promising, having confirmed our expectations of the depth potential of the Lamboo Project resources following receipt of an independent study by Optiro Pty Ltd, which estimated the total potential of all exploration targets within the Lamboo project at approximately 4 to 7 million tonnes containing 0.7 to 1.1 million ounces at an average grade of 5.2 to 5.4g/t Au*. The program has also provided valuable geological information that will greatly assist in the design of the follow-up drilling campaign to specifically target those high grade lodes at depth. Martin Phillips Managing Director *The potential tonnes and grades of the exploration target expressed in this announcement are conceptual in nature and should not be considered as an estimate of a Mineral Resource. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

2 Bulletin Resources Limited (ASX: BNR) ( Bulletin ) is pleased to provide the following update on drilling activities at its 100% owned Lamboo Project located near Halls Creek in the East Kimberley Region of WA. The main objective of the current wildcat drilling program was to test the potential for down-plunge extensions to the main resource areas at Nicolson s Find, Nicolson s South and Wagtail South. Owing to the limited available time due to the onset of the wet season, only 13 RC drill holes were completed including a further two holes at Nicolson s North. Significant deviation was experienced in several of the deeper holes at Nicolson s Find and Nicolson s South (>260m depth). Numerous methods were trialled to straighten the holes without success and resulted in suboptimal testing of the lode structures, particularly the projected down-plunge extensions of the higher grade zones. Notwithstanding this, most of the deeper holes intersected well developed quartz lode mineralisation at the target depths, which will greatly assist in the planning of future campaigns using a more suitable drill rig. Nicolson s Despite several suboptimal intersection positions, the results of the deep drilling at Nicolson s Find and Nicolson s South successfully confirmed the depth continuance of both resources with quartz and sulphide lode mineralisation intersected where expected. Significant intersections included: NRC12045 : 4m at 22.3g/t Au from 179m including : 1m at 61.2g/t Au from 180m 1m at 1.1g/t Au from 186m NRC12020 : 1m at 8.5g/t Au from 198m NRC208 : 1m at 2.1g/t Au from 281m 1m at 13.5g/t Au from 307m NRC12032 : 3m at 4.0g/t Au from 206m 1m at 3.6g/t Au from 261m 2m at 2.1g/t Au from 302m NRC12026 : 5m at 2.3g/t Au from 197m 1m at 1.3g/t Au from 207m 1m at 3.8g/t Au from 247m 1m at 1.3g/t Au from 304m A longitudinal section showing the drill hole results is presented in Figure 1 with representative cross sections presented in Figures 2 to 4. All drill hole results above a 1g/t Au cut-off are summarised in Table 1. Page 2

3 Figure 1: Long section of Nicolson s showing recent significant drill hole intersections Figure 2: Cross section 19300mN through Nicolson s South Page 3

4 Figure 3: Cross section 19440mN through Nicolson s Find Figure 4: Cross section 19500mN through Nicolson s Find Page 4

5 Nicolson s North Two deep RC drill holes were completed at Nicolson s North, located 400 metres north of the former Nicolson s Find open pit, targeting the down-plunge extent of the previously announced high grade drill hole intersections (Figure 5). Hole NRC12046 intersected quartz with strong sulphide mineralisation at the interpreted lode position while NRC12047 intersected unmineralised quartz. Significant results were: NRC12046: 1m at 1.2g/t Au from 160m While the drill holes successfully confirmed the down-plunge extent of the mineralised structure at the extrapolated position, further drilling is required to determine the structural controls to the previously reported high grade intersections. Figure 5: Long section of Nicolson s showing Nicolson s North drill hole results Wagtail South Three RC holes were drilled at Wagtail South to assist in determining the plunge of the Wagtail South mineralisation at depth. Hole WRC12010 intersected multiple quartz and sulphide mineralised lodes associated with high grade gold mineralisation at the anticipated depths (Figures 6 and 7). WRC12010 : 1m at 13.0g/t Au from 94m 3m at 5.8g/t Au from 165m 1m at 6.3g/t Au from 180m The two shallower RC holes failed to intersect any significant quartz veining indicating that the down-plunge orientation of the high-grade Wagtail South lode mineralisation is steeper than previously interpreted. Page 5

6 Figure 6: Long section of Wagtail showing recent significant drill hole intersections Figure 7: Cross section 17810mN through Wagtail South Page 6

7 Drill funding award Bulletin was successful in its application to the WA Department of Mines and Petroleum for $135,000 in co-funding under the WA State Government Exploration Incentive Scheme s (EIS) Co-funded Exploration Drilling Program. The majority of the drilling is earmarked for the area extending from Nicolson s North to Hyena where several outcropping high grade quartz veins were recently discovered in proximity to the granite contact in a setting comparable to the Nicolson s Find deposit. Further details on the timing of this drilling will be made in due course. Page 7

8 Table 1: 1 Summary of Assay Results from Lamboo Gold Project above a 1g/t Au cut-off Hole ID Local North Local East Local mrl End of Hole (m) From (m) To (m) 2 Downhole Interval (m) 3 Grade (g/t Au) 4 Lode Nicolson's Find & Nicolson's South NRC NSR NSth NRC NSth NSth NRC NSth NSR NSth NRC NHW NHW NFW NSth NRC Main NFW NRC NFW NFW NSth NSth NRC Main NFW NSth NRC NFW including NFW Nicolson's North NRC NRC NSR Wagtail South WRC NSR WRC NSR WRC Notes for Table 1: 1 Drilling and assay results in Table 1 are down-hole intervals compiled using a 1.0 g/t Au lower cut with a maximum of 1m < 1.0 g/t Au internal dilution. No upper cut value has been applied to the assay results. NSR denotes No Significant Results. 2 True intersection widths are estimated to be 60 to 80 % of down-hole intersection widths. All holes are collared with an azimuth of 270 o to grid unless otherwise indicated. 3 Drill samples were analysed using a 40 gram fire assay with AAS finish. 4 Lode description: Main = Nicolson's Main lode, NHW = Nicolson s Hanging wall lode, NFW = Nicolson's Footwall lode, NSth = Nicolson's South Lode 5 NRC139 and NRC208 are extensions of existing holes 6 Significant down-hole dip deviation (up to -11 o ) occurred at Nicolson s Find and Nicolson s South on holes greater than 260m depth resulting in holes missing intended target area Page 8

9 Bulletin Resources Ore Reserve Statement September 2012 Proved Probable Total Open Pit Tonnes Gold grade (g/t) Contained Gold (oz) Tonnes Gold grade (g/t) Contained Gold (oz) Tonnes Gold grade (g/t) Contained Gold (oz) Nicolson's South , , , ,000 Nicolson's Find , ,000 92, ,000 Wagtail North , , , ,000 Rowdies , ,000 19, ,000 Wagtail South , ,000 77, ,000 Total Open Pit 560, , , ,000 Underground , , , ,000 Total , , , ,000 Note: Figures may not add due to rounding Bulletin Resources Mineral Resource Statement September 2012 Category Tonnes Gold grade (g/t) Contained Gold (oz) Lamboo Project Nicolson s Open pit Indicated 333, ,000 Open pit Inferred 16, ,000 Total open pit 349, ,000 Underground Indicated 406, ,000 Underground Inferred 372, ,000 Total underground 778, ,000 Nicolson s total 1,127, ,000 Rowdies Open pit Indicated 17, ,000 Open pit Inferred 6, ,000 Total open pit 22, ,000 Underground Indicated 35, ,000 Underground Inferred 7, ,000 Total underground 43, ,000 Rowdies total 65, ,000 Page 9

10 Category Tonnes Gold grade (g/t) Contained Gold (oz) Wagtail North Open pit Indicated 87, ,000 Open pit Inferred 1, Total open pit 88, ,000 Underground Indicated 82, ,000 Underground Inferred 4, ,000 Total underground 86, ,000 Wagtail North total 174, ,000 Wagtail South Open pit Indicated 51, ,000 Open pit Inferred 7, Total open pit 58, ,000 Underground Indicated 16, ,000 Underground Inferred 5, ,000 Total underground 21, ,000 Wagtail South total 79, ,000 Total Total open pit 517, ,000 Total underground 928, ,000 Project Total Project total 1,445, ,000 Golden Crown Project Golden Crown Open pit Inferred 136, ,000 Faugh-a-Ballagh Open pit Inferred 187, ,000 Project Total 323, ,000 Combined Total 1,768, ,000 Note: Lamboo Project Resource Estimate reported at 0.6g/t Au cut-off grade for potential open pit material and 3.0g/t Au cut-off grade for potential underground material. Golden Crown Project Resource Estimate reported at 1.0g/t Au cut-off grade. Figures may not add due to rounding. Competent Persons statement The information in this announcement that relates to Lamboo Project and Mineral Resources and Exploration Targets is based on information compiled by Mr Ian Glacken, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Glacken is a full time employee of Optiro Pty Ltd where he holds the title of Principal Consultant. Mr Glacken has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Glacken consents to the inclusion in this table of the matters based on his information in the form and context in which it appears. Page 10

11 The information in this table that relates to Golden Crown and Faugh-a-Ballagh Mineral Resources is based on information compiled by Mr Aaron Green, who is a Member of the Australian Institute of Geoscientists (AIG). Mr Green is a full time employee of Runge Limited where he holds the title of Operations Manager WA. Mr Green has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Green consents to the inclusion in this table of the matters based on his information in the form and context in which it appears. The information in this table that relates to Ore Reserves is based on information compiled by Mr Glen Carthew who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Carthew is a full time employee of AMC Consultants Pty Ltd. Mr Carthew has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Carthew consents to the inclusion in this table of the matters based on his information in the form and context in which it appears. The information in this announcement that relates to Exploration Results is based on information compiled by Mark Csar, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mark Csar is a full-time employee of the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mark Csar consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Page 11

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