Bulletin Resources is the 100% owner of the Nicolson s Gold Project located near Halls Creek in the Kimberley region of Western Australia. The project has a combined open pit and underground Mineral Resource of 1.38 million tonnes at 5.58g/t Au (for a total of 248,500 ounces) and a 120,000 tpa processing facility currently under care and maintenance. ASX Code: BNR Issued capital: 62,190,128 listed ord. shares 5,184,872 restricted ord. shares 8,250,000 unlisted options Share price at 21 December 2011: $0.115 Market capitalisation at 21 December 2011: $7.7 million Cash on hand at 30 September 2011: $5.4 million Directors: Non-Executive Chairman: Phil Retter Managing Director: Martin Phillips Executive Director Operations: Mick Fitzgerald Non-Executive Director: Steve Robinson Investor and Media Contact: Marty Phillips +61 8 9388 6921 Fergus Ross Six Degrees Investor Relations fergus@sixdegreesmedia.com.au +61 2 9230 0661 22 December 2011 Bulletin grows resource base and tenement position Bulletin has entered into an agreement with Northern Star Resources Ltd to acquire a 100% interest in Exploration Licence E80/2394 covering 17km 2 in area. E80/2394 hosts the Golden Crown and Faugh-a-Ballagh prospects with an open pit Inferred Resource of 323,000 tonnes at 3.2 g/t Au containing 33,600 ounces of gold. The tenement is located within 80km of the Nicolson s processing facility which can be readily accessed along established roads. Bulletin has also entered into a 3 year contractual licence with a private group to explore an adjoining Exploration Licence application (E80/4599) when granted, covering 231km 2 of prospective stratigraphy in the historic Halls Creek goldfield. Bulletin has also been granted an option to acquire a 100% interest in the tenement. Both acquisitions offer excellent exploration upside, being located along recognised gold mineralised trends. Bulletin s Managing Director, Martin Phillips noted that these acquisitions are consistent with Bulletin s business plan of acquiring advanced gold assets within trucking distance of the Nicolson s project. Mr Phillips commented: The Golden Crown and Faugh-a-Ballagh resource not only hosts potential for commercial quantities of shallow, high grade gold mineralisation, but also has good potential for additional discoveries along the lightly explored host stratigraphy that has been mapped over 12km within the tenement. Martin Phillips Managing Director
Bulletin Resources Limited (ASX: BNR) ( Bulletin ) is pleased to announce that it is has entered into two separate agreements: to acquire a 100% interest in Exploration Licence E80/2394 located south east of Halls Creek (Figure 1). a 3 year contractual licence to explore Exploration Licence application E80/4599 when granted, with an option to acquire a 100% interest in the tenement (Figure 1). Figure 1: Location of tenement acquisitions within the Halls Creek goldfield Page 2
Golden Crown E80/2394 Bulletin has entered into an agreement with Northern Star Resources Ltd (ASX:NST) to acquire a 100% interest in granted Exploration Licence E80/2394 covering an area of 17km 2 approximately 25km south east of Halls Creek (Figure 1). The tenement is located to the immediate north-east of the largest known gold deposit within the Halls Creek goldfield at Palm Springs, where over 50,000oz of gold was produced from an open pit operation in the 1990s. Figure 2: Geology and prospect map for E80/2394 Page 3
Limited historical gold production has been recorded from within the tenement, with 1,100oz Au reported from Golden Crown and minor production from Faugh-a-Ballagh, Lady Margaret, Long Shot and some small unnamed workings. The gold mineralisation is related to quartz stockwork veining within a pervasive syenite sill that is known to extend some 12km within the tightly folded stratigraphy. Since 1996, a total of 72 RC drill holes and 4 diamond drill holes (for a total of 1,965m) have been completed by various explorers at the Golden Crown and Faugh-a-Ballagh deposits. The majority of holes were drilled along 20 to 40m section spacings. Plan views of the drilling and resource model wireframe for Golden Crown and Faugh-a-Ballagh are shown in Figures 3 and 4. Figure 3: Plan view of Golden Crown resource model wireframes showing all drilling Page 4
Figure 4: Plan view of Faugh-a-Ballagh resource model wireframes showing all drilling A Mineral Resource estimate for the Golden Crown and Faugh-a-Ballagh deposits was completed in 2007. The combined open pit Inferred Resource above a 1g/t Au cut-off was reported as 323,000 tonnes at 3.2g/t Au for 33,600 ounces of gold. The vertical extent of both resources is approximately 100m below surface. Table 1: Golden Crown and Faugh-a-Ballagh Mineral Resource Estimate 1 Prospect Category Tonnes Grade (g/t Au) Ounces Golden Crown Inferred 136,000 3.8 16,600 Faugh-a-Ballagh Inferred 187,000 2.8 17,000 Total 323,000 3.2 33,600 1 Refer to the Appendix for the Competent Person s Statement and the Mineral Resource estimate parameters. Graphical representations of the Golden Crown and Faugh-a-Ballagh resource model wireframes displaying significant drill intersections above 20 gram-metres are presented in Page 5
Figures 5 and 6 respectively. All drill intersections greater than 5 gram-metres are summarised in Tables 2 and 3. Figure 5: Oblique view of Golden Crown resource model wireframes showing approximate locations of drill intersections greater than 1g/t Au with significant intersections (>20 gram-metre Au) highlighted. Table 2: Golden Crown: summary of drill intersections >5 gram-metres Hole ID 1 North East mrl Azimuth Dip From To 2 Down-hole Interval 3 Grade (g/t Au) BGP004 7973607 377993 402 125-60 3.0 5.0 2.0 4.4 BGP006 7973551 377947 403 128-60 45.0 47.0 2.0 7.5 BGP008 7973367 377851 396 127-58 13.0 16.0 3.0 15.2 BGP008 7973367 377851 396 127-58 20.0 22.0 2.0 4.7 BGP011 7973163 377615 388 125-60 7.0 9.0 2.0 2.6 BGP043 7973380 377833 391 125-60 61.0 66.0 5.0 6.6 BGP057 7973632 378027 391 125-60 2.0 3.0 1.0 5.6 BGP066 7973389 377854 390 125-60 45.0 47.0 2.0 9.2 BGP067 7973347 377846 400 129-61 24.0 31.0 7.0 4.4 BGP071 7973153 377595 389 125-60 24.0 26.0 2.0 2.7 BGP074 7973519 377939 403 125-60 43.0 45.0 2.0 14.8 Page 6
Hole ID 1 North East mrl Azimuth Dip From To 2 Down-hole Interval 3 Grade (g/t Au) BGP113 7973564 377928 399 125-60 72.0 73.0 1.0 9.6 BGP114 7973456 377896 388 50-60 21.0 22.0 1.0 15.3 BGP114 7973456 377896 388 50-60 64.0 66.0 2.0 15.8 BGP115 7973389 377853 389 70-60 68.0 70.0 2.0 3.9 BGP115 7973389 377853 389 70-60 75.0 76.0 1.0 18.3 BGP116 7973313 377818 397 125-60 8.0 9.0 1.0 25.8 BGP116 7973313 377818 397 125-60 19.0 22.0 3.0 1.8 BGP117 7973359 377829 397 75-59 53.0 57.0 4.0 12.8 BGP117 7973359 377829 397 75-59 68.0 71.0 3.0 31.2 BGP118 7973411 377822 398 129-58 89.0 92.0 3.0 7.0 BGP118 7973411 377822 398 129-58 98.0 100.0 2.0 4.9 BGP121 7973330 377796 390 70-60 81.0 86.0 5.0 23.0 BGP121 7973330 377796 390 70-60 90.0 94.0 4.0 4.2 BTP002 7973560 374850 400 125-60 11.0 15.0 4.0 1.6 BTP004 7973589 374809 400 130-59 21.0 24.0 3.0 2.9 GCD005 7973368 377849 396 75-61 17.0 18.0 1.0 8.8 GCD005 7973368 377849 396 75-61 29.0 30.0 1.0 17.2 GCP006 7973407 377896 382 255-60 26.0 29.0 3.0 3.0 GCP006 7973407 377896 382 255-60 38.0 39.0 1.0 5.8 GCP032 7973354 377872 392 256-66 34.0 39.0 5.0 9.8 GCP034 7973316 377835 396 264-60 26.0 30.0 4.0 6.7 Page 7
Figure 6: Oblique view of Faugh-a-Ballagh resource model wireframes showing approximate locations of drill intersections greater than 1g/t Au with significant intersections (>20 gram-metre Au) highlighted. Page 8
Table 3: Faugh-a-Ballagh: summary of drill intersections >5 gram-metres Hole ID 1 North East mrl Azimuth Dip From To 2 Down-hole Interval 3 Grade (g/t Au) BGP019 7974183 378604 388 127-59 8.0 9.0 1.0 54.0 BGP034 7974130 378507 393 127-60 46.0 49.0 3.0 1.8 BGP035 7974143 378483 387 124-59 75.0 76.0 1.0 5.9 BGP038 7974288 378627 395 127-59 66.0 68.0 2.0 7.9 BGP045 7974107 378506 388 131-62 14.0 17.0 3.0 85.3 BGP045 7974107 378506 388 131-62 33.0 35.0 2.0 2.7 BGP046 7974121 378485 387 127-60 65.0 67.0 2.0 14.3 BGP046 7974121 378485 387 127-60 72.0 73.0 1.0 6.9 BGP047 7974129 378544 394 125-60 36.0 37.0 1.0 9.5 BGP049 7974172 378585 389 124-60 5.0 6.0 1.0 5.8 BGP077 7974104 378472 384 125-60 87.0 90.0 3.0 2.9 BGP083 7974365 376127 400 35-60 34.0 35.0 1.0 5.0 BGP094 7974134 378463 381 126-61 89.0 90.0 1.0 11.0 BGP098 7974315 378590 391 125-60 123.0 129.0 6.0 13.6 BGP099 7974279 378597 396 126-59 101.0 106.0 5.0 4.9 BGP100 7974225 378579 393 131-56 65.0 67.0 2.0 2.8 BGP102 7974125 378483 387 76-56 2.0 4.0 2.0 14.2 BGP103 7974113 378499 388 128-59 33.0 35.0 2.0 11.8 BGP105 7974105 378472 384 77-58 80.0 85.0 5.0 2.7 BGP106 7974095 378485 384 125-60 54.0 56.0 2.0 3.6 GCD010 7974107 378503 388 130-60 23.0 23.8 0.8 521.1 GCD011 7974317 378588 391 124-60 126.6 128.0 1.4 15.1 GCP012 7974140 378570 391 274-61 5.0 7.0 2.0 3.3 GCP012 7974140 378570 391 274-61 51.0 52.0 1.0 8.2 GCP012 7974140 378570 391 274-61 86.0 89.0 3.0 5.3 GCP012 7974140 378570 391 274-61 97.0 99.0 2.0 13.0 GCP013 7974161 378583 390 273-62 20.0 21.0 1.0 23.0 GCP013 7974161 378583 390 273-62 49.0 50.0 1.0 7.9 GCP014 7974211 378622 392 237-60 52.0 54.0 2.0 2.7 GCP015 7974241 378645 396 234-59 25.0 29.0 4.0 3.7 GCP016 7974270 378671 401 235-60 53.0 54.0 1.0 14.9 GCP016 7974270 378671 401 235-60 71.0 72.0 1.0 7.0 GCP017 7974303 378695 400 235-62 12.0 14.0 2.0 93.1 GCP027 7974303 378695 400 187-60 23.0 24.0 1.0 9.9 Notes to Tables 2 and 3: 1. True intersection widths in these holes are estimated to be 30 80% of the indicated down-hole widths. Holes with prefix GC are generally oriented perpendicular to the strike of the quartz veins and true intersection widths will be at the higher end of the range. Holes with BGP prefix were generally drilled at a lower angle to mineralised quartz veins and true intersection widths will be at the lower end of the range. Holes with prefix GCD are diamond drill holes. 2. Down hole intervals are compiled using a 1.0 g/t Au lower cut with a maximum of 1m of < 1.0 g/t Au internal dilution. 3. Samples were assayed for Au by Fire Assay with an atomic absorption spectrometry (AAS) finish Page 9
Bulletin intends completing a detailed review of the project database, including a structural study to gain a better understanding of the controls to the high grade mineralisation, in advance of further drilling to evaluate the partially tested host syenite sill for additional shallow open pit mineralisation and high grade extensions at depth. Narrow, gold bearing quartz veins have been intersected in wide-spaced drilling between the two deposits indicating good potential along strike. Completion of the tenement acquisition from Northern Star Resources is subject to the completion of acceptable due diligence and the satisfaction or waiving of several conditions precedent regarding third party agreements on the tenement within 60 days. At Completion, the purchase consideration of $200,000 will be satisfied by the issue of shares in Bulletin. The issue price of the shares will be determined as the volume weighted average price calculated over the 10 trading days on which sales were recorded on the ASX preceding the Completion Date. The shares will be held in escrow for 12 months. A 1% net smelter return will be payable to a third party on the sale of any minerals from the tenement. E80/4599 Bulletin has entered into a 3 year contractual licence with a private group to explore Exploration Licence application E80/4599 (Figure 1) when granted. Bulletin has also been granted an option to acquire a 100% interest in E80/4599. There are a number of historic gold workings within the tenement along the mineralised trends extending south from Palm Springs and within the historic Mary River goldfield (see Figure 1). As part of the acquisition, Bulletin paid $5,000 upon signing of the agreement, and will pay a further $10,000 in cash upon grant of the tenement. Bulletin has been granted the contractual right to explore on the tenement for a period of 3 years from the date of grant and Bulletin will maintain the tenement in good standing by meeting the minimum expenditure commitments, all outgoings and complying with all statutory reporting commitments. On the date Bulletin elects to exercise the option to acquire the tenement (being no more than three years after the grant date), Bulletin must issue shares in Bulletin to the value of $100,000. These shares will be issued at the volume weighted average price calculated over the last 10 trading days preceding the Completion Date and will be held in escrow for 12 months. Page 10
APPENDIX Golden Crown and Faugh-a-Ballagh Mineral Resource estimate parameters The resource estimate was completed in 2007 by Resource Evaluations Pty Ltd on data provided by Northern Star Resources, using the following parameters: The Golden Crown/Faugh-a-Ballagh resource area has a combined total of 660m lateral strike extent from 7,973,300mN to 7,973,600mN for Golden Crown and 7,974,060mN to 7,974,290mN for Faugh-a-Ballagh. The vertical extent of the resource for Golden Crown is 100m from surface at 400mRL to 300mRL and for Faugh-a-Ballagh 100m from surface at 375mRL to 275mRL. Total drill holes used in the resource estimate included 72 surface RC holes, and 4 surface diamond holes for a total of 1,965m of drilling. The majority of holes were drilled at 20-40m section spacings throughout the deposits and orientated at 60 at a bearing of 125 o, however several holes are orientated in different directions. RC and diamond drilling was used in the resource estimate with samples being collected at even 1m intervals. Half core samples were taken from core drilling using a diamond saw and RC samples were collected via a riffle splitter. Samples were assayed for Au by Fire Assay with an atomic absorption spectrometry (AAS) finish. The majority of drillhole collars have been accurately surveyed by licensed surveyors and transformed to grid. Two holes remain to be surveyed. Wireframes were constructed using cross sectional interpretations based on geological contacts and a nominal 0.3g/t Au cut-off grade. Samples within the wireframes were composited to even 1.0m intervals for both Golden Crown and Faugh-a-Ballagh. A range of high grade cuts from 40g/t to 100g/t were applied to Au values based on statistical analysis. A Surpac block model was used for the estimate with a block size of 10m NS x 5m EW x 10m vertical with sub-cells of 2.5m x 1.25m x 2.5m. Inverse Distance Squared grade interpolation was used for both the Golden Crown and Faugh-a-Ballagh deposits with an oriented search ellipse based on individual lode geometry. An ellipsoid search method was used. No bulk density determinations were available from the deposits. Information provided by Northern Star Resources suggested that the weathering profile is very shallow and a bulk density of 2.7t/m 3 was assumed for both deposits. No QAQC data was provided. The Mineral Resource was classified as Inferred due to the drill density and the poor understanding of the controls of mineralisation within the deposits. Page 11
Competent Persons statement The information in this report 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 report that relates to Golden Crown and Faugh-a-Ballagh Exploration Results is based on information compiled by Jason Boladeras, who is a Member of the Australian Institute of Geoscientists (AIG) and Exploration Manager and casual employee of Northern Star Resources Ltd. Mr Boladeras 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 Boladeras consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Page 12
About Bulletin Resources Bulletin Resources holds a 100% interest in the Nicolson s Gold project which comprises a contiguous mineral tenement holding covering approximately 70km 2 in the Kimberley Region of WA. The project is estimated to host an Indicated Resource of 737,800 tonnes at 5.55g/t Au for approximately 131,700 ounces of gold and an Inferred Resource of 647,000 tonnes at 5.61g/t Au for approximately 116,800 ounces of gold (total of 1.38 million tonnes at 5.58g/t Au for 248,500oz Au). Also located on the project is a 120,000 tpa processing facility currently under care and maintenance. The principal objective of the company is to advance the project to the stage of decision to mine. Prospect Category Tonnes Grade (g/t Au) Ounces Nicolson s Open pit Indicated 520,800 5.70 95,400 Open pit Inferred 37,300 2.74 3,300 Total open pit 558,100 5.50 98,700 Underground Indicated 131,900 5.56 23,600 Underground Inferred 474,700 6.04 92,200 Total underground 606,600 5.94 115,800 Nicolson s total 1,164,700 5.73 214,500 Rowdies Open pit Indicated 59,000 3.81 7,200 Open pit Inferred 29,200 2.48 2,300 Total open pit 88,200 3.37 9,600 Underground Indicated 9,400 4.68 1,400 Underground Inferred 2,900 4.12 400 Total underground 12,300 4.55 1,800 Rowdies total 100,500 3.51 11,300 Wagtail area Open pit Indicated 16,700 7.56 4,000 Open pit Inferred 73,600 5.36 12,700 Total open pit 90,300 5.76 16,700 Underground Indicated - - - Underground Inferred 29,300 6.27 5,900 Total underground 29,300 6.27 5,900 Wagtail area total 119,500 5.89 22,600 Total Total open pit 736,600 5.28 125,000 Total underground 648,200 5.92 123,500 Project total 1,384,800 5.58 248,500 Page 13
Competent Persons statement The information in this table that relates to Nicolson s Gold project Mineral Resources is based on information compiled by Mr Ian Glacken, who is a Fellow of the AusIMM. 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. The information in this report that relates to Exploration Results is based on information compiled by Mark Csar, who is a Fellow of The AusIMM. 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 14