Cullen Resources has announced a budget of USD 2.223 million for the Mt Stuart JV for 2009-10. The JV is between Australian Premium Iron Ore Joint Venture (70%) comprising Aquila Resources (50%), AMCI (50%) and Cullen (30%).

The budget will provide for the completion of a Definitive Feasibility Study for the mining of the Catho Well Channel iron deposit, one of several CID comprising the broader West Pilbara Iron Ore Project in which APIJV has an interest. It also provides for drilling of an exploration target with potential for a further 20 million tonnes to 40 million tonnes of CID ore at the southern extension of the Catho Well deposit.

Mr Chris Ringrose MD of Cullen said that establishing a budget was a very big development in its partnership in the large scale project. He added that "The DFS is being efficiently driven by a team with excellent technical credentials and Aquila Resources has announced an important strategic cooperation agreement with Baosteel, a potential iron ore end user and project financier. We look forward to the finalization of the WPIOP DFS and the possibility of mining and selling ore from the Mt Stuart JV as part of the WPIOP."

(Sourced from www.proactiveinvestors.com.au)