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1 18 May 2012 ASX Limited Electronic Lodgment ASX Code: BAB ASSAY RESULTS RECEIVED FROM REGIONAL EXPLORATION DRILLING Bullabulling Gold Limited is pleased to announce that final assay results have been received for a regional exploration drilling program carried out earlier in the year. The latest results confirm potential to further expand the 3.2 million ounce resource base at the Company s wholly owned Bullabulling Gold Project. Highlights from the recent drilling campaign include: Gibraltar 24 RC holes completed totalling 4,896 metres Significant intercepts include 13m at 2.87g/t Au, 3m at 6.82g/t Au and 11m at 2.44g/t Au The latest results confirm and extend previously reported high grade mineralisation Most of the new intersections lie outside the current resource model An updated resource estimate is being prepared Geko Preliminary drill testing at Geko totalling 694 metres in 5 RC holes was completed Significant intercepts include 14m at 2.02g/t Au, 7m at 2.07g/t Au and 14m at 2.21g/t Au The results confirm historic drill intercepts and indicate that mineralisation extends beyond the limits of the historic resource Data is being reviewed to determine requirements for estimation of a new JORC compliant resource Regional Exploration Regional scout drilling totalling 2,659 metres in 23 RC holes has been completed New mineralisation was intersected at the Rhea Project, 10km south of Bullabulling The discovery of mineralisation at Rhea increases the prospectivity of the southern Bullabulling tenements Managing Director, Brett Lambert, commented: We are very pleased with the grades delivered from Gibraltar and Geko and the potential for further resource growth that has been identified by the latest drilling. Both projects are now being evaluated for possible inclusion in Bullabulling Gold Project pre feasibility study that is currently underway. Full details of the completed drilling program and significant assay results follow.

2 Gibraltar Project All assays have now been received for 24 reverse circulation (RC) holes totaling 4,986 metres drilled on the regional Gibraltar trend earlier in the year (Figure 1; Table 1). The high grade mineralisation at depth reported previously has been confirmed and expanded. Significant intercepts, at a 0.5 g/t Au cut off, included: 3 metres at 6.82g/t Au from 163 metres in BJ metres at 3.88g/t Au from 66 metres in BJ metres at 2.87g/t Au from 166 metres in BJ metres at 2.44g/t Au from 196 metres in BJ metres at 2.02g/t Au from 182 metres in BJ5289 and 2 metres at 3.16g/t Au from 160 metres in BJ5287 The new assay results have been modeled in 3D, including an interpretation of geology and structure. Results from the modeling confirm the presence of a zone of mineralisation that is 400 metres in strike length and around 20 metres thick on section. The mineralisation remains open down dip, mainly to the south west. A new resource estimate is being prepared for Gibraltar that is expected to expand the current Inferred Resource of 4.5 million tonnes at 1.12 g/t Au for 161,900 ounces of gold, as most of the new intersections lie outside the current resource model. Importantly, the drilling has continued to confirm that higher grade gold mineralisation is present at Gibraltar. The updated Gibraltar resource will be evaluated for inclusion into the Bullabulling Gold Project pre feasibility study and has potential to enhance the project by extending mine life and providing higher grade mill feed early in the production schedule. Geko Project Bullabulling Gold Limited holds an option to acquire a 100% interest in the Geko Gold project, which is situated 17 kilometres north of the Bullabulling Gold Project (Figure 2). The project contains a gold deposit defined by drilling carried out in the 1990 s, which is located entirely within one granted Mining Lease (M15/615). The Geko gold deposit is hosted by mafic rock altered to sericite quartz biotite hornblende schist directly overlying an ultramafic sequence and is 50 metres wide and 500 metres long with a steep dip to the south east down to a depth of 180 metres. Deep weathering has produced a laterite profile to approximately 80 metres depth and includes supergene enrichment zones. The shear zone containing the mineralisation is generally bounded at its footwall by a mafic/ultramafic contact. Gold dispersion and enrichment occurs in a series of sub horizontal alteration and weathering zones, from the transition zone above the fresh rock through saprolite and mottled zone to leached material. An enriched palaeochannel lies directly above the mineralised zones and is overlain by Quaternary soils, ferricretes and silcretes. Only 25% of the tenement has been tested effectively by drilling and like Bullabulling the gold mineralisation is associated with a regional scale fold, which has not been tested along and down plunge of the fold axis.

3 An exploration drilling program has been completed at the Geko project to test historic results as part of the option data review. The drilling was also planned to test for mineralisation outside the historic resource estimate to assess the potential to expand the resource with additional exploration. The drilling program consisted of five drill holes totaling 694 metres. Results have been returned for all holes at Geko and, at a 0.5 g/t Au cutoff, include: 2 metres at 3.11g/t Au from 116 metres in GE metres at 2.02g/t Au from 44 metres in GE metres at 2.07g/t Au from 59 metres in GE0002 and 14 metres at 2.21g/t Au from 141 metres in GE0005 The latest drilling has confirmed historic drill results, with similar grades intersected. The results from GE0005 also confirm that mineralisation extends outside the historic resource estimate. Currently available data is being reviewed to determine requirements for the preparation of a JORC compliant resource estimate using the historic and new drill results. This may include further drilling for quality assurance purposes and or testing for potential resource extensions. The incorporation of Geko into the Bullabulling pre feasibility study will be assessed and like Gibraltar, this project has potential to extend mine life and increase mill feed grade early in the project. Regional Exploration Drilling Results A number of regional soil anomalies were drilled as part of the recently completed exploration drilling program. A total of 23 scout drill holes were completed for 2,659 metres, focused on the area south of Bullabulling between Gryphon and Kraken prospects and also on E 15/1263 south along strike of the Bullabulling Trend. Better results received include 5 metres at 2.10 g/t Au from 75 metres in BJ1017 from the Edwards prospect and 5 metres at 0.40 g/t Au from 48 metres, including 1 metre at 1.49 g/t Au from 52 metres in BJ3171 from the Rhea prospect on E 15/1263. The gold occurs in mafic schist, not previously recognised, surrounded by pegmatite and constitutes a new discovery. Results to date from the exploration work to the south of Bullabulling have increased the prospectivity of the area, increasing the probability of finding new resources that may extend the Bullabulling Gold Project mine life. Further exploration in the near term will be restricted to advanced projects or targets that have well defined potential to contribute to the development of the Bullabulling Gold Project.

4 Table 1: Complete list of drill holes from the recent exploration drilling program Hole Prospect Easting Northing RL Dip Azimuth Length BJ1017 ED BJ1020 ED BJ1036 GY BJ1051 GY BJ1064 GY BJ1143 GY BJ3164 RH BJ3165 RH BJ3167 RH BJ3169 RH BJ3171 RH BJ3173 RH BJ3222 RH BJ3223 RH BJ3224 RH BJ3225 RH BJ5009 GB BJ5010 GB BJ5016 GB BJ5018 GB BJ5019 GB BJ5022 GB BJ5040 GB BJ5042 GB BJ5062 GB BJ5063 GB BJ5066 GB BJ5067 GB BJ5068 GB BJ5069 GB BJ5077 GB BJ5082 GB BJ5084 GB BJ5087 GB BJ5098 GB BJ5107 GB BJ5287 GB BJ5289 GB BJ5292 GB BJ5295 GB

5 Hole Prospect Easting Northing RL Dip Azimuth Length BJ5303 GB BWX001 RH BWX003 RH BWX004 RH BWX005 RH BWX006 RH BWX007 RH BWX008 GY BWX009 BC GE0001 GK GE0002 GK GE0003 GK GE0004 GK GE0005 GK Table 2: Summary of significant intercepts at a 0.5 g/t Au cutoff Hole Prospect From To Width Au G/t BJ1017 Edwards BJ5009 Gibraltar BJ5016 Gibraltar BJ5063 Gibraltar BJ5063 Gibraltar BJ5066 Gibraltar BJ5067 Gibraltar BJ5068 Gibraltar BJ5087 Gibraltar BJ5287 Gibraltar BJ5289 Gibraltar BJ5289 Gibraltar BJ5292 Gibraltar BWX009 Water GE0002 Geko GE0003 Geko GE0003 Geko GE0003 Geko GE0005 Geko GE0005 Geko

6 For personal use only Figure 1. Location of the recent exploration drill holes in red at the Gibraltar project in relation to historic drill holes in blue. Figure 2. Location of the Geko drilling as red dots in relation to the location of the Bullabulling project tenements

7 About Bullabulling Gold Limited Bullabulling Gold Limited listed on the Australian Securities Exchange (ASX:BAB) and London Alternative Investment Market (AIM:BGL) in March 2012 and has approximately 289 million shares on issue. The Company s primary asset is the wholly owned Bullabulling Gold Project, located near Coolgardie in Western Australia. The Bullabulling Gold Project hosts JORC compliant Mineral Resources of 3.2 million ounces comprising an Indicated Resource of 72.1 million tonnes at 0.92 g/t gold and an Inferred Resource of 30.7 million tonnes at 1.07g/t gold. Exploration has demonstrated strong potential for further expansion of the resource base. The Bullabulling resource is amenable to bulk tonnage open pit mining and conventional CIL processing has delivered high gold recoveries. The core of the project is situated on granted Mining Leases in close proximity to infrastructure. The Company is currently undertaking a pre feasibility study into the development of a large scale, low cost mining operation at Bullabulling, with first production targeted for For further information contact Brett Lambert, Managing Director, on or visit the Company s website Competent Person Statement The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based upon information compiled by Dr Jeffrey Malaihollo, who is a director of the Company and Fellow of The Australasian Institute of Mining and Metallurgy and a Fellow of the Geological Society of London. Dr Malaihollo has sufficient experience relevant to the style of mineralization and type of deposit under consideration and the activity in which he is undertaking to qualify as a Competent Person under 2004 Edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Dr Malaihollo consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.