Cullinan Metals Corp. announced that it has signed non-binding letters of intent (the "LOI"), with two vendors ("Vendors" or individually, "Vendor One" and "Vendor Two") to acquire a 100% interest in and to a series of highly prospective lithium mineral properties (the "Properties") located in Northwestern Ontario. The Flower Falls, Dory - Aerial Lake, West Haig, East Haig, and Flash Lake properties are located in a lithium- favorable geological setting in the vicinity of the Georgia Lake, Mavis Lake, Separation Rapids and GT1's Root Lake properties in Northwestern Ontario where lithium prospects and deposits have been discovered.

Geologically, the properties are hosted within metasediments of the English River Subprovince between two muscovite-bearing peraluminous granites. Lithium has been the primary mineral of economic interest in this area and the lithium mineralization style is dominantly hosted within spodumene-bearing pegmatite dykes and sills. The pegmatites of the area seem to be of magmatic origin and are generated by the progressive crystallization of granitic magma.

They usually appear as loosely tabular dykes and sills, attenuated lenses, and small irregular- shaped bodies. Metasediments make excellent hosts for lithium-bearing pegmatites. The deposit model for the area indicates that rare-element lithium-cesium-tantalum (Li, Cs, Ta) pegmatites can fractionate up to 10km away from their parent granite (Breaks et al., 2003).

Lilypad is directly adjacent to significant Ta Cs Rb mineralization. The closest significant mineralized outcrop on Lillypad is the JJ Dyke in adjacent property to the SE. Near the southwest edge of the property, on OGS map 992 are some small outcrops that are noted to be pegmatites.

No previous drill holes or geochemistry was found in the project area. Very minimal work has been done on these projects. The lake sediment sampling data collected by the Ontario Geological Survey indicates that the English River Subprovince is host to lithium, yet it is vastly unexplored for LCT-pegmatites.

Lake sediment lithium sample results suggest the muscovite-bearing granite is fractionating towards the northeast. Pursuant to the terms of the LOIs, the Company was granted the right to conduct a full due diligence investigation on the Properties. This includes the right to visit the Properties and to conduct preliminary sampling and exploration work to the extent permitted by applicable mining laws.

Upon discovery of spodumene mineralization on any of the Properties (the "Discovery"), the relevant Vendor and the Company will execute either: a) An assignment and assumption agreement (the "Option Agreement") pursuant to which the Vendor will assign to the Company all rights and interests to the property purchase options agreements; and/or b) A property purchase agreement (the "Purchase Agreement") pursuant to which the Vendor will grant all rights and interests in and to the Properties to Cullinan. The considerations for the Option Agreement and/or Purchase Agreement will be negotiated between the Vendor and Cullinan immediately after the Discovery.