ASX Announcement

22 July 2013

RESIGNATION OF NON - EXECUTIVE DIRECTOR Directors David Frecker Independent Chairman and Non-Executive Director Lee Spencer

Non-Executive Director

Louis Rozman

Non-Executive Director

Mark Stowell Independent Non- Executive Director

ASX Code: KGD

126.3 million ordinary shares

6.2 million unlisted options

Sydney - 22 July 2013 - Kula Limited Ltd. (ASX:KGD)

Kula Gold Limited (Kula Gold or the Company) today announces that Mr John Watkins has resigned as a Non-Executive Director of the Company, due to other business commitments. Prior to the recent management changes, announced on 2 July 2013, Mr Watkins was the CFO and Executive Director of the Company.

Kula Gold Chairman, Mr David Frecker stated:

"On behalf of the board, I would like to thank John for his contribution and efforts in advancing the Company's Woodlark Island Gold Project through to the Bankable Feasibility Study and permitting stage. We wish him success in his future endeavours"

"Kula Gold remains on track to gain Government approval for the Woodlark Island Gold Project and the grant of its Mining Lease in the fourth quarter of 2013, and continues to make good progress in its funding discussions" he said.

For further information, contact:

Stuart Pether David Frecker

Chief Executive Officer Chairman

Kula Gold Limited Kula Gold Limited

Tel +61 2 9262 5651 Tel +61 2 9262 5651

1

Forward Looking Statements

All statements other than statements of historical fact included in this announcement including, without limitation, statements regarding future plans and objectives of Kula Gold Limited (Kula Gold) are forward-looking statements. When used in this announcement, forward-looking statements can be identified by words such as 'may', 'could',
'believes', 'estimates', 'targets', 'expects' or 'intends' and other similar words that involve risks and uncertainties.
These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the company, its directors and management of Kula Gold, that could cause Kula Gold's actual results to differ materially from the results expressed or anticipated in these statements.
The company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. Kula Gold does not undertake to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and stock exchange listing requirements.

2

distributed by