EVOLUTION MINING LIMITED — Regulatory Filings 2004

Mar 4, 2004

ASX Release 5 March 2004 ASX code: IMA

^d Floor, 35 Outram St West Perth WA 6005 PO Box 644 West Perth WA 6872 Telephone 08 9485 2410 Facsimile 08 9485 2840 info@imageres.com.au www.imageres.com.au

ABN 57 063 977 579

BONUS ISSUE FROM COPPER-GOLD IPO. METEORIC RESOURCES NL

Image Resources has, subject to shareholder approval, agreed to farm out eight of its gold and copper-gold projects to its wholly owned subsidiary, Meteoric Resources NL (ACN 107 985 651) and to assist Meteoric to list on the ASX. It is envisaged that the transaction with Meteoric will add value for Image shareholders, accelerate exploration on some of Image's under-rated projects and in turn allow Image to focus on its core business. Image previously floated its subsidiary Magnetic Minerals, a successful mineral sands explorer which added significant value for Image shareholders.

It is proposed that Meteoric will issue approximately 5.5 million fully paid ordinary shares to Image shareholders in a 1 for 10 bonus issue. 4.2 million shares to Image Resources NL and 8.25 million contributing shares (20 cents unpaid) to Image shareholders in a 3 for 20 bonus issue. Meteoric plans an April/May 2004 initial public offering (IPO) to raise \$4 million by the issue of 20 million fully paid 20 cent shares. Together with seed capital already subscribed, this will bring the total issued capital of Meteoric to about 34.7 million shares plus 14.75 million contributing shares (20 cents unpaid). If Meteoric is admitted to the ASX, application for quotation of contributing shares will not be made within the first 12 months The record date for holders of Image shares to receive the Meteoric entitlement will be thereafter. announced.

It is intended that Meteoric will farm into a portfolio of prospective gold and copper-gold projects comprising the Warrego North and Murchison Range projects in the Northern Territory and the Wilthorpe, Ruby Well. Jarbora Hill, Ularring, Bullfinch and Junction Lake projects in Western Australia. Image holds a 100% interest in these projects with the exception of Wilthorpe and Bullfinch where Image holds a 90% interest and Ruby Well where it holds a 60% interest.

Under the terms of the joint venture Meteoric will, subject to successful listing on the ASX, pay Image \$200,000 cash and spend \$1 million within two years of listing to earn 80% of Image's interest. Meteoric is obligated to spend a minimum of \$0.5 million in the first year and may increase its interest to 100% of Image's interest by spending a further \$1 million over three years, with Image retaining a 1% gross royalty interest on all minerals and metals. In the event that Image wishes to farm out additional projects, Meteoric will be entitled to a short preference period to negotiate commercially acceptable joint venture terms, thus providing it with a potential source of new opportunities and new projects generated from Image's extensive aeromagnetic database.

The Image board is confident that this arrangement will allow Image to focus on its nickel joint ventures with Jubilee Mines and Western Areas, other joint ventures with Troy Resources and Westonia Mines and on generating and identifying new projects and opportunities while providing its shareholders with exposure to increased exploration activity through Meteoric Resources.

The recently announced high-grade nickel intersections of 2m @ 6.2% Ni, 1.8% Cu and 2m @ 2.6% Ni, 1.0% Cu at Emu Lake highlight the success of Image's ongoing nickel projects.

For more information on the company visit www.imageres.com.au

Please direct enquiries to:

Roger Thomson Managing Director Phone (08) 9485 2410 Moh 0419 969 183

George Sakalidis Executive Director - Exploration Phone (08) 9485 2410 Mob 0411 640 337