IMAGE RESOURCES NL — Capital/Financing Update 2002

Nov 26, 2002

IMAGE RESOURCES NL

ASX Release 27 November 2002

Exploration Update, November 2002

2^nd 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

PROPOSED DRILLING AT JARBORA HILL GOLD AND EMU LAKE NICKEL PROJECTS GROUND FOLLOW-UP AT TENNANT CREEK

Jarbora Hill (Image 100%)

A 2,500m RAB drilling programme is scheduled to start in the next week on Image Resources' Jarbora Hill gold project. This 61 sq km project is situated at the northern end of the Tallering Archean greenstone belt in the Murchison region of Western Australia. The project lies some 20km along strike from the Snake Well project of Giralia Resources and Mt Isa Mines where significant gold and base metal drill intersections have recently been reported.

Geochemical surveys over a complex fold structure, interpreted from aeromagnetic data to occur within the greenstone sequence, has outlined three coincident gold arsenic anomalies grouped within a 1.5km x 1km area. The aggregate strike length of the anomalies totals 1.5km, with peak values up to 134ppb gold compared to a background of less than 5ppb gold. Anomalous copper and lead values occur at two of the anomalies. The drilling is designed to carry out a first pass test of the anomalies and coincident structures interpreted from aeromagnetics.

Emu Lake (Image acquiring 90%)

As recently reported, Image Resources has reached agreement in principle to acquire a 90% interest in the Emu Lake nickel project situated 70 km north east of Kalgoorlie in the Eastern Goldfields region of WA. The project covers approximately 8km of strike of prospective ultramafic rocks on which drilling has intersected high-grade nickel sulphides, with a best intersection of 0.3 m at 7.55% Ni.

To date drilling has been focused on a 1km strike length of ultramafic contact in the vicinity of the original nickel gossan discoveries.

Following completion of legal documentation it is proposed to RC drill a strong off-hole conductor identified by down-hole electromagnetic surveys in the area of the known mineralization. The conductor is situated 130m below surface, with vectors from three adjacent drill holes. Other nearby off-hole conductors are being examined as possible drill targets.

In addition to the RC drilling a 2,000m RAB drilling programme is proposed on the under-explored ultramafic contact along strike from the known mineralization where detailed aeromagnetics indicate that the ultramafics extend below cover for 5km. The aeromagnetics indicate a number of irregularities and possible embayments along the favourable ultramafic contact which have the potential to host nickel sulphides. Subiect to rig availability, these drilling programmes are scheduled to commence in early December 2002.

Murchison Range (Image 100%)

Acquisition and interpretation of aeromagnetic data in the Tennant Creek region of the Northern Territory has confirmed the identification of several magnetic anomalies on the Murchison Range exploration licence.

Comparison with the aeromagnetics of the Tennant Creek goldfield, situated 90 km to the north est, indicates similarities between these anomalies and the magnetic character and setting of the high-grade ironstone-hosted Tennant Creek gold-copper deposits. The Murchison Range project area is interpreted to be underlain by the Proterozoic-aged Warramunga Group sediments similar to those hosting the Tennant Creek deposits. The largest of the anomalies extends for 3km in length in an area of extensive surficial cover. Ground magnetics and gravity surveys are planned to gather further information on the most prospective anomalies and to model the likely depth of these targets in preparation for drill testing.

These proposed new programmes reflect Image Resources' commitment to actively explore its large portfolio of projects in its quest to add shareholder value.

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

Please direct enquiries to: l
Roger Thomson.	George Sakalidis
Managing Director	Executive Director - Exploration
Phone (08) 9485 2410	Phone (08) 9324 2810

The information on mineralization contained in this report accurately reflects the information compiled by Mr Roger Thomson, B.Sc. M. Aus IMM, who is a competent person (as defined by the Australasian Code of Reporting of Identified Mineral Resources and Ore Reserves) with relevant experience in relation to such mineralization.