IMAGE RESOURCES NL — Capital/Financing Update 2003

Nov 27, 2003

ASX Release 28 November 2003

ASX Code: IMA

WINDARRA NORTH NICKEL FARM OUT

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 57 083 977 579

Image Resources is pleased to announce that it has reached agreement with Western Areas NL for a joint venture agreement on Image's 100%-owned Windarra North nickel project. The project comprises five exploration licence applications totalling 557 sq km situated north and northwest of the Mt Windarra nickel deposit near Laverton in Western Australia.

Under the terms of the agreement Western Areas may earn a 60% interest in the tenements by expenditure of \$2 million within four years from the date of grant of at least three of the five tenement applications and by cash payments totalling \$60,000. Western Areas is required to spend at least \$200,000 on exploration before the right of withdrawal.

Using its aeromagnetic database and other geophysical and geological information, Image has identified three target zones which could represent extensions of the prospective Mt Windarra, South Windarra and Woodline Well ultramafic sequences below extensive alluvial cover.

The WMC-owned Windarra nickel mines (Mt Windarra and South Windarra) produced 7 million tonnes at 1.6% Ni, containing approximately113,000 tonnes of nickel metal, during the period from 1973 to 1989, confirming the high nickel prospectivity of the ultramafic rocks in this district. In addition, nickel sulphides are known to occur in the nearby Woodline Well area. There is little evidence of previous nickel exploration on the project area and upon grant of the tenements (subject to ministerial approval) the joint venture plans to start drilling for repetitions of the nickelprospective Windarra sequences in this under-explored district.

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

Please direct enquiries to: Roger Thomson Managing Director Phone (08) 9485 2410 Mobile 0419 969 183

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

The information on mineralisation contained in this report accurately reflects the information compiled by Mr Roger Thomson BSc, MAusIMM, 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 mineralisation.