IMAGE RESOURCES NL — Capital/Financing Update 2003

Nov 10, 2003

ASX Release 11 November 2003

ASX Code: IMA

2^td 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

Image Resources is pleased to announce that it is acquiring a 100% interest in a substantial new ground position in the emerging Forrestania nickel district of Western Australia

NEW FORRESTANIA GROUND ACQUISITION

The tenement package comprises two exploration licence applications totalling 300 square kilometres situated west and south of the Flying Fox-Day Break nickel trend. The northern end of the tenements is situated 5 kilometres west of the Flying Fox nickel deposit and extends for a further 60 kilometres to the south. These new applications augment Image's existing 500-square kilometre land holding in the Forrestania-Emily Ann area about 40 kilometres to the north east

Using its aeromagnetic database and other geophysical information, Image has identified several target zones below sand cover which could represent metamorphosed ultramafic rocks prospective for nickel sulphides. In addition, Image has identified a north-south trending gravity ridge some 40 kilometres in length which may represent an extension to the Forrestania greenstone belt and thus provide further nickel exploration targets.

Upon grant of the tenements (subject to ministerial approval) Image intends to carry out geophysical surveys to test these extensive target areas.

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.