IMAGE RESOURCES NL — Capital/Financing Update 2003

Oct 19, 2003

ASX Release 20 October 2003

ASX Code: IMA

EMU LAKE DRILLING PROGRAMME

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 NL is pleased to announce that joint venture partner Jubilee Mines NL is to commence diamond drill testing of nickel sulphide targets at its Emu Lake Joint Venture, situated 70km east of Kalgoorlie, this week. Jubilee is earning a 60% interest in the Emu Lake project, Image and private interests being free carried to completion of bankable feasibility with interests of 30% and 10% respectively.

Previous drilling at Emu Lake has returned narrow, high-grade massive nickel sulphide intersections. The area has geological similarities to the nearby Silver Swan nickel deposit.

Jubilee has identified a number of attractive targets from recent work including a surface electromagnetic geophysical survey, and the re-interpretation of existing geophysical data.

A programme of five diamond drillholes for a total of 1,650m is planned initially. testing a number of targets. One of these targets is a downhole electromagnetic (DHEM) conductor down-dip from intersections of 0.3m $\omega$ 7.55% Ni, and 0.17m @ 7.08% Ni in hole ELD5.

Drilling is expected to take three weeks, and will be followed by DHEM surveys.

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.