IMAGE RESOURCES NL — Capital/Financing Update 2003

Oct 19, 2003

Jubilee Mines N.L.

ANNOUNCEMENT

EMU LAKE DRILLING PROGRAMME

Jubilee Mines NL (ASX: JBM) is pleased to announce that it intends to commence diamond drill testing of nickel sulphide targets at its Emu Lake Joint Venture, located 70km east of Kalgoorlie, this week. Jubilee is earning a 60% interest in the Emu Lake project from joint venture partners Image Resources NL (30%) and privately owned Skryne Hill Pty Ltd (10%).

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 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 hole ELD5, which intersected 0.3m @ 7.55% Ni. and $0.17$ m @ 7.08% Ni.

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

For further information please contact:

Mr Kerry Harmanis Executive Chairman Jubilee Mines NL

20 October 2003