IMAGE RESOURCES NL — Capital/Financing Update 2003

Jul 30, 2003

ASX Release 31 July 2003

ASX Code: IMA

TROJAN JOINT VENTURE. A MULTI-PROJECT FARMOUT

Image Resources NL is pleased to announce that it has entered into a joint venture with Troy Resources NL on a package of Image's Western Australian projects. The package comprises 560 sq km of tenements and includes 100%-owned projects at Woongaring, Adam Range and Scorpion Well and the Mt Zephyr JV where Image is earning a 75% interest.

Under the terms of the agreement Troy can earn a 60% interest in the tenements (45% in the case of the Mt Zephyr JV) by means of cash payments totalling \$75,000 and sole funding \$2 million of expenditure within five years.

It is anticipated that exploration will commence immediately on identified targets at Adam Range, 25km northeast of Laverton, and at Mt Zephyr, 55km west of Laverton. Upon grant of tenement applications, exploration will progress to Woongaring, 140km northwest of Southern Cross, where a 10km-long anomalous gold and base metal corridor has been outlined and then to Scorpion Well, 15km south of the 2M oz Darlot gold mine, where a poorly explored section of greenstone belt has been identified.

At Adam Range recent geological mapping and sampling by Image has identified sub outcropping ferruginous guartz veining with grades up to 9.5g/t Au adjacent to a 1.5km-long gold anomaly previously outlined by Image using vacuum drilling. This encouraging result confirms the excellent gold prospectivity of this area. In addition, Image has lodged an exploration licence application over an adjacent area covering a possible 3.5km extension of the gold-anomalous zone.

A recent ground magnetic survey at the Mt Zephyr JV has confirmed several pronounced magnetic features obscured by extensive colluvial cover which warrant drill testing.

Troy Resources is a successful gold miner and explorer with profitable gold mines in Western Australia and Brazil. It is expected that Troy will maintain the vigorous pace of exploration on these projects in what is regarded as a significant joint venture for Image and its stakeholders.

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.

^¤ 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.imaderes.com.au

ABN 57 063 977 579