IMAGE RESOURCES NL — Capital/Financing Update 2003

Jul 28, 2003

Jubilee Mines NL

ANNOUNCEMENT

JUBILEE ENTERS INTO NEW JOINT VENTURE

Jubilee Mines NL is pleased to announce that the company's wholly-owned subsidiary, Sir Samuel Mines NL, has entered into a Joint Venture on the Emu Lake project with Image Resources NL (Image) and a private company Skryne Hill Pty Ltd (Skryne). The project comprises two Exploration Licences which are located about 70km northeast of Kalgoorlie and 30km east of the Silver Swan – Black Swan nickel mine.

Under the terms of the agreement Sir Samuel will manage all work on the project, and earn a 60% interest in the tenements by payment of \$100,000 cash, whilst sole funding exploration and committing to the completion a bankable feasibility study by December 2008. Image and Skryne will retain a 30% interest and 10% interest respectively, free carried to completion of the feasibility study.

The project area covers 54 sq km and contains approximately 10km strike length of ultramafics known to be prospective for nickel sulphide mineralisation. Work by explorers in the 1970's located several gossans containing elevated values of nickel, copper and PGE pathfinders. Subsequent drilling intersected significant widths of low grade disseminated nickel sulphide mineralisation.

More recent exploration by Outokumpu – MPI returned high grade nickel sulphide intercepts from RC and diamond core drilling. These include $0.3m$ $\omega$ 7.55% Ni (ELD5: 256.4 – 256.7m), 0.17m @ 7.08% Ni (ELD5: 277.06 – 277.23m), and 1.0m $\omega$ 2.28% Ni (ELRC10: 192.0 – 193.0). These intercepts confirm that the ultramafic units contained within the project area are prospective for high grade nickel sulphides. In addition, several other zones of anomalous geochemistry indicative of nickel sulphide mineralisation have been identified in weathered ultramafics.

Jubilee intends to commence exploration immediately, with surface geological mapping and sampling, geophysical surveys and drilling currently being planned.

The details contained in this report have been compiled by Mr Tony Rovira (General Manager -Exploration, Jubilee Mines NL), who is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM) with 20 years of experience in the mining industry. Mr Rovira has relevant experience in relation to the mineralisation being reported on and qualifies as a Competent Person as defined in the Joint Ore Reserves Committee (JORC) of the AusIMM.