IMAGE RESOURCES NL — Capital/Financing Update 2004

Jul 12, 2004

ASX Release 13 July 2004

ASX code: IMA

METEORIC RESOURCES TO LIST WITH MORE THAN \$5.1 MILLION

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

Joint venture associate Meteoric Resources NL has advised that its initial public offering closed on schedule and that after payment of issue expenses of approximately \$400,000 it now has funds totaling \$5.16 million.

Meteoric has been advised by the ASX that it has gained admission to the Official List (ASX code: MEI) with trading in Meteoric shares anticipated to commence in the near future.

Meteoric is farming in on eight of Image's exploration projects, focusing on the Warrego North copper-gold project near Tennant Creek and on gold targets at the Wilthorpe, Jarbora Hill and Bullfinch projects in Western Australia.

Image holds 4.2 million fully paid shares in Meteoric representing 10.3% of the issued capital of that company.

Meteoric has commenced detailed gravity and ground magnetic surveys over several target areas at Warrego North, with drilling anticipated to start in the September quarter. Meteoric is also scheduled to commence a 10,000m drilling programme at Wilthorpe, Jarbora Hill and Bullfinch in early August as part of an active first year exploration programme.

For more information on the company visit www.imageres.com.au

Please direct enquiries to: Roger Thomson Managing Director Phone (08) 9485 2410 Mob 0419 969 183

George Sakalidis Executive Director - Exploration Phone (08) 9485 2410 Mob 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.

IMAGE RESOURCES NL