IMAGE RESOURCES NL — Capital/Financing Update 2004

Jun 22, 2004

ASX Release 23 June 2004 ASX code: IMA

NEW CONCEPT RESULTS IN ACQUISITION OF BIG NICKEL PACKAGE AT FORRESTANIA

Floor, 35 Oufram 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 is pleased to announce that it has significantly increased its 100%-owned land holdings in the Forrestania - Emily Ann nickel district of Western Australia.

Following Image's previously announced anomalous nickel and copper intersections from its joint venture with Western Areas NL (Quarterly Report, March 2004), Image has applied for 3 exploration licences totalling 548sq km. The tenement applications cover targets identified from Image's extensive aeromagnetic database. These new tenements increase Image's landholding in the Forrestania - Emily Ann area to 1,448sq km, including 510sq km in joint venture with Western Areas, and makes Image one of the largest landholders in this emerging nickel district.

Significantly, the recent drilling of aeromagnetic targets on Image's joint venture with Western Areas intersected favourable ultramafic rocks beneath what are interpreted to be flat Iving granite sheets or sills some 20m thick. This suggests that ultramafic rocks prospective for nickel are more widespread in this area than previously thought and that careful use of geophysics can identify these ultramatics in areas previously regarded to be underlain by unprospective granite. Western Areas' nearby Flying Fox nickel deposit occurs in a similar situation below flat lying granitic rocks.

Image intends to carry out geophysical surveys to test the extensive target areas identified on this large land package.

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, MAIG 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 Tenements in the Forrestania - Emily Ann District

LEGEND

• التجيب Magnetic structures
• e. Interpreted ultramafic
• Ultramafic from drilling $\pmb{\circ}$
• Nickel resource/occurrence G
• Gold mine Ġ.
• JV area
• Image Resources tenements