IMAGE RESOURCES NL — Capital/Financing Update 2006

Nov 27, 2006

MINCOR CONCLUDES EARN-IN JOINT VENTURE AGREEMENT WITH IMAGE RESOURCES NL

Opens New Nickel Exploration Front West of Kambalda

Kambalda nickel miner Mincor Resources NL (ASX: MCR) announced today that it had concluded an earn-in and joint venture agreement with ASX-listed Image Resources NL. The deal covers a suite of ten Exploration Licences west of Mincor's Kambalda nickel mines and provides for Mincor to spend up to \$1.5 million over a maximum of five years to earn a 70% interest.

The tenements in question cover a series of magnetic anomalies, some of which Mincor believes may be related to ultramafic rocks of the type that host Kambalda-style nickel sulphide mineralization. The Image tenements compliment nearby tenement applications by Mincor, and together with Mincor's applications comprise a highly prospective package of greenfields nickel exploration ground.

Mincor said that it planned an aggressive exploration programme targeting nickel sulphide mineralization on these tenements, noting that, despite their evident prospectivity, they had undergone little or no previous exploration for nickel. The nearby presence of the old Nepean nickel mine is an indication of the nickel endowment of the area.

Mincor recently lifted its 2006/7 exploration budget to \$12 million and is conducting an active nickel exploration programme in the Kambalda area with four surface and two underground drilling rigs. The Company has also just commenced a reconnaissance drilling programme at its Lake Cowan Gold Prospect south of Higginsville in Western Australia, and has drilling programmes lined up on copper, fungsten and zinc projects in Western Australia, the Northern Territory and New South Wales.

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Released by: Jan Hope/Nicholas Read Jan Hope & Partners Tel: (08) 9388 1474

On Behalf of: Mr David Moore, Managing Director Mincor Resources NL Tel: (08) 9321 7125 www.mincor.com.au