IMAGE RESOURCES NL — Capital/Financing Update 2006

Mar 29, 2006

ASX Release 30 March 2006 ASX code: IMA

2^nd 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.imageres.com.au

ABN 57.063.977.579

GOLD, NICKEL AND URANIUM EXPLORATION UPDATE

Bronco Plains (Image 100%)

Image Resources is pleased to announce it has reached agreement with Troy Resources for a joint venture on Image's 100%-owned Bronco Plains gold project situated 140km east of Kalgoorlie. A geochemical survey carried out by Image covered targets identified from interpretation of aeromagnetic data and considered to be prospective for gold. The sampling of this soil-covered area identified several extensive gold-anomalous areas (up to 54ppb Au compared to a background of 5ppb Au). In some cases the anomalies remain open on to the adjacent Image tenement as shown in the attached map.

Under the terms of the agreement Troy may earn a 60% interest in two exploration licences (E28/1377 and E/28/1569) by sole funding \$500,000 of expenditure within five years. Troy has indicated that follow-up soil sampling is anticipated to commence within the next month.

Binti Bore (Image 100%)

Geochemical sampling on two 100%-owned exploration licences (E31/680 and E28/1510) at Binti Bore, situated 80km north-northeast of Kalgoorlie and 15km north of Image's 30%owned Emu Lake nickel sulphide project, has identified several anomalies which warrant a high priority follow-up. Soil sampling over a pronounced circular aeromagnetic feature some 500m in diameter identified a discrete, coincident Ni-Cu-Pt-Cr-Au multi-element anomaly of similar or larger diameter. Adjacent to this circular anomaly the sampling identified a broad gold anomaly (up to 10 times background) 2.5km in length and 500m in width, open to the south and with coincident low order copper anomalism.

In addition, a series of linear low-order gold anomalies have been identified elsewhere on the tenements, which may be related to mineralised shear structures. Follow-up sampling to further define these nickel and gold anomalies is in preparation.

Forrestania (Image 100%)

Image completed a 450m diamond drill hole at Forrestania, targeting a deep EM conductor interpreted to lie on the possible folded strike extension of the Flying Fox ultramafic unit and at about 350m below surface. Drill hole FRCD-3 intersected granitic rocks with minor inclusions of banded iron formation and coarse magnetite disseminations. A zone of massive to heavy disseminated sulphides was intersected in the 2.7m interval from 323.5m within a chlorite-altered, silicified and brecciated granite. A down hole EM survey confirmed the presence of a sizeable conductor adjacent to this intersection, confirming that the pyrrhotite-rich sulphides are extensive and are the likely source of the strong surface EM anomaly.

Analysis of split drill core did not reveal any significant nickel, copper or gold values in the sulphide zone. At Forrestania, Image will now focus on geochemical sampling of other targets on its extensive ground holdings in this prospective region, including follow-up sampling of promising Ni-Cu-Pt geochemical anomalies identified about 10km eastsoutheast of the Nepean nickel mine.

Uranium Prospects (Image 100%)

As previously reported (June 2005 quarterly report and 21 July 2005 ASX release). Image has applied for six target areas in the Southern Cross - Esperence region covering strong radiometric anomalies evident in government airborne survey data. The radiometric anomalies acquired by Image range from 11ppm to 41ppm Uranium Equivalent (UEg) compared to backgrounds of 1-5ppm UEq (Uranium Equivalent is a standard method of comparing radiometric survey data). Geochemical sampling on Image's 26 Mile Rock prospect situated 40km west of Salmon Gums has identifed elevated uranium values up to 10 times background coinciding with an airborne radiometric anomaly and warranting further sampling. Ground radiometric surveys and geochemical sampling on Image's other uranium prospects at Lake Seabrook, Lake Eva, Three Star Lake, Boydells and Yerritup is in preparation.

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

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

George Sakalidis Executive Director - Exploration Phone (08) 9485 2410 Moh 0411 640 337

The information in this report that relates to exploration results is based on information compiled by Roger Thomson BSc, ARSM, MAusiMM, who is a Member of the Australian Institute of Geoscientists. Roger Thomson is an employee of Image Resources NL. Roger Thomson has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the 'Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Roger Thomson consents to the inclusion of this information in the form and context in which it appears in this report.