IMAGE RESOURCES NL — Capital/Financing Update 2007

Aug 13, 2007

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Jubilee Mines N.L.

Our Ref:

14 August 2007

The Manager Companies Announcement Office ASX Limited Level 10, 20 Bond Street SYDNEY NSW 2000

www.asxonline.com

Dear Sir

RE: JUBILEE INCREASES ITS INTEREST IN THE EMU LAKE HIGH GRADE NICKEL SULPHIDE JOINT VENTURE

We enclose herewith a copy of an announcement in relation to the above.

Yours faithfully

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KERRY HARMANIS Executive Chairman

Encl.

Level 3, 24 Outram St, West Perth, Western Australia 6005, P.O. Box 504, West Perth WA 6872 Telephone (618) 9213 1588 – Facsimile (618) 9213 1578 – E-Mail jubileemines@jubileemines.com.au ABN 44 009 219 809

14 AUGUST 2007

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ASX ANNOUNCEMENT

JUBILEE INCREASES ITS INTEREST IN THE EMU LAKE HIGH GRADE NICKEL SULPHIDE JOINT VENTURE

Jubilee Mines NL (ASX: JBM) is pleased to announce that it has agreed to acquire an additional 6⅔% ownership interest in the Emu Lake joint venture from Skryne Hill Pty Ltd, increasing its joint venture ownership interest to 66⅔%. Image Resources NL has agreed to acquire Skryne Hill’s remaining 3⅓% joint venture interest.

Under the revised terms of the joint venture, Jubilee’s subsidiary, Sir Samuel Mines NL, will sole contribute $3.25 million at the rate of at least $1 million per year over the next 3¼ years or, failing that, withdraw from the joint venture. Following the expenditure of $3.25 million by Jubilee, Image will have the option to either dilute or contribute to joint venture expenditure. Jubilee will continue to be manager of the joint venture.

The total consideration for the purchase of Skryne Hill’s 10% joint venture interest is the sum of $750,000 plus an increase in the vendor’s royalty to 1.75%. Jubilee will pay $500,000 in cash and Image will pay $250,000, being $100,000 in cash and the remainder in Image shares to Skryne Hill.

The Emu Lake nickel project is situated 70 km north east of Kalgoorlie and about 30km east of the high-grade Silver Swan nickel mine. Drilling has identified significant nickel sulphide mineralisation over a strike length of more than 300m, open at depth, on an ultramafic contact. To date, ten high-grade drill intersections have been made at grades of between 3%-10% Ni with best intersections of 2m @ 6.2% Ni, 1.8% Cu and 2.2g/t PGE (platinum group elements) from 336.0m and 2m @ 2.0% Ni, 1.0% Cu and 4.2g/t PGE from 343.5m in drill hole ELD15.

The revised terms of the joint venture are anticipated to result in a reinvigorated drilling programme to test for depth extensions to the high-grade contact mineralisation which may to be similar to the nearby Silver Swan mine where highgrade nickel mineralisation has been traced to depths of more than 1500m below surface.

Competent Person Statements

The details contained in this report that pertain to mineral resources and exploration results are based upon information compiled by Mr Peter Langworthy, a full-time employee of the Jubilee Mines NL group of companies. Mr Langworthy is a Member of the Australasian Institute of Mining and Metallurgy (AUSIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr Langworthy consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears.

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