IMAGE RESOURCES NL — Capital/Financing Update 2009

May 3, 2009

ASX Release ASX code: IMA 4 May 2009

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2nd 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

NORTH PERTH BASIN MOU

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ABN 57 063 977 579

Image Resources is pleased to announce that another Memorandum of Understanding (MOU) has been signed on its North Perth Basin heavy minerals project. The objective of the MOU is to facilitate a review of Image’s North Perth Basin HM project as a step towards the commercialisation of these assets.

The MOU was signed with Fibonacci Group Ltd, a private Chinese investment house based in Beijing, sourcing funds from private companies and sophisticated investors. Fibonacci plans to list in due course on the Hong Kong Stock Exchange to raise further capital but currently has US$500 million in funds to invest.

The aim of the Fibonacci Group is to provide funds to emerging resource companies world-wide with near-term production potential for commodities which are in demand in China. Fibonacci plans to act as a strategic partner to selected companies by direct injection of capital and working with these companies to start production and helping to sell the product into the Chinese market.

The directors of Image Resources welcome the interest of the Fibonacci Group in the development of the North Perth Basin project.

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

Please direct enquiries to: George Sakalidis Roger Thomson Managing Director Executive Director Phone (08) 9485 2410 Phone (08) 9485 2410 Mob 0411 640 337 Mob 0419 969 183

The information in this report is based on information compiled by George Sakalidis BSc (Hons), who is a member of the Australasian Institute of Mining and Metallurgy. George Sakalidis is a Director of Image Resources NL. George Sakalidis 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 2004 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. George Sakalidis consents to the inclusion of this information in the form and context in which it appears in this report.