IMAGE RESOURCES NL — Interim / Quarterly Report 2008

Jul 29, 2008

QUARTERLY REPORT For the Quarter Ended 30 June 2008

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HIGHLIGHTS

• Initial resources outlined in the North Perth Basin currently stand at 260 million tonnes containing 6.4 million tonnes of heavy minerals.

• These resources have a high valuable heavy mineral content of 87% and contain:

• 340,000 tonnes of leucoxene and rutile

• 4,500,000 tonnes of ilmenite

• 545,000 tonnes of zircon

• 390,000 tonnes of garnet

• The resources outlined to date are contained within 60km of defined exploration targets with a further 250km of targets remaining to be drill tested.

• More than 60% of Image’s North Perth Basin project area remains to be assessed, with significant upside for further discoveries.

• Image is strategically positioned to take advantage of existing infrastructure (separation plants, synthetic rutile plants and pigment plants) faced with declining local feedstock sources.

• Six North Perth Basin exploration licences were granted, and one additional licence was applied for, bringing Image’s tenement holding to 2,349sq km (including tenements targeting phosphate).

NORTH PERTH BASIN MINERAL SANDS

Activities during the quarter comprised completion of the initial resource models, commencement of a scoping study, assessment of drilling results completed during the previous quarters and negotiations.

INITIAL RESOURCES

As reported during the quarter (ASX releases of 8 May 2008 and 14 May 2008) Image completed its initial heavy mineral (HM) resource estimates on those parts of the North Perth Basin project where substantial drilling had been completed. The resources comprise Indicated and Inferred Resources (JORC standard) which are divided into two groups; those shallow deposits amenable to dry mining and those more suited to dredging.

The new surface resources amenable to dry mining (load and haul) are situated at Cooljarloo and Cooljarloo North and are summarised in Table 1 (2.5% HM cut off). Image is encouraged by the grade and mineral assemblage of these resources which compare favourably with other dry mining operations in Australia. In particular the average grade of 5.5% HM in its initial resources compare favourably with the average grades of about 4% HM mineral at the adjacent Cooljarloo dry mining operation.

Table 1 Dry Mining Resources

			Dry Mining Resources	Dry Mining Resources	Dry Mining Resources
Indicated Resources			Inferred Resources			Total Indicated & Inferred Resources
Tonnes	Grade %HM	HM t	Tonnes	Grade %HM	HM t	Tonnes	Grade %HM	HM T
19,000,000	5.3	1,010,000	9,700,000	5.8	560,000	28,700,000	5.5	1,570,000

The dredge resources are situated at Bidaminna and at the thicker sand deposits at Cooljarloo and are summarised in Table 2 (1% HM cut off). Dredges (floating dredge and concentrator) typically have significantly lower unit operating costs than dry mining and can economically mine much lower grades. By way of comparison, the average grades mined at the Tiwest dredge operation at Cooljarloo are typically around 2.2% HM and Consolidated Rutile’s Yarraman dredge operation at Stradbroke Island profitably mines grades between 0.7% and 0.9% HM.

Table 2 Dredge Resources

			Dredge Resources	Dredge Resources	Dredge Resources
Indicated Resources			Inferred Resources			Total Indicated & Inferred Resources
Tonnes	Grade %HM	HM t	Tonnes	Grade %HM	HM t	Tonnes	Grade %HM	HM T
21,200,000	1.9	380,000	211,500,000	2.1	4,410,000	232,700,000	2.1	4,790,000

The initial global heavy mineral resources currently stand at 260 million tonnes containing 6.4 million tonnes of heavy minerals and further subdivided as shown in Table 3. Figure 1 shows the locations of the resources identified to date.

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Table 3 North Perth Basin Resources Summary – May 2008

North Perth Basin Resources Summary – May 2008	North Perth Basin Resources Summary – May 2008	North Perth Basin Resources Summary – May 2008	North Perth Basin Resources Summary – May 2008
DryMiningIndicated Resources - 2.5% HM Cut off
Resource	Tonnes	% HM	HM Tonnes
Atlas	1,900,000	4.7	90,000
Telesto	1,900,000	5.8	110,000
Helene	11,500,000	4.5	520,000
Hyperion	3,700,000	7.8	290,000
Sub - Total	19,000,000	5.3	1,010,000
DryMiningInferred Resources - 2.5% HM Cut off
Atlas	9,700,000	5.8	560,000
Total Dry	28,700,000	5.5	1,570,000
Dredge Indicated Resources - 1% HM Cut off
Titan	21,200,000	1.8	380,000
Dredge Inferred Resources - 1%			HM Cut off
Bidaminna	44,600,000	3.0	1,350,000
Titan	115,400,000	1.9	2,210,000
Calypso	51,500,000	1.7	850,000
Sub - Total	211,500,000	2.1	4,410,000
**Total Dredge **	232,700,000	2.1	4,790,000
Grand Total	261,400,000	2.4	6,360,000

The resource estimates (except for the historical Bidaminna resources) are based on air core drilling carried out by Image Resources plus historical air core drilling using a 1m or 2m sample interval with processing of samples at Western GeoLabs in Perth using a heavy liquid separation method to produce a heavy mineral concentrate. Indicated Resources were estimated using drill spacing in the range from 10m x 100m up to 60m x 200m. Inferred Resources were estimated using drill spacing in the range from 20m x 200m up to 80m x 800m. Block models of the resources were constructed using an inverse distance squared method of grade interpolation. In total, Image processed 29,949 samples and utilised results from approximately 18,000 historical samples to define the resources.

Overall, the defined resources contain a total of:

340,000 tonnes of leucoxene and rutile 4,500,000 tonnes of ilmenite 545,000 tonnes of zircon 390,000 tonnes of garnet.

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Figure 1 Locations of the Identified Resources

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Table 4 summarises the mineral assemblages (determined by optical or XRF methods) of the various resources identified to date.

Table 4 North Perth Basin Mineral Assemblages

	DryMiningIndicated Resources - 2.5% HM Cut off
Resource	Ilmenite t	Leucoxene/ Rutile t	Zircon t	Monazite t	Garnet + Staurolite t	Other t
Atlas	63,000	10,000	8,000	300	5,000	11,000
Telesto	71,800	800	6,000	10,000	2,500	15,100
Helene	391,000	19,000	55,000	1,500	7,800	53,000
Hyperion	155,200	18,000	21,000	800	67,000	28,600
Sub - Total	681,000	47,800	90,000	12,600	82,300	107,700
	DryMiningInferred Resources - 2.5% HM Cut off
Atlas	346,000	61,000	46,000	1,900	33,000	70,000
Total Shallow	1,027,000	108,800	136,000	14,500	115,300	177,700
	Dredge Indicated Resources - 1% HM Cut off
Titan	273,000	12,000	36,000	7,400	28,000	17,200
	Dredge Inferred Resources - 1% HM Cut off
Bidaminna	1,113,000	110,000	73,000	1,400	19,000	17,200
Titan	1,626,000	67,000	210,000	44,000	160,000	103,000
Calypso	598,000	44,000	90,000	16,000	70,000	31,000
Sub - Total	3,337,000	221,000	373,000	61,400	249,000	151,200
**Total Dredge **	3,610,000	233,000	409,000	68,800	277,000	168,400
Grand Total	4,637,000	341,800	545,000	83,300	392,300	346,100

Most of the ilmenite appears to be suitable for chloride route processing and synthetic rutile production (precise amounts yet to be determined).

U308 and ThO2 levels aggregate to less than 175 ppm in composite heavy mineral samples produced from the drilling completed to date, well within normal limits for transport of heavy mineral concentrates.

Image holds (or is entitled to hold) granted exploration licences over all the resources with the exception of part of the Bidaminna resource which is held under exploration licence application. Access and compensation agreements have been signed on the Hyperion and Helene deposits. The Atlas and Bidaminna resources occur on crown land or vacant crown land and are subject to normal environmental permitting for uncleared bush. Parts of Telesto, Titan and Calypso are yet to have access and compensation agreements finalised.

SCOPING STUDY

Image has commissioned a scoping study to identify the potential mining options for the North Perth Basin resources defined so far. The study will include both dry

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mining and dredging options and is anticipated to be completed by the end of the September quarter.

COOLJARLOO NORTH

During the quarter, 1714 laboratory processing results were received, all from Cooljarloo North prospects at Helene, Hyperion and Target 7. The results are summarised in Tables 5-7. The results will be used in a resource update later in the year. The results are, on average, 15% greater than the visually estimated mineral content.

Table 5 Helene Drill Intersections

Hole ID	Collar Coordinates	Collar Coordinates	To m	From m	Interval m	Interval x Grade m%	Grade % HM
	East	North
CN1348	332431	6634124	14	24	10	136	13.6
	including		16	24	8	130	16.3
CN1311	332111	6634874	26	33	7	68	10.4
	including		28	33	5	57	11.4
CN1337	332338	6634303	16	23	7	61	9.0
	including		16	22	6	58	10.2
CN1410	331298	6635773	10	14	4	35	8.8
CN1441	331107	6636246	14	16	2	17	8.7
CN1277	331771	6635727	15	20	5	38	8.6
	including		15	18	3	32	10.5
CN1319	332234	6634714	30	34	4	34	8.5
CN1346	332381	6634091	14	24	10	84	8.4
	including		16	22	6	70	11.7
CN1326	332400	6634463	18	26	8	66	8.2
	including		22	26	4	48	11.9
CN1318	332218	6634703	28	35	7	63	9.0
	including		29	34	5	57	11.3
CN1329	332350	6634430	24	25	1	8	8.1
CN1281	331541	6635219	14	17	3	23	7.8
	including		15	16	1	14	14.4
CN1134	331998	6635157	26	28	2	15	7.7
CN1170	332437	6634400	18	26	8	60	7.6
CN1432	330969	6636275	10	18	8	60	7.5
	including		14	18	4	49	12.2
CN1336	332321	6634292	18	24	6	41	6.9
	including		20	22	2	25	12.5
CN1355	332631	6634256	18	24	6	41	6.9
	including		20	22	2	21	10.3
CN804	331685	6635665	20	21	1	7	6.7
CN1415	331424	6635856	6	14	8	48	6.6
	including		12	13	1	17	17.3
CN1296	331831	6635285	10	19	9	54	6.4

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Table 5 (cont’d)

			Table	5(cont’d)
Hole ID	Collar Coordinates		To m	From m	Interval m	Interval x Grade m%	Grade % HM
	East	North
CN827	331082	6636709	12	17	5	30	6.0
CN1149	332032	6634701	22	28	6	36	5.9
CN1122	331672	6635188	12	20	8	47	5.9
CN1282	331530	6635206	12	16	4	21	5.9
CN1145	332059	6634955	24	32	8	47	5.8
CN1132	331949	6635125	18	24	6	35	5.8
CN1172	332318	6634173	16	24	8	46	5.8
CN1279	331795	6635509	15	19	4	23	5.6
CN1288	331378	6635107	13	14	1	6	5.6
CN1153	332336	6634658	28	32	4	21	5.2
CN834	331212	6636554	10	18	8	42	5.2
CN1375	332675	6634045	18	26	8	41	5.2
	including		22	24	2	19	9.5
CN1142	332011	6634925	20	28	8	41	5.1
CN1287	331395	6635118	6	15	9	46	5.1
CN1303	332071	6634850	24	30	6	31	5.1
CN1394	331812	6634555	18	22	4	20	5.1
CN1268	331231	6635728	11	14	3	15	5.0
CN1368	332491	6633924	16	24	8	40	5.0
CN1316	332182	6634684	24	33	9	43	5.0
	including		30	31	1	14	14.0
CN1380	332758	6634100	12	20	8	40	5.0
CN1143	332025	6634934	22	30	8	40	5.0
CN1309	332175	6634796	28	33	5	25	5.0
CN1317	332200	6634693	26	33	7	35	5.0
CN1130	331913	6635104	16	22	6	30	4.9
CN1401	331924	6634749	20	24	4	20	4.9
	including		22	23	1	11	11.2
CN1327	332383	6634452	17	27	10	49	4.9
CN1121	331665	6635179	10	20	10	48	4.8
CN909	332714	6633953	16	18	2	10	4.8
CN1389	332026	6634576	18	25	7	34	4.8
CN1160	331983	6634671	22	28	6	28	4.7
	including		24	26	2	18	9.0
CN1353	332598	6634234	16	24	8	33	4.7
CN1144	332043	6634944	28	30	2	9	4.6
CN1131	331930	6635114	18	24	6	28	4.6
CN915	332833	6634028	10	22	12	55	4.6
CN1147	332109	6634991	34	36	2	9	4.6
CN1347	332414	6634113	15	23	8	36	4.5

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Table 5 (cont’d)

			Table	5(cont’d)
Hole ID	Collar Coordinates		To m	From m	Interval m	Interval x Grade m%	Grade % HM
	East	North
CN1164	331924	6634394	14	22	8	36	4.5
CN1369	332507	6633935	16	24	8	36	4.5
CN1414	331407	6635845	4	12	8	35	4.4
CN702	330844	6637200	12	18	6	26	4.4
CN1352	332515	6634179	14	24	10	44	4.4
CN1272	331244	6635617	10	14	4	17	4.4
CN1295	331798	6635264	12	18	6	26	4.3
CN1409	331282	6635762	8	16	8	34	4.3
CN1345	332364	6634080	18	20	2	8	4.2
CN1431	330952	6636264	12	18	6	25	4.2
CN1388	332398	6634102	15	24	9	37	4.1
CN1416	331440	6635867	6	10	4	15	4.1
CN1400	331908	6634738	16	25	9	35	4.1
CN1278	331636	6635527	16	18	2	8	4.1
CN1439	331117	6636360	10	19	9	35	4.1
CN1270	331201	6635706	12	14	2	8	4.0
CN1171	332285	6634151	14	22	8	32	4.0
CN1357	332665	6634278	19	24	5	20	4.0
CN1324	332059	6634598	20	29	9	35	3.9
CN1438	6636354	331096	10	18	8	31	3.9
CN1356	332648	6634267	18	23	5	20	3.9
CN1307	332119	6634752	24	30	6	23	3.9
CN910	332747	6633971	18	26	8	31	3.9
CN1308	332131	6634765	25	35	10	38	3.8
	including		30	31	1	9	9.1
CN1165	332184	6634322	14	22	8	31	3.8
CN1399	331891	6634727	16	24	8	30	3.7
CN1283	331512	6635195	10	16	6	22	3.7
CN1417	331457	6635878	8	14	6	22	3.7
CN819	330761	6637216	14	15	1	4	3.7
CN1046	330948	6636862	16	18	2	7	3.6
CN1330	332333	6634419	20	21	1	4	3.6
CN1294	331762	6635239	12	18	6	22	3.6
CN1367	332474	6633913	16	22	6	22	3.6
CN1390	332001	6634560	18	33	15	39	3.0
	including		22	23	1	11	10.6
CN1141	331990	6634914	20	28	8	29	3.6
CN1428	330902	6636231	12	18	6	22	3.6
CN1119	331596	6635133	12	18	6	21	3.6
CN1374	332624	6634012	16	24	8	29	3.6

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Table 5 (cont’d)

			Table	5(cont’d)
Hole ID	Collar Coordinates		To m	From m	Interval m	Interval x Grade m%	Grade % HM
	East	North
CN1427	330885	6636220	14	16	2	7	3.6
CN1312	332122	6634881	27	36	9	32	3.6
CN1166	332200	6634335	12	24	12	43	3.5
CN1440	331129	6636366	8	17	9	31	3.5
CN1437	331077	6636346	10	18	8	28	3.5
CN1173	332589	6634349	18	24	6	21	3.5
CN1159	331966	6634660	20	26	6	21	3.5
CN793	331381	6636188	12	14	2	7	3.5
CN1301	332038	6634826	20	29	9	31	3.5
CN1124	331717	6634972	10	18	8	27	3.4
CN1429	330918	6636242	14	18	4	14	3.4
CN1128	331881	6635085	16	22	6	20	3.4
CN1293	331429	6635021	12	16	4	14	3.4
CN1120	331631	6635155	10	20	10	34	3.4
CN1378	332725	6634078	10	14	4	13	3.3
CN1152	332319	6634648	32	36	4	13	3.3
CN1158	331950	6634649	18	26	8	26	3.3
CN1310	332228	6634828	35	36	1	3	3.3
CN1335	332238	6634237	16	24	8	26	3.3
CN828	331101	6636720	15	16	1	3	3.3
CN1372	332591	6633990	22	24	2	6	3.2
CN1273	331377	6635704	10	14	4	13	3.2
CN1350	332481	6634157	18	24	6	19	3.2
CN1176	332728	6633961	16	24	8	26	3.2
CN1115	331454	6635042	10	18	8	25	3.2
CN1129	331896	6635094	16	22	6	19	3.2
CN1267	331248	6635739	8	14	6	19	3.1
CN1157	331933	6634638	18	26	8	25	3.1
CN1161	332000	6634681	24	28	4	12	3.1
CN1150	332049	6634712	22	28	6	19	3.1
CN1402	331941	6634760	18	26	8	24	3.1
CN1269	331217	6635717	8	13	5	16	3.1
CN1113	331339	6635203	10	14	4	12	3.1
CN1398	331874	6634716	18	24	6	18	3.1
CN1178	332841	6633791	14	20	6	18	3.0
CN1373	332608	6634001	18	22	4	12	3.0
CN871	331445	6635512	10	16	6	18	3.0
CN1403	332420	6634596	24	30	6	18	3.0
CN1168	332419	6634475	20	22	2	6	2.9
CN1292	331372	6634987	10	14	4	12	2.9
CN1371	332574	6633979	20	22	2	6	2.9

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Table 5 (cont’d)

			Table	5(cont’d)
Hole ID	Collar Coordinates		To m	From m	Interval m	Interval x Grade m%	Grade % HM
	East	North
CN1302	332056	6634837	14	30	16	49	2.9
CN1177	332847	6634037	18	22	4	11	2.9
CN1322	332285	6634747	6	8	2	6	2.8
CN1413	331373	6635823	8	14	6	17	2.8
CN1274	331414	6635727	8	12	4	11	2.8
CN1266	331265	6635749	6	16	10	27	2.7
CN1275	331428	6635739	10	14	4	11	2.7
CN902	332637	6634139	18	20	2	5	2.7
CN927	332682	6633813	16	22	6	16	2.7
CN1430	330935	6636253	14	18	4	11	2.7
CN870	331414	6635491	10	16	6	16	2.7
CN1284	331495	6635186	14	15	1	3	2.7
CN724	331492	6635803	12	14	2	5	2.7
CN1291	331364	6634982	10	16	6	16	2.6
CN880	331771	6635011	12	18	6	16	2.6
CN1436	331052	6636330	14	18	4	10	2.6
CN831	331144	6636509	16	18	2	5	2.6
CN1174	332678	6633925	16	24	8	20	2.5
CN703	330932	6637201	16	18	2	5	2.5
CN912	332783	6633996	10	16	6	15	2.5
CN1289	331362	6635098	13	14	1	2	2.4
CN1127	331867	6635076	18	20	2	5	2.4
CN1420	331033	6635958	4	10	6	14	2.4
CN773	332908	6633797	8	10	2	5	2.3
CN1304	332089	6634861	27	31	4	9	2.3
CN838	330459	6637021	15	18	3	7	2.3
CN1331	332166	6634309	18	20	2	5	2.3
CN1351	332498	6634168	12	22	10	23	2.3
CN1298	331943	6635355	16	20	4	9	2.3
CN1314	332155	6634902	16	20	4	9	2.2
CN1354	332615	6634245	20	24	4	9	2.2
CN1148	332021	6634695	26	28	2	4	2.2
CN1379	332741	6634089	18	20	2	4	2.2
CN1162	331903	6634616	22	24	2	4	2.2
CN1049	330969	6636633	10	12	2	4	2.1
CN1320	332250	6634726	34	35	1	2	2.1
CN1114	331310	6635198	8	16	8	17	2.1
CN1338	332354	6634314	16	17	1	2	2.1
CN1340	332197	6633971	16	18	2	4	2.1
CN1343	332331	6634059	16	18	2	4	2.1
CN1341	332230	6633993	16	26	10	17	1.7

1m or 2m samples, HM grade determined by TBE heavy liquid separation

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Table 6 Hyperion Drill Intersections

Hole ID	Collar Coordinates	Collar Coordinates	From m	To m	Interval m	Interval x Grade m%	Grade % HM
	East	North
CN1214	329699	6630966	6	12	6	53	8.9
	including		8	10	2	39	19.4
CN1218	329800	6630500	6	10	4	28	7.0
	including		6	8	2	20	10.2
CN1191	329095	6633000	10	16	6	42	6.9
CN1216	329789	6630700	4	8	4	21	5.2
CN1200	328990	6633799	4	10	6	19	3.1
CN1197	328911	6633598	4	8	4	9	2.3

1m or 2m samples, HM grade determined by TBE heavy liquid separation

Table 7 Target 7 Drill Intersections

Hole ID	Collar Coordinates	Collar Coordinates	From m	To m	Interval m	Interval x Grade m%	Grade % HM
	East	North
CN1241	328891	6631000	10	14	4	19	4.6
CN1226	329360	6630026	4	8	4	18	4.6
CN1244	328930	6631201	14	18	4	18	4.5
CN1230	329415	6630401	6	10	4	17	4.3
CN1242	328875	6631000	10	16	6	24	4.0
CN1232	329365	6630600	6	8	2	8	3.8
CN1238	329115	6630966	8	12	4	14	3.5
CN1240	328906	6631000	10	16	6	20	3.3
CN1239	329056	6631000	8	12	4	12	2.9

1m or 2m samples, HM grade determined by TBE heavy liquid separation

TENEMENT STATUS

Six exploration licence applications were granted: E70/2844, 3068, 3086, 3092, 3093 and 3328. A new application, E70/3494 was made near Gingin. The location of these tenements is shown on Figure 2. The total tenement area held by Image Resources in the North Perth Basin now totals 2,349sq km. Drilling of HM exploration targets already outlined on the recently granted tenements will commence when land access agreements and the necessary permitting has been completed.

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==> picture [393 x 577] intentionally omitted <==

Figure 2 Image Resources tenements showing the changes in status this quarter (granted - red and application - green)

PHOSPHATE PROJECT (Image 100%)

A study of open file information has indicated that the favourable stratigraphy hosting the Dandaragan Trough phosphate sands are likely to extend for a strike length of more than 50km within Image’s Exploration tenements (ASX release 16 June 2008).

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Reported outcrops of phosphate sand on Image’s tenements, together with results from water bores and previous exploration drilling in the Dandaragan Trough suggests potential for extensive, shallow phosphate bearing sediments within Image’s tenements. In particular the favourable stratigraphy is expected to be closest to the surface or sub-out cropping along the western margin of the Upper Cretaceous sediments where they are often obscured by shallow alluvium or laterite.

Upon grant of the tenements and following permitting and land access agreements Image plans to carry out a programme of scout air core drilling within the prospective parts of its tenements shown in Figure 3. The initial phase of the drilling is anticipated to commence in the September quarter.

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Figure 3 Phosphate Prospective Areas within Image Resources Tenements

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EUCLA BASIN

A heritage survey over the Serpentine Lakes area (E69/2033, 2034 and 2035) was completed during the quarter. No areas of cultural significance were found to impact on the prospective area and access clearing will begin in August. Drilling is expected to commence in mid-September along strike from the Cyclone heavy mineral discovery.

The Forrest Lakes project area has been reduced in size from 742sq km to 100sq km to exclude the Great Victoria Desert Nature Reserve. Three of the four tenement applications were withdrawn and the last was amended.

Image’s other tenements in the Eucla basin are awaiting grant, including South Australian applications 2004/921 and 2004/265, (the latter in joint venture with Mithril Resources), and E69/2434 in WA. Image’s tenement holding within the Eucla Basin now totals 2,580sq km.

WOODLINE JV (Image 100%, diluting)

Geochemical sampling adjacent to one of the three Image tenements comprising this Joint venture (E28/1328) has outlined a sizeable anomaly (termed Crysippus) which appears to trend into the Image tenement. Drilling of this trend together with geochemical anomalies at the Zeno and Epicuris prospects are scheduled to be drilled in the September quarter.

For more information on the company visit www.imageres.com.au Please direct enquiries to:

Roger Thomson George Sakalidis Executive Director Managing Director Phone (08) 9485 2410 Phone (08) 9485 2410 Mobile 0419 969 183 Mobile 0411 640 337 Email roger@imageres.com.au Email george@imageres.com.au

The information in this report that relates to exploration results is based on information compiled by Scott Carruthers BSc,MSc. Scott Carruthers is a full time employee of Image Resources NL. The information in this report that relates to mineral resources is based on information compiled by Lynn Widenbar BSc, MSc, DIC MAusIMM employed by Widenbar & Associates who are consultants to the Company. Messrs Carruthers and Widenbar have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Persons as defined in the 2004 edition of the ‘Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Messrs Carruthers and Widenbar consent to the inclusion of this information in the form and context in which it appears in this report.

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