IMAGE RESOURCES NL — Interim / Quarterly Report 2008

Apr 29, 2008

MINING EXPLORATION ENTITY QUARTERLY REPORT

APPENDIX 5B

Name of entity:

Image Resources NL

ABN: Quarter ended (“current quarter”) 57 063 977 579 31/3/2008 Consolidated statement of cash flows Cash flows related to operating activities Current quarter $AUD’000 Year to date (9 months) $AUD’000 1.1 Receipts from product sales and related debtors 7 157 1.2 Payments for: (a) exploration and evaluation (b) development (c) production (d) administration (372) (39) (1,094) (475) 1.3 Dividends received 1.4 Interest and other items of a similar nature received 121 300 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Net Operating Cash Flows (283) (1,112)	ABN: Quarter ended (“current quarter”) 57 063 977 579 31/3/2008 Consolidated statement of cash flows Cash flows related to operating activities Current quarter $AUD’000 Year to date (9 months) $AUD’000 1.1 Receipts from product sales and related debtors 7 157 1.2 Payments for: (a) exploration and evaluation (b) development (c) production (d) administration (372) (39) (1,094) (475) 1.3 Dividends received 1.4 Interest and other items of a similar nature received 121 300 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Net Operating Cash Flows (283) (1,112)	Quarter ended (“current quarter”) 31/3/2008	Quarter ended (“current quarter”) 31/3/2008
		31/3/2008
	Current quarter $AUD’000		Year to date (9 months) $AUD’000
	7 (372) (39) 121		157 (1,094) (475) 300
	(283)		(1,112)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Net investing cash flows 1.13 Total operating and investing cash flows (carriedforward)	(34) (624) (2) 201		(50) (627) (21)
	(459)		(698)
	(742)		(1,810)

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1.13 Total operating and investing cash flows
(742) (1,810)
(brought forward)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, 4,979
etc.
1.15 Proceeds from sale of forfeited shares
1.16 Proceeds from borrowings
1.17 Repayment of borrowings
1.18 Dividends paid
1.19 Other (provide details if material)
Net financing cash flows 4,979
Net increase (decrease) in cash held (742) 3,169
1.20 Cash at beginning of quarter/year to date 7,422 3,511
1.21 Exchange rate adjustments to item 1.20
1.22 Cash at end of quarter 6,680 6,680
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the
related entities
Current quarter
$AUD'000
1.23 Aggregate amount of payments to the parties included in item 1.2 (101)
1.24 Aggregate amount of loans to the parties included in item 1.10 -
1.25 Explanation necessary for an understanding of the transactions
N/A
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material effect on
consolidated assets and liabilities but did not involve cash flows
N/A
2.2 Details of outlays made by other entities to establish or increase their share in projects in
which the reporting entity has an interest
N/A
Financing facilities available
Amount available Amount used
$AUD’000 $AUD’000
3.1 Loan facilities - -
3.2 Credit standby arrangements - -
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Estimated cash outflows for next quarter

Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development	$AUD’000
	350
	-
Total	350

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $AUD’000	Previous quarter $AUD’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details) – Short Term Deposit	614	673
	6,066	6,749
Total: cash at end of quarter(item 1.22)	6,680	7,422

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest	Interest at beginning ofquarter	Interest at end of quarter
	E38/1871 E45/2555 E70/2926 P29/1799 P45/2504 P70/1490	Relinquished Relinquished Relinquished Relinquished Relinquished Relinquished	100% 100% 100% 100% 100% 100%	0% 0% 0% 0% 0% 0%
	E70/3411 E70/3417 E70/3418 E70/3421 E80/4122 E69/2033 E69/2034 E69/2035 P77/3589 P77/3590 P77/3591 P77/3592	Application Application Application Application Application Granted Granted Granted Granted Granted Granted Granted	0% 0% 0% 0% 0% 100% 100% 100% 100% 100% 100% 100%	100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

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Issued and quoted securities at end of current quarter

	Total number	Number quoted	Issue price per security (cents)	Amount paid up per security (cents)
7.1 Preference securities 7.2 Issued during quarter	N/A
	Nil
7.3 Ordinary securities 7.4 Issued during quarter	79,644,246	79,644,246
	Nil
7.5 Convertible debt securities 7.6 Issued during quarter	N/A
	N/A
7.7 Options Non-employee Options Employee Options 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	1,214,604 2,000,000 2,500,000 2,200,000 1,000,000	Not Quoted Not Quoted Not Quoted Not Quoted Not Quoted	Exercise price $0.39 $0.37 $1.80 $2.12 $2.38	Expiry date 26.11.2009 21.11.2010 16.11.2011 20.11.2012 26.3.2012
	Nil
	Nil
	Nil
7.11 Debentures	N/A
7.12 Unsecured notes	N/A

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX.

• 2 This statement does give a true and fair view of the matters disclosed.

George Sakalidis Managing Director Date: 30 April 2008

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