IMAGE RESOURCES NL — Interim / Quarterly Report 2011

Apr 28, 2011

MINING EXPLORATION ENTITY QUARTERLY REPORT

APPENDIX 5B

Name of entity:

IMAGE RESOURCES NL ABN: Quarter ended (“current quarter”) 57 063 977 579 31/3/2011 Consolidated statement of cash flows Current quarter $AUD’000 Year to date (9 months) $AUD’000 Cash flows related to operating activities 1.1 Receipts from product sales, related debtors, GST Credits 56 199 1.2 Payments for: (a) exploration and evaluation (505) (1,279) (b) development (c) production (d) administration (256) (828) 1.3 Dividends received 1.4 Interest and other items of a similar nature received 36 144 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 (669) (1,764)	IMAGE RESOURCES NL	IMAGE RESOURCES NL	IMAGE RESOURCES NL	IMAGE RESOURCES NL
			Quarter ended (“current quarter”)
			31/3/2011
		Current quarter $AUD’000		Year to date (9 months) $AUD’000
		56 (505) (256) 36		199 (1,279) (828) 144
		(669)		(1,764)
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 advanced by/repaid to other entities 1.12 Other (Loan repayments to associated company) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)		(23) 49 1 68		(97) (261) (6) 534 1
		95		171
		(574)		(1,593)

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1.13 Total operating and investing cash flows (brought forward)	(574)	(1,593)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, 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) – Share issue expenses Net financing cash flows		1,306 (68)
	‐	1,238
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter	(574) 4,268	(355) 4,049
	3,694	3,694

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 59 1.24 Aggregate amount of loans to the parties included in item 1.10 1.25 Explanation necessary for an understanding of the transactions 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

• 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

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Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development 4.3 Administration	$AUD’000
	500
	150
Total	650

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 Deposits	40	73
	3,654	4,195
Total: cash at end of quarter(item 1.22)	3,694	4,268

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 of quarter	Interest at end of quarter
	E37/745 E70/4002 E39/1059 E28/1400	Relinquished Relinquished Relinquished Relinquished	100% 100% 0% 60%	0% 0% 0% 0%
	E46/938 E70/4075 E70/4077 E28/1656 E70/3418 E70/3889 E70/4000	Application Application Application Granted Granted Granted Granted	0% 0% 0% 100% 100% 100% 100%	90% 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
7.3 Ordinary securities Fully paid 7.4 Issued during quarter
	88,388,959	88,388,959
	Nil
7.5 Convertible debt securities 7.6 Issued during quarter	N/A
7.7 Options 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter			Exerciseprice	Expiry date
	2,500,000	NotQuoted	$1.80	16.11.2011
	2,500,000	NotQuoted	$1.50	19.11.2011
	2,200,000	NotQuoted	$2.12	20.11.2012
	2,345,000	NotQuoted	$1.12	18.12.2014
	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.

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Rudolf Tieleman Company Secretary Date: 29 April 2011

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