IMAGE RESOURCES NL — Regulatory Filings 2003

Dec 17, 2003

IMAGE RESOURCES NL

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

MULTIPLE EM TARGETS IDENTIFIED AT

EMU LAKE NICKEL JOINT VENTURE

ABN 57 063 977 579

ASX Code:IMA

Image Resources is pleased to advise that the initial diamond drilling and surface EM programmes being conducted by joint venture partner Jubilee Mines have been completed, with down hole EM surveying of these holes nearing completion. Five holes (ELD10 to 13, plus an extension to previously drilled ELD01) have been completed for a total of 1,496.8m, mainly testing a number of geological and geophysical targets at the Gossan Zone.

Drill hole ELD11, tested down-dip from previous high-grade intercepts of 0.3m at 7.55%Ni and 0.17m at 7.08%Ni in hole ELD5, intersected stringer sulphides at 364m assaying 0.05m at 3.52%Ni, close to an ultramafic contact. This intersection suggests continuity with the mineralization approximately 80m up-dip in hole ELD5. The remainder of the holes intersected the target zones and whilst disseminated sulphides were evident in places, no significant nickel values were encountered.

The extensive surface EM surveys have identified four new EM anomalies, plus a new strong off hole conductor, in addition to an existing untested off hole conductor, identified from down hole surveys. Three of the potentially significant surface EM anomalies, termed D2, D3 and D5, have been identified from the fixed loop survey over the Gossan Zone. Anomaly D2 is some 400m in length, situated about 200m west of the western ultramafic contact and anomaly D3 is about 300m in length situated 300m east of the eastern contact. Anomaly D5, is a strong conductor about 250m in length situated 200m north of the Gossan Zone, is the most likely target to represent nickel sulphide mineralistion.

The fourth surface EM anomaly is a strong late time response identified about 3km north west of the Gossan Zone at zone C, an area of ultramafic rocks interpreted to be part of the Gossan Zone sequence. The new off hole EM anomaly occurs at a depth of 300m in hole ELD11, near an ultramafic contact. Down hole surveys are currently being completed on holes ELD01 and ELD12.

All or some of these EM responses, together with the strong off hole conductor previously identified in hole ELD01, are expected to provide further drilling targets in this nickel prospective area.

For more information on the company visit www.imageres.com.au Please direct enquiries to: Roger Thomson George Sakalidis Managing Director Phone (08) 9485 2410

Executive Director - Exploration Phone (08) 9324 2810 Mobile 0411 640 337

The information on mineralisation contained in this report accurately reflects the information compiled by Mr Roger Thomson BSc, MAusIMM, who is a competent person (as defined by the Australasian Code of Reporting of Identified Mineral Resources and Ore Reserves) with relevant experience in relation to such mineralisation.