IMAGE RESOURCES NL - Regulatory Filings 2004

ASX Release 21 October 2004 ASX code: IMA

MAJOR DRILLING PROGRAMME SCHEDULED FOR WOONGARING GOLD-BASE METALS PROJECT

^d Floor, 35 Outram St West Perth WA 6005 PO Box 644 West Perth WA 6872 Telephone 08 9485 2410 Facsimile 08 9485 2840

ABN 57 063 977 579

www.imageres.com.au

Image Resources is pleased to announce that following the completion of aboriginal heritage surveys, drilling of its 100%-owned Woongaring gold-base metals project situated 140km north west of Southern Cross is now about to start.

Using its aeromagnetic database. Image identified several potential gold targets in this under-explored area near the margin of the WA wheatbelt. Subsequent reconnaissance geochemical sampling outlined a 10km-long gold and base metal corridor which supported the initial target selection. The geochemically anomalous corridor coincides with an interpreted district-scale shear zone and a discrete circular aeromagnetic feature interpreted to be a late-stage intrusion. The prospects are considered to have potential for both shear-hosted and intrusion-related gold mineralisation. Following this encouragement Image has applied for additional tenements over other aeromagnetic targets, increasing the project area to 420sq km.

Subsequent to the discovery of the widespread geochemical anomalism Image farmed out the project to Troy Resources NL. Under the terms of the Trojan Joint Venture, which includes three other projects in the Eastern Goldfields region. Troy may earn a 60% interest by sole funding \$2 million of expenditure by mid-2008.

A 170-hole, nominal 7,000m RAB drilling programme is scheduled to commence in the next week with the object of carrying out a first-pass investigation of the extensive geochemical anomalism of this soil and sand covered area. In. addition, a ground magnetic survey will also be carried out to better define a number of geophysical targets.

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

Please direct engulries to: Roger Thomson Managing Director Phone (08) 9485 2410 Mob 0419 969 183

George Sakalidis Executive Director - Exploration Phone (08) 9485 2410 Mob 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.