IMAGE RESOURCES NL — Regulatory Filings 2004

Jul 8, 2004

Jubilee Mines N.L.

Our Ref: 6-A-3

9 July 2004

The Manager Companies Announcement Office Australian Stock Exchange Limited Level 10, 20 Bond Street SYDNEY NSW 2000

www.asxonline.com

Dear Sir

RE: EMU LAKE JOINT VENTURE - EXPLORATION UPDATE

We enclose herewith a copy of an announcement in relation to the above.

Yours faithfully

Heyper

KERRY HARMANIS Executive Chairman

Encl.

Jubilee Mines N.L.

(ASX CODE: JBM)

ASX ANNOUNCEMENT

FRIDAY, 9 July 2004

EMU LAKE JOINT VENTURE -EXPLORATION UPDATE

Jubilee Mines NL has now completed its recent drilling and geophysical programs at the 60% owned Emu Lake nickel project (Image Resources NL 30% and Skryne Hill Pty Ltd 10%) located 70 kilometres north-east of Kalgoorlie.

Diamond drilling around a previous high-grade intercept of 2 metres at 6.2% Ni and 1.78% Cu (including 0.7 metres at 16.9% Ni and 2.4% Cu) drill hole ELD015 has confirmed the presence of massive and stringer nickel sulphides over a 150 metres strike length at the Gossan Zone at depths ranging from 200 metres to 350 metres below the surface. These drill holes were designed to test both downhole electromagnetic (DHEM) targets and the interpreted plunge orientation of the mineralization.

Significant drill intercepts include:

Hotelo	Collar Coordinates		Dh	Azmunt	E zon	m	រការទស់អន	mit	ten $\mathcal{V}_0$
	Northwa	Lasting			(m)	(n)		V.
ELD16	48600	50360	-56	230	377.07	377.35	0.28	6.66	0.24
ELD 17	48626	50297	-58	230	269.50	269.81	0.31	l. I I	0.14
ELD 18	48667	50330	-55	230	302.57	303.65	1.08	1.52	0.20
				includes	302.57	302.68	0.11	3.95	0.18
ELD21	48546	50329	-60	230	366.50	366.65	0.15	7.54.	0.11

These intersections comprise massive and stringer nickel sulphides at or close to the main ultramafic contact. Subsequent downhole EM surveys have defined several off-hole conductors that are interpreted to lie internal to this zone and probably represent zones of local structural thickening of the massive sulphides. It is significant to note that massive sulphide lenses comprising the ore bodies at the nearby Silver Swan mine (some 30 kilometres south-west) can be complex and irregular in shape.

The results of this work indicate that a strong mineralized high-tenor nickel sulphide system is present at the Gossan Zone and that the wider Emu Lake project area remains highly prospective. Consideration is currently being given as to whether in the short term deeper down-plunge drill testing will be undertaken or if the focus will move to the assessment of other targets in shallower positions.

Downhole EM surveys of five reverse circulation holes along strike from the Gossan Zone are currently in preparation.

Competent Person Statement

The details contained in this report have been compiled by Mr Peter Langworthy, who is a member of the Australasian Institute of Mining and Metallurgy (AUSIMM) with 18 years experience in the mining industry. Mr Langworthy has relevant experience in relation to the mineralisation being reported on and qualifies as a Competent Person as defined in the Joint Ore Reserves Committee (JORC) of the AUSIMM.

For further information contact:	Mr Kerry Harmanis Executive Chairman	or	Mr Gary Lethridge Chief Financial Officer
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