IMAGE RESOURCES NL — Regulatory Filings 2006

Oct 11, 2006

^d Floor, 35 Outram St West Perth WA 6005 PO Box 644 West Perth WA 6872 Telenhone OR 9485 2410 Facsimile 08 9485 2840 info@imageres.com.au www.imageres.com.au

ABN 57 063 977 579

SPECTACULAR 70M THICK INTERSECTIONS MINERALISED TO END OF HOLE

Spectacularly thick channels have been delineated thus dramatically increasing the length of channels outlined by drilling to 7km in length (up from the 850m reported on 28 Sept. 2006).

The current drilling programme, which is finishing at the end of the month, has had 186 holes and 6473 metres completed (of a proposed 10,000m programme) in the south eastern part of the Cooliarloo tenement.

To date six separate channels have been outlined exceeding 7km in aggregate in length (refer to attached map).

A number of wide sheet like style mineralised occurrences (up to 500m in width) have also been encountered. These are similar to the mineralisation being mined at the World class Cooljarloo Mine only 3km to the south. These wide sheet like style mineralised occurrences are generally grading between 3 and 6% (with highs of up to 15%) and commonly sit above 18 metres depth. The channel style mineralisation, which is unusual and previously unrecognized, commonly underlays and/or is adjacent to the sheet like mineralisation.

The combination of both styles intersected in the current campaign have some spectacular thicknesses with holes 718, 719, 748, 755, 896, and 897 standing out with thicknesses varying between 24 and 70m with holes 747, 748, and 755 still being mineralised at end of hole:

Hole 718 20415N 41348E 24m from 24m with grade 1.5-4.0% with highs of 10% HM Hole 719 20600N 41387E 56m from 10m with grade 1.0-2.5% with highs of 4% HM Hole 747 20100N 40830E 70m from 10m with grade 1.0-2.0% with highs of 5% HM Hole 748 20100N 40830E 70m from 10m with grade 1.0-2.0% with highs of 7% HM Hole 755 20500N 40760E 66m from 14m with grade 1.0-2.0% with highs of 3.5% HM Hole 896 19816N 40950E 42m from 16m with grade 1.0-2.0% with highs of 8% HM Hole 897 19812N 40990E 42m from 16m with grade 1.5-2.0% with highs of 4% HM

ASX code: IMA

In addition, a new high grade strand has been located displaying similarities with the shallow high grade 35AHD and 28000 strands announced on 8 August and 26 September. Hole 799 19400N 38595E has intersected 4m @39% from 2m depth and the adjacent Hole 800 19400 33565E has intersected 2m @15% HM from 4m.

Further, and ongoing, ground magnetic interpretation has highlighted excellent potential for a further 20km of strands in the eastern portion alone (see attached map) which have not been properly drill investigated. The magnetic signatures of these interpreted strands exhibit channel and sheet like features like those drilled in the eastern parts of the Cooliarloo project (refer to attached map) and augers well for the future economic potential of the Cooliarloo project. The remainder of the tenement is being reinterpreted in light of the recent data and will be released as soon as possible.

All the grades announced in this ASX release reflect visual estimates from panning in the field which gives the company a quide to the grade prior to receiving assay results from the laboratory. In the past, in the channel area in the south eastern part of Cooliarloo, visual panning has under-estimated the laboratory results by an average of about 50%. These visual results are thought to be of such significance (because the company's experience strongly suggests that there will be a significant uplift in the assayed values when returned) that the company believes is compelled, by force of the statutory continuous disclosure regime, to release them without waiting (as might be expected to be normal) for assay results.

Cooliarloo Project - Channel Area with updated Ground Magnetic Interpreted Strandlines

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

Please direct enquiries 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 in this report that relates to geophysics is based on information compiled by George Sakalidis BSc (Hons), who is a member of the Australasian Institute of Mining and Metallurgy. George Sakalidis is an employee of Image Resources NL. George Sakalidis
has sufficient experience which is relevant to the style of mineralization and type of is undertaking to qualify as a Competent Person as defined in the 2004 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. George Sakalidis consents to the inclusion of this information in the form and context in which it appears in this report.