IMAGE RESOURCES NL — Regulatory Filings 2008

Sep 23, 2008

ASX Release 24 September 2008

ASX code: IMA

==> picture [101 x 113] intentionally omitted <==

2nd Floor, 35 Outram St 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

ABN 57 063 977 579

JV OVER NORTHERN EXTENSION OF CALYPSO RESOURCE

_________________________________________________________________________

Image Resources NL is pleased to announce that it has agreed to enter a joint venture with Matilda Minerals Limited (MAL) over exploration licence application E70/3292, which adjoins the tenements comprising Image’s joint venture with Metal Sands Pty Ltd at Cooljarloo (see figure 1). The joint venture allows Image to earn a 70% interest in the tenement by sole funding expenditure of $400,000 within 5 years of the tenement being granted. E70/3292 adjoins the area containing the Calypso Resource (for further information see Image’s ASX release dated 08 May 2008).

The mineralisation within the Calypso Resource is up to 80m thick and has the potential to host a very large resource of heavy minerals. Exploration will comprise ground magnetometer surveying and follow up drilling, and will commence once the necessary permitting is obtained.

Figure 1 shows the position of application E70/3292 in relation to the magnetic “channel” targets that are nearby, the Calypso resource outline and three mineralised intersections.

Image Resources NL is the largest mineral sand tenement holder in the North Perth Basin with over 2200sq km. Image’s experience allows it to focus its drilling effort on targets it has identified which has proven very successful. Image has completed surveys over about one third of its holding generating 121 targets. To date only 13 of these targets have been tested conclusively, yielding resources of 6.4 million tonnes of contained heavy minerals. Drill programmes are planned over the Cooljarloo, Bidaminna, Cataby West and Gingin projects.

==> picture [386 x 527] intentionally omitted <==

Figure 1 E70/3292 in relation to Calypso Resource and Magnetic Targets

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

Please direct enquiries to: George Sakalidis Roger Thomson Managing Director Executive Director Phone (08) 9485 2410 Phone (08) 9485 2410 Mob 0411 640 337 Mob 0419 969 183

The information in this report is based on information compiled by George Sakalidis BSc (Hons), and Scott Carruthers BSc, MSc who are members of the Australasian Institute of Mining and Metallurgy. George Sakalidis and Scott Carruthers are employees of Image Resources NL. Both have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Persons as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. George Sakalidis and Scott Carruthers consent to the inclusion of this information in the form and context in which it appears in this report