IMAGE RESOURCES NL — Regulatory Filings 2009

Jun 3, 2009

IMAGE RESOURCES NL

¹ 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 57063 977 579

4 June 2009

Matthew Foy ASX Limited Level 8, Exchange Plaza 2 The Esplanade Perth WA 6000

Transmitted by email

Dear Matthew,

Price Query

In reply to your letter received today, we provide our responses to each of the points raised in that letter and set out below your original question/comment which is shown in italics.

Is the Company aware of any information concerning it that has not been announced $1¹$ which, if known, could be an explanation for recent trading in the securities of the Company?

The Company is not aware of any material information concerning it that has not been announced which, if known, could explain the recent trading in the Company's securities.

If the answer to question 1 is yes, can an announcement be made immediately? If not, $2.$ why not and when is it expected that an announcement will be made?

Not applicable due to response given in question 1.

Is there any other explanation that the Company may have for the price change and 3. increase in volume in the securities of the Company?

The Company is aware of recent market commentary on ASX releases made by the Company on 11 and 27 May 2009, which include favourable comment on the significance of the results announced in those releases.

Please confirm that the Company is in compliance with the listing rules and, in particular, $\overline{4}$ listing rule 3.1.

The Company confirms that it is has complied with the requisite listing rules.

Yours faithfully

George Saturdido

George Sakalidis Managing Director

ASX Limited ABN 98 008 624 691 Level 8 Exchange Plaza 2 The Esplanade Perth WA 6000

GPO Box D187 Perth WA 6840

Telephone 61 (08) 9224 0014 Facsimile 61 (08) 9221 2020 Internet http://www.asx.com.au

4 June 2009

Rudolph Tieleman Company Secretary Image Resources Limited 2nd Floor, 35 Outram Street WEST PERTH WA 6005

By e-mail: rudolf@tieleman.net.au

Dear Rudolph,

Image Resources Limited (the "Company")

RE: PRICE QUERY

We have noted a change in the price of the Company's securities from \$0.63 on 3 June 2009 to \$0.76 today. We have also noted an increase in the volume of trading in the securities over this period.

In light of the price change and increase in volume, please respond to each of the following questions.

Is the Company aware of any information concerning it that has not been announced which, if known, $\mathbf{1}$ could be an explanation for recent trading in the securities of the Company?

In answering this question please address the recent press reports about

If the answer to question 1 is yes, can an announcement be made immediately? If not, why not and $2.$ when is it expected that an announcement will be made?

Please note, if the answer to question 1 is yes and an announcement cannot be made immediately, you need to contact us to discuss this and you need to consider a trading halt (see below).

• Is there any other explanation that the Company may have for the price change and increase in volume $3.$ in the securities of the Company?
• Please confirm that the Company is in compliance with the listing rules and, in particular, listing rule 3.1. $4¹$

Your response should be sent to me by e-mail or by facsimile on facsimile number (08) 9221 2020. It should not be sent to the Company Announcements Office.

Unless the information is required immediately under listing rule 3.1, a response is requested as soon as possible and, in any event, not later than 11:30a.m WST 4 June 2009.

Under listing rule 18.7A, a copy of this query and your response will be released to the market, so your response should be in a suitable form and separately address each of the questions asked. If you have any queries or concerns, please contact me immediately.

Listing rule 3.1

Listing rule 3.1 requires an entity to give ASX immediately any information concerning it that a reasonable person would expect to have a material effect on the price or value of the entity's securities. The exceptions to this requirement are set out in listing rule 3.1A.

In responding to this letter you should consult listing rule 3.1 and Guidance Note 8 - Continuous Disclosure: listing rule 3.1.

If the information requested by this letter is information required to be given to ASX under listing rule 3.1 your obligation is to disclose the information immediately.

Your responsibility under listing rule 3.1 is not confined to, or necessarily satisfied by, answering the questions set out in this letter.

Trading halt

If you are unable to respond by the time requested, or if the answer to question 1 is yes and an announcement cannot be made immediately, you should consider a request for a trading halt in the Company's securities. As set out in listing rule 17.1 and Guidance Note 16 - Trading Halts we may grant a trading halt at your request. We may require the request to be in writing. We are not required to act on your request. You must tell us each of the following.

• The reasons for the trading halt.
• How long you want the trading halt to last.
• The event you expect to happen that will end the trading halt.
• That you are not aware of any reason why the trading halt should not be granted.
• Any other information necessary to inform the market about the trading halt, or that we ask for.

The trading halt cannot extend past the commencement of normal trading on the second day after the day on which it is granted. If a trading halt is requested and granted and you are still unable to reply to this letter before the commencement of trading, suspension from quotation would normally be imposed by us from the commencement of trading if not previously requested by you. The same applies if you have requested a trading halt because you are unable to release information to the market, and are still unable to do so before the commencement of trading.

If you have any queries regarding any of the above, please let me know.

Yours sincerely.

Matthew Fov Adviser, Issuers (Perth)