IMAGE RESOURCES NL — Regulatory Filings 2012

Dec 20, 2012

ASX Code: IMA 21 December 2012

Image Resources NL Level 2, 16 Ord St West Perth WA 6005 PO Box 644 West Perth WA 6872 Telephone +61 8 9485 2410 Facsimile +61 8 9485 2840 info@imageres.com.au www.imageres.com.au

ABN 57 063 977 579

MINING LEASE APPLICATION LODGED FOR BOONANARRING NORTH

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• Image has lodged a Mining Lease Application covering the northern section of the Boonanarring resource

• Wet testing of the Boonanarring bulk sample has been completed and process design work has commenced

• Drilling of the remaining section of Boonanarring is planned to start in January 2013.

Image Resources NL is pleased to announce that it has lodged a Mining Lease Application ML 70/1311 for the area covering all Boonanarring resources north of the existing ML 70/1194 (refer figure 1).

Environmental and heritage studies are continuing together with other work related to land access.

Image continues to make good progress on the major aspects of the Feasibility Study:

• Assaying of samples from Block C at Boonanarring has commenced. A resource upgrade to include Block C is scheduled for February 2013.

• Drilling of Block A is scheduled to commence in January.

• Wet testwork on the Boonanarring bulk sample has been completed at AML. Results are being assessed.

• The Atlas bulk sample has been delivered to AML ready for wet testwork to commence in January.

• Work is continuing to produce final product samples of ilmenite and zircon by mid January, for customer testing.

• MSP Engineers have been engaged to carry out the process design, infrastructure design, engineering and cost estimation work for the Feasibility Study. The basis of design has been confirmed and process design work will commence in January 2013.

• Detailed mine planning and scheduling has commenced on Block B (refer figure 2) to provide a basis for review of mining concepts and costs.

• CSA Global has been appointed to carry out the independent expert review of resources and mining aspects of the Feasibility Study. A review by CSA Global of the resource estimation work to date and QA/Qc procedures has commenced.

• Mineral Technologies has been appointed to carry out the independent expert review of the process design and infrastructure aspects of the Feasibility Study.

ASX Release 21 December 2012

• Hydrological testwork is scheduled to commence in January.

• Seasonal flora and fauna surveys at Boonanarring have been completed and contracts have been placed for all other major environmental studies.

Next steps will be completion of the additional resource estimates at Boonanarring, commencement of process test work and preparation of marketing samples of zircon and ilmenite.

Image has a 10.5 Mt JORC Measured and Indicated Resource at Boonanarring as part of 52.9 Mt overall in the North Perth Basin (refer Appendix A). Resource upgrades are expected to bring the Boonanarring deposit alone to 15‐25 Mt depending on the cut‐off grade used. The North Perth Basin project contains a high grade resource, with the majority on cleared freehold farmland. Infrastructure in the area is excellent with the Brand Highway, power and gas lines all crossing the project area. Image plans to construct a 3.3 Mt per annum single mine and wet plant operation at Boonanarring with production to commence in 2014. Image holds a number of other major deposits in the North Perth Basin project with significant upside potential including at Atlas, Red Gully and Gingin South.

A commissioned research report covering Image has recently been released by independent research company, Breakaway Research. It is a member of the Breakaway Investment Group – an Australian financial services company that specialises in the resource sector; providing funds management, equity research and corporate advisory services.

To view a copy of the report, please visit the Image website.

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

For more information on the compan	y visit www.imageres.com.au
Please direct enquiries to:
Peter Davies	George Sakalidis
Managing Director	Executive Exploration Director
Phone +61 8 9485 2410	Phone +61 8 9485 2410
Mob +61 409 296 676	Mob +61 411 640 337

COMPETENT PERSON’S STATEMENT – EXPLORATION RESULTS

The information in this presentation is based on information compiled by Paul Leandri BAppSc who is a member of the Australasian Institute of Mining and Metallurgy. Paul Leandri is an employee of Image Resources NL. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he 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’. Paul Leandri consents to the inclusion of this information in the form and context in which it appears in this announcement.

COMPETENT PERSON’S STATEMENT – RESOURCE ESTIMATES

The information in this presentation that relates to mineral resources is based on information compiled by Lynn Widenbar BSc, MSc, DIC, MAIG, MAusIMM employed by Widenbar & Associates who is a consultant to the Company. Lynn Widenbar has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the ‘Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Lynn Widenbar consents to the inclusion of this information in the form and context in which it appears in this announcement.

COMPETENT PERSON’S STATEMENT – PROJECT EVALUATION

The information in this presentation that relates to project evaluation is based on information compiled by Peter Davies BSc Eng (Hons) ARSM, C.Eng. MIMMM, FAusIMM FRSA, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Peter Davies is Managing Director/Project Manager of Image Resources NL. Peter Davies has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he 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’. Peter Davies consents to the inclusion of this information in the form and context in which it appears in this announcement.

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ASX Release 21 December 2012

FORWARD LOOKING STATEMENTS

Certain statements made during or in connection with this communication, including, without limitation, those concerning the economic outlook for the mining industry, expectations regarding prices, exploration or development costs and other operating results, growth prospects and the outlook of Image’s operations contain or comprise certain forward looking statements regarding Image’s operations, economic performance and financial condition. Although Image believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct.

Accordingly, results could differ materially from those set out in the forward looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes that could result from future acquisitions of new exploration properties, the risks and hazards inherent in the mining business (including industrial accidents, environmental hazards or geologically related conditions), changes in the regulatory environment and other government actions, risks inherent in the ownership, exploration and operation of or investment in mining properties, fluctuations in prices and exchange rates and business and operations risks management, as well as generally those additional factors set forth in our periodic filings with ASX. Image undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today’s date or to reflect the occurrence of unanticipated events.

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ASX Release 21 December 2012

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Figure 1 Mining Lease Application Boundary

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ASX Release 21 December 2012

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Figure 2 Boonanarring Resource Blocks

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	Zircon (%)	6	11	10	17	15	17	5	6	6	8	11	8	8
	Rutile (%)	7	8	8	3	3	3	3	4	3	5	6	6	5
	Leucoxene (%)	8	5	5	11	1	8	9	11	10	10	8	15	10
	Ilmenite (%)	53	52	52	48	49	48	57	57	57	68	67	51	65
	VHM (%)	74	76	76	80	67	76	75	78	77	91	92	79	89
	HM TONNES	34,000	822,000	856,000	520,000	220,000	740,000	75,000	57,000	132,000	377,000	48,000	67,000	492,000
	% SLIMES	19.2	15.3	15.7	14.9	9.9	13.4	15.7	14	15.0	7.1	8.4	7.2	7.3
	% HM	3.2	8.5	7.9	7.0	7.2	7.1	5.7	5.2	5.5	6.5	6.5	4.4	6.1
	TONNES	1,080,000	9,700,000	10,780,000	7,450,000	3,060,000	10,510,000	1,320,000	1,090,000	2,410,000	5,820,000	730,000	1,530,000	8,080,000
	BCM	520,000	4,810,000	5,330,000	3,740,000	1,680,000	5,420,000	680,000	580,000	1,260,000	3,240,000	400,000	870,000	4,510,000
High Grade Resources	Resource Category	Indicated	Measured		Indicated	Measured		Indicated	Inferred		Indicated	Inferred	Measured
	Resource	Atlas	Atlas	Atlas Total	Boonanaring	Boonanaring	Boonanaring Total	Gingin Nth	Gingin Nth	Gingin Nth Total	Gingin Sth	Gingin Sth	Gingin Sth	Gingin Sth

			11	9	12	12	12	11.4
			3	6	3	3	3	4.7
			1	0	8	8	8	6.0
			70	56	66	66	66	58.3
			84	71	90	90	90	80.4
			523,000	290,000	267,000	192,000	459,000	3,492,000
			18.6	19.3	11.5	10.7	11.2	14.3
			4.6	7.8	7.8	7.5	7.7	6.6
			11,500,000	3,700,000	3,410,000	2,570,000	5,980,000	52,960,000
			5,600,000	1,800,000	1,930,000	1,455,000	3,385,000	27,305,000
		High Grade Resources	Indicated	Indicated	Indicated	Inferred
Total
			Helene	Hyperion	Red Gully	Red Gully	Red Gully Total	Grand Total