IMAGE RESOURCES NL — Regulatory Filings 2012

Feb 27, 2012

==> picture [298 x 48] intentionally omitted <==

2[nd] Floor, 16 Ord Street 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

ASX Release 28 February 2012

ASX code: IMA

NORTH PERTH BASIN FEASIBILITY STUDY MANAGER APPOINTED

_________________________________________________________________________________

Image Resources is pleased to announce the appointment of Peter J Davies of ISOC Pty Ltd, as Project Manager for the North Perth Basin mineral sand project.

Peter Davies has extensive operational experience in the mineral sands industry including the positions of General Manager Chandala for Tiwest (mineral sands processing and synthetic rutile production) and Director European Operations for Kerr-McGee Chemicals/Tronox (titanium dioxide pigment manufacturing). In addition Peter has held senior staff and/or operational positions with Billiton International/Shell Metals, Dominion Mining, Delta Gold and CSA Global.

As previously announced, Image has commenced a feasibility study on its North Perth Basin project, representing one of the largest, high-grade undeveloped heavy mineral (HM) resources in Australia. The feasibility study currently includes just six of Image’s 100%-owned identified mineral resources (out of a total of eleven) totalling 42.4Mt @ 6.4%HM containing 2.7Mt of HM (at a 2.5% HM cut off). The valuable HM content of these six resources comprises 1.67Mt ilmenite, 268,000t of zircon, 150,000t of leucoxene and 145,000t of rutile. At current and forecast commodity prices, the Scoping Study completed by Image in August 2011 indicates a fast payback from the project of 13-16 months, an IRR range of 47.7%-58.6%, a net life of mine cashflow after capital of $280M-$381M and a capital cost of $84M (IMA ASX release 19 December 2011).

Peter Davies will assume management of the North Perth Basin Feasibility Study with immediate effect and is currently assembling a team of professionals with wide experience in the minerals sands industry to carry out the, metallurgical test work, process design, mine design, logistics and preliminary marketing studies. Image welcomes the skills and experience that Peter can bring to this company-transforming project at an operational level.

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 or reviewed by George Sakalidis BSc (Hons), who is a member of the Australasian Institute of Mining and Metallurgy. George Sakalidis is a Director of Image Resources NL. George Sakalidis 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’. George Sakalidis consents to the inclusion of this information in the form and context in which it appears in this report.