IMAGE RESOURCES NL — Regulatory Filings 2013

Apr 1, 2013

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ASX Code: IMA 2 April 2013

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

NEW BOONANARRING DRILL SAMPLE ASSAYS CONFIRM FURTHER HIGH VHM GRADE EXTENSION

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• Drill sample assays from Block A confirm high grade VHM strand joining Block A through to Block D over a strike length of 9.7 km.

• Eastern strand is consistently higher VHM grade than in Block B.

• Visual estimates of mineralogy indicate that the very high Zircon content is also continuous along strike.

• Successful drilling of the deep production water bore.

In February 2013, Image completed a drill program consisting of 107 aircore drill holes for 5,801m at 200m line spacing and 20m – 40m hole spacing on Block A of the Boonanarring Project (refer Figure 1). Assay results for this drilling are now to hand. These results have confirmed the previous field estimates that a high grade Valuable Heavy Mineral ( VHM ) strand extends over 1.8 km of Block A.

The Blocks B and C JORC Indicated Resource were announced on 4 October 2012 and 8 February 2013 respectively. The Block D JORC Measured Resource was defined by Iluka on M70/1194 and acquired by Image in March 2011.

The mineralisation on Block A occurs in two strands, with the eastern strand drilled to sufficient density to enable a JORC Indicated Resource to be estimated. The mineralisation in the eastern strand, which extends over a 1.8km strike length, has increased in grade compared to Block B to the south, with consistent high grade (>10% HM) intercepts over 5m thick in each section.

The western strand varies between 40m and 60m wide and has been defined along strike for 1.6km from the north of Block B up to the boundary of the DampierBunbury Natural Gas pipeline exclusion zone to the north. The western strand has not been closed off to the west and more drilling is planned in this area.

ASX Release 2 April 2013

Visual estimates of the mineral content, undertaken by experienced mineral observers, confirm the unusually high Zircon content of the mineralisation exists in Block A, as it does in Blocks B and C. Full mineral assemblage work is being commissioned to quantify the mineralogy and will be used in a maiden JORC Resource for this block, publication of which is targeted for early April.

Table 1 shows the 10 best intersections at a 2.5% HM cut-off. Appendix C details all intersections greater than 3m thickness at a 2.5% HM cut-off. Typical sections are shown in Figures 2, 3 and 4.

Table 1: Best intersections >3m at 2.5% HM cut-off

Hole ID	East	North	From	To	Thickness	HM%	Slimes %
GG01450	385898	6551669	37.00	51.00	14.00	32.93	15.13
GG01438	385731	6552021	44.00	53.00	9.00	34.39	19.57
GG10038	385818	6551838	43.00	56.00	13.00	20.80	22.58
GG10012	385801	6551829	40.00	55.00	15.00	16.93	14.57
GG01427	385547	6552372	48.00	56.00	8.00	28.22	13.51
GG01415	385376	6552732	43.00	52.00	9.00	24.89	19.67
GG10021	385632	6552191	48.00	54.00	6.00	31.76	11.40
GG01437	385714	6552009	43.00	54.00	11.00	16.01	18.66
GG10041	385614	6552184	46.00	57.00	11.00	14.10	17.06
GG10004	385970	6551466	37.00	46.00	9.00	16.93	22.67

Notes: 1. HM determined by TBE heavy liquid separation at a nominal SG 2.96 2. Slimes is the fraction less than 63 microns in size

Image is now planning to carry out further ground magnetic surveys to the north of Block A, where there is the potential for the high grade mineralisation to continue into areas not sterilised by the Brand Highway and gas pipeline exclusion zones.

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Figure 1 Boonanarring Resource Blocks

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Figure 2 Line 35 400N

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Figure 3 Line 35 000N

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Figure 4 Line 34 600N

ASX Release 2 April 2013

Managing Director Peter Davies stated “Once again, the earlier ground magnetic survey results and visual estimates from the drilling carried out in February have been confirmed by these assay results. We are still waiting for the results of the recent infill drilling on Blocks D and E, but even without these, it is clear that we have a very attractive mining target extending over 10km at Boonanarring”.

Work is being completed this week on the main production water bore, located on Block C, over which Image has an existing option to purchase. Indications are that, subject to grant of the necessary abstraction licences, this bore will provide all the water supply for the planned operation. Having this water supply, together with existing power lines, gas pipelines and a major heavy haulage route all within 500m of the planned plant site, is a significant advantage in terms of reducing the costs and uncertainties related to the development of the project.

For more information on the Company 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.

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.

ASX Release 2 April 2013

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.

ASX Release 2 April 2013

Appendix A: General Resource Information

Image has a 18.8 Mt JORC Measured, Indicated and Inferred Resource in Blocks B, C & D at Boonanarring as part of 61.2 Mt overall high grade resources in the North Perth Basin (refer to resource table in Appendix B). Further resource upgrades are expected to bring the Boonanarring deposit alone to 20-25 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 late 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.

Appendix B: Resource Statement at North Perth Basin Project

High Grade Resources	High Grade Resources
Resource	Resource Category	BCM	TONNES	% HM	% SLIMES	HM TONNES	VHM	Ilmenite	Leucoxene	Rutile	Zircon
							(%)	(%)	(%)	(%)	(%)
Atlas	Indicated	520,000	1,080,000	3.2	19.2	34,000	74	53	8	7	6
Atlas	Measured	4,810,000	9,700,000	8.5	15.3	820,000	76	52	5	8	11
Atlas Total		5,330,000	10,780,000	7.9	15.7	854,000	76	52	5	8	10
Boonanarring Inferred		1,700,000	3,400,000	5.6	17.4	190,000	83	51	9	9	15
Boonanarring	Indicated	6,000,000	12,300,000	8.1	16.8	990,000	80	47	8	4	21
Boonanarring	Measured	1,680,000	3,060,000	7.2	9.9	220,000	67	49	1	3	15
Boonanarring Total
		9,380,000	18,760,000	7.5	15.8	1,400,000	78	48	7	4	20
Gingin Nth	Indicated	680,000	1,300,000	5.7	15.7	75,000	75	57	9	3	5
Gingin Nth	Inferred	580,000	1,100,000	5.2	14	60,000	78	57	11	4	6
Gingin Nth Total		1,260,000	2,400,000	5.5	15	135,000	77	57	10	3	6
Gingin Sth	Indicated	3,240,000	5,820,000	6.5	7.1	380,000	91	68	10	5	8
Gingin Sth	Inferred	400,000	730,000	6.5	8.4	48,000	92	67	8	6	11
Gingin Sth	Measured	870,000	1,530,000	4.4	7.2	67,000	79	51	15	6	8
Gingin Sth Total		4,510,000	8,080,000	6.1	7.3	495,000	89	65	10	5	8
Helene	Indicated	5,600,000	11,500,000	4.6	18.6	520,000	84	70	1	3	11
Hyperion	Indicated	1,800,000	3,700,000	7.8	19.3	290,000	71	56	0	6	9
Red Gully	Indicated	1,900,000	3,400,000	7.8	11.5	270,000	90	66	8	3	12
Red Gully	Inferred	1,500,000	2,600,000	7.5	10.7	190,000	90	66	8	3	12
Red Gully Total		3,400,000	6,000,000	7.7	11.2	460,000	90	66	8	3	12
Total High Grade		31,280,000	61,220,000	6.8	7.4	4,154,000	75	54	6	4	11

ASX Release 2 April 2013

Low Grade Resources	Low Grade Resources
Resource	Resource	BCM	TONNES	% HM	%	HM	VHM	Ilmenite	Leucoxene	Rutile	Zircon
	Category				SLIMES	TONNES	(%)	(%)	(%)	(%)	(%)
Telesto	Indicated	1,700,000	3,500,000	3.8	18.4	130,000	83	67	3	2	10
Calypso Inferred 27,100,000			51,500,000 1.7 13.7 850,000				86	68	4	3	11
Titan	Indicated	10,300,000	21,200,000	1.8	22.1	380,000	84	72	2	1	9
Titan Inferred 58,500,000			115,400,000 1.9 18.9 2,210,000				84	72	2	1	9
Cooljarloo Total		97,600,000	191,600,000	1.9	17.8	3,570,000	85	71	2	2	10
Bidaminna	Inferred 26,300,000		44,600,000	3.0	3.6	1,350,000	95	82	6	1	6
Total Low Grade Resource
		123,900,000	236,200,000	2.0	14.9	4,920,000	74	4	1	9	88
Grand Total NPB		155,180,000	297,420,000	3.0	13.5	9,074,000	80	65	4	2	9

APPENDIX C: All intersections >2.5%HM and 3m thickness

Hole ID	East	North	From	To	Thickness	HM%	Slimes %
GG01415	385376	6552732	43.00	52.00	9.00	24.89	19.67
GG01425	385527	6552368	51.00	61.00	10.00	12.13	23.17
GG01427	385547	6552372	48.00	56.00	8.00	28.22	13.51
GG01432	385536	6551924	33.00	38.00	5.00	4.33	20.71
GG01436	385677	6551992	47.00	50.00	3.00	3.76	11.45
GG01437	385714	6552009	43.00	54.00	11.00	16.01	18.66
GG01438	385731	6552021	44.00	53.00	9.00	34.39	19.57
GG01439	385700	6552003	43.00	53.00	10.00	9.10	25.12
GG01447	385847	6551640	42.00	45.00	3.00	5.80	20.51
GG01448	385878	6551657	41.00	51.00	10.00	14.20	25.00
GG01449	385864	6551648	41.00	48.00	7.00	8.37	24.42
GG01450	385898	6551669	37.00	51.00	14.00	32.93	15.13
GG01465	385820	6551179	26.00	31.00	5.00	3.47	25.99
GG10002	385897	6551432	14.00	17.00	3.00	4.28	19.39
GG10003	385955	6551456	39.00	42.00	3.00	6.38	15.47
GG10004	385970	6551466	37.00	46.00	9.00	16.93	22.67
GG10007	385619	6551744	31.00	35.00	4.00	6.12	8.08
GG10008	385656	6551761	29.00	33.00	4.00	7.75	14.77
GG10012	385801	6551829	40.00	55.00	15.00	16.93	14.57
GG10018	385523	6552140	27.00	30.00	3.00	3.41	24.93
GG10021	385632	6552191	48.00	54.00	6.00	31.76	11.40
GG10035	385988	6551476	37.00	46.00	9.00	11.68	29.24
GG10037	385782	6551821	44.00	51.00	7.00	4.53	14.64
GG10038	385818	6551838	43.00	56.00	13.00	20.80	22.58
GG10041	385614	6552184	46.00	57.00	11.00	14.10	17.06

HM determined by TBE heavy liquid separation nominal 2.96 SG