IMAGE RESOURCES NL — Regulatory Filings 2013

Jan 14, 2013

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ASX Code: IMA 15 January 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

BOONANARRING ILMENITE QUALITY EXCEEDS EXPECTATIONS

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• Testing of Ilmenite samples from the Boonanarring wet process testwork completed in December has confirmed the high quality of the Ilmenite product

• Wet process testwork on the representative bulk sample from the Atlas deposit has been commenced

• Drilling of the remaining sections of the Boonanarring mineralisation has commenced

Wet testwork on the Boonanarring bulk sample has been completed at AML. Assessment of the results has demonstrated that two high quality Ilmenite fractions can be produced. Preliminary indications are that one fraction (approximately 55% TiO[2] ) would be suitable for sulphate pigment plant feed. The higher grade fraction (approximately 59% TiO[2] ) would be suitable for SR plant feed or other pigment feed applications.

This exceeds the previous expectation of only making one Ilmenite grade suitable for sulphate plant feed. The result broadens the potential customer base and potentially lifts the profitability profile for the project.

Test samples of Ilmenite, Rutile and Zircon from Boonanarring are now being prepared for full analysis and packaging ready to be sent to potential customers for testing.

Drilling restarted at Boonanarring on 13[th] January 2013. Planned work through to early March will include hydrological testwork and exploration drilling to complete the resource estimation work along the full 12km strike length of the northern part of the mineralisation.

ASX Release 15 January 2013

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

Image continues to make good progress on the other major aspects of the Feasibility Study, as follows.

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

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

• Wet testwork on the Atlas bulk sample has commenced at AML.

• Work is continuing to produce final product samples of Ilmenite, Rutile and Zircon for customer testing.

• CSA Global has commenced the independent expert review of resources and mining aspects of the Feasibility Study.

• Hydrological testwork is scheduled to commence later in January.

• Environmental field studies are continuing.

Next steps will be completion of the additional resource estimates at Boonanarring, commencement of process design work and preparation of marketing samples from the Atlas project bulk sample.

The success of any new minerals sands project will depend on several key factors. The Image Boonanarring deposit, 90km north of Perth, has several major competitive advantages when ranked on all these factors:

1. Low sovereign risk

2. Known mineral field and mineralogy

3. High in-situ resource grades

4. Good quality Ilmenite and Zircon products

5. Established road and rail logistics

6. Several multi user ports in the region

7. Existing power and gas infrastructure crossing the main project area

8. Proximity to existing mineral separation and SR plants

9. Availability of a pool of experienced mineral sands technical and operational staff in the region around the project.

The latest results further strengthen Image’s confidence in item 4 above.

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

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ASX Release 15 January 2013

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.

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 15 January 2013

Appendix A: General Resource Information

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 to resource table below). 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.

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Figure 1 Boonanarring Resource Blocks

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ASX Release 15 January 2013

Appendix B :: Resource Statement at North Perth Basin Project

High Grade Resources
Resource	Resource	BCM	TONNES	% HM	% SLIMES	HM TONNES	VHM	Ilmenite	Leucoxene	Rutile	Zircon
	Category						(%)	(%)	(%)	(%)	(%)
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	822,000	76	52	5	8	11
Atlas Total		5,330,000	10,780,000	7.9	15.7	856,000	76	52	5	8	10
Boonanarring	Indicated	3,740,000	7,450,000	7.0	14.9	520,000	80	48	11	3	17
Boonanarring	Measured	1,680,000	3,060,000	7.2	9.9	220,000	67	49	1	3	15
Boonanarring
Total		5,420,000	10,510,000	7.1	13.4	740,000	76	48	8	3	17
Gingin Nth	Indicated	680,000	1,320,000	5.7	15.7	75,000	75	57	9	3	5
Gingin Nth	Inferred	580,000	1,090,000	5.2	14	57,000	78	57	11	4	6
Gingin Nth
Total		1,260,000	2,410,000	5.5	15.0	132,000	77	57	10	3	6
Gingin Sth	Indicated	3,240,000	5,820,000	6.5	7.1	377,000	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	492,000	89	65	10	5	8

ASX Release 15 January 2013

High Grade Resources
Resource	Resource	BCM	TONNES	% HM	% SLIMES	HM TONNES	VHM	Ilmenite	Leucoxene	Rutile	Zircon
	Category						(%)	(%)	(%)	(%)	(%)
Helene	Indicated	5,600,000	11,500,000	4.6	18.6	523,000	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	1,930,000	3,410,000	7.8	11.5	267,000	90	66	8	3	12
Red Gully	Inferred	1,455,000	2,570,000	7.5	10.7	192,000	90	66	8	3	12
Red Gully
Total		3,385,000	5,980,000	7.7	11.2	459,000	90	66	8	3	12
Grand Total		27,305,000	52,960,000	6.6	14.3	3,492,000	80.4	58.3	6.0	4.7	11.4

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