Image Resources NL: Announces A$1.25m Capital Raising To Accelerate Exploration And Evaluation

13:29 AEST Nov 9, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.

Perth, Australia (ABN Newswire) - Image Resources NL (ASX: IMA) (PINK: IMREF) is raising A$1,250,000 by issuing 3,125,000 shares at A$0.40 per share to a combination of sophisticated and professional investors. Following the placement Image will have 89,438 959 fully paid shares on issue and will hold cash and liquid assets of approximately A$4.6 million after payment of the costs of the placement. The funds will allow Image to accelerate its exploration and general feasibility work, particularly on its Atlas discovery, which Image believes may lead to the commercialisation of some or all of its North Perth Basin assets.


About Image Resources Nl:

Image Resources is an active, innovative, Australian-based mineral explorer with a substantial portfolio of gold, nickel and mineral sand prospects in Western Australia. Incorporated in 1994, Image was formed to utilise an extensive Australian aeromagnetic database compiled over many years by the Company's founders. Image has used this powerful and unique data set, together with the experience and interpretive skills of its management, to acquire a range of prospects with high mineral potential.



Contact:

Image Resources Nl
George Sakalidis
Managing Director
Tel: +61-8-9485-2410
Mob: +61-411-640-337

Roger Thomson
Executive Director
Tel: +61-8-9485-2410
Mob: +61-419-969-183