Information  X 
Enter a valid email address

Union Resources Ltd (URL)

  Print      Mail a friend

Friday 17 March, 2006

Union Resources Ltd

Sale of Eastern Telecom Asset

Union Resources Limited
17 March 2006

news release

For immediate release: 17 March 2006


                            Union Resources Limited

                         Sale of Eastern Telecom Asset

Union Resources Limited ('Union') is pleased to announce the closing of the sale
of Union's indirect interest in Filipino telecommunications company Eastern
Telecommunications Philippines, Inc. ('Eastern').

Union has received from the sale, after all expenses were deducted, the sum of
$US 3,980,114.24, and may become entitled to a further payment of up to $US
274,000 once all taxation clearances have been received.

Union was previously prevented from selling its interest in Eastern by ongoing
litigation in the Philippines, which is now to be discontinued, under the terms
of the Sales Agreement completed.

Union will continue to focus on the world class Mehdiabad Zinc, Lead and Silver
Project in Iran, where the draft of the Feasibility Study has been received from
Aker Kvaerner Australia.  The document is currently being reviewed and
finalised.  Once the review is completed and the study report finalised, Union
will then make the appropriate announcements on the results of the Study.

The funds received from the disposal of Union's interest in Eastern will be
applied to the Mehdiabad Project and also to working capital.


ENDS

For further information:

Union Resources Limited (Tel: 00 61 7 3833 3833)
Rob Murdoch - Managing Director
www.unionresources.com.au

Westhouse Securities LLP (Tel: 020 7601 6100)
Bill Staple
Richard Morrison

Bankside Consultants (Tel: 020 7367 8888)
Keith Irons
Simon Rothschild



                      This information is provided by RNS
            The company news service from the London Stock Exchange