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Friday 03 November, 2006

Union Resources LTD

Drilling Report

                            Union Resources Limited                            

              Second significant copper intersection at Mehdiabad              

Union Resources Limited (Union) advise that sampling and assaying of drill hole
5302 on the western side of the Mehdiabad zinc, lead and silver deposit in
Iran, has produced the following result:

Cut off of 1% Copper:

40.1m @ 2.1% Cu from 92.9m

Cut off of 2% Copper:

21.1m @ 2.4% Cu from 92.9m

The copper mineralisation is hosted by hematitic (and goethitic) gossan with
substantial amounts of barite, at the base of the Abkouh Formation, which is
stratigraphically located above the zinc, lead, silver resource, predominantly
in what has been regarded as waste rock, in the proposed Mehdiabad super pit.
The average core recovery for the whole zone is 74.4% with core loss due to
poorly consolidated sections within the gossan. Core recovery for the higher
grade zone was 89%.

Hole 5302 is located approximately 120m north of drill hole 8416, which
recorded a zone of 35m @ 4.3% Cu from 167m from the same stratigraphic
position, and hence the intersections are considered significant.

However, Union is awaiting the results of about 9 more holes currently being
assayed, prior to having an independent copper resource estimate made.

The mineral resources information in this Report is based on, and accurately
reflects, information compiled by competent consultants and verified by Mr Rob
Murdoch who is a Corporate Member of the Australasian Institute of Mining and
Metallurgy. Mr Murdoch has the relevant experience in relation to the
mineralisation being reported upon to qualify as a Competent Person as defined
in the Australasian Code for Reporting of Identified Mineral Resources and Ore

Rob Murdoch
Managing Director

For further information:

Union Resources Limited (Tel: 00 61 7 3833 3833)

Hanson Westhouse LLP (Tel: 020 7601 6100)
Bill Staple
Martin Davison

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