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Union Resources LTD (URL)

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Wednesday 05 September, 2007

Union Resources LTD

Share Placement

                            Union Resources Limited     
                Share Placements to Raise Extra Working Capital                

             Bonus Share Offer to Share Purchase Plan Participants             

Union Resources Limited ("Union" or "the Company") is pleased to announce that
it will raise a total of $2,030,000 through the placement of 101,500,000 shares
at $0.02 per share to three of the Company's largest shareholders, Lundin
Mining AB, RAB Special Situations (Master) Fund Limited and Kestrel Assets
Limited (via those shareholders' nominees). Details of the share issues are as

  Name of    Shareholder's     Current     Shares to  Funds to be  Holding (No.
Shareholder     Nominee     Shareholding   be issued   subscribed  of shares & 
                               (No. of                                 % of    
                            shares and %                             capital)  
                             of capital)                           after Issue 
Lundin       HSBC Custody    154,500,00   24,000,000    $480,000   178,500,000 
Mining AB    Nominees                                                          
             (Australia)       19.43%                                 19.97%   
RAB Special  HSBC Custody    94,102,555   75,000,000   $1,500,000  169,102,555 
Situations   Nominees                                                          
(Master)     (Australia)       11.87%                                 18.91%   
Fund Limited Limited                                                           
Kestrel      Bow Lane        19,241,897    2,500,000    $50,000    21,741,897  
Assets       Nominees Pty                                                      
Limited      Ltd                2.43%                                 2.43%    
                            Total         101,500,000 $2,030,000      41.31%   

The $2,030,000 to be raised through the placements will augment the $408,000
raised from shareholders under the Company's recently completed Share Purchase
Plan offer.

Union is particularly pleased with the confidence demonstrated in the Company
by three of its largest shareholders. RAB Special Situations (Master) Fund
limited will increase its holding in the Company from 11.87% to 18.91%, whilst
the placements to Lundin Mining AB and Kestrel Assets Limited will see them
retain their holdings at or near present levels with 19.97% and 2.43%

Lundin Mining AB is an international mining and exploration company engaged in
the extraction, development, acquisition and discovery of base metal deposits
internationally. Lundin Mining AB owns four mines in three countries as well as
interests in international ventures and development projects, and its shares
are listed on Toronto Stock Exchange and AMEX. RAB Special Situations (Master)
Fund Limited is an investment fund managed by its investment manager, RAB
Capital plc. RAB Capital plc is an investment manager listed on the Alternative
Investment Market of the London Stock Exchange ("AIM"). Kestrel Assets Limited
is a Hong Kong - based investment company.

Union will use the proceeds of the placements for working capital to finance
the ongoing operations of the Company, both in Australia and in Iran.

Bonus Offer to Share Purchase Plan Participants

Union's Board is conscious of the fact that the placements are to be made at
the price of $0.02 (two cents) per share, whereas shares were issued to
participating shareholders under the Company's recent Share Purchase Plan offer
at $0.027 (2.7 cents) per share. Although the price differential is at least in
part due to changed market conditions and the fact that the Company's shares
have traded at a lower price on ASX since the initial announcement of the offer
under the Share Purchase Plan, the Company's Board does not wish to see
shareholders who supported the SPP offer substantially disadvantaged vis-à-vis
the shareholders who will be participating in the abovementioned placements.
Therefore the Company's Board has determined that the Company will offer to
issue to shareholders who participated in the recent Share Purchase Plan offer
bonus shares in the Company in recognition of the higher subscription price
paid by them. Details of the proposed offer of bonus shares will be advised to
eligible shareholders in due course.


James Collins-Taylor

For further information contact:

Australia: Union Resources Limited
Dr Frank Reid - Managing Director
Phone: +61 07 3833 3833

London: Hanson Westhouse Limited
Bill Staple or Martin Davison
020 7601 6100

Bankside Consultants
Simon Rothschild or Louise Mason
020 7367 8888