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Union Resources LTD (URL)

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Wednesday 13 June, 2007

Union Resources LTD

Share purchase plan and project update

                            Union Resources Limited                            

Share Purchase Plan, Sale of Non-Marketable Parcels and Mehdiabad Project

Share Purchase Plan

The Board of Union Resources Limited ("Union" or "the Company") is pleased to
announce it has established a new Union Resources Limited Share Purchase Plan
("the Plan"), and the Company will make an offer under the Plan to the
Company's Australian and New Zealand - resident shareholders later this month.
The Company will seek to raise up to A$3million from the offer.

Eligible shareholders registered as at 5.00pm Brisbane, Australia time on
Wednesday 20 June 2007 will be entitled to subscribe for up to $5,000 worth of
shares in the Company at a price of 2.7 cents per share. No transaction fees or
brokerage will be payable by shareholders.

The proposed timetable for the offer under the Plan is as follows:

Event                                                                  Date
Announce Share Purchase Plan                       13 June 2007 (Wednesday)
Record Date                                        20 June 2007 (Wednesday)
(to identify eligible shareholders entitled to                             
participate in the offer under the Share                                   
Purchase Plan)                                                             
Opening Date                                         26 June 2007 (Tuesday)
Despatch of Offer to eligible shareholders           26 June 2007 (Tuesday)
Closing Date                                       18 July 2007 (Wednesday)
Allot and Issue Shares by                         1 August 2007 (Wednesday)
Apply to ASX for quotation of shares by          15 August 2007 (Wednesday)

Those of the Company's directors who are eligible to participate in the Plan
have indicated their intention to do so.

Use of Funds from the Plan

Union will utilise the proceeds of the Plan for working capital to finance the
ongoing operations of the Company, both in Australia and in Iran. Details of
the Company's current and proposed activities are set out below. The extent to
which the proceeds of the Plan will be used in developing the Mehdiabad
Zinc-Silver-Lead Project and/or funding further negotiations with the relevant
Iranian parties and/or conducting arbitration proceedings will depend on the
outcome of pending negotiations with the Iranian parties.

Sale of Non-Marketable Parcels of Shares

In conjunction with its offer under the Plan the Company will write to each
shareholder with less than a marketable parcel of shares (i.e. $500 worth of
shares) in the Company and advise of the Company's intention to sell the
shareholder's shares in accordance with the procedure in the Company's
constitution (the "Procedure"). The Procedure permits the Company to sell a
non-marketable parcel unless the shareholder who holds such a parcel either
elects to remain a shareholder of the Company or increases the shareholder's
holding of shares to at least a marketable parcel. The proceeds from any sale
under the Procedure will be paid to the relevant shareholder as the shareholder

Mehdiabad Project Update

The Mehdiabad Zinc-Silver-Lead deposit is currently the largest undeveloped
Zinc resource in the world with a current estimated resource (at a cut off
grade of 2% zinc) of 362 million tonnes at 4.2% Zn, 1.6% Pb and 35g/t silver of
Measured and Indicated Resources, and 32 million tonnes of Inferred Resources
at 4.5% Zn, 1.4% Pb and 38g/t silver; totaling 394 million tones of ore at 4.2%
zinc, 1.6% lead and 36 g/t silver (This is a summary of information relating to
the resource contained in the Company's JORC Code-compliant announcement to ASX
and the London Stock Exchange dated 4 April 2006).The Mehdiabad
Zinc-Silver-Lead Project ("the Project") is carried on by Union, the Iranian
government body, Iranian Mines and Mining Industries Development and Renovation
Organisation ("IMIDRO") and Iranian company Itok GmbH through an incorporated
Iranian joint venture company, Mehdiabad Zinc Company ("MZC").

As originally reported late last year, IMIDRO has purported to terminate
several agreements governing the Project. Union stated then, and is still
firmly of the opinion, that the agreements were invalidly terminated. Union
representatives have spent the last several months in negotiation with IMIDRO,
and the Company is now starting to make progress in its negotiations. Union has
developed a timetable for the renegotiation or reinstatement of the agreements
which would allow for the matter to be resolved in the third quarter of this
calendar year. Union remains firmly committed to the development of the
world-class Mehdiabad deposit. Should the negotiations be unsuccessful there is
a strong possibility that Union will be involved in a lengthy arbitration
process, which would not be in the best interests of any party.

In the meantime, Union has continued to position itself for the development
phase of the Project. Union's consultant, Aker Kvaerner Australia Pty Ltd
("Aker Kvaerner") has completed a technical and economic study of the Project.
Aker Kvaerner has stated that the Project is now considered to meet Aker
Kvaerner's standard for a feasibility study, subject only to receipt of
necessary water rights and environmental clearances, the grant of the
Exploitation Licence, and an indication of commitment to the Project from the
Iranian Government. Aker Kvaerner's view is that upon resolution of these
matters the Project (at an optimal production level of 200,000 tpa zinc metal)
will be ready to move to the next stage of development. This will involve a
Definitive Study to confirm the process details, Invitation to Bid and Front
End Engineering and Design, followed by the appointment of an EPCM contractor
for the project. Union's joint venture partners in MZC are currently addressing
the issues of water and environmental clearances. However, the granting of the
Exploitation Licence continues to be an issue of contention.

Union has continued technical work on the Project and is evaluating novel
process improvements which have the potential to produce better recovery and
reduce the capital costs of processing oxide deposits. The testing is currently
being completed and is showing very promising results. This technical work will
slow until the remaining issues currently preventing the development of the
Project have been settled. In addition, at the request of the MZC Board, Union
has commissioned an Iranian engineering company, Aseh Sanat to provide
confirmation of the standard of the Aker Kvaerner report and to provide a
confirmatory market study for zinc. Once this is completed Union believes the
Project Feasibility Study should be accepted as complete by the MZC Board.

In anticipation of the development phase of the Project Union's Board has
recently appointed a new Managing Director, Dr. Frank Reid. Dr. Reid possesses
considerable experience in the development of large mining resource projects in
the Middle East, and has been well received by Union's Iranian partners and
Iranian government companies. Dr. Reid has already spent considerable time in
Iran since his appointment, and it is proposed that Dr. Reid will be based in
the Middle East in the longer term. Continuity for the Project will be
maintained through the Company's former Managing Director, Robert Murdoch
remaining on the Board of Union in a non-executive capacity.

Yours Faithfully


James Collins-Taylor


For further information contact:

Australia: Union Resources Limited

Frank Reid - Managing Director

Phone: +61 07 3833 3833

Email: [email protected]

London: Hanson Westhouse Limited

Bill Staple or Martin Davison

0207 7601 6100



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