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Union Resources LTD (URL)

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Monday 16 July, 2007

Union Resources LTD

Share Purchase Plan

                            Union Resources Limited                            

             Share Purchase Plan - Extension of Acceptance Period              

The Company has extended the closing time and date for acceptance of the
current offer under the Company's Share Purchase Plan to 5.00pm (AEST),
Wednesday I August. The letter dated 16 July 2007 sent to the Company's
eligible shareholders advising of this is repeated in full below..

Share Purchase Plan - Extension of Closing Date

In my letter to you dated 26 June 2007, I advised of the Company's offer to you
under the Company's Share Purchase Plan. In that letter I advised that the
offer would close on Wednesday, 18 July. In view of the recent Mehdiabad
Project Update, the Company's Board has, however, decided to extend the closing
time for the offer to 5.00pm (AEST) on Wednesday, 1 August. You may therefore
apply for shares under the offer by completing the application form previously
sent to you and returning it, together with your payment, by that date.

The following is the text of the announcement released by the Company to the
Australian Securities Exchange ("ASX") on 11 July 2007 regarding the Mehdiabad

Mehdiabad Project Update

Union Resources Limited ("Union") is focused on the Mehdiabad Zinc-Silver-Lead
Project ("the Project") in Iran. 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").

In its quarterly release to ASX dated 28 July 2006 Union advised that the
"Bankable Feasibility Development Project Phase III Report" completed by Aker
Kvaerner Australia (the "Feasibility Study Report") had been received by Union
on 2 May 2006 and, following review, presented to the Company's Iranian
partners in MZC on 26 June 2006.

On 13 June 2007 Union advised ASX that:

 1. AKAU had completed a technical and economic study of the Project and had
    advised Union that the Project meets Aker Kvaerner's standard for a
    feasibility study, subject only to receipt of necessary water rights and
    environmental clearances, the grant of an Exploitation Licence, and an
    indication of commitment to the Project from the Iranian Government; and
 2. at the request of the MZC Board Union had commissioned Iranian engineering
    company, Aseh Sanat to provide confirmation of the standard of the
    Feasibility Study report and to provide a confirmatory market study for
Aseh Sanat has now provided a report to the Board of MZC that, subject to some
minor considerations, the Feasibility Study Report meets the standard for a
bankable feasibility study. Following extensive negotiations, the MZC Board has
accepted the Feasibility Study Report and noted that, based on the report
received from Aseh Sanat, the Feasibility Study report can be updated to a
bankable feasibility study upon the granting of requisite licences, support
from the government sector, and commitment of foreign financing.

Union considers MZC's acceptance of the Feasibility Study Report to be a
significant development as Union has now completed its commitments under the
various Project Agreements, and the remaining outstanding matters are largely
under the control of its Iranian Partners. As previously advised IMIDRO has
purported to terminate several agreements governing the Project, and Union is
firmly of the opinion that the agreements were invalidly terminated. As also
previously advised, Union has been in negotiation with IMIDRO in an effort to
establish a basis upon which the Project can proceed to the development phase.
Union believes acceptance by MZC of the Feasibility Study Report will assist

As is clear from the announcement, the Company regards the acceptance of the
Feasibility Study Report by MZC as an important development, although this is
tempered by the fact that the Company is still in negotiation with its joint
venture partners in MZC in an attempt to progress the Project. I refer you
again to the information contained in the information sheet which accompanied
the letter to you of 26 June, which provides a status report on the Mehdiabad
Project and advises the proposed use by the Company of the proceeds from the
Share Purchase Plan offer. If you no longer have a copy of the information
sheet it may be viewed under the Company's announcements on the ASX website
(Heading: "Share Purchase Plan") or on the Company's website under the heading "Shareholders" ("Despatch of Share
Purchase Plan Documents").


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


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