UCL

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Union Resources Limited (Union) specializes in the early investment of mineral resource projects worldwide. The Company is involved in the development of the undeveloped resource of zinc, lead and silver. It is focused on the development of the Mehdiabad Base Metal Project (the Project) in Iran, through Mehdiabad Zinc Company (MZC). During the fiscal year ended June 30, 2006, the principal activity of the Company was carrying out a work programme at the Mehdiabad Base Metal Project in Iran. Its wholly owned subsidiaries include Union Resource Management Limited, Union Zinc Pty Ltd and Union Management Pty Ltd.

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