One of the conditional steps in acquisition of the Sandpaper...

One of the conditional steps in acquisition of the Sandpaper phosphate project has been achieved:

Namibian Phosphate Project – Exchange Control Approval Received
Union Resources Limited (“Union” or “the Company”) previously advised that it had
acquired Namibian company Sea Phosphates (Namibia) Pty Limited (“SPL”) which
holds two Exclusive Prospecting Licences nos. 3414 and 3415 (“the EPLs”) issued
by the Namibian Ministry of Mines and Energy for Phosphates and Precious Stones.
The EPLs are part of the Sandpiper Phosphate Project off the coast of Namibia
which the Company is currently evaluating.

Union also advised that final completion under the contract pursuant to which it
acquired SPL (‘the Contract”) would take place on or before 20 April 2009, subject to
satisfaction of a number of conditions precedent, including receipt of any required
regulatory approvals. One of the regulatory approvals required was exchange control
approval from the Bank of Namibia for transactions proposed under the contract.
Exchange control approval has now been formally received from the Bank of
Namibia.