placement explains everything;)

This explains the price slump. Now i'm buying!

Company Announcements Office
Australian Stock Exchange Limited
20 Bridge Street
SYDNEY NSW 2000
Dear Sir
Re: Share Placement
The Company’s Directors have approved the issue of up to 17,577,461 ordinary
shares in the Company at 6.3 cents per share to various professional and
sophisticated investors, pursuant to approval received from the Company’s members
at the general meeting held on Monday 13 March 2006. It is intended that the funds
raised will be used for expenses associated with the Mehdiabad Zinc Project, and for
working capital.
Yours faithfully
UNION RESOURCES LIMITED
Rob Murdoch
Managing Director