telco sold

16 November 2005
Company Announcements Officer
Australian Stock Exchange Limited
20 Bridge Street
SYDNEY NSW 2000

Dear Sir
Re: Agreement to sell Telco Interests Signed
Union Resources Limited (“Union”) is pleased to announce that an agreement has been
signed between Union Management Limited (“UML”), Australian Gigahertz Networks
International (“AGNI”) and ISM Communications Corporation (“ISM”) that will result in ISM
acquiring all of the issued shares in and loans to AGN Philippines Inc (“AGNP”) held by AGNI.
AGNP holds a 40% stake in Eastern Telecommunications Philippines Inc. (“ETPI”) a fully
franchised Philippines telecommunication company.
The total consideration for the transaction is US$8,211,000, of which UML will be entitled to
54.8%. UML is expected to receive net proceeds of approximately US$4,178,000 after
deduction of legal costs, transaction costs and selling commissions totaling 6%.
UML is a wholly-owned subsidiary of Union. The funds when received will be used to advance
the Mehdiabad Project and for working capital to the Company.
Under the terms of the agreement a deposit of US$400,000 has to be lodged by ISM with the
escrow agent within five days.
Settlement or closing of the agreement is to occur within 30 days. At closing the escrow agent
will release US$7,711,000 and will retain US$500,000 to cover any outstanding tax liabilities
of AGNP or AGNI. The US$500,000 will be released when either the tax clearance is
obtained or after one year whichever is the sooner.
UML therefore expects to receive net proceeds of US$3,904,000 (A$5,365,000) upon closing
and a further US$274,000 (A$376,000) when the tax clearance is obtained.
Yours faithfully
UNION RESOURCES LIMITED
Rob Murdoch
Managing Director