U C L - Quartalsbericht - 500 Beiträge pro Seite

[red.x2]

UNION CAPITAL LIMITED 2000-07-31 ASX-SIGNAL-G

HOMEX - Brisbane

+++++++++++++++++++++++++
HIGHLIGHTS OF THE JUNE 2000 QUARTER

INFORMATION TECHNOLOGY DIVISION:
JAB Creative.com Pty Ltd (Union 53.125%)

* Union has agreed to acquire a 53.125% equity interest in JAB
Creative.com Pty Ltd for A$3 million plus the issue of 4 million
shares in Union to JAB`s major shareholder. JAB Creative.com Pty Ltd,
has a powerful e-commerce technology capability of delivering
graphically sophisticated, highly interactive advertisements via
e-mail attachments.

RadioCity.com.au Ltd (Union 100%)

* Union has increased its equity in streaming video company
RadioCity.com.au Ltd from 25% to 100% for $182,000. RadioCity is now
being reorganised to achieve its market growth potential over the
next 6-12 months.

CAPITAL DIVISION:
First International Bank (Maldives) Pvt Ltd (Union 30%)

* Subject to due diligence, Union has entered into conditional
agreements to acquire an effective 30% interest in the Offshore
Banking License of the First International Bank (Maldives) Pvt Ltd.
The Bank will specialise in mineral resources and technology
investments.

Aurex Labuan Fund

*The Aurex Labuan Fund, an open-ended umbrella fund mentioned in
Union`s 1999 Annual Report, has now been registered in Labuan,
Malaysia. Union will jointly manage and market the entire fund with
Aurex Investment & Management AG of Switzerland, with two of the
seven subfunds specialising in mineral resources investments and
technology investments working closely with Union.

MINERAL RESOURCES DIVISION:
Northwest Copper Exploration - Iran(Union 100%)

* Union`s geologists have identified copper mineralisation at surface
during exploration of the Hazy Kandy area in NW Iran. A broad zone of
sub-economic to weakly economic grades of up to a maximum of 1.33% Cu
has been located. In addition, grades in excess of 2000ppm Cu (up to
4.36% Cu) have been returned over 150m from an area 700m away,
thought to be part of the same major system.

Mehdiabad Zinc Project - Iran (Union 25%)

* Union expects to commence diamond drilling at its Mehdiabad Zinc
Project in Central Iran in August 2000 to help establish the mining
reserves for the first 10 years and to extend the known resource. The
total drilling program is expected to cost in the vicinity of US$3
million and will take about one year to be completed. Work is
underway on the Pre-feasibility study due for completion in January
2001.

MORE TO FOLLOW


Fortsetzung folgt gleich.

red.x

[red.x2]

UNION CAPITAL LIMITED 2000-07-31 ASX-SIGNAL-G

HOMEX - Brisbane

+++++++++++++++++++++++++
MINING EXPLORATION ENTITY QUARTERLY REPORT

Name of entity
Union Capital Limited

ACN or ARBN Quarter ended ("current quarter")
002 118 872 30/06/2000

CONSOLIDATED STATEMENT OF CASH FLOWS

Cash flows related to Current Year to date
operating activities Quarter (12 months)
AUD`000 AUD`000
1.1 Receipts from product sales
and related debtors - 8
1.2 Payments for
(a) exploration and evaluation (405) (1,232)
(b) development - -
(c) production (230) (230)
(d) administration (76) (796)
1.3 Dividends received - -
1.4 Interest and other items of
a similar nature received 315 421
1.5 Interest and other costs of
finance paid - (1)
1.6 Income taxes paid - -
1.7 Receipts from exploration partners - 7

Net Operating Cash Flows (396) (1,823)

Cash flows related to investing activities
1.8 Payment for purchases of:
(a) prospects - -
(b) equity investments - -
(c) other fixed assets (45) (52)
1.9 Proceeds from sale of:
(a) prospects - -
(b) equity investments - 31
(c) other fixed assets 1 6
1.10 Loans to other entities (373) (413)
1.11 Loans repaid by other entities - 20
1.12 Technology investments - (1,650)

Net investing cash flows (417) (2,058)

1.13 Total operating and
investing cash flows (813) (3,881)

Cash flows related to financing activities
1.14 Proceeds from issues of
shares, options, etc. 406 21,840
1.15 Proceeds from sale of
forfeited shares - -
1.16 Proceeds from borrowings - 1,910
1.17 Repayment of borrowings - -
1.18 Dividends paid - -
1.19 Share issue costs - -

Net financing cash flows 406 23,750

Net increase (decrease) in cash held (407) 19,869

1.20 Cash at beginning of quarter/
year to date 22,107 1,825

1.21 Exchange rate adjustments to item 1.20 (17) (11)

1.22 Cash at end of quarter 21,683 21,683


PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE DIRECTORS
PAYMENTS TO RELATED ENTITIES AND ASSOCIATES OF THE RELATED ENTITIES

Current Quarter
AUD`000

1.23 Aggregate amount of payments to
the parties included in item 1.2 106

1.24 Aggregate amount of loans to the
parties included in item 1.10 -

1.25 Explanation necessary for an understanding
of the transactions

Salaries, directors fees, consultancy fees and reimbursement of
expenses

NON-CASH FINANCING AND INVESTING ACTIVITIES

2.1 Details of financing and investing transactions which have had a
material effect on consolidated assets and liabilities but did
not involve cash flows

-

2.2 Details of outlays made by other entities to establish or
increase their share in projects in which the reporting entity
has an interest

(a) Yamana Resources Inc of Canada on PNG Tenements - $28,854
(Cumulative $6.8 million)
(b) Kidston Gold Mines (EPM 9804 & EPM 10295) - $24,384
(Cumulative $754,825)
(c) Newcrest Mining Limited (Croydon Tenements) - $233,737
(Cumulative $609,445)

FINANCING FACILITIES AVAILABLE
Add notes as necessary for an understanding of the position.

Amount Amount
available used
AUD`000 AUD`000

3.1 Loan facilities - -
3.2 Credit standby arrangements - -


ESTIMATED CASH OUTFLOWS FOR NEXT QUARTER AUD`000

4.1 Exploration and evaluation 600
4.2 Development -

Total 600


RECONCILIATION OF CASH

Reconciliation of cash at the end Current Previous
of the quarter (as shown in the quarter quarter
consolidated statement of cash flows) AUD`000 AUD`000
to the related items in the accounts
is as follows.

5.1 Cash on hand and at bank 1,158 3,110
5.2 Deposits at call 20,525 19,000
5.3 Bank overdraft - (3)
5.4 Other (provide details) - -

Total: cash at end of quarter (item 1.22) 21,683 22,107


CHANGES IN INTERESTS IN MINING TENEMENTS

Tenement Nature of Interest at Interest
reference interest beginning at end of
(note(2)) of quarter quarter

6.1 Interests in
mining tenements
relinquished,
reduced or lapsed ML3326-3328 Georgetown 100% -
ML 6781 Georgetown 100% -
EPM8751 Georgetown 100% -
EPM8787-8788 Georgetown 100% -
EPM9966 Georgetown 100% -
EL1163 Joint Venture
with Yamana 60% -
EL1181 Joint Venture
with Yamana 60% -

6.2 Interests in
mining tenements
acquired or
increased - - - -


ISSUED AND QUOTED SECURITIES AT END OF CURRENT PERIOD
Description includes rate of interest and any redemption or
conversion rights together with prices and dates.

Category of Number Number Issue Paid-up
securities issued quoted Price value
(cents) (cents)
7.1 Preference
securities
(description) - - - -


7.2 Changes during
current period
(a) increases through
issues - - - -
(b) decreases through
returns of capital
buybacks,
redemptions - - - -


7.3 Ordinary
securities 375,233,599 375,233,599 - -


7.4 Changes during
current period
(a) increases through
issues
Listed Option
conversions 2,027,846 2,027,846 20 20
(b) decreases through
returns of capital
buybacks - - - -


7.5 Convertible debt
securities
(description and
conversion factor)

Unlisted $1 10%
convertible notes
maturing 18/01/2002
conversion 1:20 2,000,000 - 100 100


7.6 Changes during
current period
(a) increases through
issues - - - -
(b) decreases through
securities matured,
converted - - - -


7.7 Options (description Exercise Expiry
and conversion factor) price date
(cents)

Listed 1:1 52,333,874 52,333,874 20 31/01/2002

7.8 Issued during
current period - - - -


7.9 Exercised during
current period

Listed 1:1 2,027,846 2,027,846 20 31/01/2002


7.10 Expired during
current period - - - -


7.11 Debentures
(totals only) - -

7.12 Unsecured notes
(totals only) - -


COMPLIANCE STATEMENT

1 This statement has been prepared under accounting policies which
comply with accounting standards as defined in the Corporations Law
or other standards acceptable to ASX.

2 This statement does give a true and fair view
of the matters disclosed.

P Sauerberg Date: 31/07/2000

[MANTIS]

..........gute Recherche, red................und nach oben

Gruss

GABAC

[MANTIS]

...noch ne Übersetzung zu IDENTIKEY:=>...der UCL-Anteil ist von 30% auf 28,77% gefallen, hier ist bei IDENT. ein nicht genannter Investor mit 1,6 Mio.AUS$ eingestiegen.
......weiterhin trifft sich das IDENT.-Direktorium einmal monatlich, um über den bestmöglichen IPO - Termin zu beraten, Termin steht somit noch nicht fest.
..demnächst sollen die Ergebnisse fürs bisherige Jahr 2000 bekanntgegeben werden.
...die übrigen Geschichten,...Beteiligung von Byte Power und Computer Associated mit 500000 AUS$ Deal in Asien ist ja bekannt....

...weitere News in weiteren UCL - Threads....

GABAC

[red.x2]

Morgen Freunde!

A bisserl was zum lesen.


UNION CAPITAL LIMITED 2000-07-31 ASX-SIGNAL-G

HOMEX - Brisbane

+++++++++++++++++++++++++
PART A: INFORMATION TECHNOLOGY DIVISION

(a) JAB CREATIVE.COM PTY LTD (Union 53.125%)

With due diligence now completed, Union Technologies Limited have
entered into an Agreement to acquire a 53.125% equity interest in
Brisbane based e-mail software house "JAB Creative.com Pty Ltd"
("JAB") for a cash injection of $3 million into JAB over a likely six
month period, plus the issue of 4 million shares in Union to be
issued to JAB`s existing major shareholder.

JAB is a very exciting technology that allows businesses to market to
clients by using graphically sophisticated, highly interactive
e-commerce enabled advertisements via e-mall attachments. The e-mails
can incorporate high impact video-like imagery whilst offering
considerable cost savings in delivery by comparison to traditional
marketing methods. JAB attachments are thereby a very effective tool
in marketing campaigns, with the added ability of tracking the user
response to a campaign and assisting the sender in better targeting
future advertising.

By targeting Internet users, an extremely fast growing market with
higher than average levels of disposable income, clients using JAB
technology can ensure greater returns from advertising campaigns. In
addition, JAB attachments allow the receivers to instantly respond by
simply clicking to request more information, or order products with
integrated e-commerce capability.

The mechanism to acquire the 53.125% equity in JAB is:

i) Union will make staged payments of A$3 million for a subscription
of shares in JAB representing 37.5% of JAB, and;

ii) Union has entered into a Put and Call Option agreement to acquire
15.625% of the existing shares from the major vendor in exchange
for the issue of 4 million ordinary shares in Union Capital
Limited.

Upon completion of (i) and (ii), Union will own 53.125% of JAB. Over
the next five months, A$600,000 will be spent on a development
program for the next generation of JAB product.

Union considers that JAB`s unique capabilities in e-commerce
advertising will see it develop into a very successful business. JAB
is already a profitable business and the cash injection by Union will
be used to expand the business into the USA, where JAB is already
involved in advanced negotiations with major potential clients. A
selection of JAB clients includes Commonwealth Securities, Universal
Studio`s Home Video Australia, Telstra, Warner Vision Australia,
Fairfax Online, James Hardie Building Systems, Ansett Australia,
Mincom and Barclay Mowlem.

(b) RADIOCITY.COM.AU LTD (100% Union)

Recently, Union acquired 100% ownership of its Internet Technology
investment, RadioCity.com.au Ltd which provides streaming media over
the Internet. Union came to a mutual agreement with entrepreneur and
founder of RadioCity, Mr Piers Macrae Cockram, to fully acquire and
control this innovative business. Majority stakeholder, Looking Pty
Ltd, has assigned its 3,000,000 shares to Union for $182,000. Mr
Cockram has agreed to remain with RadioCity as a director and
consultant, and will continue to apply his creative skills and
visions to the business as it grows.

RadioCity`s sales have been slightly less than forecast for the 2000
financial year. However, Union feels that with the responsible
management and business expertise now in place, RadioCity will
strengthen its position as an innovative and successful young
technology company. Already RadioCity has commenced to establish a
track record for the delivery of solutions to clients who can
effectively now operate their own television station and run training
programs and seminars using the Internet as a broadcast medium.

RadioCity is currently in negotiations with strategic partners in
seminar and event production. As part of the long term strategy,
RadioCity will be investing in further product developments such as
enhanced live web casting, integrated powerpoint slide shows for live
webcasts and streaming video for email advertisements.

RadioCity have joined forces with Microsoft Australia to promote low
cost usage of the Internet for audio and video netcasting. The
partnership allows RadioCity to be a featured content provider for
the new Australian Media guide of the Microsoft Windows Media Player
7, supplying streamed video.

RadioCity has now established a second office in Melbourne and
expects to open an office in Sydney shortly from where 80% of the
Australian streaming video market is generated.

(c) IDENTIKEY LIMITED (28.77% Union)

Recently, Internet Security Products Company, Identikey raised A$1.6
million from external parties to fund working capital. Union did not
elect to participate in the raising and as a result, Union`s
shareholding has been diluted from 30% to 28.77%.

During the quarter, Identikey put together a highly experienced Board
of Directors under the leadership of former Victorian Premier Mr Jeff
Kennett. The Directors have indicated their commitment to proceeding
with the planned IPO with the timing of the IPO being reviewed on a
monthly basis.

The sales and financial results for the 2000 Financial Year will be
reported as soon as they are released by the Identikey Board.

Product demonstrations and participation at trade shows have
commenced in Asia in association with business partners, Byte Power
and Computer Associates. This has been successful with Identikey
securing its first major sale order in the Asian market with a value
of over A$500,000.

Sales in Australia are improving with Identikey recently securing a
contract with Australasian law firm Blake Dawson Waldron to supply
the Identikey solution to enable confidential, secure and immediate
information transmission via the Internet to clients.

An effective sales force has been assembled in Europe, under Mr Peter
Versteeg, who has been appointed as European Sales Manager. In the
US, sales personnel have been secured and an office has been
established under the management of Mr Dennis Firenze.

The Identikey web site (www.identikey.com) has been enhanced to
include Mandarin to the existing German and English versions. A Dutch
version is expected to be added in the next few months. Identikey was
officially launched in Germany in June with the official endorsement
of Computer Associates and accounting giant, Deloittes. Computer
Associates and Deloittes have developed an E-Commerce Resource Centre
for organisations in Germany, Austria and Switzerland to be educated
in e-commerce.

(d) SHOPAHOLIC

Shopaholic and Union mutually agreed not to continue the investment
opportunity previously announced, whereby Union would earn a 32.5%
equity interest in Shopaholic in return for an amount of A$2.5
million which Union proposed to inject into Shopaholic.

(a) MARKETING MANAGER

In recognition of the fundamental need that all technology
investments work in a highly competitive market and need to maximise
sales, Union has recently added to its technology advisory team Mr
Stephen Kress. Stephen is an American citizen who has considerable
experience in marketing technology products and companies in the US,
Japan and Germany. His global marketing experience will add to the
strong "Union Technology Team" also comprising Mr Nick Conway
(Technology Manager, who has strong technology skills) and Mr Peter
Sauerberg (CFO, with excellent corporate skills). This team has the
role of selecting, monitoring and nurturing all of Union`s present
and future investments in technology.


MORE TO FOLLOWUNION CAPITAL LIMITED 2000-07-31 ASX-SIGNAL-G

HOMEX - Brisbane

+++++++++++++++++++++++++
PART B: CAPITAL DIVISION

(a) FIRST INTERNATIONAL BANK OF MALDIVES

During the quarter, Union entered into conditional agreements to
acquire an effective 30% interest in the Offshore Banking License of
the First International Bank (Maldives) Pvt Ltd ("the Bank") with
banking and investment fund Joint Venture partner Aurex Investments
and Management AG of Zurich holding another 30% interest. The
mechanism to acquire the 30% effective interest is for Union and
Aurex to both hold 50% of the existing issued capital of Lavan
International Limited ("Lavan"), registered in St Vincent. Lavan has
entered into a contemporaneous agreement to purchase 75% of the
existing shares on issue in Alwyn Limited ("Alwyn"), registered in
the Bahamas, for US$500,000. The sole asset of Alwyn is that it owns
80% of the issued ordinary shares of First International Bank
(Maldives) Pvt Ltd. Both agreements are subject to due diligence,
which is currently in progress. Aurex` 50% ownership of Lavan will be
achieved by vending into Lavan approximately US$400,000 of outlays
and fees with respect to their work in establishing the Bank ready
for trading, including a full set of documentation according to
International banking standards.

The Bank presently holds Offshore Banking License No 01-OBU-98 issued
by the Maldives Monetary Authority on 28th January 1998. The Bank has
not yet commenced trading. It is proposed that Union and Aurex will
each appoint a director to the Bank and in addition, Mr Andreas
Keller, a director of Aurex, will be appointed Chief Executive
Officer, whereupon the Bank will commence trading. Mr Keller has
worked with several major banks in Switzerland and has 30 years
experience and knowledge in the international banking arena,
particularly offshore business trade and finance. Mr Keller holds a
Graduate Diploma in Economics, and certificates including the British
-Swiss Chamber of Commerce in Switzerland.

The Republic of Maldives is situated between the Middle East and
Asia, has no provisions for exchange controls and provides a tax
efficient offshore jurisdiction offering tax planners considerable
flexibility to build multi-jurisdictional applications where there
are international trade relations involved. The policy of the bank
will be to provide total confidentiality in business transactions at
all times. The Republic of Maldives is noted for its political and
economic stability.

It is anticipated that the Bank will have strong liaisons with a
European Bank in Switzerland. Investments into the Bank will be via
Redeemable Preference Shares, a common investment mechanism in
Europe. The Bank will specialise in investments in market sectors
which offer prospects of above-average future growth potential. This
is expected to include natural resources, energy and technology
investments, the market sectors in which Union is already involved.

(b) AUREX LABUAN FUND

In its last Annual Report, Union outlined a Joint Venture (also with
Aurex Investments and Management AG) to establish an open-ended
umbrella investment fund based in Labuan (offshore Malaysia). The
registration of that fund has been finally achieved only in the past
week. The Labuan Fund will be run by a team of professional
investment fund managers to be appointed by Union and Aurex and will
invest into a range of industries with conservative, dynamic and
speculative portfolios. Whilst Union will be involved in the
management and marketing of the entire fund, most of Union`s active
involvement will be in the technical management of two of the seven
subfunds proposed. One of these subfunds will specialise in investing
in "Technology" both in projects managed by Union and directly via
IPO`s or placements with listed companies. The other subfund will
invest in Mineral Resources Projects also in Joint Ventures with
Union and in listed resource companies through IPO`s or placements.

Aurex and Union propose to commence marketing of the funds shortly.
Investment in the fund will offer certain financial planning
advantages for investors and is expected to be attractive to Asian
investors.

PART C: MINERALS INVESTMENTS

(a) MEHDIABAD ZINC PROJECT - CENTRAL IRAN (25% Union)

During the quarter, Union commenced preparation for a diamond
drilling program at the Mehdiabad Zinc Project in Central Iran and
drilling is expected to start in the next few weeks. The total
drilling program is expected to cost in the vicinity of US$3 million
and will take about one year to be completed. Up to six diamond core
rigs will be utilised, with two of the rigs sourced from Townsville
based Radial Drilling Australia Pty Ltd and four to be supplied by
Iranian contractors.

The key purpose of the drilling program is to help establish mineable
reserves for the first 10 years of the project and to test possible
extensions of the mineralisation to the south of the deposit.
Drilling will initially focus on near surface mineralisation and will
provide core for metallurgical testing of the Eastern Ridge and
Barite Hill mineralisation.

Union has completed auditing of the available core from past drilling
for structural-geotechnical data not previously obtained and has
selected a number of mineralised intervals for assaying that were not
assayed previously. Currently, the Company is constructing suitable
accommodation, core logging and a sample preparation laboratory on
site. The company has signed an Agreement with Australian Laboratory
Services to provide assaying facilities which in the longer term will
be transferred to an Iranian Laboratory once internationally
recognised laboratory accreditation can be obtained for the Iranian
laboratory.

Union`s application under the Law of Protection of Foreign Investment
in Iran (LAPFI) for its proposed investment in the Project is still
under review by the LAPFI organisation and formal approval of the
High Economic Council of Iran for GIMCo to be part of the Joint
Venture is still awaited. During the quarter, Union supplied
considerable supplementary information to the LAPFI Organisation on
the most likely development options to allow the application to be
more effectively considered.

The Mehdiabad Project is a joint venture between the General Iranian
Mining Company (GIMCO - 50%), Itok GmbH of Austria (25%) and Union
Capital Limited (25%). Under the terms of the Joint Venture
Agreement, Union and Itok will both spend US$5 million to each earn
their 25% interest in the project. In the event that Itok cannot
contribute its share, then Union has the first right to make up the
funding shortfall and take up the equity on offer. When Union and
Itok between them have spent US$10 million on the project, then GIMCo
has the right to contribute equally with Union and Itok and maintain
their equity at 50% or dilute to a minimum 35% position. Union is the
Project Manager.

Prior to the Joint Venture, GIMCo spent close to US$10 million in
exploration at Mehdiabad and since the Joint Venture commenced, a
further $US400,000 has been spent, about 70% of which has been
contributed by Union.

The GlMCo exploration included 66 diamond core holes totaling 23,555
metres from which Union`s Geologists have calculated the Inferred and
discounted Indicated resources using a manual polygonal method as
follows:

At a 4.0% Zn Cutoff:

INDICATED RESOURCE:
108.5 million tonnes at 7.0% Zn, 2.3% Pb and 58g/t Ag

INFERRED RESOURCE:
97.0 million tonnes at 8.6% Zn, 1.7% Pb and 29g/t Ag

TOTAL DISCOUNTED RESOURCE:
205.5 million tonnes at 7.7% Zn, 2.0% Pb and 44g/t Ag

The indicated resource is discounted from the total resource by the
application of a minimum mining thickness of three metres, a minimum
separable waste thickness of three metres and allowance for internal
waste dilution. Assays from internal waste horizons have only been
included if the interval in which they occur meets the Zn cut-off
criteria. A 10% discount has been applied to compensate for the
presence of cavities and voids, the presence of which have been
indicated by the drilling. The inferred resource has been
conservatively determined from extrapolations below existing drill
holes and expected extensions of the mineralisation.

Bateman Engineering Pty Ltd (Bateman) have completed a conceptual
economic mining and economical assessment of the deposit and they
believe Mehdiabad to have an excellent chance of being a major world-
class zinc mine. The most likely scenario is an open pit for about 25
years at a mining rate of 4 million tons per annum, followed by
underground mining for a total mine life in excess of 40 years.
Bateman have determined the NPV of the project as A$770 million with
an accuracy of +30% to 40% (Union`s share is A$190 million).

Iranian consultants, Iran Itok Engineering & Technology is currently
undertaking an Engineering Infrastructure Study and Stage 1
Environmental Study under the supervision of Australian consultants.
These studies are expected to indicate that the main issues to be
addressed will be the provision of water for the plant and the
protection of underground water supplies to pistachio farmers located
20km downstream of the development. An Engineering Scoping Study on
processing options is expected to commence in the coming quarter with
the production of a Pre-feasibility Report targeted for the January
2001 Quarter. One of the key objectives of the Pre-Feasibility Report
will be to identify the optimum processing plant for the project,
based largely on metallurgical testing to follow the acquisition of
fresh drill core.

(b) ESKCO JOINT VENTURE - NORTH EAST COPPER-GOLD BELT - IRAN
(Union earning 50%)

In 1999, the first phase of reconnaissance exploration covered an
area of approximately 10,000sqkm and defined three separate areas of
major advanced argillic altered lithocaps. In each of these areas,
both silicic and phyllic alteration together with copper and gold
anomalism were identified, strongly indicating the potential of
porphyry style copper-gold mineralisation at shallow depth.

The second phase of exploration commenced during the quarter and has
concentrated on six key areas of interest contained within more than
1,000sqkm of Exploration Concessions. This work has identified a
significant area of strong alteration at the Halak Abad Prospect over
a distance of 1500m and width of up to 300m.

At Halak Abad, detailed rock chip and channel sampling identified
copper, arsenic, molybdenum and zinc anomalism. Channel sampling has
identified a gypsum-manganese-pyrite bearing quartz feldspar porphyry
with copper and zinc assay results in excess of 100ppm (up to 0.24%
Zn). Mapping of this area showed a varying intensity of silica
alteration, with the most intense zones demonstrating quartz-sulphide
stockwork veining that in weathered outcrop, have the appearance of
porphyry style veining. Union`s geologists feel that the area is
prospective for economic copper mineralisation. Drilling will
commence once an available drill rig has been sought.

(c) HAZY KANDY PROSPECT - NORTHWEST IRAN (Union 100%)

Union`s geologists undertaking fieldwork on the Hazy Kandy porphyry
copper prospect located near the massive Sungun Copper Deposit in the
northwest of Iran, have located significant copper mineralisation at
surface.

A broad zone of sub-economic to weakly economic copper grades (120m @
>2000ppm Cu, Max 1.33% Cu) has been located in a pyrite-chalcopyrite
-molybdenite quartz stockwork characterised by potassic alteration.
The stockwork is expected to represent the edge of a main centralized
zone found in most Cu-Mo porphyries.

Sampling in an area 700m to the east has located grades of >2000ppm
Cu (Max 4.36% Cu) over a distance of 150m. The result is considered
extremely encouraging. The mineralisation is in an area blanketed by
extensive intermediate argillic alteration and occurs in a small dyke
swarm of felsic and andesitic intrusives. Both the dykes and related
stockwork mineralisation are strongly focused along the one main
structure. The main excitement in this prospect is that the
mineralisation appears to be a shallow, structurally focused
apophysis of a larger underlying system and hence it is anticipated
that the copper grades in this area are likely to improve with depth
and along strike below the extensive alteration blanket. Trenching
along strike and several 200m RC holes have been planned to test the
mineralisation when a drill rig becomes available.

d) GEOLOGICAL SURVEY OF IRAN JOINT VENTURE - IRAN

COPPER-GOLD EXPLORATION AREAS (Union Iran International earning 80%)

During the quarter, Union completed exploration on its Kerman and
East Azerbaijan Exploration Permits held in conjunction with Itok
GmbH and the Geological Survey of Iran. In light of disappointing
exploration results, Union has elected to terminate the Joint Venture
on both projects.


MORE TO FOLLOW

UNION CAPITAL LIMITED 2000-07-31 ASX-SIGNAL-G

HOMEX - Brisbane

+++++++++++++++++++++++++
AUSTRALIA - NORTH QUEENSLAND

(a) CROYDON PROJECT (Newcrest earning 70% interest)

During the quarter, Newcrest Operations Limited conducted significant
exploration within the Croydon Project area. This included a 670 line
-kilometer ground magnetic geophysical survey at 50m spacing in three
areas including Golden Gate, Highland Mary and Tabletop.

An eight hole Reverse Circulation drilling program for a total of
1,538 metres was completed, targeting depth extensions of known
quartz reef hosted mineralisation at Highland Mary, Waratah and the
Tabletop group of quartz reefs. The drilling results were generally
disappointing with the best result of 10m @ 0.35g/t Au and 6m @
2.56g/t Au returned from the footwall of the Waratah reef in WTRC-2.

A total of 449 soil samples over the Carron River area and 45 rock
chip samples over nine prospect areas were also collected. Soil
results were very encouraging at the Gilded Rose Prospect in the
Carron River area. The infill soil sampling program at Gilded Rose
(100m lines, 50m spaced samples) enhanced previous results with
strong and continuous arsenic and antimony anomalism coincident with
gold anomalism within the grid. It is possible that the antimony may
represent leakage from deeper seated mineralisation. This prospect is
a high priority anomaly and further rock channel sampling and
potential RAB drilling are being considered for follow up work in
this area.

(b) FORSAYTH WEST PROJECT (Kidston earning 90% interest)

During the quarter, the extended wet season inhibited any significant
exploration within the Joint Venture area. However, Kidston Gold
Mines Limited were able to collect in-fill soil samples around
anomalous zones of the Tabletop grids and reviewed geochemical
results from previous soil sampling programs at Carlisle West.

At Tabletop, a 400m x 150m 20ppb Au anomalous zone was identified
from 152 soil samples. The anomaly is considered to be low order and
RAB drilling is proposed to evaluate this area. Isolated high order
Au anomalies (250-1118ppb Au) appear to be associated with localised
narrow NW trending structures.

The 250 soil samples collected around the Carlisle West grid failed
to define any coherent +100ppb Au anomalies.

(c) GEORGETOWN PROJECT - SALE OF PART OF JOINT VENTURE

Union has in the last week signed an agreement with Arkaroola
Resources Pty Ltd and Netanya Technologies Ltd where these companies
will purchase the gold processing plant and Mining Leases owned by
Union at Georgetown for A$100,000 plus a commitment to complete
outstanding environmental work with respect to the relocation of the
plant valued at about A$150,000. Further, Arkaroola will have the
exclusive right for 12 months to enter into Joint Ventures with
respect to mining any mineral bearing deposit on either the
Exploration Licences at Georgetown or up to 150,000 tonnes per annum
from the Mining Leases Union holds at Croydon, in return for a 2%
gross royalty payment to Union. Union and its Joint Venture partners
also have the right for 12 months after the termination of existing
rights held by others, to enter into Joint Venture with Arkaroola
with respect to exploring Arkaroola`s Exploration Licence Application
Areas in the Croydon Area on the basis of paying the 2% same gross
royalties.

VANUATU GOLD AND BASE METAL PROJECT (100% Union)

No fieldwork or exploration was undertaken on Pentecost or Santo
Island in Vanuatu during the quarter. The Company is seeking to sell
or Joint Venture this project. Significant gold and base metal
results have been previously located in three separate prospect areas
(Wali, Walo and Bermu River) on Pentecost Island. A combined airborne
electromagnetic/magnetic survey outlined nine conductive anomalies,
three of which coincide with the anomalous base metal mineralised
float located in the three prospect areas.

PAPUA NEW GUINEA GOLD PROJECTS (60% Union / 40% Yamana Resources Inc)

During the quarter, no field work was undertaken on Union`s Papua New
Guinea Joint Venture Project. Yamana have advised that it would vest
its interest at 40% and hand the management of the project back to
Union. Union is currently considering its options in light of the
continuing low gold price.

Previous drilling has identified resources at two sites on Fergusson
Island which includes Gameta and Wapolu. Indicated and Inferred gold
resources estimated by the polygonal method for the Project are:

Gameta 4.0 million tonnes @ 2.36 g/t Au 304,400 oz
Wapolu 7.6 million tonnes @ 1.55 g/t Au 378,100 oz

TOTAL INDICATED AND INFERRED RESOURCES 682,500 oz

The future of these projects is very encouraging on a rising gold
price.

PART D: CORPORATE

During the quarter, 2,027,846 options were converted for a total of
$405,569.

Equities on issue now comprise:

Ordinary shares fully paid (UCL) 375,233,599
Options expiring 31/11/2002, exercisable
@ 20 cents (UCLOC) 52,323,874
Unlisted, 10% convertible notes maturing
18 January 2002, exercisable into 40
million shares (UCLAI) 2,000,000

The ordinary shares are traded on the Frankfurt, Berlin, Stuttgart
and Munich Stock Exchanges in Germany as well as the Australian Stock
Exchange. Union Capital Limited`s cash position at 31st July 2000 is
A$21 million. Union is continually investigating new resource and
technology investments to enhance shareholder value.

The mineral resources information in this Report is based on, and
accurately reflects, information complied by Mr R B Murdoch and Mr K
G Chapple who are Corporate Members of The Australasian Institute of
Mining and Metallurgy. Mr Murdoch is the Managing Director of Union
Capital Limited and Mr Chapple is employed by Union Capital Limited
as Project Evaluation Manager. Mr Murdoch and Mr Chapple have the
relevant experience in relation to the mineralisation being reported
upon to qualify as Competent Persons as defined in the Australasian
Code for Reporting of Identified Mineral Resources and Ore Reserves.


R B Murdoch
MANAGING DIRECTOR


MORE TO FOLLOW