UCL anouncement$$$$$$$$ - 500 Beiträge pro Seite

[OnTheVerge]

UNION CAPITAL LIMITED 2000-03-07 ASX-SIGNAL-G
HOMEX - Brisbane
+++++++++++++++++++++++++
Union Capital Limited announces that it has agreed to a share
placement issue of 32.2 million ordinary shares in the capital of the
Company at 38 cents per share to Findlay and Co Stockbrokers Ltd,
Barton Capital Securities and Investa AG of Switzerland, to raise in
total $12,236,000. This placement will settle on 15th March 2000,
consequent upon shareholder approval of recent previous placements.
The issue was initiated from a recent visit to Iran by a party of
Australian Stockbrokers to view Union`s mineral investments such as
the Mehdiabad Zinc Project and its copper/gold exploration
activities. They were very enthusiastic about Union`s Mehdiabad Zinc
Project and the political reforms taking place that are encouraging
foreign investment in Iran. The brokers also felt that Union`s North
East Iran Copper Exploration Areas represented extremely attractive
exploration targets and for activity there to be "fast tracked".
Therefore, whilst Union emphasises that a large proportion of the
funds raised will be directed to additional technology investments, a
proportion of the funds raised will be used in Iran for both the
feasibility study of the Mehdiabad Zinc Project and in accelerating
exploration in the NE Iran Copper Project.
Whilst the company has focused attention on its technology
investments and the "world class" Mehdiabad Project during recent
times (and will continue to do so), it has been slowly progressing
exploration in the highly prospective NE Iran Copper Belt. The area
is considered to be highly prospective for massive copper/gold
porphyry systems and is close to probably the world`s largest copper
deposit in Afghanistan. Union has a long term view that investor
interest will ultimately return to mineral exploration activities.
The success of the raising shows that this view now has wide support.
In North Eastern Iran, Union is in Joint Venture with an Iranian
Company "ESKCO" to explore for mineral deposits over an area of 9000
square kilometres. Under the terms of the Joint Venture Agreement
Union will spend the first $US 1 million in the area to earn a 50%
interest at which point ESKCO can either contribute equally or elect
not to contribute and dilute its interest.
The first phase of exploration in the area was completed in 1999.
From this work three separate areas of major advanced argillic
altered lithocaps have been identified. In each of these, both
silicic and phyllic alteration together with copper and gold
anomalism have been identified, strongly indicating the possibility
that porphyry style copper-gold mineralisation is developed atshallow depth.
In view of this potential the exploration program will be accelerated
to enable initial drill targets to be selected and tested by the end
of 2000. Investigations of these and other areas of interest are
planned for commencement in late March.
Also, as a result of the placement, Union is actively seeking
additional Information Technology Investments.
The information in this Report is based on, and accurately reflects,
information complied by Mr R B Murdoch and Mr Ken 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 the Project Evaluation Manager. Both 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 Murdoch MANAGING DIRECTOR

[vondi]

good morning ontheverve, good morning germans

that shows, that not only identikey will be a big player, but the iranian project, too.

great UCL. more to move, smile

i hope they will have their golden hands to pick up more such diamonds
in future.

vondi

[OnTheVerge]

Gutten Morgen Vondi,

Exactly, very well positioned for the renewed world interest in resources. However, if you read the announcement carefully UCL will only spend a small portion of that on its` mining interests with the majority made available for furher technology investments.

"ACTIVELY SEEKING FURTHER TECHNOLOGY INVESTMENTS"