Union sees gold on internet

Aspiring gold explorer Union Mining NL has changed tack and is seeking a new enterprise.

The company’s subsidiary, Union Technologies Limited, has signed agreements to acquire 20 per cent equity in the Internet security product Identikey for $1 million.

$500,000 will be settled by the issue of 14,241,572 shares and 7,120,786 options in Union Mining to the unrelated vendor.

Additionally, $500,000 will be provided as working capital injection into the ldentikey business to establish marketing operations in Australia, Europe and the United States.

Union Mining managing director Robert Murdoch has been invited to become a director of ldentikey lnternational Pte Ltd, the holding company for Identikey Pty Ltd.

Identikey is an innovation that has been accepted by major corporations around the world to secure sensitive information placed on the Internet.

Using a security token, also used for securing banking transactions, the Identikey software authenticates the user regardless of their location in the world.

This unique approach removes the anonymity of the Internet and enables e-commerce in a true business-to-business environment.

The system is able to be installed with minimal requirements on the end user. It then totally controls all access to the web site.

Identikey has already established distributors in the United Kingdom, Belgium, Germany, Switzerland, Aust-ria, Hong Kong, China and Australia and will open its first international support office in the UK within a month.