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GUNSON RESOURCES LIMITED

EXERCISE OF OPTIONS, SHARE PLACEMENT AND APPENDIX 3B
15th May 2006

The Directors of Gunson Resources Limited (“Gunson”) are pleased to announce the exercise of 1 million options to purchase fully paid ordinary shares in Gunson at 20 cents each, raising $200,000 and a placement of 4,599,153 shares at 35 cents per share to raise $1,609,704 (“Placement”).

Funds raised under the Placement will be applied to further advance the Coburn Mineral Sand Project, including some long lead engineering items for the proposed mine development and for general working capital purposes.

The Placement shares will rank pari passu in all respects with the existing ordinary shares of the Company from the date of allotment.  Taking into account the exercise of the above options and after completion of the Placement, the Company’s issued share capital will have increased to 89,289,786 fully paid ordinary shares.

The shares are being placed with sophisticated investor clients of ABN AMRO Morgans Limited.

An Appendix 3B New Issue Announcement for the options and 1,820 shares omitted from the July 2005 placement is attached.  A New Issue Announcement and Section 708A Notice will be released shortly for the Placement shares, along with the application for quotation of the new Placement shares.

D N HARLEY
MANAGING DIRECTOR

Attachments
Appendix3B New Issue Announce 150506.pdf

Telephone:08 9226 3130
Facsimile: 08 9226 3136
Email: enquiries@gunson.com.au
Website: www.gunson.com.au
Address: PO Box 1217,
West Perth, Western Australia, 6872