Renison Bell - Deed

RNS Number:5567S
Murchison United NL
27 November 2003


                                                      ASX, AIM and Media Release

                                                                25 November 2003



Deed of Company Arrangement for Renison Bell Limited

_____________________________________________________________________



Murchison United NL ("Murchison" or "the Company") (ASX: MUR, AIM: MUU) today
announced that creditors of wholly owned subsidiary Renison Bell Limited ("
Renison Bell") had voted in favour of a Deed of Company Arrangement ("Deed")
proposed by the Company.



Under the terms of the Deed, non Murchison creditors will be issued with one
ordinary fully paid Murchison share for every dollar of debt owed by Renison
Bell, which totals approximately $17.2 million dollars.  In the event that such
a distribution results in a creditor holding less than a marketable parcel of
shares, then the Company's proposal provides that such creditor should receive
at least a marketable parcel of shares.



The Company is currently waiting on the Administrator, Mark Reilly of Featherby
Reilly, to complete certain statutory procedures in relation to this
distribution before it is able to issue the shares. It is anticipated that these
procedures should be finalised within four weeks.



The assets of Renison Bell, which include the mine and a 50% interest in the
Maroochydore Copper project in Western Australia, will be sold and the proceeds
distributed to meet the Administrator's costs, employee entitlements, Tasmanian
Government loan and the balance distributed to creditors.



The Company has in addition reached agreement with a creditor for which a
guarantee had been issued for an amount totalling approximately A$3.4 million.
Assuming that Murchison's share of any distribution from the sale of Renison
Bell's assets is sufficient to cover 50% of this amount, that will represent a
full and final settlement of this liability.



The sale of the Renison Bell assets is proceeding with a number of parties
having completed initial due diligence and are in discussions with the
Administrator.





For further information please contact:



Paul Atherley, Managing Director

Murchison United NL

Telephone:     [phone]

Facsimile:     [phone]

Mobile:        [phone]

Email:         [e-mail]






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