CORRECTING and REPLACING Unico Discovers Ore-Grade Gold and Silver Mineralization in Phase One Exploratory Drilling at the Dee

CORRECTING and REPLACING Unico Discovers Ore-Grade Gold and Silver Mineralization in Phase One
Exploratory Drilling at the Deer Trail Mine

MAGALIA, Calif.--(BUSINESS WIRE)--Oct. 28, 2004--In BW5531 issued Oct. 28, 2004: First graph, first sentence of release should read: Unico, Incorporated (Arizona) (OTCBB:UNCNE) today announced additional reverse circulation drill results in the first phase of exploratory drilling at the Deer Trail Mine (sted Unico, Incorporated (Arizona) (OTCBB:UNCN - News) today announced additional reverse circulation drill results in the first phase of exploratory drilling at the Deer Trail Mine).

The corrected release reads:

UNICO DISCOVERS ORE-GRADE GOLD AND SILVER MINERALIZATION IN PHASE ONE EXPLORATORY DRILLING AT THE DEER TRAIL MINE

Unico, Incorporated (Arizona) (OTCBB:UNCNE - News) today announced additional reverse circulation drill results in the first phase of exploratory drilling at the Deer Trail Mine. The Deer Trail Mining Company, LLC, a wholly-owned subsidiary of Unico, Incorporated, reported that drill results on a further 15 holes in the Upper Deer Trail location include the intersection of ore-grade gold and silver mineralization.

The first phase of exploration drilling was designed to identify near surface deposits, determine potential resources and define limits of mineralization south of the main ore channel mined at the Upper Deer Trail Mine. Historical data of the workings was sufficient to delineate the grade of mineralization remaining in the stopes, but no data was available to delineate the grade of mineralization outside the workings or how far that mineralization flowed into the surrounding formations. The initial phase of reverse circulation drilling serves as an adequate means to define the limits of mineralization south of the main ore channel, which is situated in the lower Toroweap formation, along the crest and down the northeast limb of the Deer Trail anticline.

"This phase of drilling was accomplished with lower cost reverse circulation drill holes in order to establish the presence of mineralization at the Upper Deer Trail area. Once the limits of mineralization are established, work can begin to further define those zones by diamond core drilling. This initial phase of drilling is considered merely a starting point in generating data for pre-feasibility and feasibility studies for the Deer Trail Mine operations," noted W. Dan Proctor, Chief Geologist of Unico, Inc.

The most upper holes RC-1 through RC-7 were placed well above the elevation of the known workings of the No. 2 Tunnel and slightly south of the northwesterly trending ore channel. Significant mineralization was intercepted in holes RC-1 and RC-2, which were drilled in the area closest to the main ore channel.

Drill holes RC-5, 6, 8, 9, 13 and 14 were all drilled well south of the historically delineated mineralization, and on the southern most up-side of a post mineral fault. It can be concluded that mineralization intercepted in these holes is not directly related to the mineralization of the main Upper Deer Trail ore channel.

Drill holes RC-10, 11, 12, 17, 18, 19, 20, 21 and 22 all drilled intervals of .311 g/t gold (Au) and higher. Ore grade mineralization was encountered in Holes RC-11, 18, 19, 20 and 22, ranging from 1.355 to 4.783 g/t gold (Au) and 52.25 to 151.02 g/t silver (Ag). The following table shows the intervals and grades intercepted in these holes.

Hole             Interval            Au         Ag       Pb      Zn

                from - to    (ft)   (g/t)      (g/t)     (%)     (%)

RC-1            190 - 230     40    0.207      10.98    0.355   0.205

RC-2              40 - 45      5    0.364      95.36     3.61   0.390

                175 - 180      5    0.369      45.71     2.87    1.41

RC-10             65 - 95     30    0.363      16.48    0.086   0.022

RC-11             60 - 70     10     1.36      52.25    0.758   0.191

Includes          65 - 70      5     2.26      32.69    0.961   0.289

RC-12             85 - 90      5    0.460     137.14     3.94    1.00

RC-17             55 - 65     10    0.799      13.02    0.033   0.012

RC-18             45 - 50      5     1.54      40.77    0.154   0.018

RC-19             0 - 140    140    0.527      14.65    0.116   0.107

Includes          35 - 45     10     2.64      14.11    0.840    1.26

Includes          35 - 40      5     4.66      21.15     1.30    2.14

Includes         75 - 120     45    0.930      34.86    0.135   0.021

Includes         95 - 105     10     3.17      88.63    0.303   0.019

Includes        100 - 105      5     4.78     151.02    0.682   0.008

RC-20            95 - 100      5     1.92      62.02    0.218   0.030

RC-21            95 - 110     15    0.899      74.29    0.145   0.014

RC-22           110 - 120     10     1.77      18.14    0.074   0.024

Includes        115 - 120      5     3.25      27.52    0.079   0.014

ALS Chemex (Chemex Labs, Inc.) has now completed the certified sample testing in 22 of the 28 drill holes taken from the initial phase of drilling which was conducted by Lang Exploratory Drilling, and the assays clearly confirm the presence of mineralization of gold, silver, lead and zinc.

"Without a doubt, we are pleased with the progress that our subsidiary company is making at the Deer Trail Mine. Exploration, construction and overall operation advances are being made on a timely basis, and we feel confident in the Deer Trail Mining Company's approach to enhance the economics of the project and substantiate value for our shareholders," commented Mark A. Lopez, CEO of Unico, Incorporated.

"With the data nearly complete, Unico is looking to further aid in the development of the ongoing drill program at the Deer Trail Mine and begin the next phase of exploration drilling for its subsidiary company. The next phase of exploration drilling is in the preliminary planning stage and will utilize diamond core drilling methods, which will directly target deeper areas in and around the main ore channel from both the surface and from strategic underground locations," added Mr. Lopez.

About the Company

Unico Inc. filed an N-54 election with the SEC on July 12, 2004 to become a Business Development Company, pursuant to Section 54 of the Investment Company Act of 1940. The Company's investment portfolio currently consists of three subsidiaries, the Silver Bell Mining Company, Inc., the Deer Trail Mining Company, LLC and the Bromide Basin Mining Company, LLC. The core focus of Unico is to provide the capital and management assistance necessary for its subsidiaries to return value to Unico shareholders.

Forward-Looking Statements

The news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and such Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in operating results due to a number of economic, competitive and other factors. These factors could cause operation results to vary significantly from those in prior periods, and those projected in forward-looking statements. Information with respect to these factors which could materially affect the company and its operations are included on certain forms the company files with the Securities and Exchange Commission.

Contact:

Unico Inc.

Andrew Beyer, 909-587-8072