GIP Gippsland

RNS Number:8471Q
Gippsland Limited
07 February 2007

                               GIPPSLAND LIMITED
                                  ("Company")

                                Issue of shares

7 February 2007

The Company announces the issue of 6,000 ordinary shares of no par value upon
the exercise of 6,000 A$0.09 options.

Holder of       Exercise price of      Number of shares     Date of issue of
options         options                issued               shares

Paul Arthur
Brand           A$0.09                 6,000                07.02.07


The shares issued rank pari passu with existing ordinary shares on issue.

Application has been made for the new shares to be admitted to trading on AIM
and this is expected to take place on 13 February 2007.

Immediately after the issue of the above shares, the number of shares and
options on issue will be as follows:

Shares on issue       232,857,926

Options                43,732,393 A$0.09 options expiry 31.12.2007
                       10,000,000 #0.04 options expiry 31.12.2007
                        4,500,000 A$0.15 options expiry 31.12.2007
                       25,000,000 A$0.135 options expiry 26.05.2012


Enquiries/Additional Information:

Gippsland Limited: Mr Jack Telford +61 8 9340 6000

Grant Thornton Corporate Finance: Fiona Owen +44 20 7383 5100






                      This information is provided by RNS
            The company news service from the London Stock Exchange

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