GIP Gippsland

RNS Number:7844H
Gippsland Limited
15 November 2007


15 November 2007

Gippsland Limited (the "Company")

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ISSUE OF SHARES

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The Company announces the issue of 500,000 ordinary shares of no par value upon
the exercise of 500,000 A$0.09 options.

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

King Town
Holdings Pty
Ltd             A$0.09                 500,000              15 November 2007

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 21 November 2007.

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

Shares on issue       260,143,351 ordinary shares

Options               43,113,634 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

For further information please contact:

Jack Telford  Gippsland Limited                      T: +61 (0)8 9340 6000

Fiona Owen    Grant Thornton Corporate Finance       T: +44 (0)20 7383 5100



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

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