RNS Number:4266J
Gippsland Limited
07 December 2007

7 December 2007



Gippsland Limited (the "Company")


EXERCISE OF OPTIONS


Gippsland announces the issue on 7 December 2007 of 1,328,578 ordinary shares of
no par value upon the exercise of 1,328,578 A$0.09 options.

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 December 2007.

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


Shares on issue      261,471,929 Ordinary Shares

Options              41,785,056      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
END

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