GIP Gippsland

RNS Number:8196K
Gippsland Limited
31 December 2007



                        Gippsland Limited (the "Company")
                                        
                              EXERCISE OF OPTIONS

The Company announces the issue of 14,627,074 ordinary shares of no par value 
upon the Exercise of 14,627,074 A$0.09 options.

HOLDER OF      EXERCISE PRICE OF        NUMBER OF  DATE OF ISSUE OF
OPTIONS        OPTIONS                  OPTIONS    SHARES

BELL PETER
THOMAS         A$0.09                    17,100   7 January 2008
SNOWFALL HLDGS
PL             A$0.09                   240,025   7 January 2008
CATALDI SANTO
+ DEANNA E     A$0.09                    10,948   7 January 2008
DIB GEORGE +
CAROLINE       A$0.09                    30,000   7 January 2008
TAN ANDREW     A$0.09                    14,320   7 January 2008
BAKER DAVID
GEORGE         A$0.09                     6,000   7 January 2008
WINDOWLAND     A$0.09                   500,000   7 January 2008
PL
HALNAN JUDITH
YVONNE         A$0.09                     1,600   7 January 2008
R J WADE PL    A$0.09                   100,000   7 January 2008
PEMIB PL       A$0.09                   371,266   7 January 2008
RJ WADE PL     A$0.09                    10,000   7 January 2008
BARONE TONY
JAMES          A$0.09                     6,000   7 January 2008
KITHER DUDLEY
A + H K        A$0.09                   247,280   7 January 2008
BAKER PETER
JOHN           A$0.09                   400,000   7 January 2008
SUTTON ALAN
RAYMOND        A$0.09                   150,000   7 January 2008
VENUTO FRANK   A$0.09                     2,000   7 January 2008
BICKERDYKE I +
VENABLES D     A$0.09                   300,000   7 January 2008
SCOTT-ORR
CHRIS          A$0.09                   175,000   7 January 2008
SCOTT-ORR
CHRIS          A$0.09                   300,000   7 January 2008
BROKO INV PL   A$0.09                   645,000   7 January 2008
BROOKS STEPHEN
V + S H        A$0.09                    90,000   7 January 2008
DOGGETT PETER
ERNEST         A$0.09                    12,650   7 January 2008
BURTON KAREN B
+ M P          A$0.09                     1,700   7 January 2008
KEEFFE PHILIP
LEWIS          A$0.09                   178,025   7 January 2008
SCHMITZ
MICHAEL        A$0.09                    13,600   7 January 2008
TANSLEY GRAHAM
G              A$0.09                    10,000   7 January 2008
SANDERS DAVID
ALAN           A$0.09                   200,000   7 January 2008
LATHAM JOHN
ASHTON         A$0.09                        25   7 January 2008
YU KENNETH     A$0.09                    19,000   7 January 2008
SEMERDZIEV
IANAKI         A$0.09                   125,000   7 January 2008
TEOFILOVA
LILIANA        A$0.09                    21,111   7 January 2008
LARDS PL       A$0.09                    50,000   7 January 2008
MORRISON JOHN
LINDSAY        A$0.09                   115,000   7 January 2008
BOLLAM
CHRISTOPHER L  A$0.09                         7   7 January 2008
BOLLAM
CHRISTOPHER L  A$0.09                   288,881   7 January 2008
BROOKS DONALD
STUART         A$0.09                   307,433   7 January 2008
BURTON KAREN
BELINDA        A$0.09                     1,625   7 January 2008
PRICE TERRANCE A$0.09                     7,869   7 January 2008
TROMSO PL      A$0.09                   250,000   7 January 2008
FORLIN
CHRISTINE
IRENE          A$0.09                     6,600   7 January 2008
VENTUREWORKS
JDK PL         A$0.09                 2,250,000   7 January 2008
MURRAY JOHN
MACFARLANE     A$0.09                     2,000   7 January 2008
DE SILVA
TARANYA        A$0.09                    20,547   7 January 2008
SANDHURST
TTEES LTD      A$0.09                   571,140   7 January 2008
ECO
INTERNATIONAL
PTY LTD        A$0.09                 6,259,750   7 January 2008
RJ & RK
TELFORD        A$0.09                   298,572   7 January 2008

       TOTAL                         14,627,074

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 7  January 2008.

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

Shares on Issue
                281,164,403   ORD
                 22,092,582   Options 9c, 31/12/07

Options on Issue
          10,000,000   Options 4 UK pence, 31/12/07
           4,500,000   Options A$0.15, 31/12/07
          25,000,000   Options A$0.135 cents, 26/5/12

For further information please contact:

Jack Telford                Gippsland Limited          T: +61 (0)8 9340 6000
David Newton             Seymour Pierce Limited        T: +44 (20) 7107 8336





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

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