Company Information for Gippsland Ltd

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Company Statement

Gippsland Limited is an Australian based international resource company listed on the Australian Stock Exchange and the London Stock Exchange's Alternative Investment Market (AIM) where it trades under the codes "GIP" (Shares).

The Company’s prime assets are the 44.5 million tonne Abu Dabbab and the 98 million tonne Nuweibi tantalum-tin projects located in the Central Eastern Desert of Egypt, adjacent to the western shore of the Red Sea.

The Company has completed a definitive Bankable Feasibility Study and an Environmental & Social Impact Assessment (ESIA) to World Bank standards.  During November 2007 it concluded a 10-year tantalum off-take agreement with HC Starck GmbH for the supply of 6 million pounds of tantalum pentoxide.  The off-take agreement largely underpins the long term viability of the project which will also produce about 1,530 tonnes of tin metal per year.

Gippsland also has tenements in 8 separate gold areas within the Wadi Allaqi region in south-eastern Egypt, together with a copper-nickel deposit.  Recent gold, copper and nickel exploration has yielded highly encouraging results.

Gippsland holds control of its Egyptian 50:50 joint ventures by way of a casting vote on the Board of Directors and appoints all senior JV management positions.

Current Operations

Abu Dabbab - Tantalum-Tin-Feldspar (50% Gippsland)
Located 25km from the western shores of the Red Sea, the 44.5 million tonne deposit is covered by two Exploitation Leases (1658/9) granted in the name of Tantalum Egypt JSC, a company incorporated in Egypt and owned 50% by the Egyptian Government via the Egyptian Mineral Resources Authority (EMRA) and 50% by Tantalum International Pty Ltd which is a 100% owned subsidiary of Gippsland Ltd.

The BFS has determined that the Abu Dabbab project will produce in excess of 650,000 pounds of tantalum pentoxide per year which will firmly establish the operations as the world’s second largest tantalum producer, and with a low cost base.  Gippsland has entered into a 10-year off-take agreement with German HC Starck GmbH for 600,000 pounds of tantalum pentoxide per year representing >90% of annual tantalum production.  The project will also produce 1,530 tonnes of tin metal per year which will be sold direct to industry and/or via the London Metal Exchange.  The project is scheduled to generate gross revenue in excess of US$630 million during the first 10 years of its estimated 20 year mine life.  These sales are from tantalum and tin only and exclude all potential feldspar sales revenues which the Company advises have the potential to increase net revenue by US$20 million per year.

Nuweibi – Tantalum, Niobium, Feldspar (Gippsland 50%)
Nuweibi is located 17km to the south-southwest of the Abu Dabbab deposit.  They have an indicated & inferred resource of 98 million tonnes at 0.0143% tantalum pentoxide. There is the potential for a significant increase in Nuweibi resources at depth and to the east as most of the eastern diamond drill holes bottomed in mineralisation.  The Nuweibi deposit presents an opportunity for the Abu Dabbab process plant to be utilised for several decades beyond the estimated 20 year mine life.

Wadi Allaqi - gold, copper-nickel (Gippsland 50%)
The eight Wadi Allaqi gold prospects, each 16km2 in area, are in various stages of exploration. Gippsland have concentrated efforts predominantly on the Seiga gold prospect in southern Wadi Allaqi. The Company has announced the completion of an initial JORC Code resource of 93,000oz at a grade of 1.7g/t Au. The Company has discovered wide zones of anomalous gold in rock-chip sampling and discontinuous zones of mineralisation extended to over a strike length of 1,200m.

Heemskirk (formerly Zeehan), Tasmania, Australia (Gippsland 40%): - tin
The Heemskirk Tin Project in Tasmania is located within a major tin province. Gippsland has recently merged its joint venture with Stellar Resources Limited (ASX: "SRZ") into Stellars subsidiary, Columbus Metals Limited. The agreement is conditional upon Columbus raising a minimum of A$10m and being admitted to the ASX by 31 December 2008 or later as agreed by all parties. Gippsland will be issued with 15 million A$0.25 fully paid ordinary shares.

Outlook
• Abu Dabbab has the potential to produce 650,000 pounds tantalum per annum making Gippsland the world's 2nd largest producer.  Plans afoot to expand production to 1 million pounds Ta2O5 per year

• Long-term tantalum contract in place with world's major tantalum buyer HC Starck GmbH

• Off-take agreement largely underpins the long-term viability of the Abu Dabbab project

• On present tin price net annual revenue will exceed US$17.6  Mpa

• Scoping study completed at the Abu Dabbab alluvial tin resuorce which will generate 760 tonnes  and will potentially generate US$8.7m in its first year , Egyptian authorities have lifted the 5% royalty on Abu Dabbab thus increasing revenue

• Good drilling and trenching results at Wadi Allaqi

• Expanding gold resources in Wadi Allaqi

Geographical Spread

Egypt - tantalum, tin, feldspar, copper & gold




Australia - tin deposit located at Zeehan on Tasmanian west coast near Renison tin mine

Board of Directors and Key Management

Mr Robert John Telford	(Managing Director, Executive Chairman)
Dr John M Chisholm	(Executive Director)
Mr Jon Starink	(Executive Director)
Mr John S Dunlop	(Non Exec. Director)
Mr John D Kenny	(Non Exec. Director)
Mr Paul Sims	(CFO)

Company Address Suite 4 207 Stirling Highway Claremont Perth, Western Australia, Australia 6010 Telephone: +61.8.93406000 Facsimile: +61.8.93406060 Email: info[at]gippslandltd.com Website: http://www.gippslandltd.com

Additional Address/Key Contact PO Box 352 Nedlands WA 6909 Australia

Capital 160,528,359 shares

Annual General Meeting November

Year End 30 June

Nominated Brokers Seymour Pierce Fox Davies Capital

Nominated Advisors Fox Davies Capital

Broker/Analyst Reports

23/09/08 - t1ps.com
22/09/08 - AIM Newsletter
15/01/08 - Fox Davies Capital
10/01/08 - Hoodless Brennan & Partners plc

Related News

19/11/08 - As Soon As The Funding Is In Place, Gippsland Will Be In Pole Position To Sell Its Tantalum Into A Rising Market
21/07/08 - With The Help Of Some Germans And Some Seawater, Gippsland Should Close The Financing For Abu Dabbab Fairly Soon
28/04/08 - Gippsland Has Tin As Well As Tantalum In The Jewel In The Crown
29/11/07 - Gippsland Makes More Progress On Tantalum Project
02/01/07 - Gippsland Offers A Combination Of Project Development And Blue Sky.

Most Recent Statement

11/12/08 - Abu Dabbab Alluvial Tin Resource
25/11/08 - Abu Dabbab Project Update
20/11/08 - Abu Dabbab project update
28/10/08 - Financial Report
27/10/08 - Notice of Annual General Meeting
10/10/08 - Successful Share Placement