RNS Number:1903L
Gippsland Limited
07 January 2008



                      Gippsland Limited (the "Company")

                            Exercise of Options


The Company announces the issue of ordinary shares of no par value upon the 
Exercise of 5,814,219 A$0.09 options.

Allottee                                                          No.of Shares
YU KENNETH                                                              61,000
COMISKEY VERONICA ELVIRA                                                   500
BOULTON CHRISTOPHER JOHN                                                50,000
RUTLEDGE G K + K D                                                     100,000
STAFFORD KERRY LYNETTE                                                  12,000
SELLERS ROBERT W + C A                                                  25,000
PANAYOTOU NOM PL                                                       700,000
ROPE COMMUNICATIONS PL                                                 200,000
DING LIAN HEO                                                          275,000
KEEFFE PHILIP LEWIS + D                                                 13,000
NOTT PHILIP J                                                           10,333
JOMOT PL                                                               300,000
ATIBAY PL                                                              200,000
SELLERS ROBERT W + C A                                                 175,000
FLANK HOLDINGS PTY LTD                                                 101,786
BAXTER JK                                                              150,000
MONACO SL                                                              130,000
MONACO S                                                               100,000
MONACO INV PL                                                          670,600
ALSANTO NOMINEES PTY LTD                                             2,540,000

                                               TOTAL                 5,814,219


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 LSE-
AIM and this is expected to take place on  11 January 2008.

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

Ordinary Shares on Issue          286,978,622

Options on Issue                  25,000,000 exercise price A$0.135, 26/5/2012

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

END
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