GIP Gippsland

RNS Number:3520S
Gippsland Limited
07 October 2005


7 October 2005

Gippsland Limited

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ISSUE OF SHARES
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Placement of shares

Gippsland Limited ("the Company") is pleased to announce that the United Kingdom
based broker HB-corporate has placed 15 million Ordinary Shares to UK investors
on behalf of the Company at a price of 4 pence (approximately 9.33 Australian
cents) per share raising the sum of UK#600,000 (approximately A$1,400,000)
before costs.

These shares will rank pari passu with all existing shares and application has
been made for the admission of the new ordinary shares for trading on the London
Stock Exchange AIM with trading expected to commence on 11 October 2005.

The total number of shares on issue following admission will be 177,818,926

The funds raised will in the main be employed to develop the Company's Egyptian
projects in particular the Wadi Allaqi gold projects, new project initiatives
and working capital.

For further information please contact:

RJ (Jack) Telford
Executive Chairman
Gippsland Limited
www.gippslandltd.com
jtelford@gippslandltd.com

Les Polden
HB-corporate
Tel: +44 (0)20 7510 8565
L.Polden@HB-corporate.com

Leesa Peters
Conduit PR
Tel: +44 (0)20 7618 8708
leesa@conduitpr.com





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

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