RNS Number:0087C
Gippsland Limited
26 April 2006


26 April 2006

LSE Announcement

                              Exercise Of options

The Company announces that on 26 April 2006 it issued and allotted 33,000 new
ordinary shares, following the exercise of options. The exercise price for these
options was A$0.09 per share.

The issued ordinary share capital of the Company is now 207,851,926.

Application will be made for the new ordinary shares to be admitted to trading
on AIM, which is expected to commence on 3 May 2006.

RJ (Jack) Telford
Executive Chairman


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

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