GIP Gippsland

RNS Number:6823G
Gippsland Limited
31 October 2007

31 October 2007



Gippsland Limited (the "Company")



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ISSUE OF SHARES

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The Company announces the issue of 118,759 ordinary shares of no par value upon
the exercise of 118,759 A$0.09 options.


Holder of options            Exercise price of options Number of shares     Date of issue of
                                                       issued               shares


Tricom Nominees Pty Ltd      A$0.09                    118,759              26 October 2007



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 6 November 2007.

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


Shares on issue                259,643,351 ordinary shares
Options                        43,613,634        A$0.09 options expiry 31.12.2007

                               10,000,000        #0.04 options expiry 31.12.2007

                               4,500,000          A$0.15 options expiry 31.12.2007

                               25,000,000        A$0.135 options expiry 26.05.2012







For further information please contact:


Jack Telford                   Gippsland Limited                           T: +61 (0)8 9340 6000
Fiona Owen                     Grant Thornton Corporate Finance            T: +44 (0)20 7383 5100




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

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