GIP Gippsland

RNS Number:4790K
Gippsland Limited
21 December 2007

21 December 2007

Gippsland Limited (the "Company")

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EXERCISE OF OPTIONS

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The Company announces the issue of 3,533,426 ordinary shares of no par value
upon the exercise of 3,533,426 A$0.09 options.

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

Tmungavin
Investments
Pty Ltd         A$0.09                             60,000   21 December 2007

Horia Brihac    A$0.09                             20,000   21 December 2007

Cumbak Pty Ltd  A$0.09                            500,000   21 December 2007

Susan Lecky     A$0.09                            200,000   21 December 2007

Mandu Super
Fund Pty Ltd    A$0.09                          2,260,000   21 December 2007

Tony Eamon
Mungavin        A$0.09                            160,000   21 December 2007

Braden Harris   A$0.09                              1,760   21 December 2007

Janet Cameron
Jeffery         A$0.09                             80,000   21 December 2007

Betty Eileen
Mariner         A$0.09                                133   21 December 2007

Yvonne Emily
McCutcheon      A$0.09                                133   21 December 2007

Peter Allan
Dufty           A$0.09                             12,000   21 December 2007

Richard John
Wade            A$0.09                            125,000   21 December 2007

Richard John
Wade            A$0.09                              4,000   21 December 2007

Ray Osterberg   A$0.09                                400   21 December 2007

Lawrence & DL
Walton          A$0.09                            110,000   21 December 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 31 December 2007.

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

Shares on issue       266,537,329 ordinary shares

Options               36,719,656 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

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