GIP Gippsland

RNS Number:3441C
Gippsland Limited
27 August 2004


GIPPSLAND LIMITED

27 August 2004

ABU DABBAB - FREE TRADE ZONE

Following discussions with the Egyptian General Authority for Investment and
Free Zones ("GAFI") Gippsland Limited ("Gippsland" or "the Company") is pleased
to announce that the Company's 40 million tonne Abu Dabbab project will operate
under the umbrella of a specially established Free Trade Zone ("FTZ") which will
provide a number of significant long-term benefits to the project including but
not limited to the following:

* Zero import duty for plant & equipment plus Abu Dabbab project consumables;
* Zero sales tax; and
* Zero general and Company profit taxation.

The benefits provided by the FTZ will apply for the life of the Abu Dabbab
project and the Company's nearby 98 million tonne Nuweibi tantalum deposit.

GAFI is Egypt's "One Stop Shop" for investment, easing the way for investors
worldwide to take advantage of Egyptian investment opportunities with emphasis
being placed upon export oriented industries. GAFI is the primary governmental
authority concerned with facilitating foreign investment and assisting with a
range of services which are provided at no cost to the foreign investor.

The ability of Gippsland to reach this milestone agreement with GAFI to
establish a project specific FTZ (the first of its kind) provides clear evidence
that the Abu Dabbab project is enjoying a very high level of support from its
joint venture partner Egyptian Geological Survey & Mining Authority, and the
Egyptian Government. The Board of Gippsland is delighted with the progress and
status of its joint venture with the Egyptian Geological Survey & Mining
Authority.

The Company's consultant engineers Lycopodium Pty Ltd are currently finalising
the Abu Dabbab Bankable Feasibility Study which will now make allowance for the
benefits provided by the FTZ. The Bankable Feasibility Study will be delivered
to the Company during the week starting 6 September 2004.

RJ (Jack) Telford
Executive Chairman

++++++++++++++++++++++++++++++++++++++++++++++

For further information please contact:
Jack Telford
Gippsland Limited
Tel: +61 (0)418 911 928
jtelford@gippslandltd.com
www.gippslandltd.com.au

Leesa Peters/ Laurence Read
Conduit PR
Tel: +44 (0)20 7936 9095
Fax: +44 (0)20 7936 9100
laurence@conduitpr.com

Bill Sharp
Hoodless Brennan & Partners Plc
Tel: +44 (0)20 7610 8565
Fax: +44 (0)20 7538 1625
bill.sharp@hoodlessbrennan.com




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