GIP Gippsland

RNS Number:3873L
Gippsland Limited
09 January 2008



                        Gippsland Limited (the "Company")

                               Exercise of Options

The Company announces the issue of 6,220,150 ordinary shares of no par value 
upon the Exercise of 6,220,150 A$0.09 options.

Allottee                                                         No. of Shares
Bond Street Custodians Ltd                                              25,000
Tony Eamon Mungavin                                                    145,293
Christopher Brycki                                                     691,473
Ian Gordon Chisholm                                                     65,000
David Christopher Kemp                                                 652,634
Judith Edna Brandt                                                      21,000
Rodney Wayne Attrill                                                     6,250
Alexander Camerer                                                        2,800
John William Butler                                                     69,500
Susan Elizabeth Berkin                                                  50,000
Anthony John Vetter                                                    200,000
Brenda Joy Addie                                                        12,500
Situate Pty Ltd                                                      4,000,000
Anne-Marie Leaver                                                       30,000
Graham Alan & AM Leaver                                                    200
Alan Graham Leaver                                                      21,000
Dr Michael John Shepherd                                               227,500
                                                 TOTAL               6,220,150

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 LSE-
AIM and this is expected to take place on  15 January 2008.

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

Ordinary Shares on Issue          293,198,772

Options on Issue                  25,000,000 exercise price A$0.135, 26/5/2012

For further information please contact:

Jack Telford        Gippsland Limited                     T: +61 (0)8 9340 6000
David Newton        Seymour Pierce Limited                T: +44 (20) 7107 8336





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

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