GIP Gippsland

RNS Number:3438Q
Gippsland Limited
18 March 2008




                        Gippsland Limited ("Gippsland")

             STELLAR ACQUIRES 60% JV INTEREST IN ZEEHAN TIN PROJECT

Gippsland Limited (ASX, AIM, FRA : "GIP") advises that Stellar Resources Limited
(ASX "SRZ") has signed an agreement with Western Metals Limited for the purchase
of Western Metal's 60% interest in the Zeehan tin deposit located in western
Tasmania.  The balance of 40% is held by Gippsland Limited.

Stellar Resources has the right to increase its equity from 60% to 70% by
completing a banked feasibility study, at which time Gippsland's interest will
reduce to 30%.

Gippsland enjoys a free-carried interest in the project until the point at which
Stellar Resources completes a banked feasibility study.

There has been no drilling on the project over the last 25 years due mainly to
low tin prices. However, the recent recovery in the tin price to near record
levels and the lack of exploration at depth provide the opportunity to confirm
and expand the historical mineral resources.

Gippsland Chairman Jack Telford commented, "We are particularly pleased
with this transaction as the price of tin is now in excess of US$20,000 per
tonne and Stellar Resources is firmly focused on developing tin projects in
Tasmania where the company is presently exploring the St Dizier and Dundas tin
projects".

For further information please contact:

Jack Telford
Gippsland Limited
T: +61 (0)8 9340 6000
E: jtelford@gippslandltd.com
--------------------------------
www.gippslandltd.com
-----------------------

David Newton, Director Corporate         Richard Hail, Head of Corporate
Finance                                  Finance
Seymour Pierce Limited                   Fox-Davies Capital
T: +44 (0)20 7107 8000                   T: +44 (0)20 7936 5200
E: davidnewton@seymourpierce.com         E: richard.hail@fdcap.com
-------------------------------------    ----------------------------

Jane Stacey / Ed Portman                 Warrick Hazeldine
Investor Relations                       Investor Relations
T: +44 (0)20 7429 6606 / 6607            T: +61 (0)8 9485 1254
E: jane@conduitpr.com                    M: +61 (0)417 944 616
------------------------
E: ed@conduitpr.com                      E: whazeldine@purplecom.com.au
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