STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2003

May 28, 2003

ASX & Media Release 29 May 2003

ABU DABBAB - MINISTERIAL DECREE - PROCESS PLANT SITE

The Directors of Gippsland Limited ("Gippsland" or "the Company") are pleased to advise that the Eqyptian Minister for Industry and Technology has issued a Ministerial Decree, No 11/2003, allocating Tantalum Egypt an area of 14 km2 in which to construct the Abu Dabbab processing plant.

The area is ideally located 6 km from the Red Sea coast and 19 km from the Abu Dabbab mine site situated further inland up Wadi Abu Dabbab. The allocated area lends itself perfectly to the project in that it includes large areas suitable for the process plant construction plus a number of areas that are ideally suited for tailings storage.

The site allows ready access to the Red Sea for process water whilst enabling plant feed to be trucked by roadtrain down the gentle slope from the Abu Dabbab mine site.

Executive Chairman Jack Telford commented: "The area allocated to Tantalum Eqypt is ideal and the Company's first preference. The exclusivity and size of the allocation reflects the high level of support the project is enjoying from the Egyptian Government."

Tantalum Egypt is the joint venture company incorporated in Egypt to undertake the development of the 40 Mt Abu Dabbab tantalite - feldspar project. Tantalum Egypt is owned 50% by the Eqyptian Geological & Mining Authority, a state agency of the Eqyptian Government, and 50% by Tantalum International Pty Ltd, which is a 100% owned subsidiary of Gippsland.

The international engineering group Lycopodium is currently undertaking a bankable feasibility study for the project based upon an annual production of 1 Mtpa which will produce approximately 430,000 pounds of tantalum pentoxide $(Ta_2O_5)$ , 1,000 tonnes of tin metal and 800,000 tonnes of micronised ceramic grade feldspar. It is anticipated that the initial production rate of 1 Mtpa will be expanded to $1.5 - 2$ Mtpa not long after start-up.

For further information please contact:

John (Jack) Telford Executive Chairman Gippsland Limited

Telephone +618 9389 8611 +618 9389 8612 Facsimile: Email: itelford@gippslandltd.com.au