STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2005

Jan 19, 2005

Suite 34, 18 Stirling Highway, Nedlands WA 6009 PO Box 352, Nedlands WA 6909, Australia A.C.N. 004 766 376 Tel: (08) 9389 8611 Fax: (08) 9389 8612 itelford@gippslandLtd.com www.gippslanditd.com

20 January 2005

ASX-LSE Announcement

Media Release

ABOLITION OF 5% ROYALTY FOR ABU DABBAB PROJECT

Gippsland Limited ("Gippsland" or "the Company"), is very pleased to announce today the extinguishment of the 5% royalty that was to be levied by the Egyptian government on gross sales revenue arising from production at the Company's Abu Dabbab tantalum project.

The abolition of the Project's 5% royalty obligation has been approved by the Egyptian Prime Minister His Excellency Dr Ahmed Nazef and the Minister of Petroleum His Excellency Eng Sameh Samir Fahmy. The impact of the removal of the 5% royalty has resulted in a significant financial benefit to the Bankable Feasibility Study ("BFS") for the Abu Dabbab Project in Egypt and thus the Project as tabled below:

Key Financial Indicators	With 5% Royalty	Without 5% Royalty
Gross sales - first 13 years	>US$500 million
Net Free Cashflow - first 13 years	US$127 million	US$153 million
Internal Rate of Return on all equity basis	$17.4%$	20.2%
IRR on 80% debt 20% equity basis	29%	33.2%
Capital Expenditure	US$80.5 million
Capital Expenditure Repayment	4.5 years	<4 years

The extinguishment of the royalty is a significant development since the announcement on 3rd November 2004, which released the results of the 2Mtpa Abu Dabbab BFS completed by the international engineering group Lycopodium Pty Ltd. The BFS results incorporated the payment of a 5% royalty to the Egyptian Government.

The 2Mtpa BFS was undertaken based upon an arbitrary study period of 13 years however the Abu Dabbab-Nuweibi resource base of 138Mt is expected to provide a mine life well in excess of 20 years.

Commenting on the extinguishment of the 5% royalty today, Jack Telford, Executive Chairman, of Gippsland said: "Our primary focus in Egypt is to develop long term tantalum, tin and feldspar production in the country and I believe the removal of the 5% royalty payment by the Egyptian Government is another clear illustration of support for our activities in developing this important world-scale project. Based upon a 20-year mine life, the Abu Dabbab project is likely to generate sales in excess of US$700 million and a net free cashflow of approximately US$230 million over the 20year period."

The Revenue figures above are based upon tantalum and tin sales only and exclude all potential revenue which could be derived from feldspar sales. Testwork undertaken in Australia to date has demonstrated that the Project has the potential to produce approximately 1.5Mtpa of ceramic grade feldspar. In-plant testwork conducted by major Italian ceramic tile producers has indicated that the material is ideally suited to the production of both high quality ceramic tiles and white sanitary ware. Italy imports approximately 2Mtpa of a relatively low-grade feldspar from Turkey. Consideration will be given to the production of feldspar immediately following the commencement of tantalum and tin production which is expected to take place during the second quarter of 2006.

For further information please contact:

Jack Telford	Leesa Peters / Laurence Read	Bill Sharp / Les Polden
Gippsland Limited	Conduit PR	HB-corporate
Tel: +61 (0)8 9389 8611	Tel: +44 (0)20 7618 8760	Tel: +44 (0)20 7510 8560/8576
jtelford@qippslandltd.com	leesa@conduitpr.com	b.sharp@HB-corporate.com
www.gippslandltd.com	laurence@conduitpr.com	Lpolden@HB-corporate.com

Note:

In accordance with Listing Rule 5.10 of the Australian Stock Exchange Limited, the geological information in this report that relates to mineral resources and ore reserves is based on information compiled by Gippsland Director Dr John Chisholm, who is a Fellow of the Australasian Institute of Mining and Metallurgy, with over 25 years experience in the mining industry