STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2007

Apr 25, 2007

207 Stirling Highway Claremont WA 6010 Australia $t : +6189340600$ $f$ : +618 9340 6060 PO Box 352 Nedlands WA 6909 Australia e : info@gippslandltd.com w: www.gippslanditd.com

2007-04-26

ABN 31 004 766 376

NEW SHARE PLACEMENT

Gippsland Limited (ASX & AIM: "GIP") today announces the placing of 26,666,666 fully paid ordinary shares to UK institutional investors at a price of 4.5 pence (approximately 10.82 Australian cents) per share raising the sum of UK£1,200,000 (approximately A$2.89 million) before costs. The placing was undertaken by UK broker HB-Corporate.

These shares will rank pari passu with all existing Gippsland fully paid ordinary shares. Application has been made for the admission of the new shares for trading on the London Stock Exchange AIM and the Australian Stock Exchange with trading expected to commence on 1 May 2007. The total number of shares on issue following admission will be 259,524,592.

The funds raised under this placing will be employed to accelerate exploration of the Company's Wadi Allagi tenements where several highly prospective gold, copper and nickel projects are being pursued.

In addition to on-going working capital, the funds raised will also be used to expand Gippsland's management team both in Australia and Egypt plus the commencement of Abu Dabbab detailed engineering design as this project progresses into a world scale tantalum producer.

RJ (Jack) Telford Executive Chairman

For further information please contact:

Jack Telford Gippsland Limited www.gippslandltd.com Tel: +61 (0)8 9340 6000 itelford@gippslandltd.com

Laurence Read / Ed Portman Conduit PR Tel: +44 (0)20 7429 6605 / 6607 Laurence@conduitpr.com Ed@conduitpr.com

Les Polden / Luke Cairns Hoodless Brennan Plc Tel: +44 (0)20 7538 1166 L.Polden@HBcorporate.com L.Cairns@HBcorporate.com

Fiona Owen Grant Thornton Corporate Finance Tel: +44 (0)20 7383 5100 Fiona.Owen@gtuk.com