STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2011

Aug 15, 2011

16 August 2011

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COMPLETION OF $5.06 MILLION RIGHTS ISSUE

The Directors of Gippsland Limited [ASX: GIP, Deutsche Borse: GIX] ("Gippsland" or "the Company") advise the successful conclusion of its 3 for 10 Rights Issue. In all, 62% (almost 117 million) of the shares on offer were subscribed for. The remaining 70.5 million shares on offer will be taken up by the sub-underwriter, Gandel Metals Pty Ltd as trustee for the Gandel Metals Trust, for a total raising of $5.06 million before issue costs.

Highlights

• endorsement of the strategic direction of the Company since the changes in management last November with major shareholders and several directors taking up their full entitlement;

• Directors Jon Starink and John Dunlop acquired rights in the market, which they have subsequently exercised, to increase their shareholdings;

• Gandel Metals and its associate Abbotsleigh Pty Limited to increase its substantial shareholding in Gippsland from 21.4% to 30.1%. The entities are related parties of the Company’s Chairman, Mr Ian Gandel.

• Funds raised will be allocated to an extensive exploration program in Eritrea, drilling of the Nuweibi project in Egypt, repayment of loan funds, working capital and issue costs.

The Board is very pleased to have received such a strong vote of support from shareholders and believes that this is an outstanding result in an extremely challenging and volatile capital market.

For further information, please contact

Geoff Hawkins Gippsland Limited Tel: +61 8 9340 6000 Email: info@gippslandltd.com Web: www.gippslandltd.com

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ASX 110815 Rights Issue Completion.doc