STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2012

Jun 4, 2012

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05 June 2012

ABU DABBAB – ALLUVIAL TIN PROJECT UPDATE FIRST SHIPMENT EXPECTED THIS MONTH SMELTER CONTRACT SIGNED

Highlights

• Commissioning of the treatment plant to be complete by early June 2012

• Alluvial separators and Wilfley Table are on site and assembled

• A concentrate sales contract has been signed with Malaysia Smelting Corporation Bhd (‘MSC’)

Gippsland Limited ('Gippsland' or the 'Company') [ASX: GIP, FRA: GIX] provides the following update for the alluvial tin project (the “Abu Dabbab Alluvial Tin Project”) in Egypt, previously referred to in ASX announcements dated 25 April, 3 August, 7 October 2011, 23 January and 27 February 2012.

As previously reported, the Wadi Quaria tin placer at Abu Dabbab is to be mined initially over a 17 month campaign (See Figure 1).

The Company is pleased to advise that the project continues to progress following receipt of the last items of equipment in late March. Commissioning has taken longer than originally anticipated but is now expected to be complete in June 2012 with a first shipment of tin concentrate to MSC anticipated during that month.

Project Status Summarized

The latest milestones achieved are set out below:

Mining Contract

As at the end of April, the mining contractor had produced a stockpile of 20,500 m[3] of -6mm plant feed in the period following mobilisation to site in February. Mining activities have been temporarily suspended pending treatment of the present feed stock inventory and contractor effort has been directed to screening plant feed at -2 mm.

Project Schedule and Costs

Overall the capital spending at the end of April stood at $535,000 against a budget of $680,000, excluding the contingency allowance and it is estimated that the project, upon completion, will be brought on line on budget. Operating costs have also been within budget.

Ore Processing

Screening of run of mine ore and processing of the -6 mm screen fraction continues at the minesite, adjacent to the central part of Wadi Quaria itself. The image at Figure 2 shows the screening location.

ASX Release - ABU DABBAB - ALLUVIAL TIN PROJECT progress update June 2012 final.docx

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The rougher separators and associated dewatering screws are operational and are undergoing fine tuning. Rougher concentrate from these separators is being further processed using the Wilfley table, which has been fully commissioned. This may be seen in Figure 3.

Product Despatch and Sales

The product finishing, bagging and despatch facilities are ready for use and the first shipment is currently being prepared.

The project economics previously disclosed indicated the project would generate US$2.25 million, after costs, in the first 6 months (US$3.5 million for the entire 17 month project life). It is likely that the project will now earn its first revenue in August (following first shipment in June), which is four months later than initially expected, and therefore projected revenues will be delayed by a similar period.

A further release, updating shareholders on progress is planned to follow the completion of the commissioning phase and shipment of the first concentrate.

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Figure 1: General project site view

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Figure 2: Screening operations

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Figure 3: Product finishing area at project Free Zone

For further detail, contact info@gippslandltd.com

Suite 4, 207 Stirling Highway Claremont WA 6010 Australia Phone +61 8 9340 6000 Signed

J Dunlop Executive Director

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