STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2012

Feb 6, 2012

7 February 2012

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FULLY UNDERWRITTEN RENOUNCEABLE RIGHTS ISSUE TO RAISE $2.4 MILLION

The Directors of Gippsland Limited [ASX: GIP, DB: GIX] ("Gippsland" or "the Company") are pleased to announce a fully underwritten renounceable rights issue to all shareholders on the basis of one new share for every five existing shares to raise approximately $2,438,000 before costs at an issue price of 1.5 cents per new share ("Rights Issue").

The Rights Issue has been fully underwritten by Patersons Securities Limited and is sub‐underwritten by Gandel Metals Pty Ltd as trustee for the Gandel Metals Trust, a company controlled by Gippsland Chairman, Mr Ian Gandel. Importantly no underwriting or sub‐underwriting fees will be payable in respect of Mr Gandel’s 30% entitlement to the Rights Issue. The Rights Issue price represents a discount of approximately 14.8% to the 30 day volume weighted average of Gippsland shares traded on ASX.

A prospectus for the Rights Issue will follow this announcement and will be despatched to eligible shareholders following the Record Date on 16 February 2012.

After meeting the expenses of the Rights Issue, the Funds raised from the Rights Issue will be applied to a comprehensive exploration program in Eritrea, working capital for the Abu Dabbab alluvial tin project, costs associated with seeking financing of Abu Dabbab tantalum tin project and for working capital.

Yours faithfully Gippsland Limited

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Ian Gandel Chairman

T: +61 8 9340 6000 E: info@gippslandltd.com.au

120207 ASX ANNOUNCEMENT - Rights Issue

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