STREAMPLAY STUDIO LIMITED — Interim / Quarterly Report 2007

Oct 30, 2006

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

FIRST QUARTER ACTIVITIES REPORT

Period: July - September 2006 Release date: 31 October 2006

HIGHLIGHTS

• 40MT ABU DABBAB TANTALUM PROJECT ÷
  • Optimisation of flowsheet and mineral recoveries completed
  • Completion of Feasibility Study Update
  • Detailed project finance discussions in progress
  • High level of interest from tantalum consumers & project financiers
• WADI ALLAQI CONTINUES TO YIELD SIGNIFICANT GOLD VALUES ÷
  • Up to 18.65g/t Au in high grade shoots
  • 28m at 2.27g/t Au from surface
  • 800m long zone of gold mineralisation defined
  • Phase 2 drilling commenced
• EXPANSION OF EXPERIENCED MANAGEMENT TEAM ÷
  • Appointment of Chief Financial Officer
  • Appointment of Company Secretary

Exploration camp

RC drilling

Drill pad preparation

40MT ABU DABBAB TANTALUM PROJECT

OPTIMISATION OF FI OWSHEET AND RECOVERIES

During the quarter Gippsland Limited ("Gippsland" or "the Company") completed metallurgical testwork as requested by the International Finance Corporation ("IFC") in relation to project finance for the Company's 40Mt Abu Dabbab tantalum project.

The testwork, which was designed to ensure minimal over-grinding of the tantalite in the primary mill, was completed following considerable delay due to the non-availability of process design engineers. The Abu Dabbab flowsheet has been adjusted accordingly which the Directors recognise will provide project financiers and investors with an increased level of confidence in the project.

The Abu Dabbab feasibility study was completed by Lycopodium Engineering Ltd during November 2004. Lycopodium is presently updating the feasibility study taking into account the findings of the optimisation testwork whilst also taking into account current-day costs.

The Company expects to take delivery of the updated Abu Dabbab feasibility study during the first week of November 2006 when it will be presented the IFC which has been mandated as Lead Debt Arranger for the Abu Dabbab project.

INTERNATIONAL EXPOSURE AND INTEREST IN ABU DABBAB

During the quarter the Company made a presentation regarding Abu Dabbab in Beijing, China at the "Minor Metals" conference arranged by the London-based Metal-Pages group. Additionally, during October 2006 the Company attended the 47th Annual Meeting of the Tantalum-Niobium International Study Center ("TIC") www.tanb.org which was attended by all major participants in the tantalum industry. Gippsland was admitted as a member to TIC during the gathering which was held in Innsbruck, Austria.

The Abu Dabbab project generated a high degree of interest from both major and minor tantalum consumers attending both conferences. As a result of the high level of exposure at both events, it is increasingly apparent that the Abu Dabbab project has the potential to become a dominant player in the global tantalum market.

WADI ALLAQI GOLD EXPLORATION

During the quarter the Company's Wadi Allagi gold exploration drilling programme continued to vield most encouraging results. Highlights of the drilling included:

• High grade shoots of up to 18.65g/t Au $\bullet$
• 800m long zone of mineralisation defined by drilling
• 28m at 2.27g/t Au from surface in hole HRC034

SEIGA

At Seiga a number of the gold intersections identified by the 4m sampling were re-sampled at 1m intervals. The 1m sampling improved the resolution of the distribution of the gold and showed the presence of highgrade shoots (>10g/t Au) within wide zones of gold mineralisation. This improved understanding of the geometry of the mineralisation has assisted with the planning of the current Phase 2 drilling.

The grade range for the 4m intervals in CRC012 was 1.06 to 16.40g/t Au between 28-56m compared to 0.30 to 17.56g/t Au for the 1m samples over the same interval. Similar results were obtained from hole CRC013 for the interval 48-72m. The 4m samples varied from 3.45 to 10.47g/t Au compared to 0.09 to 18.65g/t Au for the 1m samples.

The prospectivity of the deposit is enhanced as it is common for additional high-grade shoots to occur downplunge as well as repetitions of mineralisation of this type to be located along shear zones.

Phase 2 drilling is presently in progress at Seiga where mineralisation has been delineated over a strike length of greater than 800m and up to 75m wide. The Phase 2 drilling will include testing a 220m zone northwest of the ancient workings where Phase 1 drilling intersected 28m at 4.18g/t Au in hole CRC012 and 24m at 5.21g/t Au in hole CRC013.

The presence of high-grade shoots will require structural analysis of the shoots in order to predict the position of the down plunge extensions during subsequent drilling programs.

A number of Phase 1 drill holes ended in mineralisation such as hole CRC040 which intersected 28m at 1.14g/t Au and adjacent hole CRC041 containing 22m at 1.74g/t Au. Follow-up drilling will test the depth and along strike extensions of this mineralisation which represents a second parallel zone of mineralisation. Drilling is also planned to test the shear beyond the 800m strike length of the Seiga shear drilled to date.

SHASHOBA

Shashoba is located 6km to the east of Seiga. The Company's recent exploration at Shashoba has delineated gold mineralized up to 50m wide over an open-ended strike length of 2.2km.

As previously announced on 26 June 2006, Shashoba has wide intersections of 32m at 2.200/t Au from 16m in hole SRC006, 48m at 1.93a/t Au from 12m in the adiacent hole SRC007 and 4m at 1.33a/t Au in SRC008. These three intersections adjacent to the main area of ancient workings, defined a 50m wide zone of mineralisation greater than 0.5g/t Au.

During the quarter eight additional drill holes tested old workings in the north of the eastern trend, ancient workings at the southern end of the western trend and some small workings to the west. Seven of the holes intersected mineralisation with the best result being 4m at 4.60g/t Au from 28m in hole SRC040.

Additional reconnaissance drilling (SRC023 to 038) testing geochemical targets at selected sites along the shear zone intersected anomalous gold values in seven of the RC drill holes.

Table 1 Shashoba - best drilling results
------------------------------------------	--

Hole	From $(m)$	Interval $(m)$	Gold (g/t)	Hole	From $(m)$	Interval(m)	Gold (g/t)
SRC001	12	4	4.65	SRC018	4	16	0.33
SRC002	16	4	0.94	SRC023	$\theta$	4	2.11
SRC003	8	4	0.72	SRC024	16	4	2.35
SRC005	4	12	0.51	SRC025	32	4	2.62
SRC006	16	32	2.20	SRC030	28	2	6.91
SRC007	12	48	1.93	SRC032	8	12	0.26
SRC008	40	4	1.33	SRC034	0	28	0.74
SRC012	$\Omega$	12	0.26	SRC035	20	13	0.94
SRC014	8	20	0.94	SRC039	36	8	0.50
SRC017	4	8	1.06	SRC040	28	4	4.60

The high proportion of holes containing significant gold values is indicative of the widespread mineralisation within the Shashoba shear system. Additional drilling will be required to follow-up the anomalous intersections and also to drill test the extensions to the shear zones. This additional drilling will commence during November 2006 following the completion of the Seiga drilling programme.

HAIMUR

During the quarter 46 holes totalling 1,387m were completed at Haimur. The majority of the holes tested geochemical targets identified from previously completed regolith and trenching programs. Five holes tested old workings at Haimur South and two holes at Haimur North.

The best result was from hole HRC034 drilled below an ancient stope at Haimur North and adjacent to a shallow shaft sunk by the Nile Valley Company in the early 1900s. Hole HRC034 intersected 28m at 2.27g/t Au from the surface. Another hole (HRC030) located 30m to the west intersected 2m at 6.91q/t Au from 28m to the bottom of the hole and may represent the lateral continuation of the mineralisation in HRC034. At Haimur South significant mineralisation was intersected in two holes. Hole HRC043 intersected 20m at 0.71 a/t Au from 4m and HRC044 intersected 20m at 0.55 a/t Au from 4m.

Testing of the regolith geochemical anomalies returned anomalous results in thirteen of the 39 holes drilled. These significant results show a north-easterly trending zone of anomalous drill results over a strike length of 800m which is open to the south-west. The south-west part of the zone will require additional drilling.

Hole	From $(m)$	Interval (m)	Gold $(g/t)$	Hole	From $(m)$	Interval (m)	Gold (g/t)
HRC008	$\overline{0}$	8	0.34	HRC023	16	8	0.26
HRC009	12	8	0.35	HRC024	24	6	0.19
HRC010	8	4	0.23	HRC025	28	$2^*$	0.89
HRC012	0	4	0.19	HRC027	28	$2^*$	1.01
HRC013	16	4	0.47	HRC030	28	$2^*$	6.91
HRC016	8	4	0.11	HRC034	0	28	2.27
HRC019	28	$2^*$	0.20	Including	8	20	3.71
HRC020	12.	8	0.23	HRC043	4	20	0.71
HRC022	28	≘	3.11	HRC044	4	20	0.55

Table 2 Haimur - best drilling results

* End of hole

GARAYAT

At Garavat 12 holes were completed for a total of 456m during the quarter. The drilling tested shear structures adiacent to old workings at the old Garavat mine. Block A and Wells Area E. The drilling intersected the shear structures which were weakly mineralised with a best intersection of 4m at 2.17q/t Au in hole GRC011 at the Wells Block E prospect. Not all of the proposed holes at Garayat were completed prior to the break in drilling.

EXPANSION OF EXPERIENCED MANAGEMENT TEAM

During the quarter the Company expanded the management team being put in to place capable of taking the Company's projects through to successful routine production.

APPOINTMENT OF CHIEF FINANCIAL OFFICER

During the quarter the Company appointed Mr Paul R Sims (aged 44) as the Company's Chief Financial Officer.

Mr Sims has an established senior management background in financial and commercial functions within the resources sector and has held both operational and strategic roles in major international resource companies.

Since his appointment it is has become clear that Mr Sims' strengths in relation to project finance plus the development and implementation of financial and commercial systems will contribute significantly to the development of the Company's growth.

APPOINTMENT OF COMPANY SECRETARY

On 16 August 2006 the Directors announced that Mr Rowan Caren has been appointed Company Secretary. Mr Caren is a Chartered Accountant who has over 10 years experience providing company secretarial services to listed companies predominantly involved in the resources sector.

RJ (Jack) Telford Executive Chairman

For further information please contact:

Jack Telford.	Laurence Read / Ed Portman	ء ا
Gippsland Limited	Conduit PR	H
www.gippslanditd.com	Tel: +44 (0)20 7429 6605 / 6607	T.
Tel: +61 (0)8 93898611	laurence@conduitpr.com
itelford@gippslandltd.com	ed@conduitpr.com	L.

es Polden / Luke Cairns oodless Brennan Plc el: +44 (0)20 7538 1166 Polden@HBcorporate.com Cairns@HBcorporate.com

Note: In accordance with Listing Rule 5.6 of the Australian Stock Exchange Limited and Part 2 of the AIM Guidance Notes for Mining. Oil and Gas Companies, the geological information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves is based on data compiled by Dr John Chisholm. a Fellow of The Australasian Institute of Mining and Metallurgy. Dr Chisholm who is an Executive Director of Gippsland Limited with over 25 years experience in the mineral industry including the evaluation of exploration data, mineral resources and ore reserves, has consented to the issue of the information in this report in the form and context in which it appears.