STREAMPLAY STUDIO LIMITED — Interim / Quarterly Report 2007

Jan 30, 2008

Rule 5.3

Appendix 5B Mining exploration entity quarterly report

Gippsland Limited
ABN	Quarter ended (“current quarter”)
31 004 766 376	31 December 2007
Consolidated statement of cash flows
Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Net Operating Cash Flows	Current quarter $A’000	Year to date (6.months) $A’000
	(705) (147) (544) 30	(1,428) (329) (979) 40
	(1,366)	(2,696)
Cash flows related to investing activities 1.8 Payment for purchases of: (a)prospects (b)equity investments (c)other fixed assets 1.9 Proceeds from sale of: (a)prospects (b)equity investments (c)other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Reimbursement of office fit-out Net investing cash flows 1.13 Total operatingand investingcash flows	- 93	(25) 93
	93	68
	(1,273)	(2,628)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (provide details if material) Term Deposit Net financing cash flows(carried forward)	3,030 115	3,030 115
	3,145	3,145

Appendix 5B Mining exploration entity quarterly report

	Net financing cash flows(brought forward) Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end ofquarter	3,145	3,145
		1,872 1,248 (3)	517 2,611 (11)
		3,117	3,117

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to theparties included in item 1.10	Current quarter A$000
		168
		Nil
1.25	Explanation necessaryfor an understandingof the transactions
	Payments of consultingfees and directors fees to directors and director related entities

Non-cash financing and investing activities

2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows None 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest None Financing facilities available	Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows	Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows	Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows	Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
	None
	Details of outlays made by other entities to establish or has an interest	increase their share in projects in which the reporting entity
	None
3.1 Loan facilities 3.2 Credit standby arrangements		Amount available $A’000		Amount used $A’000
			-	-
			-	-
Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development				$A’000
				300
				100
Total				400
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.		Current quarter $A’000		Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other(provide details)		2,889		612
		228		636
Total: cash at end ofquarter(item 1.22)		3,117		1,248

• See chapter 19 for defined terms. 30/9/2001

Appendix 5B Page 2

Appendix 5B Mining exploration entity quarterly report

Changes in interests in mining tenements

Tenement reference Nature of interest (note (2)) 6.1 Interests in mining tenements relinquished, reduced or lapsed Nil 6.2 Interests in mining tenements acquired or increased Nil Issued and quoted securities at end of currentquarter	Tenement reference	Nature of interest (note (2))	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
		Nil
		Nil
	Total number		Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs	293,198,772		293,198,772
	33,674,180		33,674,180
7.5 +Convertible debt securities(description) 7.6 Changes during quarter	(a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options 7.8 Issued during quarter 7.9 Exercised during quarter GIPO 7.10 Expired during quarter GIPO	25,000,000		-	Exercise price 13.5 cents	Expiry date 26/05/12
	33,674,180		33,674,180	9 cents	31/12/07
	10,058,213 10,000,000 4,500,000		10,058,213 - -	9 cents 4 UK pence 15 cents	31/12/07 31/12/07 31/12/07
7.11 Debentures(totals only)
7.12 Unsecured notes(totals only)

• See chapter 19 for defined terms. 30/9/2001

Appendix 5B Page 3

Appendix 5B Mining exploration entity quarterly report

Compliance statement

1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

• 2 This statement does give a true and fair view of the matters disclosed.

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Sign here:

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Director Print name: RJ Telford 31 January 2008

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities: The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards: SX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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• See chapter 19 for defined terms. 30/9/2001

Appendix 5B Page 4