STREAMPLAY STUDIO LIMITED — Regulatory Filings 2004

Apr 20, 2004

Suite 34, 18 Stirling Highway, Nedlands WA 6009 PO Box 352, Nedlands WA 6909. Australia ABN 31 004 766 376 Tel: (08) 9389 8611 Fax: (08) 9389 8612 E-mail: jtelford@gippslandltd.com.au www.gippslanditd.com.au

21 April 2004

Company Announcements Office Australian Stock Exchange Limited 20 Bridge Street SYDNEY NSW 2000

Requlatory News Service London Stock Exchange Limited London EC2 1HP United Kinadom

Dear Sir/Madam

ABU DABBAB PROJECT - DOUBLING OF TIN REVENUE

The recent substantial rise in the price of tin improves the economics of Gippsland Limited's ("Gippsland" or "the Company") 40Mt Abu Dabbab tantalum-tin-feldspar project ("Project").

The Abu Dabbab Project scoping study completed by Lycopodium Pty Ltd indicated that the Project would produce approximately 1,000 tonnes of tin per annum over the estimated mine life of 40 years. Tin revenues to be generated from the Project are the third largest after the revenues to be generated from the sale of tantalum and feldspar.

The tin revenues contained in the scoping study were based upon a London Metal Exchange ("LME") tin price of US$3,954 per tonne whereas the current LME tin price is in the order of US$9,000 per tonne. Based on the scoping study, the increase in the price of tin is estimated to generate additional revenue of US$5 million per annum over the 40-year period which equates to more than US$200,000,000 of additional revenue over the mine's projected life. Consequently, the scoping study Project NPV increases from US$127 million to US$185 million (at a discount rate of 6%) while the Internal Rate of Return expands from 36% to 49%.

The Abu Dabbab Project's final economics will be quantified with the completion of the bankable feasibility study which is being undertaken by Lycopodium. The bankable feasibility study is scheduled to be completed by mid-July 2004.

The Directors are confident that the increase in the price of tin and the tightening of the tantalum price bodes well for this world-scale project. The improving market for these commodities also increases the likelihood of the Abu Dabbab Project expanding from 1Mtpa to 2Mtpa within 2 years of the commencement of mining operations.

The 40Mt Abu Dabbab Project is owned by Tantalum Eqypt LLC, in which Gippsland has a 50% interest by way of an incorporated joint venture with the Egyptian Government. Tantalum Eqypt LLC also owns the Mining Licence for the 98Mt Nuweibi tantalum-tin-feldspar deposit located some 15km from Abu Dabbab.

Yours sincerely

répeid

RJ (Jack) Telford Executive Chairman Gippsland Limited

www.gippslandltd.com.au info@gippslandltd.com.au