207 Stirling Highway Claremont WA 6010 Australia $t : +61893406000$ $f : +61893406060$

PO Box 352 Nedlands WA 6909 Australia e: [email protected] w: www.gippslandltd.com

ABN 31 004 766 376

28 September 2010

EXCELLENT HEEMSKIRK TIN DRILLING RESULTS

Gippsland Limited [ASX: 'GIP'; FRA: 'GIX'] is pleased to provide the attached copy of today's Stellar Resources Ltd [ASX: 'SRZ'] announcement which highlights the excellent results achieved in the recently completed diamond drilling programme at the Tasmanian Heemskirk Tin Project, in which Gippsland holds a 40% free-carried interest.

Highlights of the successfully completed programme include:

❖ Presence of a high grade zone within the near surface Queen Hill mineralisation confirmed.
❖ Sampling of near surface Queen Hill mineralisation and in-fill drilling database is now complete.
❖ The best results were:
- 21.2 metres grading 0.82% tin, including 3.0 metres grading 1.87% tin, from drill hole ZQ96.
- 5.0 metres grading 1.56% tin from ZQ98.
$\cdot$ Tin mineralisation is open to the northeast and southwest.
$\div$ Tin price of $23,600/t continues to outperform the price of other LME metals, underpinned by strong fundamentals.

The Directors are most encouraged by Stellar Resources' results which have the potential to rank Heemskirk as Australia's largest known hard rock tin resource.

Under the terms of the Heemskirk joint venture agreement, Stellar (subject to satisfaction of a number of conditions) has the right to increase its ownership of the Heemskirk Tin Project from 60% to 70%. These conditions include the requirement of Stellar to:

$(a)$ Complete a comprehensive feasibility study recommending that commercial development be undertaken with a view to undertaking mining operations and containing all necessary supporting reports and data including prepared geological and metallurgical, financing and marketing studies ('Studies'): coupled with.
$(b)$ A written commitment based upon the Studies by a corporation, institution or bank acceptable to Gippsland and Stellar to lend not less than one half of all costs to be met by Gippsland for the commercial development of the project up to the date of commencement of commercial production.

For further information, please contact:

Jack Telford Director - Chief Executive Officer Gippsland Limited +61 8 9340 6000 $T$ :

$F:$ [email protected]

$\overline{\mathsf{d}}$

28 September 2010

High Grade Tin Confirmed by Heemskirk Drilling

Highlights

Presence of a high grade zone within the near-surface Queen Hill mineralisation confirmed.
Six hole drilling program to sample the near surface Queen Hill mineralization and in-fill the drilling database is now complete.
The best results were: $\blacksquare$
- 21.2 metres* grading 0.82% tin, including 3.0 metres grading
  - 1.87% tin, from drill hole ZQ96 (as previously reported)
- -5.0 metres* grading 1.56% tin from drill hole ZQ98.
Tin mineralisation is open to the northeast and southwest.
Tin price of $23,600/t continues to outperform the price of other LME metals, underpinned by strong fundamentals.

Next Steps

Metallurgical test work will be conducted on Queen Hill Tin Lode mineralisation to determine process route options. This work should be completed by November.
Review and upgrade of the historical resource estimate by December.

ASX Code: SRZ

Australia

ABN 96 108 758 961 Level 7 Exchange Tower 530 Little Collins Street * all intersections are reported down hole.

About Stellar:

Telephone +61 3 9909 7618 Facsimile +61 3 9909 7621

Melbourne Victoria 3000

www.stellarresources.com.au [email protected] Stellar Resources (SRZ) is focusing on the development of its iron ore and tin projects and advancement of uranium and base metal exploration properties. The company holds a portfolio of tenements located in South Australia, Tasmania and New South Wales that have excellent development potential. Key projects include: Tarcoola Iron Ore located in central South Australia, Heemskirk Tin located near Zeehan in Tasmania, Pirie Basin Uranium located north of Cowell in South Australia and Warrior Uranium located west of Tarcoola in South Australia. The company aims to create shareholder value by identifying and developing mature exploration properties. and the company of the com-

100096SRLdoc

Introduction

The Heemskirk Tin Project is located north of Zeehan on Tasmania's west coast. The location is ideal for mining given that the area is well serviced by power, water, transport, infrastructure and mining services. Stellar holds a 60% interest in the Heemskirk Tin Project with joint venture partner Gippsland Limited and can increase its holding to 70% by completing a feasibility study.

Drilling during the early 1980s identified three tin deposits, Queen Hill, Severn and Montana. Queen Hill is the focus of the current phase of exploration as it out-crops, has not been fully drilled-out close to the surface, nor has it been fully tested for metallurgical performance.

Tin Market Continues to Perform Strongly

The tin price continues to out-perform prices for all other LME metals and has more than doubled to US$23,600/t from its recent low of US$10,300/t in mid 2009. The strong price rally reflects reduced supply from Indonesia coupled with a recovery in demand, resulting in a dependence on LME stocks to meet the shortfall. As a result, LME stocks have halved to 13,600t since November 2009. Further stock reduction should sustain the LME price in the US$20,000/t to US$25,000/t range - a very healthy level for the Heemskirk Tin project.

Excellent result from ZQ98

Stellar has completed a six hole diamond drilling program which delivered excellent results. Holes ZQ93 to ZQ96 were reported to the ASX on 30 August 2010. The summary shown in Table 1 adds the results from ZQ97 and ZQ98 (shown in bold) to the previously reported information.

Hole No	From	То	Interval**	Sn	Acid Sol Sn	Cu	Pb	Zn	Ag	Comment
	m	m	m	℅	℅	%	℅	%	g/t
ZQ093	75.7	80.0	4.3	0.92	0.00					Tin Lode
ZQ094	44.0	45.0	1.0	0.09	0.02	0.03	3.2	7.4		Clarkes Lode Lead/Silver
	64.0	70.0	6.0	1.30	0.02					Tin Lode
including	69.0	70.0	1.0	2.20	0.03					Tin Lode
ZQ095	62.0	62.7	0.7	0.60	0.00					Tin Lode
ZQ096	68.0	76.0	8.0	0.71	0.44	0.5	3.1	0.7	161	Clarkes Lode Lead/Silver
	85.8	107.0	21.2	0.82	0.01					Tin Lode
including	90.0	91.0	1.0	3.78	0.01					Tin Lode
ZQ097	57.0	58.2	1.2	0.70	0.00					Tin Lode
ZQ098	95.0	100.0	5.0	1.56	0.02					Tin Lode
including	95.0	96.0	1.0	1.81	0.02					Tin Lode

Table 1 Assay Results *

* XRF using fused beads; **reported interval is down hole.

Hole ZQ98 provided the best result with 5.0 metres averaging 1.56% tin from 95 metres. Consistent with previous results, the Tin Lode mineralisation in ZQ98 contains negligible amounts of acid soluble tin suggesting that cassiterite rather than the more difficult to treat stannite is the tin mineral present.

In hole ZQ96, Clarkes Lode lead/silver mineralisation, a secondary target of the drilling program, was encountered just above the Tin Lode, as previously reported. However, a void in ZQ98 indicates that Clarkes Lode was previously mined in the vicinity of the drill hole. Similar voids were intersected in holes ZQ93, ZQ95 and ZQ97.

Long-Section Update

Figure 1 shows an updated schematic long section with pierce point assays added for ZQ97 and ZQ98.

ZQ98 confirms the continuation of high grade mineralisation at good thickness to the northeast of ZQ96. It also shows narrowing of the mineralisation near surface in the vicinity of holes ZQ95 and ZQ97.

Pyrite-silica fracture filling consistently hosts the Tin Lode mineralisation in all holes. In ZQ96 and ZQ98, pyrrhotite is common, however, pyrite remains the dominant iron sulphide mineral.

Figure 1. Schematic Long-Section Showing Mineralised Drill Hole Pierce Points and High Grade Zone

Hole No	Northing	Relative LevelEasting		Collar	Depth	Recovery
	Collar	Collar	m	Dip/Azimuth	m	%
ZQ093	5361911	360771	248	70/279	94.8	97
ZQ094	5361911	360770	248	50/283	75.6	91
ZQ095	5361933	360780	248	50/283	78.9	92
ZQ096	5361947	360787	247	79/281	124.0	98
ZQ097	5361948	360785	247	50/277	80.3	88
ZQ098	5361972	360821	258	70/280	131.0	93

Table 2 Drill Collar Orientation Data

Collar Co-ordinates: MGA; Collar Azimuth: Magnetic

The drill and exploration results reported herein, insofar as they relate to mineralisation, are based on information compiled by Mr R K Hazeldene (Member of the Australasian Institute of Mining and Metallurgy and Member of the Australian Institute of Geoscientists) who is a Consultant of the Company. Mr Hazeldene has sufficient experience relevant to the style of mineralisation and type of deposits being considered to qualify as a Competent Person as defined by the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2004 Edition). Mr Hazeldene consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. It should be noted that the abovementioned exploration results are preliminary.

For further details please contact:

Peter Blight CEO Tel: 03 9909 7618 Email: [email protected]

or visit our Website at: http://www.stellarresources.com.au

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STREAMPLAY STUDIO LIMITED Regulatory Filings 2010

65841_rns_2010-09-27_6faa42e8-705f-497b-b82e-425ef8028f89.pdf