STREAMPLAY STUDIO LIMITED — Regulatory Filings 2010

Sep 27, 2010

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

PO Box 352 Nedlands WA 6909 Australia e: info@gippslandltd.com w: www.gippslandltd.com

ABN 31 004 766 376

28 September 2010

SPIN OFF IPO OF ERITREAN AND TASMANIAN ASSETS

Gippsland Limited [ASX: 'GIP'; FRA: 'GIX'] ('Gippsland' or the 'Company') advise that the Board of Gippsland has resolved to pursue the spin off via an IPO and listing on ASX Limited ('ASX') of Gippsland's 100% owned Adobha Project located in the State of Eritrea and Gippsland's 40% interest in the Heemskirk Tin Project located in Tasmania.

Gippsland's primary focus is on the development of its flagship 44.5 million tonne Abu Dabbab Tantalum-Tin-Feldspar Project located in Egypt and to progressing the financing and construction of Abu Dabbab, which has the potential to be the world's largest single source of the highly strategic supermetal tantalum.

The new public company ('Newco') that will seek to list on ASX will purchase from Gippsland, the Adobha Project and Gippsland's 40% interest in the Heemskirk Tin Project, in exchange for equity in Newco. Newco will seek to raise sufficient funds to explore the Adobha Project via an underwritten IPO prospectus, with Gippsland shareholders to be offered on a pro-rata basis, the opportunity to subscribe for this equity capital in Newco.

It is the Board of Gippsland's view that the Adobha Project and Gippsland's 40% interest in the Heemskirk Tin Project are not currently attributed a significant valuation by the market and also believe that these two assets would benefit from dedicated funding via an IPO of Newco on ASX.

Newco's capital structure, board composition and the pricing of the IPO are yet to be determined, however Gippsland will provide regular updates as these details become available.

Adobha Project

The Adobha Project is comprised of a 2,100km2 Exploration Licence plus three 100km2 Prospecting Licences in the Adobha region of the State of Eritrea, all of which are 100% owned by Nubian Resources Pty Ltd, which is a 100% owned subsidiary of Gippsland.

These four tenements secure a large area encompassing a number of promising base metal prospects discovered by Gippsland during recent reconnaissance geochemical and geological surveys.

The geochemical surveys and subsequent follow-up exploration involving rock-chip sampling and geological mapping identified large areas of visible copper mineralisation, some of which contain associated lead and zinc. The geochemical surveys targeted the highest ranked of the interpreted Thematic Mapper (TM) satellite image anomalies.

A number of anomalies are still to be examined and the vast majority of the funds raised by Newco via the IPO will be used to undertake this further exploration.

A map of the 2,400km2 area that the four tenements cover and which constitute the Adobha Project is on the following page.

The two main areas of copper mineralisation identified thus far are anomalies E26 & E21:

Anomaly E26

• Widespread copper mineralisation in bedrock with values up to 10.63% Cu
• Large area of discontinuous copper mineralisation (390m x 520m) $\bullet$
• Mineralisation open to the east and north
• Copper bearing samples analysed up to 1.15g/t Au

Anomaly E21

• Copper mineralisation identified over 1.7km strike length
• High lead values (up to 0.97%) indicate favourable lithology for volcanogenic massive sulphide (VMS) deposits

The Company's four Adobha tenements cover 2,400km2 of a highly mineral endowed region of the State of Eritrea that is regarded as very prospective for VMS mineralisation and structurally controlled gold mineralisation.

Local examples of these types of deposits are the 40 million tonne precious and base metal-rich Bisha VMS deposit (1.44 million ounce gold and 0.39 million tonne copper) located some 174km to the south and the 0.760 million ounce Zara Gold Project located only 16km to the south of the most southern of the Company's four tenements. The large area covered by the four tenements forms part of the Precambrian Nubian-Arabian Shield that also hosts 5 deposits containing more than 1 million ounces of gold, including the 14.49 million ounce Sukari gold deposit.

A map of the Nubian-Arabian Shield is on the following page.

Heemskirk k Tin Projec ct

The Heemsk Tasmania) a kirk Tin Proje approximate ect is located ely 15km from d within a m m the large R ajor tin prov Renison tin d vince in the n deposit. northwest of f Tasmania ( near Zeehan

Tin mineral contain def lisation occu ined minera urs in four d l resources. eposits; Que een Hill, Sev vern, Monta na and Golf Course, thr ree of which

The Heems Australia. concentrato skirk Tin Pro It is locate or. oject repres d near well sents the la l‐established argest undev d infrastruct veloped high ure and wit h grade tin thin 15km o hard rock of the Reni resource in son Bell tin

Past drilling deposit, the open at dep Sn within th 300m due w The minera g totalling 2 e largest of t pth. To a de he 1% miner west of the lisation inclu 23,000m has the four, is l pth of 500m ralised envel Severn depo udes minor a s established located appr below surfa lope. At Qu osit and cont amounts of c d the presen roximately 1 ace, the infer een Hill the tains indicat copper, lead, nce of a su 120m below rred resource mineralisati ted resource zinc and silv bstantial tin the surface es include 5. on outcrops s of 1.8 mill ver. n resource. and is consi .1 million ton s on a hill ap ion tonnes a The Severn idered to be nnes at 0.6% pproximately at 0.82% Sn. nhnnne%y.

The Heems Gippsland a kirk Tin Proj and 60% by S ject is held i Stellar Resou n the form urces Ltd (AS of Retention SX: SRZ) ('Ste n Licence nu ellar'). mber 5/199 97 and is ow wned 40% by

During the shallowest o past year St of the three tellar undert deposits, wi took a review th the objec w of the hist ctive of selec torical drillin ting near sur ng data, focu rface drill tar using on Que rgets for infi een Hill, the ll drilling.

During June confirmed c e – Septemb continuity of ber 2010, St f high grade t tellar undert tin mineralis took a diam sation over p ond core dr potentially m rilling progra ineable widt am at Quee ths. n Hill which

Final drill co 21m at 0.8% ZQ96. The by historica ore assay re % tin from 8 drilling also l drilling and esults are ex 6m including shows that d that the tin pected to be g a high grad high grade m n mineralisat e available s de 3m zone g mineralisatio ion is presen shortly, how grading 1.9% on extends fu nt as cassiter ever the bes % tin from 90 urther west rite. st result to d 0m in diamo than was de date yielded ond drill hole emonstrated yehded

Heemskirkk Tin Projectt	Cattegory	Tonnes ((M)	Sn (%)
Total mineeralised enveelope (0.1% SSn cut‐off)
QueenHill	Indicated	1.8	0.82
Severnn	Infferred	5.1	0.60
Montana	Infferred	0.4	1.22
Total/aveerage		7.3	0.69
Total mineeralised enveelope (0.3% SSn cut‐off)
QueenHill	Indicated	0.93	1.39
Severnn	Infferred	2.37	1.11
Montana	Infferred	0.31	1.45
Total/aveerage		3.61	1.21

The JORC co ompliant min neral resourc ce constitute ed by the He eemskirk Tin Project is as follows:

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:

• Complete a comprehensive feasibility study recommending that commercial development be $(a)$ 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.

Figure: Heemskirk Tin Project - Schematic Drill Section 2980 - Queen Hill

Commissioning of Valuations

Gippsland has commissioned a valuation of both the Adobha Project and Gippsland's 40% interest in the Heemskirk Tin Project. These valuations will form the basis of the quantum of sale consideration that Gippsland receives in Newco by way of equity in Newco.

The spin off via a new IPO float on ASX of Gippsland's 100% owned Adobha Project located in the State of Eritrea and Gippsland's 40% interest in the Heemskirk Tin Project located in Tasmania is subject to and conditional upon the satisfaction of the following:

• Gippsland shareholders' approval; $\bullet$
• All necessary ASX approvals required in accordance with ASX Listing Rules;
• All necessary ASIC approvals required in accordance with the Corporations Act; and
• Completion of Newco's IPO fundraising.

Further Information

Gippsland will make further announcements to the market as this spin off of Newco progresses and as the necessary milestones are achieved.

For further information, please contact:

Jack Telford Director - Chief Executive Officer Gippsland Limited $T: +61893406000$

E: rjtelford@bigpond.com

Note

In accordance with Listing Rule 5.6 of the Australian Stock Exchange Limited, 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 has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Dr Chisholm consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.