STREAMPLAY STUDIO LIMITED - Regulatory Filings 2011

30 September 2011

ERITREAN GEOPHYSICAL SURVEY COMPLETED

Gippsland Limited ('Gippsland' or 'the Company') [ASX: GIP, FRA: GIX] is pleased to announce the completion of a 5,161 line‐kilometre airborne geophysical survey over the Adobha and Gerasi South licence areas in Northern Eritrea held by its wholly owned subsidiary Adobha Resources (Eritrea) Pty Ltd. The airborne geophysical survey covered 19 target areas selected on the basis of Thematic Mapper (TM anomalies, geological targets, and geochemical anomalies identified during geochemical surveys by Gippsland completed during late October to early November 2009, May 2010 and July 2011.

The survey was flown by Geotech Airborne Limited using a Versatile Time Domain Electro Magnetic system (VTEM) at a line spacing of 200m with a nominal height of 80‐120m determined by the topography. Aeromagnetic data was also acquired as part of the survey.

Interpretation of the preliminary data by the Company's consultant geophysicist has identified 16 electro‐ magnetic (EM) anomalies which have been ranked on the basis of their EM response (intensity and decay rate), geological setting, proximity to TM anomalies and presence of coincident geochemical anomalies. Details of each of the anomalies will be provided after the final data has been received from the contractor.

A work programme has been scheduled for early October to conduct a field examination of all of the EM anomalies in order to determine appropriate further exploration with a view to drill testing at the earliest opportunity.

Pursuant to an agreement dated 25 August 2011, the Company has successfully converted the Gerasi South Prospecting Licence to an Exploration Licence.

Gippsland Chairman Ian Gandel stated: "The geophysical survey has identified some very high priority targets located in the right geological setting. The presence of anomalous Cu, Pb and Zn in drainage samples from the target areas gives us further encouragement for the discovery of mineralisation in this newly emerging VMS region."

John Dunlop Director

For further detail, contact [email protected]

Suite 4, 207 Stirling Highway Claremont WA 6010 Australia Phone +61 8 9340 6000

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.