STREAMPLAY STUDIO LIMITED — Regulatory Filings 2011

Jan 30, 2011

31 January 2011

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ABU DABBAB ALLUVIAL TIN EXPLORATION

The Directors of Gippsland Limited ("Gippsland" or "the Company") [ASX: GIP, FRA: GIX] announce today that the Company is to conduct a programme of trial mining in relation to an extensive alluvial tin deposit contained within the 20km[2] Abu Dabbab Exploitation Licences.

The programme is a prelude to the full‐scale mining which, subject to the results of the trial mining, the Company plans to commence during 2011.

The trial mining programme will involve the mining and on‐site processing of more than 1000 cubic metres of material. The Company has ordered a trailer mounted alluvial separator from South Africa which is expected to be delivered to site late in the current quarter. Crushing and screening facilities are being sourced from within Egypt.

During the early 1970s a joint Egyptian‐Soviet expedition explored and evaluated two placer tin deposits at Abu Dabbab. The placers are known as Wadi Mubarak and Wadi Quaria and are located adjacent to the large Abu Dabbab tin tantalum deposit and must be mined before the proposed Abu Dabbab waste dump sterilises access to them.

The sampling data produced by the Soviets was re‐evaluated and a new resource estimation completed by Gippsland in 2008 identified an Inferred Resource containing 759t of tin metal.

Table 1 Abu Dabbab Inferred Mineral Resources

	Table 1 Abu Dabbab Inferred Mineral Resources
Placer	Overburden(m3)Mineralisedlayer(m3)Cassiterite(t)Wolframite(t)Tin(t)WO3 (t)
MubarakQuariaTotals	146,290175,120247.619.2193.514.13 293,630262,770724.018.356614 439,920437,890971.637.575928

A short programme of re‐sampling of pits excavated during the early 1970s as part of the Soviet exploration programme was completed during 2009 and confirmed the presence of cassiterite and wolframite at commercially exploitable levels.

The re‐sampling work did not, however, provide sufficient information regarding key process design parameters, including cassiterite and wolframite grain size distribution and size liberation data, information required to estimate potential recovery rates and the specification of key equipment design parameters for optimising and implementing a full scale mining operation.

The proposed programme will involve excavating at least five costeans across the entire width of the two placer deposits. The previous exploration by Soviet and Egyptian teams identified a mineralised horizon below a lower grade overburden. Given the current high tin price and the high cutoff grade of 1.2kg/m[3] used by the Soviet‐Egyptian team in their earlier evaluation of the material, it is considered likely that a significant proportion of the overlying alluvium will yield commercial quantities of cassiterite and wolframite. This should result in a significant proportion of the low grade overburden being converted to the Inferred Resource status.

ASX 110131 Alluvial Tin Exploration

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A scoping study has indicated that the recovery of the alluvial tin can be efficiently recovered by crushing and screening the alluvium, following which the fines will be delivered to a simple gravity circuit for recovery of a primary tin concentrate.

The objectives of the trial mining programme include confirmation of the recoverable grade of tin and related minerals, re‐evaluation of recoverable resources based on a lower cut‐off grade, validation of the simple conceptual process flowsheet and the development of commercially sized equipment design and specification criteria. Subject to a successful outcome of the trial mining programme, the Company intends to commence commercial operations at the earliest opportunity with a view to exploiting the resource over a 12‐month operating time frame.

As a prelude to the trial mining, a programme of size analysis of the alluvial material will commence in early February in order to optimise screen size selection. A series of 50kg samples are to be collected from pits containing known quantities of cassiterite. These samples are to be screened into seven size fractions, crushed to ‐1mm and the heavy minerals recovered from mineralogical analysis.

For further information, please contact:

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JSF Dunlop Gippsland Limited T: +61 8 9340 6000

E: info@gippslandltd.com

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.

ASX 110131 Alluvial Tin Exploration

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