STREAMPLAY STUDIO LIMITED — Regulatory Filings 2012

Jul 5, 2012

6 July 2012

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ERITREAN EXPLORATION UPDATE

RIG MOBILISATION TO COMMENCE DRILLING PROGRAMME

Gippsland Limited ('Gippsland' or 'the Company') [ASX: GIP, FRA: GIX] is pleased to announce that a drilling rig has been mobilised to the Adobha Project site to commence drilling a number of VTEM, gravity and geochemical anomalies as described in an ASX announcement dated 14 May.

There has been a considerable delay in getting a rig to site as it was expected that the programme would have commenced in May. The delay was largely due to the Eritrean authorities changing the visa requirements for foreign drillers and technical workers entering the country. This delay was in the order of four weeks.

The situation was further exacerbated, on 22 June, when a drilling rig being mobilised to site was washed off a causeway by a flash flood. The Company is pleased to advise that there was no harm to Gippsland employees or contractors as a result of the incident, and there is no repair cost to Gippsland arising from the incident. A replacement drilling rig was obtained which mobilised from Asmara on the 4 July. The trip from Asmara to Adobha is expected to take a minimum of three days.

Signed

Jon Starink Director

For further detail, contact info@gippslandltd.com

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.

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