STREAMPLAY STUDIO LIMITED — Regulatory Filings 2012

Feb 26, 2012

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27 February 2012

ABU DABBAB – ALLUVIAL TIN PROJECT UPDATE MINING HAS COMMENCED ON SCHEDULE PRIOR TO COMMISSIONING IN MARCH

Highlights

• Mining commenced on Saturday 18[th] February

• Treatment plant remains on schedule for commissioning in March 2012

• HPC-30 alluvial separators are on site and undergoing assembly

• Wilfley table and remaining capital purchases are due on site in early March

• Staffing and recruitment activities are complete

• Negotiations with a custom smelter are progressing

Gippsland Limited ('Gippsland' or the 'Company') [ASX: GIP, FRA: GIX] provides the following update for the alluvial tin project (the “Abu Dabbab Alluvial Tin Project”) in Egypt, previously referred to in ASX announcements dated 25 April , 3 August, 7 October 2011 and 23 January 2012.

As previously reported, the Wadi Quaria tin placer at Abu Dabbab is to be mined initially over a 17 month campaign, outlined in detail in the Company’s ASX release dated 7 October 2011 (See Figure 1).

The Company is pleased to advise that the project continues to progress according to schedule, mining has commenced and treatment is on target to commence in March 2012.

Project Status Summarized

As previously reported, the project implementation has been in the hands of an in-house management team. The latest milestones achieved are set out below:

Mining Contract

The mining contractor was mobilised and ready on site on 17 February and commenced work on 18 February, opening the first cut in the alluvial placer sequence, with all trucks direct tipping into the screening plant. (See Figures 2 and 3)

The monthly mining rates are expected to be 20,000 m[3] of waste removal and 15,000m[3] (24,000 tonnes) of run of mine unscreened ore.

Capital Purchasing

All major capital items have been delivered to the site with the exception of the Wilfley cassiterite concentrate finishing table and some associated steelwork. Overall the capital spending at the end

120227 ASX Release - ABU DABBAB - ALLUVIAL TIN PROJECT progress update Feb 2012 final.docx

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of January stood at $535,000 against a budget of $680,000, excluding the contingency allowance, and it is estimated that the project, upon completion, will be brought on line on time and budget.

Ore Processing

Screening of run of mine ore and processing of the -6 mm screen fraction will take place at the minesite, adjacent to the central part of Wadi Quaria itself. This site can be seen in both Figures 2 and 4.

The rougher separators and associated dewatering screws have been received and are being assembled. Concentrate from the existing HPC-15 (used in the pre-production trial mining) will be further refined on a Wilfley table, which is expected to be delivered early in March.

Staffing & Recruitment

Site manning has reached full strength with all staff on site now fully inducted. (See Figure 5)

Product Despatch and Sales

The product finishing, bagging and despatch facilities are under construction at present within the Free Zone area and will be ready for use when the Wilfley table is commissioned in early March 2012. See Figures 6 and 7 which show a general view and layout plan of the Free Zone area.

A further release, updating shareholders on progress is planned to follow the completion of the commissioning phase.

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Figure 1: Project setting and access from Red Sea Coast

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Figure 2: Site layout plan – minesite

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Figure 3: First mining at the project

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Figure 4: Ore screening plant at the ore processing site

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Figure 5: New employees at the project camp following induction

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Figure 6: Work shop and office facilities at the Free Zone finishing area following earthworks

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Figure 7: Layout Plan of the product finishing area at the Free Zone Area

For further detail, contact info@gippslandltd.com

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

Signed

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J Dunlop Director

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