GIP Gippsland

RNS Number:5771L
Gippsland Limited
11 January 2008



                         Gippsland Limited ("Gippsland")

                           Option exercise completed

Gippsland (ASX, AIM, FRA : GIP) advises that it has completed the issue and
allotment of 33,674,180 shares pursuant to the conversion of listed options
having an exercise price of A$0.09 which expired on 31 December 2007.

The Directors are pleased to note that 77% of the outstanding listed options
were converted raising approximately A$3 million (approximately UK�1.37 million)
for the company.

All Gippsland Directors holding listed options exercised 100% of their
entitlements prior to or on 31 December 2007 as follows:

RJ Telford                        6,558,322
JM Chisholm                       2,260,000
JD Kenny                          2,250,000

RJ (Jack) Telford
Executive Chairman
Gippsland Limited
www.gippslandltd.com


For further information please contact:

Jack Telford
Gippsland Limited
T: +61 (0)8 9340 6000
E: jtelford@gippslandltd.com
--------------------------------

David Newton, Director Corporate         Richard Hail, Head of Corporate
Finance                                  Finance
Seymour Pierce Limited                   Fox-Davies Capital
T: +44 (0)20 7107 8000                   T: +44 (0)20 7936 5200
E: davidnewton@seymourpierce.com         E: richard.hail@fdcap.com
-------------------------------------    ----------------------------

Jane Stacey / Ed Portman                 Warrick Hazeldine
Investor Relations                       Investor Relations
T: +44 (0)20 7429 6605 / 6607            T: +61 (0)8 9485 1254
E: jane@conduitpr.com                    M: +61 (0)417 944 616
------------------------
E: ed@conduitpr.com                      E: whazeldine@purplecom.com.au
-----------------------                  ---------------------------------



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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