Financial Report

    RNS Number : 7306G
  Gippsland Limited
  28 October 2008
   
      Gippsland Limited
    Financial Report
    
    Appendix 5B
    Mining exploration entity quarterly report
 Gippsland Limited
 ABN                Quarter ended ("current quarter")
 31 004 766 376     30 September 2008
    

Consolidated statement of cash flows
    
 Cash flows related to operating activities    Current quarter          Year to date
                                                        $A*000            (3.months)
                                                                              $A*000
 1.1                    Receipts from product                                       
                    sales and related debtors
 1.2                    Payments for      (a)      (303) (883)           (303) (883)
                   exploration and evaluation
                                             
                   (b) development           
                                          (c)
                   production                
                                          (d)
                               administration
 1.3                       Dividends received                                       
 1.4                 Interest and other items                7                     7
                          of a similar nature
                                     received
 1.5                 Interest and other costs                                       
                              of finance paid
 1.6                        Income taxes paid                                       
 1.7                Other (provide details if                                       
                                    material)
                     Net Operating Cash Flows          (1,179)               (1,179)
                        Cash flows related to                                       
                         investing activities
 1.8               Payment for purchases of:               (1)                   (1)
                        (a)prospects         
                                             
                                    (b)equity
                   investments               
                                             
                        (c)other fixed assets
 1.9               Proceeds from sale of:                                           
                           (a)prospects      
                                             
                                    (b)equity
                    investments(c)other fixed
                                       assets
 1.10                 Loans to other entities                                       
 1.11                   Loans repaid by other                                       
                                     entities
 1.12               Other (provide details if                -                     -
                    material)Reimbursement of
                               office fit-out
                     Net investing cash flows              (1)                   (1)
 1.13                     Total operating and          (1,180)               (1,180)
                         investing cash flows
                        Cash flows related to                                       
                         financing activities
  
 1.14                 Proceeds from issues of                -                     -
                        shares, options, etc.
 1.15                   Proceeds from sale of                                       
                             forfeited shares
 1.16                Proceeds from borrowings                                       
 1.17                 Repayment of borrowings                                       
 1.18                          Dividends paid                                       
 1.19               Other (provide details if               23                    23
                      material)Costs of Issue
                           Net financing cash               23                    23
                       flows(carried forward)

 
    
       Net financing cash flows(brought forward)       23       23
            Net increase (decrease) in cash held  (1,157)  (1,157)
 1.20  Cash at beginning of quarter/year to date    1,593    1,593
 1.21     Exchange rate adjustments to item 1.20        7        7
 1.22                     Cash at end of quarter      443      443
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related entities
    
                                                                                                        Current quarter
                                                                                                                  A$000
 1.23  Aggregate amount of payments to the parties included                                                         241
                                                in item 1.2
 1.24  Aggregate amount of loans to the parties included in                                                         Nil
                                                  item 1.10
 1.25                                                    Explanation necessary for an understanding of the transactions
                              Payments of consulting fees and directors fees to directors and director related entities
Non-cash financing and investing activities
    
 2.1          Details of financing and investing transactions which have had a
            material effect on consolidated assets and liabilities but did not
                                                            involve cash flows
                                                                          None
 2.2  Details of outlays made by other entities to establish or increase their
               share in projects in which the reporting entity has an interest
                                                                          None
Financing facilities available
    
                                  Amount available  Amount used
                                            $A*000       $A*000
 3.1             Loan facilities                 -            -
 3.2  Credit standbyarrangements                 -            -
Estimated cash outflows for next quarter
    
                                  $A*000
 4.1  Exploration and evaluation       0
 4.2                 Development     550
                           Total     550
Reconciliation of cash
    
 Reconciliation of cash at the end of the quarter (as shown in the consolidated          Current quarter  Previous quarter
 statement of cash flows) to the related items in the accounts is as follows.                     $A*000            $A*000
 5.1                                                           Cash on hand and at bank              388             1,552
 5.2                                                                   Deposits at call               55                41
 5.3                                                                     Bank overdraft                                   
 5.4                                                            Other (provide details)                                   
                                               Total: cash at end of quarter(item 1.22)              443             1,593
 
    
 
Changes in interests in mining tenements
    
                            Tenement reference    Nature of interest           Interest at    Interest at end of
                                                          (note (2))  beginning of quarter               quarter
 6.1   Interests in mining                                       Nil                                            
                 tenements
             relinquished,
         reduced or lapsed
 6.2   Interests in mining                1785  Nuweibi Exploitation                   50%                   50%
        tenements acquired                                   Licence
              or increased
Issued and quoted securities at end of current quarter
    
                                     Total number  Number quoted       Issue price per    Amount paid up per
                                                                    security (see note    security (see note
                                                                            3) (cents)            3) (cents)
 7.1            Preference+                                                                                 
                 securities
              (description)
 7.2         Changes during                                                                                 
       quarter(a) Increases
          through issues(b)
          Decreases through
        returns of capital,
                 buy-backs,
                redemptions
 7.3   +Ordinary securities           306,354,325    306,354,325                                            
 7.4         Changes during                                                                                 
                    quarter
              (a) Increases
             through issues
              (b) Decreases
         through returns of
         capital, buy-backs
 7.5      +Convertible debt                                                                                 
                securities(
               description)
 7.6         Changes during                                                                                 
                   quarter|
              (a) Increases
             through issues
              (b) Decreases
         through securities
         matured, converted
 7.7                Options   25,000,0004,000,000             --    Exercise price13.5                Expiry
                                                                       cents7 UK pence  date26/05/201215/12/
                                                                                                        2011
 7.8          Issued during                                                                                 
                    quarter
 7.9       Exercised during                                                                                 
                    quarter
 7.10        Expired during                                                                                 
                    quarter
 7.11     Debentures(totals                                                                                 
                      only)
 7.12             Unsecured                                                                                 
         notes(totals only)
 
 
    Compliance statement

    1    This statement has been prepared under accounting policies which comply with accounting standards as defined 
       in the Corporations Act or other standards acceptable to ASX (see note 4). 

    2    This statement does give a true and fair view of the matters disclosed.

            
    RJ Telford
Director
    28 October 2008

    Notes

    1    The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter
and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes
attached to this report.
    2    The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or
lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will
change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the
list required for items 6.1 and 6.2.
    3      Issued and quoted securities: The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
    4    The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply
to this report.
    5    Accounting Standards: SX will accept, for example, the use of International Accounting Standards for foreign entities. If the
standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.
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