Option exercise completed

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: [phone]
E: [e-mail]
--------------------------------

David Newton, Director Corporate         Richard Hail, Head of Corporate
Finance                                  Finance
Seymour Pierce Limited                   Fox-Davies Capital
T: [phone]                   T: [phone]
E: [e-mail]         E: [e-mail]
-------------------------------------    ----------------------------

Jane Stacey / Ed Portman                 Warrick Hazeldine
Investor Relations                       Investor Relations
T: [phone] / 6607            T: [phone]
E: [e-mail]                    M: [phone]
------------------------
E: [e-mail]                      E: [e-mail]
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                      This information is provided by RNS
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