TEM Survey Results (Ni-Cu)

RNS Number:7634C
Gippsland Limited
28 August 2007

Gippsland Limited ("Gippsland" or the "Company")

TEM Survey Results (Ni-Cu)

To view colour geological graphics associated with this announcement, please
visit the "Announcements" section of the Gippsland website www.gippslandltd.com

Transient electromagnetic survey completed over 1,000m by 440m grid TEM
conductor located under sand cover adjacent to ancient nickel-copper workings
750m RC drilling programme scheduled for completion September '07

Gippsland (ASX & AIM: "GIP"), a multi-asset minerals exploration and development
company operating in Egypt, today announces the results of a transient
electromagnetic ("TEM") survey completed at the Abu Swayel nickel-copper
prospect situated 160km southeast of Aswan and 35km to the northeast of the
Company's western group of Wadi Allaqi gold deposits.

Copper at Abu Swayel was mined by the ancient Egyptians during the Twelfth
Dynasty of the Middle Kingdom (1991-1786 BC) from shallow open cut workings
which can be traced over a length of 180m.

A 200m moving loop TEM survey was completed by Australian consultants GPX
Geophysical Services over a local grid 1,000m by 440m covering the ancient
workings and their extensions.  Results of the survey show a good conductor to
the north of the ancient workings.  The interpreted depth to the top of the
conductor below the sand cover is 40 to 50m.

The relatively low amplitude of the response makes modelling difficult in that
the interpreted dip of the conductor is steeply to the west whereas the ancient
workings dip to the east.  The dip to the west would explain why the 1960s era
diamond hole DH15 which was also drilled to the west, did not intersect any
visible mineralisation.  There is no record of any assay work having been
performed on the core of this hole as only core containing visible
mineralisation would have been assayed during this time.  The drill log refers
to minor sulphides.

A programme of 760m of reverse circulation (RC) drilling will be completed by
the end of September.  The programme will include two holes (AS09P & 10P) to be
drilled to test the TEM conductor.  A further eight drill holes (AS01P & 8P)
along four lines has been proposed to confirm the results of the early drilling
and to determine the geometry of the mineralisation.  The individual holes will
vary in depth from 50 to 100m.

Commenting today, Jack Telford Gippsland's Executive Chairman said "The very
close proximity of the TEM conductor to the ancient workings makes this a very
promising nickel-copper target.  It is also interesting to note that Abu Swayel
was one of two known major sources of copper for Egyptians who mined the deposit
some 4,000 years ago".

RJ (Jack) Telford
Executive Chairman

For further information please contact:


Jack Telford                                            Les Polden / Luke Cairns
Gippsland Limited                                       Hoodless Brennan Plc
www.gippslandltd.com                                    Tel: [phone]
Tel: [phone]                                 [e-mail]
[e-mail]                               [e-mail]

Jane Stacey / Ed Portman                                Fiona Owen
Conduit PR                                              Grant Thornton Corporate Finance
Tel: [phone] / 6607                         Tel: [phone]
[e-mail]                                      [e-mail]
[e-mail]

Note:

In accordance with Listing Rule 5.6 of the Australian Stock Exchange Limited and
Part 2 of the AIM Guidance Notes for Mining, Oil and Gas Companies, 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 who is an Executive Director of Gippsland Limited with over 25 years
experience in the mineral industry including the evaluation of exploration data,
mineral resources and ore reserves, has consented to the issue of the
information in this report in the form and context in which it appears.




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