Termination of IFC Mandate

RNS Number:8867L
Gippsland Limited
13 November 2006

13 November 2006

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

TERMINATION OF IFC MANDATE

On 7 March 2006, Gippsland (ASX & AIM: "GIP") announced that the International
Finance Corporation ("IFC"), a member of the World Bank Group, had been mandated
("the Mandate") as Lead Debt Arranger for Gippsland's 40 million tonne Abu
Dabbab Tantalum-Tin Project (the "Project") in Egypt.

The Company announces today that it has terminated the IFC Mandate in order to
pursue alternative sources of finance presently under consideration. In
accordance with the termination notification clause of the IFC Mandate
agreement, the termination shall be effective as from 23 November 2006 following
which the Company is able to formalise these alternative project finance
arrangements.

The Company appreciates the input and advice received from the IFC in regard to
the development of the Project. However the Directors feel that alternative
project finance arrangements being considered are likely to offer a number of
advantages whilst also providing the opportunity to reduce the lead time for the
development of the Project.

The termination of the IFC Mandate does not preclude the IFC from participating
in the provision of finance for the Project.

RJ (Jack) Telford
Executive Chairman

For further information please contact:

Jack Telford
Gippsland Limited
www.gippslandltd.com
Tel: [phone]
[e-mail]

Laurence Read / Ed Portman
Conduit PR
Tel: [phone] / 6607
[e-mail]
[e-mail]

Les Polden / Luke Cairns
Hoodless Brennan Plc
Tel: [phone]
[e-mail]
[e-mail]




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