GIPPSLAND LTD – Project Update

GIPPSLAND LTD – Project Update

PROJECT & CORPORATE UPDATE

  • Project financing for Abu Dabbab on track
  • Abu Dabbab EPCM contract negotiations well advanced for completion by end October '08
  • 3 highly prospective tenements in Eritrea anticipated to be granted October '08


Negotiations are presently in progress with KfW Bankengruppe which is owned 80% by the German Federal Government and 20% by the German federal states (Bundesländer). The KfW legal due diligence associated with the Abu Dabbab project is nearing completion.

Detailed negotiations with several engineering groups for the Abu Dabbab Engineering, Procurement, Construction Management (EPCM) contract have been undertaken during the past three months. An EPCM contract is expected to be executed between the Company and the successful engineering group prior to the end of October 2008.

The Directors are very confident that the Abu Dabbab project will play a crucial role in the supply of tantalum feedstock to the global industry for several decades.

The Company's 100% owned subsidiary Nubian Resources PLC ("Nubian Resources") has made application for three highly prospective Prospecting Licences in the northern part of Eritrea. The Directors anticipate that the tenements will be granted during October 2008.

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