Heemskirk – Tin (Gippsland 40%)

Heemskirk tin (Sn) deposit is located within a major tin province in the northwest of Tasmania approximately 15km from the large Renison tin deposit. Tin mineralisation occurs as cassiterite and stannite in four deposits; Queen Hill, Severn, Montana and Golf Course, three of which contain defined Mineral Resources.

Heemskirk Tin represents the largest undeveloped high grade tin resource in Australia.  It is located near well established infrastructure and within 18 kilometres of the Renison Bell tin concentrator.

The Heemskirk deposit is held in the form of a Retention Licence number 5/1997 which is in good standing with the Department of Infrastructure, Energy and Resources – Mineral Resources of Tasmania.

Gippsland holds a 40% free-carried interest in the Zeehan properties with joint venture partner Stellar Resources Limited (ASX: “SRZ”).  Under the terms of the Joint Venture Agreement, which is subject to a number of conditions precedent, Stellar Resources has the right to increase its Zeehan ownership to 70%.  The conditions precedent include the requirement of Stellar Resources to:

1.  Complete a comprehensive feasibility study recommending that commercial development be undertaken with a view to undertaking mining operations and containing all necessary supporting reports and data including prepared geological and metallurgical, financing and marketing studies ("Studies"); coupled with

2.  A written commitment based upon the Studies by a corporation, institution or bank acceptable to Gippsland and Stellar Resources to lend not less than one half of all costs to be met by Gippsland for the commercial development of the project up to the date of commencement of commercial production.

Heemskirk location	Heemskirk Tasmania tin project	Queen Hill cross section	Queen Hill drill section

Queen Hill high grade tin zone	Resource infill drilling