2002-03-06 ASX Announcement

Company Announcements Office
Australian Stock Exchange Limited
20 Bond Street
Sydney NSW 2000

ALLOTMENT OF SHARES

Dear Sir/Madam,

We refer to the Gippsland Limited ("Gippsland" or "the Company") Prospectus dated 7 February 2002 and the Supplementary Prospectus dated 14 February 2002, in respect to an offer of 10,000,000 ordinary shares at an issue price of 12 cents each to raise up to $1,200,000.

Pursuant to the above, the Directors advise that a second allotment of 971,837 ordinary shares was made on 5 March 2002. This allotment, together with the allotment announced on 25 February 2002, has raised a total sum of $716,620.44.

Further applications for shares are presently being processed and will be allotted progressively.

EXTENSION OF PROSPECTUS CLOSING DATE

The Directors advise that the closing date for the abovementioned prospectus has been extended by a period of 15 days to 29 March 2002.

Yours sincerely

John (Jack) Telford
Executive Chairman

Note: In accordance with Listing Rule 5.10 of the Australian Stock Exchange Limited, the geological information in this report that relates to mineral resources and ore reserves is based on information compiled by Gippsland Director Dr John Chisholm, who is a Fellow of the Australasian Institute of Mining and Metallurgy, with over 25 years experience in the mining industry.

ASX 02.03.06