2002-03-20 ASX Announcement

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

Dear Sir/Madam,

ALLOTMENT OF SHARES

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. On 14 March 2002, the Directors announced that the closing date for the abovementioned prospectus had been brought forward to 5.00pm 14 March 2002. Pursuant to the above, the Directors advise that a third and final allotment of 129,002 ordinary shares was made on 20 March 2002. This allotment, together with the allotments announced on 25 February 2002 and 6 March 2002, has raised a total sum of $732,100.68.

BANKABLE FEASIBILITY STUDY

It is expected that the above fund raising will enable Gippsland to complete the Bankable Feasibility Study ("BFS") for the Company's Abu Dabbab tantalite project. The BFS is expected to cost $300,000. Negotiations are currently being concluded with an Australian based company, which will undertake the BFS.

Yours sincerely
John (Jack) Telford
Executive Chairman

ASX 02.03.20