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Additional Information

Market:	ASX FRA
Sector:	General Mining
EPIC:	GIP
Latest Price:	0.01 (0.00%)
52-week High:	0.03
52-week Low:	0.01
Market Cap:	12.68M

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Gippsland Limited

Gippsland focuses on world-scale projects which have been over-looked by major resource groups. Projects which have undergone detailed exploration and which have the potential to be brought into production quickly are a prime target for the Company. Gippsland's success in this area is due in part to the Company's philosophy of entering into equitable joint venture arrangements with overseas nationals. The Company's prime assets are the 40 million tonne Abu Dabbab and the 98 million tonne Nuweibi tantalum-tin projects located in the Central Eastern Desert of Egypt, adjacent to the western shore of the Red Sea.

Gippsland raises equity capital from European investors for Abu Dabbab tantalum-tin project

Tuesday, August 18, 2009 by Proactive Investors

Gippsland (ASX: GIP, DB: GIX) has completed a private placement to raise A$500,000 (Euro 291,000) via issuance of 15.62 million shares at a price of 3.2 cents to European institutional investors.

Funds will be used for working capital purposes and for the further development of the Company's 44.5 million tonne Abu Dabbab tantalum-tin project.

During the past quarter, Gippsland executives met in Germany with representatives of the Company's tantalum offtake customer HC Starck GmbH, which has contracted to purchase 600,000 pounds per year of Abu Dabbab tantalum pentoxide for a period of ten years.

Gippsland was also in discussions with KfW-IPEX Bank GmbH in relation to project finance discussions for the Abu Dabbab project.

Abu Dabbab should benefit from recent closures of mines around the world, the nearby 98 million tonne Nuweibi deposit, and tangible long-term demand for tantalum pentoxide from the electronics and aviation industries.

Interestingly, Abu Dabbab is one of the very few significant tantalum deposits in the world in which the mineralisation is not plagued by excessive contents of niobium and/or radionuclides. And where revenues can be generated from tantalum co-products tin and feldspar.

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