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miningnews article/all gip production pre sold.

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    Entire Gippsland production pre sold
    Rebecca Keenan
    Friday, January 14, 2005

    THE demise of Sons of Gwalia has created market opportunities for tantalum
    hopeful Gippsland, which has expanded one of the offtake agreements for
    production from its Abu Dabbab tantalum project in Egypt.

    The original agreement with an undisclosed buyer at an undisclosed price has
    been expanded to 480,000 pounds of tantalum per annum for five years. Terms
    of the original agreement were for 320,000lbs per annum for four years. The
    pricing of the contract is understood to be the same as the original

    The purchaser has the first right of refusal for an additional 70,000lbs of
    tantalum per annum at the same price.

    Gippsland has another offtake agreement with a major Asian tantalum customer
    for 100,000lbs per annum.

    "With the signing of this agreement with one of the global leaders in the
    tantalum industry, Gippsland has in effect pre-sold 100% of the Abu Dabbab
    project's scheduled tantalum production of 650,000lbs per year for the first
    five years of business," Gippsland chairman Jack Telford said.

    A recently completed bankable feasibility study showed the US$80.5 million
    project could produce 650,000 pounds of tantalum per annum (plus 2220tpa of
    tin), generating net free cash flow of US$127 million over the initial 13
    years of an estimated 20 year mine life.

    Also this week Gippsland was granted a free trade zone by the Egyptian
    government, which the company said would mean no customs import duty for
    plant and equipment, no sales tax and no tax on company profit.

    Not included in the study was a planned production of one million tonnes per
    annum of ceramic grade feldspar which can be produced as a co-product to the
    tantalum and tin production.

    Gippsland said it has already executed a heads of agreement with a large
    European group for the offtake of the feldspar over five years.

    Negotiations with banks in regards financing are reportedly underway, with
    project start up expected in around 18 months.

    Gippsland shares gained over 4% to 12 c in late morning trade.

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