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Gladstone Nickel Project Pty Ltd

Tuesday, September 18th, 2007

Gladstone Nickel Project Pty Ltd, a wholly-owned subsidiary of GPNL, has finalised an approximate A$33 million Land Purchase Agreement with the Queensland Government’s Minister for Industrial Development which secures the land required for the Company’s proposed Gladstone Nickel Project.
The Agreement is conditional on the Company meeting several requirements including securing sufficient debt and equity to fund the Project’s development. A deposit of 5% of the total land value has been provided to the Vendor. This deposit is refundable if the conditions of the Contract have not been met.
The land comprises approximately:
– 200 hectares, secured for the proposed nickel refinery and associated facilities, and
– 1800 hectares, secured for residue storage requirements.
Both sites are located in the Gladstone State Development Area (GSDA). The GSDA was established as an initiative of the Queensland Government to secure a precinct with ready access to a deep water port to cater for largescale, industrial development.
The combined land package provides sufficient area to support both Stages 1 and 2 in terms of residue disposal capacity, sufficient space for the proposed Stage 1 nickel refinery (60,000 tonnes of nickel per annum) and any future expansions to increase capacity as the nickel market dictates.
John Downie, GPNL’s CEO said: “Securing sufficient land for both Stages 1 and 2 of the Project is an important milestone for Gladstone Pacific Nickel Ltd. It provides us with a higher level of certainty and confidence in the future of the world-class nickel project we are developing in Queensland.”
“The Gladstone region brings some strategic benefits for our project including sufficient industrial land for development, and a history of support for other large projects associated with both the minerals and chemicals industries.”

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