what has canged

This has chaged.
Back in 2004 they had completion of bank feasibility study,off take agreement,start up date 2006,banks with plenty of money, entering into a mining boom and Sons of gwalia colapse.

Now IN 2008 we have completion of bank feasibility study,off take agreement,start up date 2010, banks with no money,entering a global recession and Talison ready to go.

READ BELOW Q REPORT OF 2004, OR GO INTO GIP SITE YOUR SELF AND READ ALL THEIR Q REPORTS. ITS ALL THERE IN BLACK AND WHITE.

HIGHLIGHTS
�� Abu Dabbab 2Mtpa Bankable Feasibility Study
♦ Completion first week November 2004
♦ World's second largest tantalum producer - >650,000lb/yr Ta2O5
�� Establishment of Abu Dabbab Free Trade Zone
♦ Zero import duty
♦ Zero sales tax
♦ Zero profit tax
�� Additional Tantalum off-take agreements
�� Wadi Allaqi
♦ Encouraging copper/nickel values
♦ Initial exploration completed (gold, copper, nickel)
COMPLETION OF ABU DABBAB 2Mtpa BANKABLE FEASIBILITY STUDY
The Directors of Gippsland Limited "Gippsland" or "the Company") are most pleased to advise
that the expanded Abu Dabbab Bankable Feasibility Study ("BFS") undertaken by the
international engineering group Lycopodium Pty Ltd is due to be released during the first week
of November 2004.
Based upon an annual mill feed-rate of 2 million tonnes per annum the Abu Dabbab project is
scheduled to produce in excess of 650,000 pounds of tantalum pentoxide ("Ta2O5") per year
which will firmly establish the operation as the world's second largest tantalum producer. The
project will also produce 1,530 tonnes of tin metal per year.
ABU DABBAB FREE TRADE ZONE
Following discussions with the Egyptian General Authority for Investment and Free Zones
("GAFI") it has been determined that the 40Mt Abu Dabbab project will operate under the
umbrella of a specially established Free Trade Zone ("FTZ") which will provide a number of
significant long-term benefits to the project including but not limited to the following:
1. Zero import duty for plant & equipment plus Abu Dabbab project consumables;
2. Zero sales tax; and
3. Zero general and Company profit taxation.
The benefits provided by the FTZ will apply for the life of both the Abu Dabbab and Nuweibi
deposits.
Gippsland Limited Page 2
GAFI is Egypt's "One Stop Shop" for investment, easing the way for investors worldwide to
take advantage of Egyptian investment opportunities with emphasis being placed upon export
oriented industries. GAFI is the primary governmental authority concerned with facilitating
foreign investment and assisting with a range of services which are provided at no cost to the
foreign investor.
The ability of Gippsland to reach this milestone agreement with GAFI to establish a project
specific FTZ (the first of its kind) provides clear evidence that the Abu Dabbab project is
enjoying a very high level of support from its joint venture partner Egyptian Geological Survey
& Mining Authority, and the Egyptian Government.
The 2Mtpa Abu Dabbab BFS completed by Lycopodium has taken into account the considerable
benefits associated with the FTZ.
TANTALUM OFF-TAKE AGREEMENTS
The company has entered into tantalum off-take heads of agreement for a total of 420,000
pounds of Ta2O5 per year over a 4-year period. Negotiations are presently under way to enter
into similar agreements for the balance of the Ta2O5 production.
ABU DABBAB PROJECT FINANCE
The Company is currently in negotiation with a number of leading banks in relation to project
finance. While a number of finance options are being considered, it is anticipated that the Abu
Dabbab project will enjoy a high debt-to-equity ratio in the order of 4:1.