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Gympie Gold Note Commitments at $40 million

27 May 2002

Australian exploration, mining and marketing company Gympie Gold Limited is pleased to announce that commitments exceeding the maximum subscription of A$40 million have been received in respect of the offer of Convertible Notes announced on 17 May 2002.

Details of the proposed issue were outlined in a prospectus lodged on 17 May 2002. The Notes have been placed by Southern Cross Equities Ltd a member firm of the Australian Stock Exchange Ltd and W.H. Ireland Ltd a member firm of London Stock Exchange plc.

Indications are that approximately A$25 million was taken up by institutions in Australia, the United Kingdom and Continental Europe and that approximately A$15 million was taken up by retail investors.

Following the successful completion of the capital raising by Southern Cross Equities and W.H. Ireland with DWA Capital, the Company will now process the receipt of application forms and monies which are subject to shareholders' approval at the meeting on 17 June 2002. The Company expects the Convertible Notes to be quoted on the ASX in Australia and traded on AIM in the UK on or before 24 June 2002.



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Last Modified: Friday, 23-Aug-2002 08:55:16 EST