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Completion of Placement of Shares

02 January 2002

Gympie Gold Limited today completed the recently announced issuance of 14 million shares (10% of its issued capital) at an issue price of 75 cents per share.

Gympie Gold Limited today completed the recently announced issuance of 14 million shares (10% of its issued capital) at an issue price of 75 cents per share to clients of WH Ireland (Stockbrokers) in the United Kingdom and clients of Southern Cross Equities (Stockbrokers) in Australia.

This placement raises $10.5 million (net $10 million after fees) to be used for general working capital purposes that will reinforce the Company's current high rate of growth at both Gympie Eldorado Gold and Southland Coal. Both principal businesses are in the midst of significant production increases which are expected to yield attractive returns for shareholders.

The placement signals marked support for the Company from leading institutions and other professional investors locally and in the UK. It also reflects the strategy to broaden the shareholder base and follows the recent listing of the company's shares on AIM, the London Stock Exchange's international market for growing companies.




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Last Modified: Friday, 06-Sep-2002 18:25:52 EST