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Convertible Notes - Quarterly Interest Payments

28 November 2002

The next quarterly interest payment on Gympie Gold Limitedís $A40 million Convertible Note issue is to be paid to noteholders on 31 December 2002. The Record Date for entitlement to this payment is 23 December 2002 and the notes will commence trading ex-entitlement on 17 December 2002.

Noteholders receive interest payments at a fixed rate of 8.5% per annum on the $A1.00 Issue Price.

Noteholders have the right to convert the notes into Gympie Gold shares at a fixed conversion ratio of 0.74 Gympie Gold shares per Convertible Note. If the purchaser elects not to convert the notes into Gympie Gold shares, then the Company will simply re-purchase the notes at the Issue Price of $A1.00 each at the end of their five-year life.

The Convertible Notes trade on the ASX (code GYMG) and AIM (code GGDA) markets.

Gympie Gold is an Australian exploration, production and marketing company which mines and markets gold from the historic Gympie Gold Goldfield in southeast Queensland and high-quality coking coal from the Hunter Valley in New South Wales.

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    Last Modified: Thursday, 05-Dec-2002 11:33:26 EST