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Private Placement Completed

23 April 2003

Gympie Gold Limited today completed the placement of 19.0 million ordinary shares to professional and sophisticated investors. This private placement increases the total shares on issue by 12% to 179.1 million shares and raised $6.4 million ($6.1 million net of fees).

This placement is part of a package of equity raisings announced on 11 April 2003, which will raise a total of $15.2 million as follows:

  1. a $2.4 million placement of 7.3 million ordinary shares to several of the Company's Directors;
  2. a $6.4 million placement of 19.0 million ordinary shares to professional and sophisticated investors; and
  3. a $6.4 million underwritten Share Purchase Plan for 19.0 million ordinary shares.

The issues are all at the same price of $0.335 per share and the funds will be used restore the Company's working capital to prudent levels.

The remaining equity raisings in this series are subject to shareholder approval at a General Meeting of shareholders to be held at 10.30am on 19 May 2003 at the Exchange Square Auditorium, 10-18 Bridge Street, Sydney.

[Several forms are attached to the full document]



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    Last Modified: Wednesday, 23-Apr-2003 17:24:36 EST