GLADSTONE PACIFIC NICKEL LIMITED - (ACN 104 261 887) - Non-Renounceable Rights Issue - Withdrawal of prospectus dated 12 August 2011

TORONTO, Sept. 9, 2011 /CNW/ - Gladstone Pacific Nickel Limited ("GPNL" or the "Company") advises that in the course of its recent application to the Takeovers Panel in Australia, the shareholder Robash Pty Ltd indicated that it would not support the capital raising proposed in the prospectus dated 12 August 2011 (which has not been dispatched to shareholders because of an undertaking given by the company).  Subsequently the company has been advised that the company's major shareholder, Fairway Coal Pty Ltd and companies associated with Mr Clive Palmer will as a result not support the capital raising contemplated in that prospectus.  In these circumstances the company has resolved to withdraw the prospectus dated 12 August 2011 and will advise the Australian Securities and Investments Commission accordingly.

Gladstone Pacific Nickel Limited is an Australian mining development company presently undertaking an Integrated Definitive Feasibility Study for the Gladstone Nickel Project. The Company's vision is to build a major long-life nickel cobalt refinery at the deepwater Port of Gladstone, in Central Queensland, Australia, treating abundant high grade nickel laterite ores from New Caledonia and other south-west Pacific islands, underpinned by beneficiated ores from its own Marlborough deposits. The Project has the potential to be one of the largest of its type in the world producing some 126,000 tpa nickel (8 - 10% of global nickel demand) and 10,400 tpa of cobalt metal from its first two stages.

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this news release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration success, continued availability of capital and financing, and general economic, market or business conditions.

SOURCE Gladstone Pacific Nickel Ltd.

For further information:

Blair Brewster - Gladstone Pacific Nickel Ltd   Tel:+61(0)7 3231 7100


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Gladstone Pacific Nickel Ltd.

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