Gladstone Pacific Nickel Limited - (ACN 104 261 887) - QNI Takeover Offer -
GPNL receives bidder's statement

TORONTO, Sept. 6 /CNW/ - Gladstone Pacific Nickel Limited ("GPNL" or the "Company") announces today that it has received a Bidder's Statement incorporating the cash offer from QNI Resources Pty Ltd ("QNI") for all the ordinary shares in GPNL it does not already own which was announced on 12 August 2010.

QNI is a wholly owned subsidiary of Mr Clive Palmer and owns 50.04% of the ordinary shares of the Company. Both QNI and Mr Palmer are considered related parties in accordance with the AIM rules for Companies.

QNI is offering (pnds stlg)0.14 cash per ordinary share which values the entire issued and paid up capital of the Company at (pnds stlg)9,930,998. The Bidder's Statement as supplied by QNI sets out the terms of the offer and other information about QNI and its intentions for the Company. The Company has been advised that the Bidder's Statement, as provided, has been lodged with the Australian Securities and Investments Commission in Australia ("ASIC") in accordance with the Corporations Act 2001 (Cth). The final version of the Bidder's Statement, which will include open dates for acceptance of the offer, will be sent to shareholders by QNI no earlier than 20 September 2010 and no later than 4 October 2010.

The Board recommends that shareholders take no action in relation to the offer until such time as they have received the Bidder's Statement and the Company's response in its Target's Statement. The Target's Statement must be prepared in accordance with the Corporations Act 2001 (Cth) and be made available to shareholders within 15 days after the Bidder's Statement is sent to shareholders.

The Bidder's Statement, as lodged with ASIC, which includes a letter from QNI's Chairman Mr Palmer, is now available on the Company's website for the information of shareholders.

The Company does not accept any responsibility for the information supplied by QNI or Mr Palmer.

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.

For further information: or comment Julien McInally - Gladstone Pacific Nickel Ltd, Tel:[phone]; Fiona Owen/Robert Beenstock - Grant Thornton Corporate Finance, Tel:[phone]; Richard Johnson - Arbuthnot Securities, Tel: [phone], Email: [email protected]