Gladstone Pacific Nickel Limited (ACN 104 261 887) - Substantial Shareholder

TORONTO, May 18 /CNW/ - Gladstone Pacific Nickel Limited (the "Company") announces that it was notified today (18 May 2010) that Mr Clive Palmer, sold 28,645,233 ordinary shares to QNI Resources Pty Ltd ("QNI") for total consideration of $9,091,902.26 on 10 April 2010. At the same time, Mineralogy Pty Ltd sold 6,850,000 ordinary shares to QNI for total consideration of $3,309,559. Mineralogy Pty Ltd is a wholly owned entity of Mr Clive Palmer.

QNI is a private Australian company and is ultimately owned by Mr Clive Palmer.

Following the above transaction, Mr Palmer's beneficial interest in the Company is as set out below:

    Name           Options held   Ordinary shares held   % interest in issued
                                                         share capital
    Clive Palmer   Nil            35,495,233             50.04%

    * Mr Palmer's interest in ordinary shares comprises 35,495,233 ordinary
        shares held by QNI, which is ultimately owned by 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.

SOURCE Gladstone Pacific Nickel Ltd.

For further information: For further information: Julien McInally, Gladstone Pacific Nickel Ltd, Tel: +61 (0) 7 3231 7100; Gerry Beaney, Robert Beenstock, Grant Thornton Corporate Finance, Tel: +44 20 7383 5100; John Prior, Arbuthnot Securities, Tel: +44 20 7012 2000; Email:

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Gladstone Pacific Nickel Ltd.

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