GLADSTONE PACIFIC NICKEL LIMITED (ACN 104 261 887) - Takeover offer from QNI
Resources - application to the Takeovers Panel (Australia)

TORONTO, Oct. 26 /CNW/ - Gladstone Pacific Nickel Limited ("GPNL") announces that on 25 October 2010, an application was made to the Takeovers Panel in Australia by RAB Special Situations (Master) Fund Limited alleging that unacceptable circumstances had arisen in relation to the takeover offer for GPNL by QNI Resources Pty Ltd. 

Attached is a link to the Takeovers Panel's media release in relation to the application http://www.takeovers.gov.au/content/DisplayDoc.aspx?doc=media_releases/2010/062.htm&pageID=&Year=.  The Takeovers Panel made an interim order to the effect of preventing QNI Resources from processing acceptances of the offer or paying consideration until further order or the matter being determined but declined to make an interim order extending the offer period.  The offer therefore closed as scheduled at 5.00 pm Sydney time on 25 October 2010.

No decision has been made by the Takeovers Panel whether to conduct proceedings.

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:

For more information or comment

Julien McInally - Gladstone Pacific Nickel Ltd    Tel: [phone]

Email: [email protected]