Gladstone Pacific Nickel Limited ("Gladstone" or "the Company") (ACN 104 261 887) - Gladstone Targets China For Growth And Project Developement

    TORONTO, Dec. 14 /CNW/ - The new chairman of Gladstone Pacific Nickel
Limited ("Gladstone") Professor Clive Palmer is currently in China supported
by the Managing Director of the Company Mr John Downie and another executive
of the Company, negotiating with Chinese State owned companies the development
of Gladstone's Nickel Project.
    "Gladstone is seeking to formalise a strategic relationship with state
owned companies for the development of Gladstone's Nickel Project," Mr Palmer
stated and went on to say, "In essence Gladstone is seeking confirmation from
Chinese groups of the following:

    1.  a turn-key EPC contract for the construction of the Gladstone Nickel
        Project with suitable Chinese construction groups,

    2.  access to Chinese project funding,

    3.  access to long term sales arrangements for the Gladstone's proposed
        output of Nickel, and

    4.  possible participation by Chinese state owned companies in Gladstone
        share capital."

    Gladstone's Gavin Becker and John Downie have been involved in technical
presentations in meetings with Chinese companies during the current week. The
Gladstone team will return to Australia and begin reviewing the results of the
China initiative next week and will embark on positive planning for the
Project in 2008.

    Note to Editors:

    Gladstone Pacific Nickel Limited (GPNL) is an Australian mining
development company presently undertaking an Integrated Definitive Feasibility
Study (IDFS) for the Gladstone Nickel Project (GNP). 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.

For further information:

For further information: Professor Clive F Palmer, Chairman, Gladstone
Pacific Nickel Limited: Tel: + 61 409 044 489; Peter Ward, Insinger de
Beaufort: Tel: +44 207 190 7000; Simon Rothschild/Keith Irons, Bankside
Consultants: Tel: +44 207 367 8888

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Gladstone Pacific Nickel Ltd.

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