Gladstone Pacific Nickel Limited ("the Company") - (ACN 104 261 887) - Directors Dealings

    GLADSTONE, QUEENSLAND, Dec. 11 /CNW/ - The Directors advise that the
Company has allotted 250,000 and 150,000 Ordinary Shares in the Company
following the exercise of Director Options by Belgrave Square Pty Ltd
(associated company of resigning Director, Mr P J Matheson) and Mustang Asset
Pty Ltd (associated company of resigning Director and Chairman Mr R. A.
Pearce) respectively, at A$2.86 per share in accordance with the terms and
conditions under which the options where issued. The Company received
$1,144,000. Application will be made for 400,000 ordinary shares to be
admitted to trading on AIM and dealings are expected to commence on 17th
December 2007.
    As a result of this allotment the company has 39,890,646 shares on issue.
    Dalenier Enterprises Pty Ltd (associated entity of resigning Director Mr
A. E. Daley) sold 225,000 Ordinary Shares in the Company to Robash Pty Ltd
(associated entity of resigning Director Mr R. A. Pearce) for (pnds
    Cortar Pty Ltd (associated company of resigning Director, Mr P. J.
Matheson), Mustang Asset Pty Ltd and Robash Pty Ltd (associated companies of
resigning Director, Mr. R. A. Pearce) and Mrs J. Watson (spouse of resigning
Director, Mr P. J. Watson) have sold or agreed to sell 2,800,000, 2,150,000,
875,000 and 75,000 Ordinary Shares in the Company respectively to Mr Clive
Palmer (newly appointed Director) at approximately AU$3.88 per share for
consideration of AU$10,875,706.21, AU$8,350,988.70, AU$3,398,658.19 and
AU $291,313.56 respectively.
    Cortar Pty Ltd (an associated company of resigning Director, Mr P. J.
Matheson) and Robash Pty Ltd (associated company of resigning Director, Mr. R.
A. Pearce) have each agreed to sell 1,250,000 Ordinary Shares in the Company
to Transocean Group holdings Pty Ltd (associated company of Director, Mr. J.
G. Henderson) or its nominee at $3.88 per share for a consideration of
AU $4,850,000 each.
    Upon conclusion of these transactions the interests of the directors and
resigning directors held outright and in their associated entities are as

    Director                   Total holding        % of issued share capital

    Mr R. A Pearce                315,000                       0.79%

    Mr P.J. Matheson              215,000                       0.54%

    Mr J.G. Henderson           2,500,000                       6.26%

    Mr A. E. Daley              1,025,000                       2.57%

    Mr C. Palmer                5,900,000                      14.79%

    Note to Editors:

    Gladstone Pacific Nickel Limited 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: Julien McInally, Company Secretary - Gladstone
Pacific Nickel Ltd: Tel: +61 7 3211 8899,; 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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