Gladstone Pacific Nickel Ltd - ACN (104 261 887) ("GPNL" or "the Company") - Extension of MOU

    TORONTO, Sept. 12 /CNW/ - GPNL today announces an extension of the
exclusivity period for its Memorandum of Understanding ("MOU), for the
development of the Gladstone Nickel Project ("GNP"), with China Metallurgical
(Group) Corporation ("MCC").
    The MOU announced on 30 January 2008 provided MCC with an exclusive right
to negotiate and finalise financing and construction agreements for the GNP,
which expires on 30 September 2008. GPNL and MCC have agreed to extend the
period of this exclusive right to 30 June 2009 due to previously announced
corporate restructuring activities.
    GPNL Managing Director Mr. John Downie said "This extension will enable
us to finalise the corporate restructuring and allow MCC to tailor their
proposals with a greater understanding of the restructured group."

For further information:

For further information: Enquiries: John Downie - Chief Executive
Officer - Gladstone Pacific Nickel - Tel: +61 (0)7 3231 7100, Fiona Owen -
Grant Thornton UK LLP - Tel: +44 207 383 5100, Simon Rothschild - Bankside
Consultants - Tel: +44 207 367 8888, Web:, Email:

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Gladstone Pacific Nickel Ltd.

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