Gladstone Pacific Nickel Ltd ACN (104 261 887) ("GPNL" or "the Company") - GPNL receives proposal for turn key construction contract from MCC

    TORONTO, July 29 /CNW/ - As announced on 30 January 2008, GPNL has
executed a Memorandum of Understanding ("MOU") for the development of its
Gladstone Nickel Project (the "Project") with China Metallurgical Construction
(Group) Corporation ("MCC").
    GPNL has now received a commercial proposal and offer for the turn-key
Engineering, Procurement and Construction Contract for the Project from MCC.
    The Company is reviewing the details contained in this proposal and will
update shareholders as appropriate.
    GPNL's CEO, Mr John Downie, said, "MCC and its subsidiaries MCC Overseas
Ltd and China ENFI Engineering Corporation ("ENFI") have spent a number of
months preparing this proposal. We are confident that their expertise and
experience combined with that of the GPNL team will make the Gladstone Nickel
Project a highly successful example of a nickel laterite project and will
deliver significant economic benefits to shareholders and communities
associated with the project."
    MCC Overseas Ltd's Mining Manager, Mr Yu Zhongliang, said, "As the
leading supplier of nickel metallurgical technology in China we look forward
to cooperating with GPNL and working hand in hand with them for the success of
this project."

For further information:

For further information: 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

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Gladstone Pacific Nickel Ltd.

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