GNPL achieves another key milestone securing land for the Gladstone Nickel Project

                          ("GPNL" or "the Company")

    TORONTO, Sept. 17 /CNW/ - Gladstone Nickel Project Pty Ltd, a
wholly-owned subsidiary of GPNL, has finalised an approximate A$33 million
Land Purchase Agreement ("Agreement") with the Queensland Government's
Minister for Industrial Development which secures the land required for the
Company's proposed Gladstone Nickel Project.
    The Agreement is conditional on the Company meeting several requirements
including securing sufficient debt and equity to fund the Project's
development. A deposit of 5% of the total land value has been provided to the
Vendor. This deposit is refundable if the conditions of the Contract have not
been met.

    The land comprises approximately:

    -   200 hectares, secured for the proposed nickel refinery and associated
        facilities, and
    -   1800 hectares, secured for residue storage requirements.

    Both sites are located in the Gladstone State Development Area (GSDA).
The GSDA was established as an initiative of the Queensland Government to
secure a precinct with ready access to a deep water port to cater for
large-scale, industrial development.
    The combined land package provides sufficient area to support both Stages
1 and 2 in terms of residue disposal capacity, sufficient space for the
proposed Stage 1 nickel refinery (60,000 tonnes of nickel per annum) and any
future expansions to increase capacity as the nickel market dictates.
    John Downie, GPNL's CEO said: "Securing sufficient land for both Stages 1
and 2 of the Project is an important milestone for Gladstone Pacific Nickel
Ltd. It provides us with a higher level of certainty and confidence in the
future of the world-class nickel project we are developing in Queensland."
    "The Gladstone region brings some strategic benefits for our project
including sufficient industrial land for development, and a history of support
for other large projects associated with both the minerals and chemicals

    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: John Downie, Chief Executive Officer -
Gladstone Pacific Nickel Ltd, Tel: +61 7 3211 8899; Christopher Caldwell/Joe
Lunn - 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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