GLADSTONE PACIFIC NICKEL LIMITED (ACN 104 261 887) - QNI Takeover Offer sent
to Shareholders

TORONTO, Sept. 21 /CNW/ - Gladstone Pacific Nickel Limited ("GPNL" or the "Company") announces that it has today received notice from QNI Resources Pty Ltd ("QNI") that QNI has now sent to each shareholder of GPNL the offer document and bidders statement in relation to the takeover offer by QNI for all the shares in GPNL that it does not already own which was announced on 12 August 2010.

The offer period begins today, 21^st September 2010 and unless withdrawn or extended in accordance with the Corporations Act is open until 5:00pm (Sydney time) on 25 October 2010. 

The Board recommends that shareholders take no action in relation to the offer until such time as they have received the Company's response in its Target's Statement to be sent to shareholders no later than 6 October 2010.  A copy of the Bidders Statement is available on the Company's website.

QNI is a wholly owned subsidiary of Mr Clive Palmer and owns 50.04% of the ordinary shares of the Company.  Both QNI and Mr Palmer are considered related parties in accordance with the AIM rules for Companies.

QNI is offering £0.14 cash per ordinary share which values the entire issued and paid up capital of the Company at £9,930,998.  The Bidder's Statement as supplied by QNI sets out the terms of the offer and other information about QNI and its intentions for the Company. 

The Company does not accept any responsibility for the information supplied by QNI or Mr Palmer.

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

For further information:

or comment

Julien McInally - Gladstone Pacific Nickel Ltd  
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Fiona Owen / Robert Beenstock - Grant Thornton Corporate Finance
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Richard Johnson - Arbuthnot Securities    
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Email: [email protected]