6 January 2010 

Gladstone Pacific Nickel Limited 

Substantial Shareholder Increases Stake to 50.04%

Gladstone Pacific Nickel Limited (the "Company") has today been informed that Mr. Clive Palmer or his related entities acquired an additional 950,000 ordinary shares at 17 pence per share on 5 January 2010.

Following this purchase, Mr. Palmer and his related entities are interested in a total of 35,495,233 ordinary shares in the Company which represents 50.04% of the Company's ordinary shares in issue.

For further information please contact:

Gladstone Pacific Nickel Ltd

James Henderson, Chairman                              Tel: +61 (0) 2 9252 8455
                                                                              Email: info@gladstonepacific.com.au

Grant Thornton Corporate Finance

Gerry Beaney / Robert Beenstock                       Tel: +44 207 383 5100

Arbuthnot Securities

John Prior                                                             Tel: +44 207 012 2000