GIGABYTE GA-EP35-DS3L Problem

I recently bought my friend a GIGABYTE GA-EP35-DS3L LGA 775 Intel P35 ATX Motherboard (which I though was compatible from the box & did not need a bios update) is the motherboard I bought for him to use with a E7200 Dual Core, I also bought him a corsair 450vx power supply now everything gets installed and as soon as he trys to start the computer up the motherboard starts beeping/blinking two lights between the memory slots, now I first think that the power supply might be dead as the fans on the power supply don't even start, but then I discover that the E7200 was not supported until bio revision F4 which came out on 04/03/2008, but since I purchased it on the 6 of this month could the motherboard be a little bit over two months old.

My question being is that wouldn't the motherboard still come on & go to the bios screen even if the cpu is not compatible with it & wouldn't it just not recongize the cpu? So is it likely that the power supply is the problem or could the cpu not compatible (yet)?