TANAMI GOLD NL — Capital/Financing Update 2007

Oct 31, 2007

TANAMI GOLD NL

1 November 2007

The Manager Company Announcement Office ASX Limited Exchange Centre, Level 4, 20 Bridge Street SYDNEY NSW 2000

Dear Sir

HIGH GRADE RECOVERED FROM GONZALES LODE ORE

The Directors are pleased to report continued improvement in production at the Coyote Gold Project.

As announced on 22 October 2007, with the deepening of Pit 2 at Coyote, the top of the high grade Gonzales Lode has been exposed with high grade ore being mined. Treatment of this high grade Gonzales ore blended with ore from Pit 1, commenced 26 October 2007.

Since commencing treatment of the high grade ore, the plant assay results have been very pleasing with 3,225 tonnes of ore being treated up until 30 October 2007 at a head grade of 10.9g/t Au.

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Gonzales Lode location

The Directors believe that this high grade is due to the Gonzales Lode ore and expect that final production for October 2007 will exceed the budget of 2,581 ounces which maintains the upward trend in production.

The majority of the Gonzales Lode will be mined from underground following development of the portal and decline which is on schedule to commence by the end of November 2007.

Yours faithfully

Tanami Gold NL

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Denis Waddell Executive Chairman

Level 4, 50 Colin Street, West Perth, Western Australia, 6005 � P.O. Box 1892, West Perth, Western Australia, 6872 Tel: +61 (8) 9212 5999 � Fax: +61 (8) 9212 5900 � Email: tanamigold@tanami.com.au � Website: www.tanami.com.au. � ABN: 51 000 617 176