TIVAN LIMITED — Capital/Financing Update 2005

Jun 27, 2005

ASSET RATIONALISATION NEARING COMPLETION FOLLOWING SUCCESSFUL £1.633M (A\$3.8M) RAISING BY THOR MINING & ADMISSION TO AIM

28 June 2005

HIGHLIGHTS

• * TNG receives A\$600,000 and 45M shares in Thor Mining PLC in consideration for the purchase of TNG's Australian specialty metals assets.
• Oversubscribed £1.633M (A\$3.8M) fund raising completed by Thor Mining ahead of its scheduled listing on the AIM Market of the London Stock Exchange ("AIM") on 29 June 2005.

Tennant Creek Gold Limited (ASX: TNG) ("TNG") today announced that its asset rationalisation program is nearing completion following a successful £1.633M (A\$3.8M) raising by Thor Mining PLC ("Thor"), which has acquired TNG's Australian specialty metals assets ahead of its scheduled listing on the Alternative Investment Market (AIM) of the London Stock Exchange later this week.

TNG said Thor had completed an initial public offering of 81.675 million new Ordinary Shares at 2p per share, raising a total of £1.633M, well above its minimum raising target of £1.2M. It is proposed that Thor be admitted to trading on AIM on 29 June.

The successful raising follows the completion last month of a seed capital raising of approximately A\$1M by Thor, a substantial proportion of which was taken up by Londonbased investment management company, RAB Special Situations LP ("RAB"), managed by RAB Capital Plc, which is also TNG's major shareholder. As a result of these transactions, TNG has:

• received a cash payment of £125,000, with a further £125,000 to be paid by 9 July 2005, for a total cash amount of £250,000 (approximately A\$600,000) from Thor in part consideration for the transfer of its portfolio of specialty metals projects; and
• been issued 45 million Ordinary Shares in Thor, representing a fully diluted stake of 24.8% in Thor. These shares are subject to a lock in agreement for a period of one year.

Following the Admission of Thor and a recently completed A\$1.35M institutional placement to RAB Capital, TNG's asset rationalisation program is nearing completion with the Company in a strong financial position and focused on the development of its Australian base metal and copper-gold-bismuth assets.

TNG currently has strong cash resources to underpin its planned intensive exploration and development activities at the Manbarrum (Sandy Creek) Base Metal Project and Tennant Creek Copper-Gold-Bismuth Project in the Northern Territory.

The Company has also signed an option agreement for the sale of a portfolio of four noncore iron ore exploration projects with Red Rock Resources plc, a company proposing to admit to trading on AIM. Red Rock is currently completing a capital raising in London.

In addition to its 24.8% stake in Thor, TNG's other assets include a 20.5% interest in ASXlisted copper-gold explorer Batavia Mining and a royalty interest in the Cawse Extended Laterite Nickel Project near Kalgoorlie in Western Australia.

Thor Mining PLC - Exploration to Commence in July 2005

Following its successful capital raising and Admission to AIM, Thor is scheduled to commence exploration activities in July 2005 at its Molyhil molybdenum-tungsten project in the Northern Territory.

The spin-off of TNG's specialty metals assets was designed to transfer projects to a focused AIM-traded vehicle with an appropriate risk profile and to maximise their exposure to relevant capital markets with an understanding of the specialty metals sector.

Yours faithfully TENNANT CREEK GOLD LIMITED

NEIL BIDDLE Managing Director

So far as it relates to ore and mineralisation this report is based on information compiled by Mr Neil G Biddle who is a Director of Tennant Creek Gold Limited and a corporate member of the Australasian Institute of Mining and Metallurgy and who has had more than five years experience in the field of activity being reported on. This report accurately reflects the information compiled by this member.