TIVAN LIMITED — Capital/Financing Update 2005

Apr 10, 2005

PROPOSED SALE OF AUSTRALIAN IRON ORE ASSETS TO UK-BASED RED ROCK RESOURCES

11 April 2005

HIGHLIGHTS

• . Option Agreement with AIM-listed Regency Mines PLC for the sale of four noncore iron ore proiects in the Northern Territory to its subsidiary, Red Rock Resources, ahead of a planned AIM listing.
• Option to purchase the projects for A\$200.000 in cash plus shares equivalent to 20% of Red Rock's pre-listing capital.

Tennant Creek Gold Limited (ASX: TNG) ("TNG") today announced that it has entered into an option agreement with AIM-listed Regency Mines PLC ("Regency") for the proposed sale of four iron ore exploration projects in the Northern Territory. Australia.

Under the agreement, Red Rock Resources Ltd, a subsidiary of Regency which is proposing to list on the AIM market itself, has acquired a 6-month option to acquire the four projects. The exercise price for the option is a payment of A\$200,000 in cash and the issue of shares equivalent to 20% of Red Rock's pre-listing capital to TNG.

The iron ore projects are regarded as non-core assets of the Company and the agreement represents an opportunity to realise value for them at a time of strong market interest in iron ore exploration.

TNG's focus is on an accelerated exploration and development program at its base metal and copper-gold-bismuth projects in the Northern Territory following the recent announcement of a proposed A\$1.35 million placement to London based hedge fund RAB Special Situations LP and plans to spin-off its Australian specialty metals projects on the AIM market.

Red Rock Resources is proposing to list on AIM and will focus on acquiring prospective iron ore properties located in the Northern Territory.

Yours faithfully TENNANT CREEK GOLD LIMITED

NEIL BIDDLE Managing Director