TIVAN LIMITED — Capital/Financing Update 2005

Mar 28, 2005

PROPOSED SPIN-OFF OF MOLYHIL MOLYBDENUM-TUNGSTEN PROJECT AND LISTING OF THOR MINING PLC ON LONDON'S AIM MARKET

29 March 2005

HIGHLIGHTS

• . Proposed spin-off of specialty metals projects including the Molyhil molybdenum-tungsten project in the Northern Territory on London's AIM market.
• Molvhil, Hatches and Thring Creek projects to be transferred to THOR MINING PLC, which will seek to raise up to £2 million (A\$4.7 million) and list on AIM.
• . Funds raised to be used to undertake a trial mining program to verify the Molyhil resource head grades as part of aggressive project development plans.
• . Tennant Creek Gold to have approximately 36% stake in THOR MINING PLC and board representation, and will focus on advancing exploration & development of its base metal and gold projects in the Northern Territory.

Tennant Creek Gold Limited (ASX: TNG) ("TNG") today announced plans to spin-off its molybdenum and tungsten projects in the Northern Territory, including the advanced Molyhil project (currently at feasibility study stage), through the proposed listing of a new dedicated specialty metals company on the Alternative Investment Market (AIM) of the London Stock Exchange.

Under the proposal. TNG's directors have resolved to execute a contract to facilitate the transfer of the Molyhil, Hatches and Thring Creek projects to a proposed new AIM-listed company, THOR MINING PLC ("THOR"),

Thor will shortly issue documents to enable it to proceed with an AIM listing and undertake a capital raising of up to £2.0 million (A\$4.7 million) on the AIM market. TNG has retained legal advisers and is currently finalising the appointment of a Nominated Adviser and Nominated broker for the AIM listing.

Two representatives of TNG will be appointed to the Thor Board, namely Mr J W Barr as Executive Chairman, and Mr P Kastellorizos (TNG exploration manager) as Technical Director.

As part of the transaction, which is expected to be concluded by June 2005. TNG will receive £100,000 plus 70 million shares in THOR MINING PLC in consideration for the transfer of the projects, giving it a 36% stake in the company following its proposed listing on AIM.

The transaction will require shareholder approval at a General Meeting.

TNG will continue to focus on exploration and development of its portfolio of base metal, nickel and gold projects in the Northern Territory, including the Sandy Creek base metals project, where it has recently identified high-grade mineralisation, the advanced Tennant Creek gold prospects and the 274,000oz Spring Hill Gold Project in the Pine Creek Gold Field of the Northern Territory. The Company's other asset is a long-term royalty from the Cawse Extended nickel laterite project.

The AIM market has expanded significantly in recent years with strong levels of investor interest in mining and resource stocks, particularly companies associated with the carbon steel materials industry. By the end of 2004, some 1,000 companies were listed on AIM, with its market capitalisation having risen to £24 billion.

Molybdenum is a refractory metallic element used principally as an alloying agent in steel, cast iron and super alloy production to enhance hardness, strength and toughness and wear and corrosion resistance. Tungsten is used in tool steels and specialist industrial applications.

TNG's Directors believe that the proposed transfer of the Molyhil Project and its portfolio of other specialty metals projects in Australia to a focused AIM-listed company will maximise its exposure to relevant capital markets with an understanding of the specialty metals sector.

The funds raised by THOR MINING PLC will be applied to a major trial mining program to be undertaken at the Molyhil deposit as a prelude to completion of a feasibility study and possible mining development. The deposit was mined in the 1970s and 1980s, and represents an advanced project with a substantial resource base with the potential to be brought into production relatively quickly.

Background

In 2004 TNG acquired the privately owned company Tennant Creek Gold (NT) Pty Ltd (TCGNT). The assets owned by TCGNT included the Molyhil molybdenum-tungsten project, located 240km north east of Alice Springs in the Northern Territory, and the Hatches and Thring Creek projects.

In 2004 TNG completed a drilling programme on the tenements at Molyhil, resulting in the calculation of a JORC compliant drill indicated resource of 2,065,009 tonnes grading 0.304% WO₃ and 0.182% MoS₂.

The resource zone remains open at depth and along strike to the south.

Subsequently, 3 trenches were excavated over an 80 metre strike length of the Southern deposit and 15 tonnes of mineralised material extracted for metallurgical testwork. An average grade of 0.70% WO₃ and 0.58% MoS₂ was calculated for the 15 tonne sample and closely corresponds to the historical grade for 12,000 tonnes mined from the 16-20 metre pit level. The bulk sample results were considerably higher than assayed intersections from nearby RC drill holes, and provide evidence that the drill indicated grade may substantially underestimate the true grade of the Molyhil deposit.

As a result of the above and in conjunction with independent resource consultants a trial mining program was designed to help reconcile the Molyhil resource head grade. It is proposed to develop 3 x 40 metre vertical shafts along strike of the deposit each with a 20-40 metre crosscut at their base. The crosscuts will allow detailed sampling of the entire width of the mineralised zone between the footwall and hangingwall. The extracted mineralised material will be treated under metallurgical test conditions in a pilot scale facility to fully evaluate the head grade and mineralogical characteristics.

The economic ramifications of the trial mining programme are significant. If the bulk grades are verified as representative of the entire resource, the project is anticipated to be highly profitable even at very conservative commodity prices.

Molybdenum prices have increased significantly in recent years due to strong demand from the carbon steel materials industries. Most world production historically has come as a byproduct from the large porphyry coper mines of the United States - a supply source which is in long-term decline. The world supply of tungsten has been impacted by the closure of the three largest tungsten mines in China.

The trial mining program will enable THOR MINING PLC to proceed to completion of a final feasibility study on development of the Molyhil deposit and advance relatively rapidly to a financing and development phase.

Thor Mining PLC

TNG will enter a contract to facilitate the transfer of the Molyhil molybdenum-tungsten project and the Hatches and Thring Creek projects to THOR, for 70 million shares plus £100,000. The shares will be subject to a restriction period which is expected to be 12 months. TNG's holding will represent approximately 36% of Thor's issued capital.

Two representatives of TNG will be appointed to the Thor Board, being Mr J W Barr as Executive Chairman, and Mr P Kastellorizos as Technical Director.

THOR will shortly issue documents to enable the AIM listing and to raise up to £2.0 million (A\$4.7 million). It is proposed that the placing price of the Thor shares will be at 2 pence. Further details regarding the proposed AIM listing and capital raising will be released in the near future.

The funds raised will be used to undertake the trial mining program outlined above, as well as regional exploration of the tenements and to provide working capital for the new company.

Other Activities

Following completion of the transaction, TNG continue to focus on exploration of its other base metal and gold projects in the Northern Territory including the Sandy Creek Zinc Project in the Northern Territory.

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.