TIVAN LIMITED — Capital/Financing Update 2005

Feb 6, 2005

FURTHER ROYALTIES FROM CAWSE EXTENDED

9 February 2005

Tennant Creek Gold (TNG) advises that mine-life of the Unicorn Pit on the Cawse Extended tenements has been extended for an additional 12 months. Mining at Unicorn was originally scheduled for completion during the March 2005 Quarter.

Project managers OM Group Inc, have advised TNG that due to a lowering of the mine cutoff grade an additional 350,000 tonnes have been scheduled to be mined from Unicorn.

Based on the current rovalty rate. TNG's rovalty income from the Cawse Extended Project for 2005 is now budgeted to be \$328,000.

In addition OMG have advised that they will solely fund an amount of \$300,000 to be spent on exploration including infill drilling of the Jedbob Resource. Jedbob, which is situated 2km northwest of the Unicorn pit, has returned very encouraging results from 2004 drilling and is being targeted by OMG for 2006 production to replace Unicorn ore.

The OM Group Inc. ("OMG") owns and manages the Cawse Nickel-Cobalt Operation. OMG and Tennant Creek jointly own the Cawse Extended Project, which is located adjacent to the Cawse Nickel-Cobalt Operation.

TNG's 20% interest is free-carried to production, and is convertible to a 2% net smelter return, at Tennant Creek's election. In 2003 an agreement was reached on a wet tonne royalty payment which replaces the agreement only for ore mined from the Unicorn Pit and transported to the Cawse ROM pad prior to processing.

To date TNG has received AU\$392,000 in royalties.

Yours faithfully TENNANT CREEK GOLD LIMITED

JOHN W BARR Chairman