TIVAN LIMITED — Capital/Financing Update 2006

Apr 11, 2006

OPTION ISSUE CLOSE

12 April 2006

Option Issue to Shareholders

The Directors of Tennant Creek Gold Limited (TNG) advise that the fully underwritten prorata 2007 Option issue set out in the Prospectus, dated 15 March 2006, has closed with acceptances totalling 42,377,228 options raising \$847,544.56.

The fully underwritten shortfall is 7,686,907 options equal to \$153,738,14. This shortfall has been placed with the underwriters.

The Company has made application to ASX to quote the 2007 Options. The Company will proceed to despatch holding statements on 13 April 2006.

As a result of the 2007 Option issue, the share capital of TNG is now:

Ordinary Fully Paid Shares (ASX:TNG)	100,128,270
Options expiring on 31 May 2007 (ASX:TNGO) 50,064,135
Unlisted Options expiring on 30 April 2007	7,000,000
Unlisted Options expiring on 31 May 2007	11,950,000

Further to a meeting of Shareholders on 1 March 2006 it was resolved to change the terms and conditions of the 11,950,000 unlisted options expiring on 31 May 2007. Pursuant to the resolution passed by Shareholders at the general meeting on 1 March 2006 application will be made to the ASX to list these 11,950,000 options on the same terms and conditions as the new 2007 listed options (TNGO) and allotment will take place accordingly.

Yours faithfully TENNANT CREEK GOLD LIMITED

Damian Delaney Company Secretary