TIVAN LIMITED — Capital/Financing Update 2006

Feb 23, 2006

Pro-rata Option Issue Underwritten

$\bullet$ Highlights $\bullet$

• Tennant Creek Gold Limited (ASX: TNG) ("Company") today announced that Kirke Securities Limited has agreed to underwrite the Company's pro-rata issue of May 2007 Options, including shares issued by the Company on exercise of existing options. There are currently 27,450,000 options granted by the Company. If these options are exercised prior to the Entitlement Date, the option issue will now raise \$1,150,783 (prior to costs). If option holders do not exercise their entitlements prior to the Entitlement Date the option issue will raise \$876.282.
• A term of the underwriting is that it is fully sub-underwritten. The The Underwriting Agreement is currently being settled and will be conditional upon the pro-rata issue being sub-underwritten and all sub-underwriters executing sub-underwriting agreements with Kirke Securities Limited. The subunderwriters are currently being finalised. The Company directors have each agreed to assist by being sub-underwriters further details of which will be included in the prospectus.
• The funds raised will be used to advance exploration on the Company's Manbarrum Lead-Zinc-Silver Project in the Northern Territory, including activities leading to the planned commencement of drilling designed to upgrade existing drilling data and resource estimates to JORC compliance as rapidly as possible, and to supplement working capital.

The indicative timetable is as follows (these are anticipated dates and are subject to change):

General meeting to approve the pro-rata offer of options	1 March 2006
Lodgement of prospectus with ASIC and ASX	8 March 2006
Shares quoted on an "ex" basis	10 March 2006
Record date for determining entitlements	16 March 2006
Prospectus and entitlement and acceptance form dispatched to eligible shareholders	17 March 2006
Closing date	31 March 2006
Anticipated date for allotment and issue of listed options	3 April 2006
Completion of placement of shortfall (if any)	6 April 2006

www.tennantcreekgold.com.au

Enquiries:

Neil Biddle Tennant Creek Gold Ltd	$+61(0)893270900$
Tennant Creek Gold Ltd	Damian Delaney
. .	.

Yours faithfully
TENNANT CREEK GOLD LTD

gern

John W. Barr Executive Chairman