TIVAN LIMITED — Capital/Financing Update 2007

Nov 21, 2007

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MANBARRUM DRILLING AND RESOURCE UPDATE

HIGHLIGHTS

• 22 November 2007

• Further encouraging results from Sandy Creek RC drilling program:

  • 13.0m @ 4.6% Zn+Pb, 6.18ppm Ag (MRC104)

  • o 20.0m @ 3.4% Zn+Pb, 8.60ppm Ag (MRC108)

  • 26.0m @ 3.5% Zn+Pb, 5.76ppm Ag (MRC108)

  • 11.0m @ 4.0% Zn+Pb, 6.55ppm Ag (MRC111)

  • 10.0m @ 4.0% Zn+Pb, 10.50ppm Ag (MRC113)

  • o 19.0m @ 4.0% Zn+Pb, 1.42ppm Ag (MRC122)

• Backlog of assay results for 2007 drilling at Sandy Creek now cleared, with +2,000 samples received in the past two weeks.

• Additional drilling results to be included in updated resource estimate for Sandy Creek.

Samples from Djibitgun dispatched to the laboratory, with assays awaited.

TNG Limited (ASX: TNG – “TNG”) is pleased to advise that the previously reported backlog of samples at the laboratory from the 2007 exploration drilling program at its 100%-owned Manbarrum Zinc-Lead-Silver Project in the Northern Territory has now been cleared, with most of the pending results from the Sandy Creek drilling program received over the past week.

The Company has received over 2,000 results from the laboratory in the past two weeks, with some very encouraging results reported recently including the outstanding intersection reported on 16 November of 130m @ 4.0% Zn+Pb and 18ppm Ag. Additional results received since then include:

Hole ID	North	East	From	To	Width	Pb	Zn	Ag	Zn+Pb	Interval
						%	%	ppm	%	Zn+Pb
MRC104	520623	8297249	76.0	110.0	34.0	0.75	2.13	6.18	2.87	34.00 @ 2.87
Incl.			77.0	90.0	13.0	1.14	3.44	9.69	4.58	13.00 @ 4.58
MRC108	520708	8297207	38.0	59.0	20.0	0.85	2.54	8.60	3.39	20.00 @ 3.39
Incl.			39.0	44.0	5.0	2.75	3.91	20.00	6.66	5.00 @ 6.66
MRC108			90.0	144.0	54.0	0.25	2.38	5.76	2.64	54.00 @ 2.64
Incl.			95.0	121.0	26.0	0.34	3.17	7.50	3.51	26.00 @ 3.51
MRC110	520694	8297359	104.0	109.0	5.0	0.07	2.62	13.00	2.69	5.00 @ 2.69
MRC111	520683	8297471	133.0	144.0	11.0	0.26	2.98	6.55	3.24	11.00 @ 3.94
Incl.			139.0	144.0	5.0	0.13	3.92	8.60	4.05	5.00 @ 4.05
MRC111			224.0	229.0	5.0	0.33	4.29	0.40	4.62	5.00 @ 4.62

MRC113	520834	8297611	88.0	98.0	10.0	2.96	0.60	10.50	3.56	10.00 @ 3.56
Incl.			88.0	92.0	4.0	4.91	0.51	10.75	5.41	4.00 @ 5.41
MRC113			143.0	145.0	2.0	0.01	1.40	1.00	1.40	2.00 @ 1.40
MRC114	520784	8297616	114.0	118.0	4.0	0.83	3.25	20.25	4.08	4.00 @ 4.08
MRC114			145.0	148.0	3.0	3.63	1.03	3.67	4.67	3.00 @ 4.67
MRC120	520884	8297611	65.0	71.0	6.0	2.82	0.86	16.33	3.68	6.00 @ 3.68
MRC122	520637	8297115	145.0	164.0	19.0	0.22	3.50	1.42	3.72	19.00 @ 3.72
Incl.			145.0	155.0	10.0	0.20	3.72	0.50	3.92	10.00 @ 3.92
			156.0	164.0	8.0	0.27	3.58	2.63	3.85	8.00 @ 3.85

In light of the recently received results, which are expected to have a material impact on the updated resource estimate for Sandy Creek, completion of the new resource figure will be delayed to enable all of the results from Sandy Creek to be incorporated. TNG’s independent resource consultants, CSA Australia Pty Ltd, have advised they will be unable to complete the Sandy Creek resource upgrade prior to Xmas due to the volume of recently received and expected results and now anticipate the resource work will be completed early in the New Year.

Samples from the Djibitgun Prospect, located 18km north-east of Sandy Creek, have been dispatched to the laboratory and results are awaited. Once all results are received, they will be collated and work will commence on an initial resource estimate for this deposit – representing the first additional resource for the Manbarrum Project outside of the immediate Sandy Creek area.

Yours faithfully TNG LTD

Neil Biddle Managing Director

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Neil Biddle, who is a Member of The Australasian Institute of Mining and Metallurgy. Neil Biddle is a Director of TNG Limited. Neil Biddle has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Neil Biddle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Enquiries:

Neil Biddle Managing Director + 61 (0) 418 915 752 Damian Delaney CFO + 61 (0) 8 9327 0900 Nicholas Read Read Corporate + 61 (0) 419 929 046 Paul Burton Exploration Manager + 61 (0) 8 9327 0918