TIVAN LIMITED — Capital/Financing Update 2007

Jul 18, 2007

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CAPITAL DISTRIBUTION OF WESTERN C DESERT RESOURCES SHARES

19 July 2007

TNG LTD (ASX: “TNG”) will proceed with the capital in specie distribution of shares received from Western Desert Resources Ltd (WDR) as consideration for the sale of non-core tenements to WDR.

WDR has received conditional ASX approval for TNG to distribute 10m WDR shares, providing that TNG shareholder approval is obtained within 2 months of the WDR listing, the record date is 5 days from TNG shareholder approval and the distribution is completed within 3 months of the WDR listing.

Based on the current TNG capital structure 196,592,405 is the maximum number of shares that can participate in the distribution. The distribution will be on the basis of 1 WDR share for every 19.66 TNG shares held on the record date. The WDR shares received by TNG shareholders will not be subject to restriction, apart from those received either by related parties of TNG and their respective associates, or related parties and promoters of WDR and their respective associates.

TNG will distribute a Notice of General Meeting and Explanatory Memorandum, as soon as possible after it has obtained legal and taxation advice, proposed to be held on Friday 21 September 2007.

Yours faithfully TNG Limited

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DAMIAN DELANEY

Company Secretary