TIVAN LIMITED — Capital/Financing Update 2007

Jul 3, 2007

TNGLIMITED

MANEARRUM PROFIECT – DRUCKIC UPDATE

HG I CHING

4 July 2007

• Full exploration operations resume following recent heavy rains, with initial assay results from Sandy Creek now expected within days.
• 9 Initial RC drilling completed at Sandy Creek south, successfully extending the resource zone at least 200 metres to the south.
• A Seven diamond drill holes completed to date, with all but one intersecting significant intervals of visual sulphide mineralization.
• @ First two RC holes at NEIP Anomaly intersect encouraging intervals of sulphide mineralization, with drilling continuing to locate the "feeder" zone.

TNG Limited ( $ASX$ : TNG - "TNG") is pleased to advise that full exploration operations have now resumed at its 100%-owned Manbarrum Zinc-Lead-Silver Project in the Northern Territory following the unseasonal heavy rainfall event reported on last week.

No drilling time was lost for either the Reverse Circulation (RC) or diamond drilling rigs operating at the Sandy Creek deposit, however logging and sampling operations were delayed by seven days. This will result in delays in the receipt of assay results for all but the first diamond drill hole and the first seven RC holes. Assay results from these holes are expected within the next few days.

While the recent heavy rainfall has delayed the arrival of the second RC drilling rig slated to commence drilling at the key North East IP Anomaly ("NEIP"), TNG is pleased to advise that is has been able to complete two RC drill holes at NEIP using the existing RC drilling rig, with encouraging initial results (see below).

Sandy Creek Deposit

The initial phase of RC drilling has been completed at Sandy Creek, extending the resource zone at least 200 metres to the south. A total of five 50 metre spaced drill traverses (or fences) have been completed, comprising 24 holes for a total of 4,566 metres of drilling (to an average depth of 190 metres).

Rock chip observations indicate the presence of west-dipping stratabound sphalerite (zinc sulphide) and galena (lead) mineralization over four traverses to the south, over an average width of 250 metres and an average thickness of 20 metres.

The southernmost traverse, which includes only one drill hole, suggests a tapering off of sphalerite mineralization 250 metres to the south of the resource zone. The mineralization remains open down-dip to the west.

Once assay results are received, they will be incorporated into a revised resource model for the Sandy Creek deposit, which currently stands at 10.5 million tonnes at 3% Zn. 0.74% Pb and 5.5q/t Aq.

A total of seven diamond drill holes have been completed to date within the Sandy Creek Main Zone for a total of 2,258 metres (to an average depth of 323 metres). The $8^th$ hole has just commenced. Diamond drilling has to date targeted the central high-grade pipe zone, confirming the presence of high-grade mineralization over at least a 150 metre strike length.

Further to the update provided on 19 June, geological logging of each of the holes completed to date, with the exception of hole MDD04, has intersected significant continuous intervals of visual sulphide mineralization from approximately 45 metres below surface to depths of up to 200 metres. Hole MDD04 was drilled to the east of the pipe zone and was deeply oxidized.

The sphalerite-dominated sulphide mineralization at depth appears to be capped by leadrich (galena) mineralization between 50-90 metres, with an average thickness ranging from 16-12 metres, which appears to be associated with a sedimentary breccia layer.

NEIP Anomaly

To date, two RC holes for 332 metres have been completed at the NEIP Anomaly, located approximately 1km north east of the Sandy Creek Main Zone. This represents a key exploration target for TNG in the context of the geological model for the Manbarrum Project as an emerging Mississippi Valley Type (MVT) province comprising multiple pods of mineralization.

Initial drilling at this target is being conducted at 50m centres on 100m spaced drilling traverses to identify the source of a strong Induced Polarisation (IP) anomaly identified from surface geo-electrical surveys. Two holes completed so far have intersected very encouraging intervals of sulphide mineralization, although the program is at an early reconnaissance stage and several traverses of drilling will need to be completed to identify trends and styles of mineralization.

Both RC drill holes intersected broad zones of iron sulphide mineralization from approximately 50 metres down-hole. Moderate to weak sphalerite (zinc sulphide) and galena (lead sulphide) mineralization was observed in the first hole, MIPRC001 from 100 to 128 metres with a barren zone between 117 and 123 metres. The hole was suspended in moderate galena-minor sphalerite mineralization at 128 metres and will be extended by diamond coring.

The second hole, MIPRC002, intersected moderate-to-weak sphalerite and galena mineralization from 135-156 metres and 181-186 metres. Sphalerite mineralization occurs predominantly as disseminated and fracture and cavity linings in sandy dolomite.

Commenting on the progress, TNG's Managing Director, Mr Neil Biddle, said preliminary observations suggested that the mineralization seen to date at NEIP was similar in style to the stratabound lower grade mineralization at Sandy Creek (2% Zn; 0.9% Pb). "The key objective of the drilling is to locate the 'feeder zone', which in this style of deposit generally comprises a primary zone of high-grade pipe-like mineralization similar to that seen at Sandy Creek Main Zone," he said.

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. 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'.

Enquiries:

Neil Biddle Managing Director	$+61(0)418915752$
Damian Delaney CFO	$+61(0)893270900$
Nicholas Read Read Corporate	$+61(0)419929046$