TIVAN LIMITED — Capital/Financing Update 2007

Mar 12, 2007

STATISTIK ON DEN EN KONGENOTINDERDIN MOCHERNEDI DRU DING BROGRAMS AT AUSTRALIAN ZUNG BROJEGI

EXCHANGE

12 March 2007

• C Southern Cross Equities (ASX: SXE) has agreed to act as lead manager to a \$2.34m share placement and underwrite a number of listed and unlisted options to raise \$9.18m.
• 4 Funds to be used for an extensive resource extension drilling and exploration program at the Manbarrum Zinc-Lead-Silver Project in the Northern Territory, scheduled to commence shortly.
• a Capital raising to underpin TNG's objective of rapidly increasing the initial Manbarrum resource announced in February 2007.

Diversified resource group Tennant Creek Gold Limited (ASX: TNG - "TNG") today announced a \$2.34 million share placement and an underwriting agreement with Sydney-based stockbroking firm Southern Cross Equities for the exercise of different classes of April and May 2007 options, amounting to a total \$11.52 million capital raising (prior to costs).

The funds raised, together with existing cash reserves, will underpin an accelerated exploration and development program at TNG's 100%-owned Manbarrum Zinc-Lead-Silver Project in the Northern Territory during 2007.

This will include an intensive program of resource extension drilling focusing on the Sandy Creek zone (initial resource of 10.5 million tonnes at 3.4% zinc equivalent) as well as drilling targeted pods of MVT-style base metal mineralization within a potential global MVT District identified by TNG and previous explorers at Manbarrum.

The capital raising will underpin TNG's corporate objective of establishing a globally significant inventory of zinc-lead-silver resources at Manbarrum and advancing the Project towards pre-feasibility study as rapidly as possible.

Tennant Creek GoldLIMITED

www.tennantcreekgold.com.au

Enquiries:
Neil Biddle Managing Director	$+ 61 (0)893881474$
Damian Delaney CFO and Company Secretary	$+ 61 (0)893270900$
Nicholas Read Read Corporate	+ 61 (0)8 9388 1474

@ \$11.52 MILLION CAPITAL RAISING

Tennant Creek Gold Limited is pleased to advise that it has signed an agreement with Australian broking firm, Southern Cross Equities Limited (ASX: SXE), to manage a \$2.34 million share placement and underwrite its outstanding 31 May 2007 listed Options (ASX: TNGO) (approximately 53.6 million exercisable at \$0.15) and 9 million unlisted options (7 million exercisable at \$0.12 on or before 30 April 2007 and 2 million exercisable at \$0.15 on or before 31 May 2007).

The share placement comprises 6 million shares to be placed with a client of Southern Cross Equities at an issue price of 39 cents per share. TNG will make an application to the ASX to list these placement shares, which will rank pari passu with the Company's existing issued shares.

As at the date of this announcement, TNG has approximately 53,600,000 31 May 2007 options on issue, exercisable at 15 cents. The underwriting of these remaining options will secure a further \$8.04 million in funding for the company.

The Company's directors and major shareholders have each agreed to subunderwrite the exercise of 50% of the 31 May 2007 options and all of the unlisted The Underwriting Agreement is subject to the usual terms and options. conditions.

TNG will shortly dispatch a Notice of General Meeting to shareholders seeking all relevant shareholder approvals in relation to the placement, option underwriting and sub-underwriting and other matters.

@ USE OF FUNDS

The proposed capital raising represents a major step forward for TNG's exploration activities, with a large portion of the funds raised to be allocated towards intensive exploration of its 100%-owned Manbarrum Zinc-Lead-Silver Project, located 82 km north-east of Kununurra in the Northern Territory.

Following a successful drilling program at Manbarrum completed last year, TNG recently announced an initial Indicated and Inferred resource for the Sandy Creek Zone of 10.5 million tonnes grading 3.4% zinc equivalent. This initial resource estimate has confirmed that the Manbarrum Project represents a substantial base metal project, with significant potential for the delineation of additional resources.

Resource Estimation	Category	Monnes BAT	IZA%	1P5%	$Aq$ g/t	*ZnEq% $(7n+Pb)$
Pipes	Indicated	3.3	3.5	0.9	6.4	4.0
	Inferred	2.1	4.6	0.3	4.1	4.8
. Stratabound	Indicated	3.8	1.9	0.7	5.2	2.3
	Inferred	1.3	2.0	1.3	6.4	2.7
Grand Total		10.5	3.0	0.7	5.5	3.4
Supergene	Indicated	0.2	1.2	5.1	5.	3.8

$*$ Zn: Ph ratio 2:1

TNG is currently planning a significantly expanded 2007 exploration program at Manbarrum targeting extensions to the currently defined resource and other priority exploration targets within the region. A substantial program comprising both RC and deep diamond drilling is scheduled to commence shortly.

Surface geophysical surveys including IP and Gravity will also continue during 2007.

A review of previous exploration results has highlighted several prospects at the Manbarrum Project other than Sandy Creek that contain ore-grade zinc intersections. These defined targets correlate with geophysical target areas and will be tested during the 2007 drilling program.

In addition to its forthcoming expanded 2007 exploration program, TNG will also begin reviewing the development economics of the Project - which the Company considers to be one of the better undeveloped base metal projects in Australia.

@ CONCLUSION

The capital raising and underwriting announced today will enable TNG to rapidly advance its planned exploration program in 2007 and advance the Manbarrum Project towards a pre-feasibility level and potential development.

The quantum of the initial resource, its classification as predominantly Indicated, the shallow depth of the mineralisation, and the tendency of this style of MVT mineralisation to occur within multiple pods within a district, all represent significant positive attributes which justify the Company's focus on the Manbarrum Project as a major exploration and development focus during 2007.

Commenting on the announcement, TNG's Managing Director, Mr Neil Biddle, said: "We are very pleased to have secured the support of one of Australia's premier independent stockbroking firms in this landmark \$11.5 million capital raising. This fund raising will underpin one of the most intensive drilling programs planned anywhere in Australia at the moment, and will enable us to move rapidly to build on our early success and establish a very substantial base metal resource inventory in the months ahead."

Yours faithfully TENNANT CREEK GOLD 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 Tennant Creek Gold 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.