TIVAN LIMITED — Capital/Financing Update 2007

Feb 5, 2007

Tennant Creek Gold LIMITED

TNG DELIVERS INITIAL 10.5mt LEAD-ZINC-SILVER RESOURCE AT MANBARRUM PROJECT

Perth-based resource company Tennant Creek Gold Limited (ASX: TNG - "TNG") today announced an initial 10.5 million tonne zinc-lead-silver resource for its 100%-owned Manbarrum Project in the Northern Territory, laying the foundations for a significantly expanded 2007 exploration and development program at the project.

TNG said today (Tuesday) that the JORC compliant resource estimate - which was completed by independent consultants FinOre/CSA Australia Pty Ltd - represented a significant step in the Company's objective of progressing the Manbarrum Project towards development.

The initial resource, covering the central Sandy Creek Zone of mineralisation only, is 10.5 million tonnes at 2.9% zinc, 0.7% lead, 5.5g/t silver $-$ or 3.3% zinc equivalent by applying a zinc:lead ratio of 3:1. Approximately 50% of the resource (5.4 million tonnes at 3.9% zinc, 0.6% lead, 5.1q/t silver or 4.2% zinc equivalent) is contained in a higher grade, near-surface sub-vertical pipe. The resource is in the Inferred and Indicated categories.

TNG's Managing Director, Mr Neil Biddle, said the deposit comprised a composite body of mineralisation including a zone of tabular, stratabound mineralisation as well as a subvertical pipe-like zone, with the deposit remaining open down-dip and along strike.

"This tabular, high-grade pipe-like style of mineralisation is typical of Mississippi Valley Type (MVT) deposits world-wide, which are major sources of global zinc-lead production," Mr Biddle said. "These deposits are generally large-tonnage, moderate grade, zinc-dominant orebodies which generally occur in clusters. Globally, some MVT districts host over 50 pipelike bodies."

"It is important to emphasise that this initial resource estimate gives a very early indication of what we believe is the broader potential of the Manbarrum Project, given that this represents just one pod of mineralisation within a 50km strike length of known, significant zinc mineralisation," he added.

TNG has commenced preliminary mining feasibility studies to assess the economics of a mining development based on the Sandy Creek resource, however the Company's main focus is on a greatly expanded 2007 exploration program, comprising both deep diamond and RC drilling.

Mr Biddle said the resource classification had been constrained by the lack of diamond core supporting RC results rather than drill hole spacing, with an upgrade to Measured status expected to be achieved with minimal additional diamond core drilling.

"Upgrading and extending the Sandy Creek zone will be one objective of the 2007 program, however our broader focus will be on testing the multiple MVT targets within the project area, which has all the hallmarks of a global MVT district with excellent potential to delineate multiple pods of similar size - or larger," he added.

"Our work to date has established a primary zinc resource at Sandy Creek which underpins our commitment to accelerating exploration and development activities at Manbarrum," Mr Biddle commented. "The quantum of this initial Sandy Creek resource, its shallow depth and the potential to delineate multiple pods of similar mineralisation, all highlight the potential of Manbarrum to emerge as a very substantial new base metal project in Australia. We are very excited by this potential and intend to allocate significant resources to the project in $2007.$ "

Tennant Creek Gold LIMITED

Background-Manbarrum Project

The Manbarrum Zinc-Lead-Silver Project is located 70km north-east of Kununurra in the Northern Territory and comprises 3 Exploration Licences and Authority to Prospect covering an area of 800 sq km. Previously explored by major mining companies including BHP-Billiton and Aquitaine. Manbarrum hosts substantial Zinc-Lead-Silver mineralisation within the Main Zone deposit, for which previous resource estimates pre-date the JORC Code.

Previous drill hole results from the Main Zone area at Sandy Creek returned wide zones of high-grade Zinc-Lead-Silver, with typical intersections including 12m @ 18.02% Pb, 2.69% Zn and 24.2ppm Ag, 9.5m @ 17.34% Pb, 2.11% Zn and 60.1ppm Ag and 7.6m @ 3.41% Pb, 3.41% Zn and 41.32ppm Aq.

The Zinc mineralization discovered by TNG during its 2006 drilling has clearly defined Sandy Creek mineralization as Zinc dominant and significantly larger than estimated by Aguitaine and BHP.

The broader Manbarrum Project area has the potential to host multiple Mississippi Valley Type (MVT) Zinc-Lead-Silver deposits within a 50km long structural corridor.

Globally, MVT deposits are significant sources of zinc-lead production, comprising both high grade deposits and large scale moderate grade, high tonnage deposits.

www.tennantcreekgold.com.au

Enauiries:

		+ 61 (0)8 9327 0900 $+ 61 (0)8 9327 0900$ + 61 (0)8 9388 1474

Tennant Creek Gold LIMITED

INITIAL MINERAL RESOURCE ESTIMATE FOR MANBARRUM ZINC-LEAD-SILVER PROJECT. NORTHERN TERRITORY

HIGHLIGHTS

• Total Indicated and Inferred Resource of 10.5 Mt @ 2.9% Zn, 0.7% Pb, 5.5g/t Ag, 3.3% Zn eq estimated for Sandy Creek Zone.
• Approximately 50% of the Mineral Resource (5.4Mt @ 3.9% Zn, 0.6% Pb, 5.1 g/t Ag, 4.2% Zn eg) contained in a higher grade, near-surface subvertical pipe.
• Resource classification expected to rapidly advance to Measured with $\bullet$ minimal additional diamond core drilling.
• Sandy Creek mineralisation remains open along strike and at depth. $\bullet$
• High-grade pipe-like style of mineralisation is typical of Mississippi Valley Type (MVT) deposits worldwide.
• Manbarrum Project area has hallmarks of a global MVT district, with $\bullet$ excellent potential to delineate multiple MVT deposits.
• Encouraging initial results from metallurgical testwork carried out on $\bullet$ multiple mineralisation types from Sandy Creek.
• Preliminary mining feasibility study commissioned on the Sandy Creek $\bullet$ resource.
• Planning well advanced for an expanded 2007 exploration program targeting extensions to Sandy Creek and multiple MVT targets in the region.

www.tennantcreekgold.com.au

Enquiries:

+ 61 (0)8 9327 0900
+ 61 (0)8 9327 0900
+ 61 (0) 8 9388 1474

OVERVIEW

Tennant Creek Gold Limited (ASX: TNG) ("TNG" or "the Company") is pleased to announce an initial resource estimate of 10.5 million tonnes grading 3.3% zinc equivalent for its 100%-owned Manbarrum Project. located in the Northern Territory, 82km north-east of Kununurra.

The initial resource estimate – which covers the central Sandy Creek Zone only – has confirmed that the Manbarrum Project represents a substantial base metal project. with significant potential for the delineation of additional resources.

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

During the second half of 2006 the Company completed a program of systematic Reverse Circulation (RC) drilling to provide essential material and information for this initial Resource Estimation. The results of the drilling program were released to the Australian Stock Exchange during the last guarter of 2006 and January 2007.

RESOURCE ESTIMATION

TNG commissioned FinOre/CSA Australia Pty Ltd Mining Consultants to undertake geological modelling of the Sandy Creek deposit and complete an estimation of Mineral Resources in accordance with the JORC Code.

Sandy Creek Deposit

The Sandy Creek deposit (Figures 1, 2, 3) is a composite body of mineralisation including a zone of tabular, stratabound mineralisation as well as a sub-vertical pipelike zone of mineralisation. The tabular zone has been drilled on 50m-spaced sections over a strike length of 480m and down dip to 220m. This zone remains open down dip and along strike. The sub-vertical zone of mineralisation measures approximately 100m by 80m and is open at depth. It consists of higher grade zincdominated sulphide mineralisation. The two zones of mineralisation are connected.

Tabular and high-grade pipe-like style of mineralisation is typical for Mississippi Valley-type (MVT) zinc-lead mineralisation globally with some districts hosting over 50 pipe-like bodies. This is considered extremely encouraging for the future of the Manbarrum Project, where significant zinc mineralisation has been identified over a 50km strike length.

The Mineral Resource was estimated using ordinary kriging with inverse distance squared as a check estimate applied to wireframes which were created at cut-offs of > 1.0% zinc equivalent (ZnEq). Ore blocks were estimated within these wireframes using 1% Zn and 1.0% Pb cut-offs.

The global resource estimate includes a zone of mixed zinc oxides and lead sulphides contained within the supergene zone (less than 2% of total).

The resource classification has been constrained by the lack of diamond core supporting RC results rather than drill hole spacing. The existing drill hole spacing within the Inferred Resource zone should be adequate to upgrade the resource classification once diamond core is available to support the RC results.

Referinge Estimation	Caregory	$\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ $\frac{1}{2}$ I S P	y 41 w.c	BSC	7. 77 FA	72nEq% $(2n+Pb)$
DIDES	Indicated	3.30	3.46	0.86	6.40	3.89
	Inferred	2.10	.55 4.	0.27	4	.69
Stratabound	Indicated	3 77	.90	70	516
	Inferred	1.30	1.98	1.30	6.43	2.6.
idan binan		10.47	2.93	-74 n	5.50
ldar tanà	Indicated	20 n.		5.05	1 ج

The initial resource estimate for the Sandy Creek Zone is detailed below:

* Zn:Pb ratio 2:1

OTHER PRE-FEASIBILITY STUDY WORK

Metallurgical Testwork Program

AMMTEC, under the supervision of metallurgical consultants Metplant Engineering Services Pty Ltd, is completing preliminary metallurgical testing on multiple mineralisation types from the Sandy Creek deposit. Initial results are encouraging with final results expected to be available within a few weeks.

Mining Optimisation

LOS (Lower Quartile Solutions) Pty Ltd has been commissioned to prepare a study into the feasibility of mining the Sandy Creek resource. This study will assess the economics of a mining development and examine various options for processing.

Exploration Program

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 currently being planned.

Surface geophysical surveys such as 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.

CONCLUSION

The new Mineral Resource estimate represents a major advance on the pre-JORC estimates produced for Sandy Creek by previous explorers, such as BHP and Aquitaine.

In summary, TNG's work to date has confirmed that the Sandy Creek deposit represents a primary zinc resource which forms an important basis for the Company's commitment to accelerating exploration in the project area and advancing the deposit to a Pre-Feasibility Study level. This initial resource estimate represents a significant step in TNG's overall objective of progressing the Manbarrum Project towards development.

The quantum of this 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.

Yours faithfully TENNANT CREEK GOLD LTD

Neir Biddle

Managing Director

6 February 2007

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.

Figure 1 Sandy Creek Long Section ZNEq

Tennant Creek GoldLIMITED

Tennant Creek GoldLIMITED

Figure 2 Sandy Creek Cross Section ZnEq

Figure 3 Sandy Creek - 3D view of the resource model. Stratabound and pipe-like mineralisation can be seen.