TIVAN LIMITED — Capital/Financing Update 2008

Aug 11, 2008

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Key New Tenement Granted Manbarrum Project

12[th] August 2008

Highlights:

• New Key licence granted covering highest priority IP target

• IP anomaly is over 1.4km in strike length with a large significant chargeable target modelled at approximately 100m below surface.

• Chargeable values are similar to other significant Zn – Pb – Ag deposits already discovered in the area.

• Aboriginal Areas Protection Authority clearance for drilling also received.

TNG Limited (ASX: TNG – “TNG”) is pleased to advise that the Northern Territory Department of Primary Industry, Fisheries and Mines (DPIFM) has granted a new key tenement for the Manbarrum Project .

The tenement, Authorisation 26581, overlies a significant portion of the Browns IP anomaly which the company believes to be one of the highest priority Mississippi Valley Style (MVT) targets in the Manbarrum project area, (Figure 1).

Authorisation 26581 was applied for in 2007 by Tennant Creek Gold (NT) Pty Ltd.,(Tennant Creek Gold) a wholly owned subsidiary of TNG Ltd., following the results of the regional 2007 Induced Polarisation (IP) geophysical survey which identified a large highly anomalous IP chargeable zone known as the Browns Prospect, within and adjacent to the western boundary of granted licence EL24395. As this new licence application area was located within the Northern Territories ‘ Reserve for Occupation ’ (RO) Ministerial approval was required for the application to proceed. TNG were successful with this approval in early 2008 and following the normal DPIFM departmental procedure the licence has now been granted to Tennant Creek Gold for a period of six years.

Induced Polarisation (IP) data collect in 2006 and 2007, has been largely successful for the delineation of all mineralisation located at both the Sandy Creek and Djibitgun deposits.

The data collected in the regional and detailed 2007 survey was undertaken using Search Exploration’s proprietary full time series Induced Polarisation acquisition unit (SSIP16), one the highest powered acquisition units available and is of excellent quality. Some

ASX: New key licence granted, Manbarrum Project 1

advantages of collecting full time series data are that long wavelength telluric noise and SP drift are easily identified and removed. Additionally the receiver unit has low internal noise levels enabling the collection with confidence of low amplitude signal (i.e. 3 to 5 uV levels). The unit has multiple input channels (42) allowing the simultaneous collection of data to greater dipoles (depth).

The following equipment and specifications were used to undertake the survey:

Survey Configuration:	Transmitter (Tx) Dipole (200m)
	Receiver (Rx) Dipole (100m)
Station Interval:	100m or 50m
Number of receiver dipoles:	8 (“n” levels)
Line Direction:	East-west traverses, with one North-south traverse
Base frequency:	0.125 Hertz
Duty Cycle:	50%
Receiver:	Search Exploration Full Time Series Unit SSIP16
Chargeability Integration:	590msec to 1450msec
Transmitter:	Search Exploration WB50 – 50 KVa.
Data Co-ordinate Datum:	Data collected in MGA94 Zone52.

All the interpretation models have been produced using the Zonge Smooth Model Inversion. This is a robust way of converting the observed pseudo-section data into resistivity and chargeability models reflecting the geometries and locations of the anomaly sources.

Interpretation and assessment of the IP results identified a significant area of chargeability anomalism over the Browns prospect (Figure 2). The core of the chargeability for the anomaly extends over four traverses for a strike length of 1400m (8300600n to 8302000n) and with a further lower level chargeable anomalism recorded on the 3 traverses to the north (8302250n to 8302500n) (Figure 3). The southern end of the chargeability anomaly is coincident with a low resistivity feature (8300600n). This feature could represent a fault that controls the southern extension of the chargeability anomaly (mineralisation), in a coincident setting to the Sandy Creek anomaly and mineralisation.

Depth slices shown in Figure 3 reveal the large pod like nature of the chargeability zones at approximately 100m depth, which is also consistent with the other mineralised deposits already located at Sandy Creek and Djibitgun.

TNG welcomes the granting of the licence by the department as the Browns anomaly is considered one of the highest priority targets for the company in the area; it is larger than both the Sandy Creek and Djibitgun IP anomalies and is of higher tenor.

The company has been unable to drill test this anomaly to date due to the location of a significant portion of the target outside of the companies existing licence holding (EL 24395). It will now form one the key targets to be drilled in the next drilling campaign.

TNG has also received clearance for drilling on the licence area from the Aboriginal Areas Protection Authority (AAPA) and the company is now formulating a drill programme, the commencement of which will be dependant on rig availability.

ASX: New key licence granted, Manbarrum Project 2

Yours faithfully

TNG LTD

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Paul Burton Exploration Director

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Paul Burton who is a Member of The Australasian Institute of Mining and Metallurgy. Paul Burton is a Director of TNG Limited and 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’. Mr Burton consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Level 1, 282 Rokeby Road Subiaco, Western Australia 6008 PO Box 1126 Subiaco, Western Australia 6904 T +61 8 9327 0900 F +61 8 9327 0901 www.tngltd.com.au corporate@tngltd.com.au Enquiries: Neil Biddle Managing Director + 61 (0) 418 915 752 Paul Burton Exploration Director + 61 (0) 8 9327 0918 Nicholas Read Read Corporate + 61 (0) 419 929 046

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Figure 1: Location of A26581.

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Figure 2: 150m Chargeability Depth slice highlighting the extent and amplitude of the Browns Hill chargeable zone. Also Shown are the IP traverses completed by Search Exploration Services in 2007 (black).

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Figure3: Depth Slices, Browns IP anomaly.

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