TIVAN LIMITED — Capital/Financing Update 2008

Mar 4, 2008

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UPDATE

5 March 2008

Manbarrum Project (100% TNG)

TNG Limited (ASX: TNG – “TNG”) wishes to advise that the updated Mineral Resource estimate for the Sandy Creek deposit and for the newly discovered Djibitgun Deposit will be released by the end of March 2008.

CSA Australia Pty Ltd (CSA), who have been contracted for the resource work, have advised of some delays but confirm that the work will be completed for TNG to report to the market as advised.

TNG also advises that it has commenced metallurgical test work on the Djibitgun oxide mineralisation to test extraction recovery of the Zinc and Silver.

Metallurgical test work on Sandy Creek drill core has progressed confirming that a recovery of 90% at a concentrate grade of greater than 50% Zinc, has been obtained from a composite sample of the upper level (stratabound) mineralised zone. Further test work is continuing and on completion will be released to the market.

Preparations are in progress for exploration of other significant targets on the Manbarrum Project leases in the 2008 field programme once the northern wet season has ceased (Figure 1).

Cawse Extended (TNG 20% free carried to production, Norilsk Nickel Cawse Pty Ltd 80%)

TNG has recently received updated preliminary resource and reserve estimates on the Cawse Extended JV licences (Figure 2). TNG will release this data as soon as possible pending JORC compliance sign off.

The process of getting a Tax Office ruling on the demutualisation of Enigma Mining Ltd, the holding company for the Cawse Extended asset, is advancing and TNG is hopeful of concluding the matter before the end of March 2008.

Yours faithfully TNG LTD

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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 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’. 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.

Enquiries: Neil Biddle Managing Director + 61 (0) 418 915 752 Damian Delaney CFO + 61 (0) 8 9327 0900 Nicholas Read Read Corporate + 61 (0) 419 929 046 Paul Burton Exploration Manager + 61 (0) 8 9327 0900

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Figure 1: Manbarrum Project, NT. Exploration targets.

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Figure 2: Cawse Extended Tenement Map.