TIVAN LIMITED — Capital/Financing Update 2009

Mar 4, 2009

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ASX ANNOUNCEMENT
DRILLING COMPLETED AT MOUNT PEAKE:
EXTENSIVE MAGNETITE-VANADIUM
MINERALISATION CONFIRMED

High grade Magnetite mineralisation confirmed – potential 500mt+ resource.

Over 1.3km mineralised strike length - open to the north and south.

Significant widths of homogenous magnetite intersected - up to 120m thick.

Extensive Magnetic and Gravity anomalies remain - magnetite content confirmed.
_______
The Directors of TNG Limited (ASX:TNG) are pleased to announce that the Reverse Circulation
(RC) drilling programme has been completed at TNG’s 100% owned Mount Peake Project in the
Northern Territory, (Figure 1).
As previously reported, the drilling has confirmed an extensive layer of magnetite within a large
gabbro intrusion. The mineralisation envelope commences at shallow depths of 15m below
surface, is up to 122m thick and remains open in all directions.
A total of 6 holes for 928m were drilled using a Schramm T685W Rig with 1350cfm and 500psi
onboard compressor and 1360cfm and 500psi Booster/Auxiliary. All holes were drilled along the
strike of the main magnetic anomaly (Figure 2) with 2 holes targeting coincident gravity
signatures (table 1).
Extensive mineralisation was intersected in all holes with the following widths of magnetite:
Drill Hole Number Mineralised Interval Hole Angle
MPRC0001 80m Magnetite, from 15m vertical
MPRC0002 60m Magnetite, from 25m 70 to East
MPRC0003 120m Magnetite, from 35m vertical
MPRC0004 122m Magnetite, from 32m 60 to West
MPRC0005 15m Magnetite, from 75m vertical
MPRC0006 55m Magnetite, from 13m 60 to West
Table 1: Mount Peak RC mineralisation intersections.
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ASX: Mount Peake Drilling commences 1

The drilling has confirmed that the targeted magnetic and gravity anomalies reflect the magnetite mineralised zone. The mineralisation however was not always coincident with the geophysical signatures, giving potential for further extensions to the mineralisation.

A 15m interval of magnetite mineralisation was intersected in MPRC005, drilled into a large gravity anomaly. As this drill hole is located 920m to the ENE of the closest drillhole (MPRC002) the potential for mineralisation to extend between them is significant. Another gravity anomaly was drilled in MPRC0003. This coincided with the eastern margin of the main magnetic anomaly and also intersected magnetite mineralisation.

The N-S strike length of the magnetite mineralisation intersected to date has now been determined to be at least 1300m and remains open in all directions (Figure 3).

The mount Peake magnetic anomaly is large (figure 2), and further extensions to the mineralisation can be expected with further drilling. An inferred width to the mineralised zone of 400m, based on the magnetic and gravity signatures, indicates a potential resource in excess of 500mt based on the current drilling. However further drilling will be required to produce a JORC resource.

The homogenous nature of the mineralisation and these new higher grade magnetite intersections indicate that the previous average grades of 56% Fe, 1.2% V2O5, and 17% TiO2 should be maintained and possibly exceeded, however laboratory analysis will be required to confirm this. All samples have been despatched to the laboratory in Perth for XRF analysis and Davis Tube testwork. Results are awaited.

Initial Petrological work has commenced to provide further information on the gabbro and its potential to be part of a large layered mafic complex. Zones of magnetite mineralisation are known to occur at the top of layered mafic systems. Initial work has confirmed that the gabbro is pristine, unaltered and exhibits primitive layering. Further Petrological work is continuing. If the Mount Peake mineralisation is confirmed to be part of a large layered complex then there may also be potential for Nickel-Copper massive sulphides and Platinum Group Minerals at depth.

A future programme of diamond drilling will be organised to commence in May once all results have been received.

Yours faithfully TNG LIMITED

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Paul Burton Exploration Director 5[th] March 2009

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 and a Director of TNG Limited. Paul Burton has sufficient experience 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’. Paul Burton 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 G Biddle
Managing Director	+ 61 (0) 418 915 752
Paul E Burton
Exploration Director	+ 61 (0) 8 9327 0918
Nicholas Read
Read Corporate	+ 61 (0) 419 929 046

ASX: Mount Peake Drilling commences 2

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Figure 1: Project Location

							Total Depth (m)
Hole Number
	Easting	Northing	Prospect	Tenement	Azimuth	Dip
09MPRC001	322553	7605705	Mt Peake	EL23074	0	-90	150
09MPRC002	322696	7607003	Mt Peake	EL23074	090	-70	156
09MPRC003	322612	7606505	Mt Peake	EL23074	0	-90	198
09MPRC004	322657	7606204	Mt Peake	EL23074	270	-60	174
09MPRC005	323576	7607273	Mt Peake	EL23074	0	-90	150
09MPRC006	322612	7606018	Mt Peake	EL23074	270	-60	100

Table 2: RC drill hole information.

ASX: Mount Peake Drilling commences 3

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320000 324000
Kilometers [´]
0 0.25 0.5 1 1.5 2
Projection: GDA94 MGA Zone 53
1:40,000
! 09MPRC002
! 09MPRC003
! ARD02
! 09MPRC004
!
09MPRC006
!
09MPRC001
320000 324000
7612000
7608000
7604000
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Figure 2 : Location of Drill Holes, Mount Peake, over main magnetic anomaly image (RTP).

ASX: Mount Peake Drilling commences 4

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Figure 3: Schematic long section of magnetite mineralisation.

ASX: Mount Peake Drilling commences 5