TIVAN LIMITED — Capital/Financing Update 2009

Feb 24, 2009

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ASX ANNOUNCEMENT

DRILLING CONFIRMS EXTENSIVE MAGNETITEVANADIUM MINERALISATION AT MOUNT PEAKE

• Magnetite mineralisation confirmed to be continuous over 1km strike length and remains open to the north and south

• Significant widths of homogenous magnetite intersected up to 120m thick.

The Directors of TNG Limited (ASX:TNG) are pleased to announce that the first 3 Reverse Circulation (RC) drill holes have been completed and have intersected significant widths of high grade magnetite mineralisation at TNG’s 100% owned Mount Peake Project in the Northern Territory, (Figure 1).

Geological logging has revealed homogeneous and continuous sections of magnetite within the large gabbroic complex with widths of:

MPRC0001 - 80m Magnetite, from 30m MPRC0002 - 60m Magnetite, from 25m MPRC0003 - 120m Magnetite, from 35m

MPRC001 is located 500m south of the discovery hole ARD02 (80m Magnetite from 35m) (figure 2), and MPRC002 is located 750m North of the discovery hole. This equates to a mineralised strike length of over 1km, with mineralisation still open to the North and South.

The homogenous nature of the mineralised sections suggest that the previous average grades of 56% Fe, 1.2% V2O5, and 17% TiO2 should be maintained however laboratory analysis will be required to confirm this.

Drilling is continuing to test the width extent of the mineralisation and the gravity targets (Figure 2).

Directors Paul Burton and Eddie Fry are currently in China advancing discussions with several major Chinese companies as part of TNG’s strategy for seeking investment in its key projects.

Yours faithfully TNG LIMITED

Paul Burton

Exploration Director

25th February 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.

ASX: Mount Peake Drilling commences 1

Enquiries:

Neil G Biddle Managing Director Paul E Burton Exploration Director Nicholas Read Read Corporate

+ 61 (0) 418 915 752

+ 61 (0) 8 9327 0918

+ 61 (0) 419 929 046

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Figure 1: Project Location

W

N

ASX: Mount Peake Drilling commences 2

Figure 2: West Looking section of planned drillholes into the Mount Peake geophysical tagets. Magnetic (red); Gravity (green) models

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ASX: Mount Peake Drilling commences 3