TIVAN LIMITED — Capital/Financing Update 2009

Feb 19, 2009

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ASX ANNOUNCEMENT

DRILLING COMMENCES AT MOUNT PEAKE

The Directors of TNG Limited (ASX:TNG) are pleased to announce that Reverse Circulation (RC) drilling has commenced at its 100% owned Mount Peake Project in the Northern Territory, (Figure 1).

The project area consists of high grade magnetite mineralisation occurring within a large gabbro intrusion. The gabbro and mineralisation are defined by a large geophysical magnetic anomaly that is continuous over 4km in strike length and 0.5km to 1km in width, giving considerable size potential for any continuity of mineralisation (Figure 2).

XRF results from Diamond Drill core (ARD02) confirmed continuous mineralisation over an 80-100m intersection, from a shallow depth of 30m grading 28.7% Fe, 0.43% V2O5, 7.5% TiO2. Subsequent Davis Tube Recovery (DTR) test work confirmed recoveries of 80% with average upgrades to 56% Fe, 1.2% V2O5, and 17% TiO2 establishing that a product of potentially economic grade could be retrieved. Comparison with other magnetite deposits in Australia has shown that this project has equivalent or higher grades to existing projects.

A detailed gravity survey over the Mount Peak magnetic feature has revealed a significant gravity anomaly immediately adjacent to the intense magnetic response and an additional large gravity anomaly extending 1km to the NE (Figure 3).

The drill programme has been designed to test extensions to the mineralisation and to test these additional geophysical targets (Figure 4).

The Mt Peake Project is strategically located close to existing infrastructure including the Alice Springs to Darwin Railway and Stuart Highway, 60km to the east, and the new LNG pipeline 20km to the east.

Yours faithfully TNG LIMITED

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PAUL BURTON Exploration Director

20 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.

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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

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Figure 1: Project Location

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Figure 2: RTP M a gnetic ima g e map of M ount Peak e anomaly.

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Figure 3: 3D model highlighting dense body coincident with magnetic trend (with drill hole ARD02) and under the dense gravity anomaly source under the Mt Peak topographic feature.

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Figure 4: West Looking section of planned drillholes into the Mount Peake geophysical targets. Magnetic (red); Gravity (green) models

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