TIVAN LIMITED — Capital/Financing Update 2011

Apr 4, 2011

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ASX ANNOUNCEMENT

MARKET UPDATE – MOUNT PEAKE IRON-VANADIUM PROJECT NEW DRILLING PROGRAM PLANNED AS PFS MOVES TO NEXT STAGE

05 April 2011

Highlights:

ASX CODE : TNG

REGISTERED OFFICE TNG Limited Level 1, 282 Rokeby Road Subiaco, Western Australia 6008

T +61 8 9327 0900 F +61 8 9327 0901

W www.tngltd.com.au E corporate@tngltd.com.au

ABN 12 000 817 023

DIRECTORS Neil Biddle Paul Burton Stuart Crow

COMPANY SECRETARY Simon Robertson

PROJECTS

Mount Peake: Fe-V-Ti Manbarrum: Zn-Pb-Ag East Rover: Cu-Au McArthur: Cu

CONTACT DETAILS

Paul Burton | +61 8 9327 0900 Nicholas Read | +61 419 929 046 Simon Robertson | +61 8 9327 0900

• Planning well advanced for 4,000m RC drilling program, scheduled to commence in next few weeks

• Pre-Feasibility Study (PFS) Managers, Sinclair Knight Mertz (SKM), commissioned to commence environmental approval studies.

• SKM also commissioned to commence hydro-geological studies for project development.

• Second Scoping Study on the production of highly valuable ferro-vanadium nearing completion, with results expected shortly.

• Successful international investor roadshow recently complete

• Proposals for support and research by leading UK broking firms under consideration

Australian resources company TNG Limited (ASX: TNG) is pleased to provide an update on exploration, development and ongoing feasibility studies on its flagship Mount Peake Iron-Vanadium Project, located 280km north of Alice Springs in the Northern Territory.

2011 Drilling Program

The Company is currently finalising planning for a 4,000m RC drilling program , scheduled to commence by May 2011. This program has two key objectives:

• to upgrade part of the current Inferred Resource of 139Mt @ 0.29% V2O5, 5.34% TiO2 and 23.66% Fe to Indicated and or Measured status; and

• to extract approximately 1 tonne of representative ore samples for use in the upcoming metallurgical testwork and pilot plant studies to be undertaken on the Company’s hydrometallurgical process.

The next phase of metallurgical testwork, including Solvent Extraction (SX) plant studies, will commence in early May and will take approximately 26 weeks to complete, providing a definitive test of the commercial potential of the process, scaling up from the bench-scale testwork undertaken to date.

Environmental Studies

TNG has commissioned the Pre-Feasibility Study (PFS) managers, Sinclair Knight Mertz, to undertake a Scoping Study on the preliminary environmental approvals process and baseline ecological survey for the Mount Peake Project, as well as development of a Notice of Intent (NOI) and formal referral of the Project.

SKM has developed an approvals strategy with the intent of reducing investor risk and securing approvals within a timeframe to support the timely development of the mine. This strategy consists of:

• desktop assessment to inform stakeholders of key risks (preliminary Scoping Study);

• liaison with key regulators and development of Notice of Intent (NOI);

• referral under the Environment Protection and Biodiversity Conservation (EPBC) Act;

• two-phased ecological assessment to inform the NOI and EPBC referral and address regulator expectations;

• regular liaison with regulatory authorities.

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Following completion of these tasks, TNG will be informed as to the level of environmental assessment required for the Project (i.e. Public Environmental Review or full Environmental Impact Statement) and will have all the required ecological data suitable for either assessment pathway.

If a full Environmental Impact Statement is required, environmental approvals could take 18 months to 3 years. Consequently, the timing of these tasks is critical to facilitate development of the mine in a timely fashion.

- Hydro geological Studies

TNG has also commissioned SKM to undertake preliminary hydro-geological studies on the Mount Peake Project. The proposed scope of these activities includes:

• identification of possible groundwater sources in the area that can be utilised for mine, process and camp water supplies;

• identification of potential mine de-watering requirements;

• preliminary assessment of the impact of the proposed mine operation on local and regional groundwater resources, and possible management strategies to mitigate adverse impacts;

• identification of potential environmental and third party groundwater users that may be impacted by water-affecting activities associated with the proposed mine; and

• an assessment of the regulatory regime affecting mine water management at Mount Peake.

Ferro-Vanadium Scoping Study

TNG is pleased to advise that the second Scoping Study, which is evaluating the potential for further processing of the vanadium pentoxide product into highly valuable ferro-vanadium, is nearing completion.

This study, which is being conducted by Snowden Mining Industry Consultants will provide indications of the potential to add further significant value to the Mount Peake Project by undertaking this additional processing.

Ferro-vanadium sells for approximately double the price of vanadium pentoxide, one of the products included in the recently completed Scoping Study ( see ASX announcement dated February 7, 2011 ), which concluded that the Mount Peake Project would generate strong financial returns, with average annual net cashflow after capital expenditure exceeding $148 million over a 24-year mine life.

The results of this second Scoping Study will be released as soon as they have been received, reviewed and compiled.

Investor Roadshow

TNG is pleased to advise that it has recently completed an extensive two-week investor roadshow through London and Europe, including presentations at several investor forums in Germany.

As a result of this trip, proposals for support and research coverage of the Company are being considered from leading UK broking firms.

The Company will keep the market informed as this broker research becomes available.

TNG LIMITED

Paul E Burton

Managing Director

05 April 2011

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COMPETENT PERSON STATEMENT

The information in this report that relates to Exploration Results is based on information compiled by Paul Burton who is a Member of The Australasian Institute of Mining and Metallurgy , an employee and 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.

The information in this report that relates to Mineral Resources is based on information compiled by Michael Andrew who is a Member of The Australasian Institute of Mining and Metallurgy and a full time employee of Snowden Mining Industry Consultants Pty Ltd. Michael Andrew 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’. Michael Andrew consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Managing Director + 61 (0) 8 9327 0900 Nicholas Read Read Corporate + 61 (0) 419 929 046