TIVAN LIMITED — Capital/Financing Update 2011

Mar 6, 2011

TNG RAISES $2.8M AND COMMISSIONS KEY PILOT PLANT TESTWORK PROGRAM FOR MOUNT PEAKE IRON-VANADIUM PROJECT

Highlights:

• $2.8M share placement to accelerate development of Mount Peake Project (Northern Territory)

• TNG commissions next phase of metallurgical test work and pilot plant studies on newly developed hydrometallurgical process

• • Results to be fed into expanded Scoping Study currently underway • New phase of test work follows signing of non-binding MOU with leading Chinese State-owned engineering, development and construction group

TNG Limited (ASX: TNG ) is pleased to annou n ce that it has received firm commitments for approximately $2.8 million in a capital raising to accelerate development of its flagship Mount Peake Iron-Vanadium Project in the Northern Territory, which is set to move to the next stage o f evaluation with the imminent commencement of a new phase of metallurgical testw o rk and pilot plant studies.

The share placement, which is being undertak e n to sophisticated investors, comprises 25,247,999 shares at an issue price of $0.11 per share, to raise a total of $2,777,279 million. The placement is being underta k en within TNG’s existing 15% placement capacity and is expected to be complet e d and shares allotted by 11[th] March 2011.

The funds raised will be used to progress the Mou n t Peake Project through to the completion of a Pre-Feasibility Study (PFS), including the delivery of a resource upgrade and pilot plant metallurgical work and a s sociated studies on its newly developed revolutionary hydrometallurgical process for titanomagnetite vanadium deposits.

TNG completed a Scoping Study for the Mount P e ake Project in February 2011, based on a conventional open pit mining operation pr o cessing 5Mtpa and utilising the new processing route, which has been successful i n recovering the three principal commercial commodities – vanadium, titanium and i r on from bulk samples of Mount Peake material.

The Company is also pleased to advise it has p rogressed the next phase of metallurgical testwork, commissioning Pilot Plant s t udies, which will be undertaken by its metallurgical consultants, Perth-based Mineral Engineering Technical Services Pty Ltd (“METS”), the joint developer and co-owner of the new metallurgical process.

This next phase of metallurgical testwork, including S o lvent Extraction (SX) pilot plant studies, will take approximately 26 weeks to complete and will provide a definitive test of the commercial potential of the process, scaling up from the testwork undertaken to date.

A budget of approximately $700,000 has been est a blished for this next phase of testwork which will to be shared with METS under the existing the joint agreement.

TNG is also evaluating the potential for further pro c essing its vanadium pentoxide product into highly valuable ferro-vanadium, which s e lls for approximately double the price of vanadium pentoxide. Results of this study are expected in the next few weeks.

The capital raising and new phase of testwork f o llows the recent signing and announcement of a non-binding MOU with a leading Chinese State-owned engineering, development and construction enter p rise to establish a strategic partnership for financing and development of Mount P e ake.

TNG’s CEO, Mr Paul Burton, said that following the recent string of positive developments at Mount Peake, TNG was gearing up for a busy development schedule at the project.

“Following the completion of this capital raising we are now well funded to accelerate activities at Mount Peake,” he said. “We have an active development program planned for the coming months, starting with the pilot plant test work program about to get underway, and we look forward to moving the project towards a pre-feasibility study.”

TNG LIMITED

Paul E Burton Director & CEO 7 March 2011

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

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.

Mr Damian Connelly, MAAusIMM, Chartered Processional (MET), MMICA, MSME, MSAIMM was responsible for the preparation of the metallurgical test work results reported herein. Mr Connelly has sufficient experience 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 the Exploration Results, Mineral Resources and Ore Reserves. Mr Connelly consents to the inclusion in the report of the matters based on his information in the form and context in which is appears.