TIVAN LIMITED — Capital/Financing Update 2011

Feb 8, 2011

JOINT VENTURE AGREED FOR MANBARRUM ZINC PROJECT, NT $4.5M TRANSACTION INCLUDES $2.5M IN CASH TO TNG

Highlights:

• DEFINITIVE Joint Venture Agreement signed with the Sorby Hills Joint Venture (“SHJV”) enabling it to acquire up to an 80% interest in TNG‟s Manbarrum Zinc-Lead-Silver Project in the Northern Territory.

• The SHJV is a Joint Venture between ASX-listed Kimberley Metals Limited and Yuguang (Australia) Pty Ltd , a subsidiary of China‟s largest lead producer.

• SHJV to spend $4.5 million to earn a 51% interest, comprising $2.5 million in cash to TNG and $2 million in exploration expenditure.

• SHJV to focus on realising synergies between the Manbarrum Project (total polymetallic resource base of 35.9Mt of lead-zinc-silver resources) and Sorby Hills, located ~30km to the west (Inferred Resource of 16.9Mt @ 3.5% Pb, 56g/t Ag and 0.7% Zn)

• TNG to utilise funds to focus on continued evaluation and development of its flagship Mount Peake Iron-Vanadium Project, while retaining a 49% interest in the Manbarrum Project.

Australian resources company TNG Limited (ASX: TNG ) is pleased to advise that it has signed a Joint Venture Agreement on its Manbarrum Zinc-Lead-Silver Project in the Northern Territory with the Sorby Hills Joint Venture (“SHJV”). The SHJV is a Joint Venture between ASX-listed Kimberley Metals Limited (ASX: KBL) and Yuguang (Australia) Pty Ltd, a subsidiary of China‟s largest lead producer, Hunan Yuguang Gold & Lead Co Ltd

Under the terms of the agreement, TNG will receive a cash payment of $2.5 million , comprising an initial payment of $0.5 million and a final payment of $2 million due by December 2013. In addition, the SHJV must spend a further $2 million on exploration at Manbarrum over the next three field seasons.

On completion of earn-in a formal Joint Venture will be formed between TNG and SHJV for the ongoing development of the Manbarrum Project, with TNG retaining a 49% stake.

The SHJV can elect to increase its stake in the Manbarrum Project to 80% by sole funding all exploration and development activities through to a Decision to Mine On SHJV earning an 80% interest, TNG may maintain its 20% interest or sell a 20% interest to SHJV for $3 million (CPI indexed) with a 2% NSR or convert its 20% interest to a 3% NSR.

The Manbarrum Project is located 82km north-east of Kununurra in the Northern Territory and comprises a 407km[2] tenement package. Building on historical exploration activities, TNG has delineated a combined JORC compliant polymetallic resource base at Manbarrum of 35.9 million tonnes of lead, zinc and silver resources across several deposits.

Manbarrum is a 30km long zinc-lead-silver mineralised trend containing Indicated and Inferred Resources at Sandy Creek (24 Mt @ 1.8% Zn, 0.5% Pb, 4.6 g/t Ag) and Inferred Resources at Djibitgan (9.5 Mt @ 20 g/t Ag, 0.6% Zn).

The SHJV is conducting a Feasibility Study on the nearby Sorby Hills Lead-Silver Project, which is located approximately 30km east of Manbarrum. Sorby Hills comprises a current JORC compliant Inferred Resource of 16.9 million tonnes grading 4.6% Pb, 56 g/t Ag and 0.7% Zn (using a 2.5% Pb or Zn cut-off).

The transaction is consistent with TNG‟s focus on the continued evaluation and development of its flagship Mount Peake Project. It has been structured so that TNG will retain either a 20% or 49% interest in the Manbarrum Project, giving it continued exposure to the substantial exploration upside of the Project and the potential for significant synergies to be unlocked by the SHJV through a coordinated exploration and development effort focused on the two projects.

TNG‟s CEO, Mr Paul Burton, said the transaction would enable it to focus on the continued exploration and development of its flagship Mount Peake Iron-Vanadium Project as the basis for a potentially world-scale ferrous metals business, as well as the continued development of its co-owned revolutionary new hydrometallurgical process for titanomagnetite vanadium ores.

“This is a great outcome for TNG, enabling us to secure a substantial new partner to move the Manbarrum Project forward and unlock the synergies arising from a coordinated exploration and development effort with the nearby Sorby Hills deposit,” he said.

TNG LIMITED

Paul E Burton

Director & CEO

09 February 2011.

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.

Enquiries:

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