TIVAN LIMITED — Interim / Quarterly Report 2004

Jul 29, 2004

QUARTERLY REPORT June 2004

PHONE: 08 9327 0900 FAX: 08 9327 0901 WEB PAGE: www.tennantcreekgold.com.au

HIGHLIGHTS FOR THE OUARTER

• Acquisition of Tennant Creek Gold (NT) Pty Ltd (TCGNT) approved by $\bullet$ shareholders. The Company now controls a large portfolio of high quality exploration and advanced resource projects occupying over 15,000 sq. kilometres within the Northern Territory.
• Drilling at Molyhil molybdenum(Mo)-tungsten(W) deposit confirms previous geological interpretation by Petrocarb defining Molyhil as a high grade skarn deposit. Significant drill results to date include (preliminary results only, all results subject to further analysis):
• $31m$ $\omega$ $0.26\%$ Mo $0.14%$ W $15m$ $@$ $0.14%$ Mo $0.33\%$ W $0.21\%$ Mo 0.46% W 19m @ 39m $0.08\%$ Mo 0.20% W $^\circledR$ $\bullet$
• $0.10\%$ Mo 0.67% W $6m$ $@$
• Aggressive exploration and feasibility study at Molyhil to continue next quarter.
• Drilling at Cawse Extended by project manager OMG has returned numerous significant results from several prospects. Tennant Creek Gold holds a 20% free carried to production interest. Significant results include:

Prospect	Frem E SI SI SI SI a a minimum	WHeth 88	TANOVE (hertigiale)
Cerberus	30	24	1.53
	20	40	1.30
	22	10	1.32
Dragon	30	18	1.06
	26	34	1.23
	26	16	1.45
	30	26	1.22
	30	18	1.10
	28	10	1.15
Jedbob	20	12	1.03
	8	10	1.27
	4	16	1.30
	8	14	1.16
	18	12	1.16
	30	14	1.25
	40	12	1.24
Ogre	28	6	1.05
Yeti	16	16	1.03
	20	10	$_{1.08}$

• Corporate restructuring including a change of name to Tennant Creek Gold $\bullet$ Limited, new ASX code of TNG, and the appointment of Mr T Smith as a Director completed.
• \$600,000 placement completed after the end of the quarter.

OVERVIEW

The operations of Tennant Creek Gold are now established into three parts being;

• The Northern Territory where the Company controls eight regional exploration and advanced resource projects prospective for gold, nickel, copper, molybdenum and tungsten.
• Western Australia where the Company has nickel production and exploration at Cawse $\bullet$ Extended.
• Corporate and investment activities including a 16% interest (31.2 million shares) in ASX listed Batavia Mining Ltd (ASX code: BTV).

The Northern Territory

Shareholders recently approved the acquisition of TCGNT for \$1.2 million, satisfied through the issue of 10 million ordinary shares.

The acquisition represents a significant step towards the objective of building a diversified mining & exploration company, with the portfolio including advanced molybdenum-tungsten and gold projects with near term development potential, as well as extensive high quality exploration holdings.

The Company has assembled a strong in-house and consultant technical team with responsibility for prioritising, systematically exploring and developing the projects.

Work has proceeded with the development of a comprehensive digital data base and aggressive exploration with a view to early development of the Molyhil molybdenum-tungsten project.

Molvhil: 1.

Molyhil is located 220 kilometres north east of Alice Springs within the Eastern Arunta Block. The molybdenum-tungsten mineralisation is contained within a magnetite rich skarn previously mined to shallow depths by Petrocarb in 1980-81. Historical published reserves for Molyhil predate the JORC Code and require updating during the course of the current exploration program.

A drilling program comprising 2,942 metres of RC drilling in 23 holes, and 675.6 metres of diamond core drilling in 5 holes has recently been completed. Results are pending for most drill holes however preliminary interpretation of the geological logs and magnetic susceptibility data has generally confirmed the previous geological interpretation by Petrocarb.

In summary, molybdenum and tungsten mineralisation is contained within 2 blocks of magnetite rich skarn designated the Southern and Yacht Club ore bodies. The skarns dip steeply to the east at 70 degrees and plunge to the south at a moderate angle of 30 degrees. The mineralisation extends over a strike length of approximately 100 metres at surface and has a maximum width of 40 metres narrowing to less than 10 metres at the northern and southern extremities of mineralisation. The depth extension of the magnetite rich skarn is estimated from magnetic interpretation to be 450-500 metres.

Concurrent with the drilling program, Tennant Creek Gold has conducted a low level aeromagnetic survey and geotechnical and preliminary metallurgical studies of selected diamond core.

Results are pending for much of the exploration conducted to date.

Significant assay results have been received from several RC holes and are reported in the table below. All results received to date are preliminary and may be subject to further analysis and sample preparation and sizing techniques. It should be especially noted that sample recovery of molybdenum from RC holes is suspect and will be subject to intensive analysis by comparison with twinned diamond holes and other methods. Preliminary interpretation suggests molybdenum results from RC drilling may understate overall grade and overstate intersection widths.

EU BACTINI	Finction	w	I meetness	Mozamun	W. AZ MINIMUM	$CuO\%$
TMRC002	26	57	31	0.259	0.140	0.111
TMRC003		21	15	0.142	0.332
TMRC003	30	41	11		0.190
TMRC003	30	52	22	0.133
TMRC004	15	34	19	0.207	0.461	0.191
TMRC004	16	21	5	0.178	1.170	0.182
TMRC006	51	90	39	0.080	0.200	0.087
TMRC007	90	96	6	0.103	0.673	0.144

$2.$ Spring Hill/Woolgni:

Spring Hill is located approximately 200 kilometres south of Darwin and contains a JORC compliant Indicated Resource of 3.6 million tonnes @ 2.34 g/t Au for 274,000 ounces of contained gold. Additional previously published resources are non-JORC compliant however are indicative of the promising exploration potential to rapidly increase the resource base. Tennant Creek Gold plans to commence exploration during the September quarter and is also reviewing several regional acquisition opportunities. The Spring Hill Project is located in close proximity to the Union Reefs CIP treatment plant, which is currently under care and maintenance. The Project has the potential to be developed as a substantial regional gold producer.

Additional exploration projects include:

1. Tennant Creek: Comprises the Rover and MacLaren Creek JVs and the Bonney Well Prospect which form part of the massive Desertex JV managed by Newmont Mining. The Company has an 8% free carried to production interest in these projects which are located approximately 60 kilometres south of Tennant Creek. The Company also has a 100% interest in tenements covering magnetic bullseye targets designated M18, M19 and M20, which are analogous to the nearby world class gold-gold/copper deposits of White Devil and Warrego.

2. Hatches Creek: Located approximately 100 kilometres south east of Tennant Creek. Review of historic data has outlined extensive tungsten and gold workings within the Hatches Creek Field. Negotiations will commence on the 18 August to allow granted tenure and access for further exploration of the underground potential over the old workings. Hatches Creek may provide a supplementary tungsten source for the Molyhil Project.

3. Mount Peake: Located in the Arunta 80 kilometres north east of Alice Springs. Subject to farm-in Agreement whereby Falconbridge may earn a 60% interest. Ultramafic intrusions are known in the area which may be the source of more than one discrete magnetic anomaly. Airborne EM and magnetic surveys have indicated possible ultramafic nickel targets.

1. Rodinga: Located in the Amadaeus Basin 140 kilometres south east of Alice Springs. Regional assay results from previous exploration present highly anomalous Ni-Co-Cu-Pb-Zn over the central and western side of the exploration licence. Within the northern boundary lies an extremely large magnetic anomaly that remains untested.

2. Petermans (Musgrave Block): Located within a complex structural thrust fault zone, the exploration potential for nickel, Mississippi Valley type lead-zinc deposits, gold and diamonds is considerably high with carbonate-rich beds that are regarded highly prospective for structurally controlled Paleozoic gold deposits similar to White Range and Winnecke on the northern boundary of the Amadeus Basin.

3. Tanami East: Known also as Goddard's Prospect - significant copper mineralisation in the form of malachite outcrops over a strike length of 1,200 metres. Numerous values over 1% Cu and 100 ppb Au were obtained from rock chip samples from prior exploration. The strike length of copper mineralisation represents significant exploration potential for copperaold deposits.

Western Australia - Nickel production at Cawse Extended

The OM Group Inc. ("OMG") owns and manages the Cawse Nickel-Cobalt Operation. OMG and Tennant Creek Gold jointly own the adjacent Cawse Extended Project. Tennant Creek Gold's interest in the Cawse Extended Project is 20% free-carried to production, convertible at Tennant Creek Gold's election to a 2% net smelter return.

In 2003 Tennant Creek Gold entered into an Agreement with OMG to commence mining at the Unicorn Pit located on the Cawse Extended tenements. The agreement is for a wet tonne royalty payment, which replaces the current agreement only for ore mined from the Unicorn Pit and transported to the Cawse ROM pad prior to processing. The Agreement has been structured to allow for variations in the nickel price and the AUD/USD exchange rate such that the wet tonne payment is variable within the range AU\$0.50/wt and AU\$0.90/wt.

OMG advised that a total of 95,422 wet tonnes of ore was delivered from the Unicorn Pit to the ROM pad during the quarter. The royalty for the quarter was \$82,475 which represents AU\$.086/wt. Tennant Creek Gold expects mining at the Unicorn Pit to continue through to at least the March 2005 quarter. Infill drilling around Unicorn Pit has been completed and final cutbacks are currently being designed.

OMG have further advised exploration drilling has been undertaken at several prospects within Cawse Extended during the quarter. OMG drilled a total of 7,657 metres at five different prospects. A summary of drill hole data and significant results are tabled in Attachment 2.

The drilling includes infill exploration at the Jedbob Prospect to allow further drilling to identify the most prospective location for an initial pit.

Quarterly Report June 2004

Other Western Australian tenements

Tennant Creek Gold holds an interest in three other tenement groups and in each case is not contributing towards exploration expenditure, the projects being subject to joint venture, or options for sale.

Duplex Hill South

Tennant Creek Gold owns tenements and has previously entered into an option agreement to sell these tenements.

Kintore East

Tennant Creek Gold holds tenements covering an area of 789 hectares north west of Kalgoorlie. Joint Venture partner, Mines and Resources Australia Pty Ltd (MRA) manage the project. MRA are not currently undertaking any significant exploration on this project.

McTavish

Tennant Creek Gold's interest is a gross rovalty.

Corporate & Investment Activities

Tennant Creek Gold Acquisition

The acquisition of 100% of TCGNT was approved by shareholders and satisfied by the issue of 10 million ordinary fully paid shares. Settlement of the acquisition occurred in July 2004.

The four shareholders of TCGNT have been issued the following shares;

Name	Shares
Mr T Lillis	2,500,000
Mr A W Mackie	2,500,000
Aston Drilling Services Pty Ltd	2,500,000
Barretta Pty Ltd	2,500,000

Shareholders' Meeting

At the same shareholders' meeting the following resolutions where also approved:

• a change of name to Tennant Creek Gold Limited;
• new constitution:
• the re-appointment of Mr M Bowen, and the appointment of Mr T Smith as Directors; $\bullet$
• the issue of options to Directors; and
• other corporate matters.

Share Placement

In July 2004 the Company completed a placement of 6,000,000 shares at an issue price of 10 cents per share.

Quarterly Report June 2004

Batavia Mining Limited

Tennant Creek Gold owns approximately 30.6 million Batavia shares. Batavia is listed on the ASX, (ASX share code: BTV) last traded at 8.5 cents.

Shareholders are encouraged to visit the Batavia web page, which is located at www.bataviamining.com.au

Yours faithfully Tennant Creek Gold Limited

Neil Biddle Managing Director

So far as it relates to ore and mineralisation this report is based on information compiled by Mr Neil G Biddle who is a Director of Tennant Creek Gold Limited and a corporate member of the Australasian Institute of Mining and Metallurgy and who has had more than five years experience in the field of activity being reported on. This report accurately reflects the information compiled by this member.

Directors John W Barr Neil Biddle Michael Bowen Terry Smith	Chairman Managing Director Non-Executive Director Non-Executive Director	Australian Stock Exchange Listing Shares:	TNG
Chris Bath	Company Secretary	Shareholder Enquiries Contact:	Chris Bath
Contact
Telephone:	$(08)$ 9327 0900	Major Shareholders
Facsimile:	(08) 9327 0901	Claw Pty Ltd	10.86%
Email:	corporate@tennantcreekgold.com.au	Cavendish Corporation Pty Ltd	8.49%
Website:	www.tennantcreekgold.com.au	Biddle Partners Pty Ltd	6.70%
		Mr G A Show	4.31%
Share Registry		Kensington Consulting Pty Ltd	4.03%
Computershare Investor Services
Level2, 45 St George's Terrace
PERTH WA 6000		Capital Structure
Telephone:	$(08)$ 9323 2000	Ordinary Shares	69,478,270
Facsimile:	(08) 9323 2033

Attachment 1

Significant Intersections (>0.1%) returned from the Molyhil Area

Mole	CONTROL	M KV	WGM e v v i	Mø 82	XW u.	(off[#) 97	Collar $\left[ \begin{smallmatrix} 0 & 0 & 0 \ 0 & 0 & 0 \ 0 & 0 & 0 \ 0 & 0 & 0 \ 0 & 0 & 0 \ 0 & 0 & 0 \ 0 & 0 & 0 \ 0 & 0 & 0 \ 0 & 0 & 0 \ 0 & 0 & 0 \ 0 & 0 & 0 \ 0 & 0 & 0 \ 0 & 0 & 0 \ 0 & 0 & 0 \ 0 & 0 & 0 & 0 \ 0 & 0 & 0 & 0 \ 0 & 0 & 0 & 0 \ 0 & 0 & 0 & 0 \ 0 & 0 & 0 & 0 \ 0 & 0 & 0 & 0 \ 0 & 0 & 0 & 0 & $	[66] present and References	Gollar EMTRY T	ww	ACTIVITY
TMRC002	26	57	31	0.259	0.140	0.115	l9970	10001	398	-60	270
TMRC003		21	15	0.142	0.332		20000	10001	398	-60	270
TMRC003	30	41			0.190
TMRC003	30	52	22	0.133
TMRC004	15	34	19	0.207	0.461	0.191	20030	10001	398	-60	270
TMRC004	16	21	5	0.178	1.170	0.182
TMRC006	51	90	39	0.080	0.200	0.087	20030	10040	406	-60	270
TMRC007	90	96	6	0.103	0.673	0.144	20000	10040	406	-60	270

Attachment 2

OMG Drill hole data & significant results

Prospect	Tibtal mill EXTIRE:	$\frac{11}{11}$ of $\frac{1}{10}$	envo DESSONNES	With T a se se provincia de la provincia del	Ni % (heze give all
Cerberus	1,215	CWC06021	30	24	1.53
		CWC06026	20	40	1.30
		CWC06030	22	10	1.32
Dragon	2,557	CWC05786	30	18	1.06
		CWC05798	26	34	1.23
		CWC05803	26	16	1.45
		CWC05804A	30	26	1.22
		CWC05814	30	18	1.10
		CWC05816	28	10	1.15
Jedbob	2,280	CWC05591	20	12	1.03
		CWC05612	8	10	1.27
		CWC05616	4	16	1.30
		CWC05628	8	14	1.16
		CWC05649	18	12	1.16
		CWC05651	30	14	1.25
		CWC05656	40	12	1.24
Ogre	987	CWC05838	28	6	1.05
Yeti	618	CWC05826	16	16	1.03
		CWC05835	20	10	1.08

Attachment 3
Tennant Creek Gold holds interests in the following mining tenements:
Prospect Tenement Equity
Tennant Creek Gold Limited Kintore East	MLA16/281 MLA16/282 P16/1416-20	1 ı	Diluting from 49% to 2% gold return interest production. Current on percentage interest is 23.75%.
Enigma Mining Limited (wholly owned subsidiary)
Cawse Extended Project	E24/71 M24/547-550	J L	20% free carried to production, or can be converted to a 2% net smelter return on ore mined. Unicorn Pit is now excised and a wet tonne royalty applies.
McTavish	M40/77 M40/119 M40/157 P40/1001-02 MLA40/194	l 1	3% gross royalty (third party retains a 25% interest in Tennant Creek Gold's interest).
Connaught Mining NL (wholly owned subsidiary)
Duplex Hill South	E26/64 PLA26/2899-901		100% under option for sale. 100% under option for sale.
Tennant Creek Gold (NT) Pty Ltd (wholly owned subsidiary)
Alice Springs	EL 10228 EL 23630		100% 50%
Bonney Well	ELA 24129 ELA 24130 ELA 24131 MLC 647		8% free carried to production 8% free carried to production 8% free carried to production 100%
Flora	EL 22988		$0\%^{1}$
Hatches Creek	ELA 22912 ELA 23463 EL 22913		$0\%$ 1 $0\%$ 1 100%
Molyhil	EL 22349 MLA 23825		100% $0\%$ 1
Mt Peake	EL 23271 EL 23074		100% 100%
Petermans	ELA 5826 ELA 5827 ELA 5828 ELA 10301		$0\%^{1}$ $0\%^{1}$ $0\%$ 1 100%
Rodinga	EL 23678		100%

$1$ Executed transfer held pending grant of exploration licence.

EL 22957

MLA 23812

Spring Hill

100%

100%

Attachment 3 (continued)

	Prospect million Tenement	eauw
	Tennant Creek Gold (NT) Pty Ltd (wholly owned subsidiary)
Tanami East	ELA 24260	100%
Tennant Creek	MLC 624	100%
	MLC 625	100%
	MLC 632	100%
	MCC 1035	100%
	MCC 1036	100%
	MCC 1040	100%
	MCC 1041	100%
	MCC 1042	100%
	MCC 1057	100%
	MCC 1089	50%
	MCC 1090	50%
	MCC 1091 MCC 1092	50% 50%
	MCC 1093	50%
	MCC 1094	50%
	MCC 1095	50%
	MCC 1112	100%
	MCC 1113	100%
	MCC 1117	100%
	MCC 1118	100%
	MCC 1119	100%
	MCC 1120	100%
	MCC 1351	100%
Winneke Creek	ELA 23123	100%
Woolgni	EL 23568	100%
	EL 23569	100%

Abbreviation 1	Descrittudos
F	Exploration lease
EL.	Exploration lease
ELA	Exploration lease application
M	Mining lease
ML A	Mining lease application
MCC	Mineral claim central
MLC	Mineral lease central
D	Prospecting lease
PLA	Prospecting lease application

Appendix 5B

$Rule 5.3$

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98.

Name of entity

TENNANT CREEK GOLD LIMITED

ACN or ARBN

000 817 023

Quarter ended ("current quarter") 30 June 2004

Consolidated statement of cash flows

		Current quarter	Year to date
	Cash flows related to operating activities	\$A'000	12 months
				SA'000
1.1	Receipts from customers
1.2	Payments for (a)	exploration and evaluation		(3)
	(b)	development
	(c) production
	(d)	administration	(190)	(764)
1.3	Royalties received		93	153
1.4	Interest and other items of a similar nature received		30	132
1.5	Interest and other costs of finance paid		---
1.6	Income taxes paid
1.7	Other	1	11
	Net Operating Cash Flows		(66)	(471)
	Cash flows related to investing activities
1.8	Payment for purchases of:	(a) prospects
		(b) equity investments	(829)	(923)
		(c) other fixed assets	(7)	(35)
1.9	Proceeds from sale of:	(a) prospects
		(b) equity investments	35	106
		(c) other fixed assets	4	4
1.10	Loans to other entities		(135)	(797)
1.11	Loans repaid by other entities			1,526
1.12	Other
	Net investing cash flows		(932)	(119)
1.13		Total operating and investing cash flows (carried forward)	(998)	(590)

⁺ See chapter 19 for defined terms.

1.13	Total operating and investing cash flows (brought forward)	(998)	(590)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc.
1.15	Payment for shares
1.16	Proceeds from borrowings
1.17	Repayment of borrowings
1.18	Dividends paid
1.19	Other
	Net financing cash flows
	Net increase (decrease) in cash held	(998)	(590)
1.20	Cash at beginning of quarter/year to date	2,711	2,303
1.21	Exchange rate adjustments to item 1.20
1.22	Cash at end of quarter	1,713	1,713

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

		Current quarter \$A'000
1.23	Aggregate amount of payments to the parties included in item 1.2	82
1.24	Aggregate amount of loans to the parties included in item 1.10

1.25 Explanation necessary for an understanding of the transactions

Non-cash financing and investing activities

• $2.1$ Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
• Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity $2.2\phantom{0}$ has an interest

Nil

⁺ See chapter 19 for defined terms.

٦Ī,

Financing facilities available

Add notes as necessary for an understanding of the position.

		Amount available \$A'000	Amount used \$A'000
3.1	Loan facilities	mm
3.2	Credit standby arrangements	mm

Estimated cash outflows for next quarter

500
500

Reconciliation of cash

	Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter \$A'000	Previous quarter \$A'000
5.1	Cash on hand and at bank	201	97
5.2	Deposits at call	1,442	2,544
5.3	Bank overdraft
5.4	Other - security deposits	70	70
	Total: cash at end of quarter (item 1.22)	1,713	2,711

Changes in interests in mining tenements

		Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
6,1	Interests in mining tenements relinquished, reduced or lapsed
6.2	Interests in mining tenements acquired or increased

⁺ See chapter 19 for defined terms.

Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	Issue price per security (see note $3)$ (cents)	Amount paid up per security (see note 3) (cents)
7.1	Preference +securities (description)
7.2	Changes during quarter (a) Increases through issues
	(b) Decreases through returns of capital, buy- backs, redemptions
7.3	*Ordinary securities	53,478,270	53,478,270
7.4	Changes during quarter
	(a) Increases through issues
	(b) Decreases through returns of capital, buy- backs
7.5	*Convertible debt securities (description)
7.6	Changes during quarter
	(a) Increases through issues
	(b) Decreases through securities matured. converted
7.7	Options
	Directors, Employees and Consultants Option Plan 2000
7.8	Issued during quarter
7.9	Exercised during quarter
7.10	Expired during quarter			Exercise Price	Expiry Date
		4,280,000 180,000	Nil Nil	19c 14c	30 June 2004 30 June 2004
7.11	Debentures
	(totals only)
7.12	Unsecured notes (totals only)

⁺ See chapter 19 for defined terms.

Compliance statement

• $\mathbbm{1}$ This statement has been prepared under accounting policies, which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX.
• $\overline{2}$ This statement does give a true and fair view of the matters disclosed.

Sign here:

(Company Secretary)

Date: 30 July 2004

Print name:

CHRISTOPHER BATH

⁺ See chapter 19 for defined terms.