TIVAN LIMITED — Interim / Quarterly Report 2005

Oct 30, 2005

QUARTERLY REPORT SEPTEMBER 2005

HIGHLIGHTS

Manbarrum Lead-Zinc Project

• Title granted. ٠
• Consultations with the traditional landowners continue with exploration agreement now pending finalisation.

Tiwi Islands Bauxite Project

Permission received to commence negotiations with traditional owners to secure grant of title over the Tiwi Islands Bauxite Project. ELA's secured early this year cover extensive deposits.

Tennant Creek Gold-Copper-Bismuth Prospects

• First-order magnetic anomalies identified with similar magnetic trend and magnitude to world-class deposits of the Tennant Creek Inlier.
• Comprehensive RC drill program completed.

Explorer Gold-Copper-Bismuth Prospects

• Over $1,354$ sq km² of tenements granted.
• Reconnaissance RC drilling completed.

Corporate

• Agreement concluded for sale of tenements to Red Rock Resources plc.
• . 25% owned Thor Mining PLC announced higher grades than in the current JORC resource at its Molyhil Molybdenum-Tungsten Project.
• 16% owned Batavia Mining Limited announced additional high-grade copper and gold intercepts at its Deflector Deposit.

Exploration Report

Manbarrum Lead-Zinc Project

The formal grant of title over the Project in August 2005 represented a key milestone, clearing the way for field exploration activities (including drilling) to commence pending finalisation of an access and compensation agreement, which is expected to be concluded in the near future.

The Aboriginal Area Protection Authority (AAPA) has completed the first consultations with the traditional landowners. Native title issues are currently undergoing negotiations with an exploration agreement covering access and compensation to be signed once AAPA issues the relevant clearance certificate.

Manbarrum is located 70 kilometres north-east of Kununurra in the Northern Territory. The granted tenements consist of an Exploration Licence and an Authority to Prospect under Section 178 covering a combined area of over 200 square kilometres.

Previously explored by major mining companies including BHP Billiton and Aquataine, the Manbarrum Project area is prospective for the discovery of Mississippi Valley Type (MVT) lead-zinc deposits. Previous exploration activities outlined both stratabound and structurally-hosted base metal mineralisation during the 1970's.

Potential exists for large tonnage, high-grade open pittable lead-zinc deposits within the Main Zone deposit at Manbarrum, as well as significant regional potential for multiple MVT deposits within a 23 kilometre long structural corridor trending to the north east from the Main Zone deposit.

Previous resource estimates predate the JORC Code, and TNG's planned exploration activities are geared towards drilling to upgrade this to JORC compliance as rapidly as possible.

Tiwi Islands Bauxite Project

Early this year, TNG secured priority Exploration Licence Applications (ELA's) over identified bauxite deposits on Melville Island and Croker Island in the Tiwi Island Group off the coast of northern Australia. The ELA's cover bauxite deposits identified from regional exploration activities carried out between 1952 and 1972.

The Tiwi Islands are Freehold Aboriginal Land and TNG has now received permission from the Department of Business, Industry and Resource Development (DBIRD) to commence negotiations with the Tiwi Islanders and The Northern Land Council to secure grant of title.

The deposits contain potentially large-tonnage, high-grade resources which require modern, systematic exploration to upgrade historical data to JORC Code compliance. TNG is in the process of developing an exploration strategy and budget for

submission to the Tiwi Islanders and the Northern Land Council for their consideration.

Tennant Creek Gold-Copper-Bismuth Prospects

TNG has a 100% interest in several granted mining and exploration tenements in the immediate vicinity of the town of Tennant Creek. These tenements cover an area of in excess of 6 square kilometres and contain first order Tennant Creek-style magnetic ironstone targets with the potential to host gold, and gold-copper-bismuth deposits.

The tenements contain several prospects hosted within the Warramunga Formation and have the same magnetic trend and magnitude as some of the world-class gold and gold-copper-bismuth deposits mined in the Tennant Creek Inlier (eg, Warrego, White Devil, Nobles Nob).

Exploration activities during the quarter have included extensive magnetic/gravity ground surveys, geophysical interpretation to priorities drill targets. RC drilling of the highest priority gravity/magnetic anomalies was completed as part of a 2,270 metre drill program.

Gold assay results have been received for all holes. Weak anomalous gold mineralisation has been detected associated with magnetite and hematite-rich alteration.

The geophysical techniques utilised by TNG have been very successful in defining iron-rich alteration zones and the Company will now further refine its drill hole targeting with ground gravity surveys prior to resuming further drilling.

Explorer Gold-Copper-Bismuth Prospects

TNG has a 100% interest in a granted exploration licence south of the Tennant Creek Township in Central Australia. The exploration licence covers an area of in excess of 1,354 square kilometres and contains first order Tennant Creek-style magnetic ironstone targets with the potential to host gold, and gold-copper-bismuth deposits.

Prospects are hosted within the Warramunga Formation and have the same magnetic trend and magnitude as some of the world-class gold and gold-copper-bismuth deposits in the Tennant Creek Inlier (eq. Rover 1, Marathon, Troy). Several first order magnetic anomalies remain untested and represent excellent drill targets.

Exploration activities during the quarter have included extensive magnetic /gravity ground surveys and detailed geophysical interpretation to prioritise drill targets. RC drilling of the highest priority gravity/magnetic anomalies was completed as part of an 810 metre drill program.

Spring Hill Project

Spring Hill is located approximately 200 kilometres south of Darwin in the historic Pine Creek gold field in the Northern Territory. The area includes a JORC compliant Indicated Resource of 3.6 million tonnes @ 2.34 g/t Au for 274,000 ounces of

contained gold.

Historically, high-grade lodes at Spring Hill were mined in the early part of the last century but more recently the tenements have been the subject to extensive exploration for bulk tonnage-low grade gold deposits. Other previously published resources in the area are non-JORC compliant, however are indicative of the exploration potential.

The Spring Hill project area contains several regional targets, which have been generated from regional geochemistry, airborne magnetics, structural interpretations and geological modelling.

During the quarter exploration activities included surveying the mineral lease boundary. Negotiating terms and conditions for a mining agreement with the Northern Land Council. To date no agreement has been executed. Exploration planned for the forthcoming year will concentrate on gold mineralisation along this prospective corridor.

Mount Peake

Mount Peake is located in the Arunta Province 80 kilometres north east of Alice Springs. Subject to a farm-in agreement, Falconbridge may earn a 60% interest in this project.

Known ultramafic intrusions area may be the source of more than one discrete magnetic anomaly Airborne magnetic surveys have indicated possible ultramafic nickel targets.

No exploration was carried out in the quarter.

Tanami East

Tanami East, also known as Goddard's Prospect, hosts significant malachite mineralisation outcropping over a strike length of 1,200 metres. Numerous values over 1% Cu and 100 ppb Au were obtained from rock chip samples carried out during the 1970s and the area is considered to have exploration potential for coppergold deposits.

No exploration was carried out in the quarter.

Other Northern Territory Tenements

TNG owns an interest in several other prospects in the Northern Territory. These prospects are in various stages of exploration and have not been specifically mentioned as only minor work was completed during the quarter.

Cawse Extended

The OM Group Inc. (OMG) owns and manages the Cawse Nickel-Cobalt Operation with OMG and TNG jointly owning the adjacent Cawse Extended Project. TNG's

interest in the Cawse Extended Project is 20% free-carried to production, convertible at TNG's election to a 2% net smelter return.

TNG has also entered into a separate agreement with OMG 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. 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.

TNG has been advised by OMG that mining at the Unicorn Pit will continue until May 2007. TNG believes that Cawse Extended will continue to be an important long term ore source for OMG.

OMG have also reported positive results from its most recent drilling program including 20m @ 1.53% Ni and 16m @ 1.40% Ni at Unicorn F and 12m @1.18% Ni and 32m @ 1.24% Ni at Jedbob.

The royalty payment for the September quarter was \$25,050.

Other Western Australian Tenements

TNG holds an interest in three other tenement groups, however, in each case, the Company does not contribute towards exploration expenditure as the projects are subject to joint venture or options for sale. These projects include Duplex Hill South, Kintore East, and McTavish.

Corporate

Red Rock Resources plc (AIM code "RRR")

In order to enable TNG to focus on its key projects, a decision was made to sell certain tenements, and in September 2005 a transaction was concluded with Red Rock Resources plc. Consideration for the sale was 19 million ordinary fully paid shares in Red Rock.

The shares represent an interest of approximately 12% in Red Rock and have a market value of approximately \$1 million.

The shares in Red Rock have now been issued and are subject to an orderly marketing agreement, but are otherwise fully tradable.

Thor Mining PLC (AIM code "THR")

TNG owns 45 million shares in Thor, representing an interest of approximately 25%. These shares are restricted from sale until July 2006.

At quarter's end, TNG's investment in Thor Mining PLC had a market value of approximately \$4 million.

Thor has reported that it is currently sinking three shafts at Molyhil to obtain bulk samples in order to review the grade of the deposit prior to a new resource being determined. Results from the program have been encouraging with Thor announcing higher than previously reported grades from the first shaft. The new resource estimate (which is now due in November) will provide the basis of a Feasibility Study on the economics of establishing a mining operation at Molyhil.

The Thor web page is www.thormining.com.

Batavia Mining Limited (ASX code "BTV")

TNG owns 46 million shares in Batavia, representing an interest of approximately 16% with a market value at quarter's end of approximately \$1.8 million.

Batavia has reported that it has recently undertaken further drilling at the Gullewa Gold-Copper Project in Western Australia and has acquired the rights to several uranium prospects in the Northern Territory. It has recently announced a planned \$2 million exploration spend on the uranium prospects and additional high grade copper and gold intercepts at its Deflector Deposit.

The Batavia web page is www.bataviamining.com.au.

Yours faithfully TENNANT CREEK GOLD LIMITED

NETL BIDDLE MANAGING DIRECTOR

Quarterly Report September 2005

Directors John W Barr	Chairman	Australian Stock Exchange Listing Shares:	TNG.
Neil Biddle	Managing Director
Michael Bowen	Non-Executive Director	European Stock Exchange Listings
Terry Smith	Non-Executive Director	Frankfurt	A0B60K
		Berlin	A0B60K
Chief Financial Officer		Munich	A0B60K
Damian Delaney		Stuttgart	A0B60K
Shareholder Enquiries
Damian Delaney
Contact		Major Shareholders
Telephone:	(08) 9327 0900	ANZ Nominees Limited	18.72%
Facsimile:	(08) 9327 0901	RAB Special Situations (Master) Fund Ltd	15.77%
Email:	corporate@tennantcreekgold.com.au	John W Barr	10.51%
Website:	www.tennantcreekgold.com.au	Neil Biddle	7.08%
Share Registry		Capital Structure
Computershare Investor Services Pty Ltd		Ordinary Shares	85,612,270
Level 2, 45 St George's Terrace		Options: 30/4/07	13,500,000
PERTH WA 6000		Options: 31/5/07	13,036,000
Telephone:	(08) 9323 2000
Facsimile:	(08) 9323 2033

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Neil Biddle, who is a Member of The Australasian Institute of Mining and Metallurgy. Neil Biddle is a Director of Tennant Creek Gold Limited. Neil Biddle has sufficient experience which is 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'. Neil Biddle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.