TIVAN LIMITED — Interim / Quarterly Report 2005

Apr 28, 2005

QUARTERLY REPORT MARCH 2005

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

HIGHLIGHTS

Corporate

• Key institutional investment secured through proposed A\$1.35M placement to UK-based specialist funds management group RAB Special Situations LP, managed by RAB Capital PLC to underpin intensive exploration program at Sandy Creek and Tennant Creek, NT. 16.3% placement comprising 13.5M shares at 10c (plus an option).
• Strategic asset rationalisation commenced with proposed spin-off of NT specialty ٠ metals projects (including Molyhil molybdenum-tungsten project) to proposed new AIM-listed company, Thor Mining Plc.
• Tennant Creek to receive £250,000 plus 45M shares in Thor.
• Option agreement signed with AIM-listed Regency Mines Plc for the sale of four non-core iron ore exploration projects to Regency's subsidiary, Red Rock Resources PLC. Tennant Creek to receive A\$200,000 in cash plus the issue of shares equivalent to 20% of Red Rock's pre-listing capital ahead of its proposed listing on AIM.
• Shareholder meeting convened for 20 May to approve RAB placement and other transactions.

Sandy Creek Base Metal Project, Northern Territory

• Review of historical database completed highlighting numerous occurrences of high-grade, near-surface lead-zinc mineralization over 23km long corridor.
• Preparations underway for major drilling program commencing in 2005 to upgrade Sandy Creek lead-zinc mineralisation to current JORC compliance.
• · Regional exploration program developed targeting first-order gravity and IP anomalies.

Tennant Creek Gold-Copper-Bismuth Project, Northern Territory

• Over 30 first-order magnetic anomalies identified with similar magnetic trend and magnitude to world-class deposits of Tennant Creek Inlier (eq, Warrego, White Devil, Nobles Nob).
• Preparations underway for drilling commencing in the June quarter to test highest priority targets.

EXPLORATION REPORT

Molyhil Molybdenum-Tungsten Project, Northern Territory

TNG announced plans to spin-off its molybdenum and tungsten projects in the Northern Territory, including the advanced Molyhil project, through the proposed listing of a new dedicated specialty metals company on the Alternative Investment Market (AIM) of the London Stock Exchange.

Under the proposal, TNG's directors have resolved to execute a contract to facilitate the transfer of the Molyhil, Hatches and Thring Creek projects to a proposed new AIM-listed company, Thor Mining PLC ("Thor"),

Thor will shortly issue documents to enable it to proceed with an AIM listing and undertake a capital raising of up to $£2.0$ million (A\$4.7 million) on the AIM market. TNG has retained legal advisers and the Nominated Adviser and Broker for the listing.

Significantly commitments have now been received to raise £425,000 in seed capital for Thor.

Two representatives of TNG have been appointed to the Thor Board, namely Mr J W Barr as Executive Chairman, and Mr P Kastellorizos (TNG exploration manager) as Technical Director.

As part of the transaction, which is expected to be concluded by June 2005, TNG will receive £250,000 plus 45 million shares in Thor Mining PLC in consideration for the transfer of the projects.

The transaction requires shareholder approval.

TNG will continue to focus on exploration and development of its portfolio of base metal, nickel and gold projects in the Northern Territory, including the Sandy Creek base metals project, which contains high potential lead-zinc mineralisation, the advanced Tennant Creek gold prospects and the 274,000oz Spring Hill Gold Project in the Pine Creek Gold Field of the Northern Territory. The Company's other asset is a long-term royalty from the Cawse Extended nickel laterite project.

TNG's Directors believe that the proposed transfer of the Molyhil Project and its portfolio of other specialty metals projects in Australia to a focused AIM-listed company will maximise its exposure to relevant capital markets with an understanding of the specialty metals sector.

The funds raised by Thor Mining PLC will be applied to a major trial mining program to be undertaken at the Molyhil deposit as a prelude to completion of a feasibility study and possible mining development. The deposit was mined in the 1970s and 1980s, and represents an advanced project with a substantial resource base with the potential to be brought into production relatively quickly.

SANDY CREEK BASE-METAL PROJECT

The Sandy Creek Project is located 70 kilometres north-east of Kununurra in the Northern Territory and was previously explored by a number of major mining companies including Aquataine and BHP-Billiton. Sandy Creek is regarded as being highly prospective for the discovery of multiple Mississippi Valley-Style largetonnage, high-grade zinc-lead-silver deposits.

Previous resource estimates for the project predate the JORC Code and will be updated by TNG pending a planned comprehensive audit of the existing geological database and upgrade to digital format.

Regional drilling by previous explorers defined numerous occurrences of high-grade, near-surface lead-zinc mineralisation along a 23 kilometre long corridor immediately north of the main Sandy Creek zone. Geophysical surveys conducted by Delta Gold in the period 1992-1996 further increased the prospectivity of the region, resulting in the definition of first order gravity high anomalies in conjunction with Induced Polarisation trends along two structural corridors embracing the regional drill-defined mineralisation.

On completion of the database review and upgrade, TNG plans to carry out drilling to upgrade the existing resource estimates to current JORC compliance and to commence regional exploration outside of the main Sandy Creek zone with a view to further increasing the project's resource base.

Tennant Creek Magnetite Gold-Copper-Bismuth Prospects

TNG has a 100% interest in granted mining and exploration tenements in the immediate vicinity of the Town of Tennant Creek, Central Australia. These tenements contain numerous first order Tennant Creek-style magnetic ironstone targets which have excellent potential to host significant gold, and gold-copper-bismuth deposits.

Many of the prospects are hosted within the Warramunga Formation and have the same magnetic trend and magnitude as some of the world-class gold and goldcopper-bismuth deposits mined in the Tennant Creek Inlier (eg, Warrego, White Devil, Nobles Nob). Over 30 first order magnetic anomalies still remain untested and represent excellent drill targets.

TNG's proposed exploration activities include a comprehensive review of the existing geological database and prioritisation of short-term drill targets, with a view to commencing drilling at the highest priority magnetic anomalies as rapidly as possible.

Ground surveys are presently underway and drilling is expected to commence during the June Quarter.

Hopeful Star Prospect

The Hopeful Star prospect is approximately 17.4 kms due north east of Tennant Creek Township. The prospect covers the previous Hopeful Star and Hopeful Star

Extended mine workings. Until 1952 the mine produced 1,641.27 tonnes averaging 6.07 g/t gold for 320 ounces. From 1969 to 1978, Tennant Creek Battery records show 383.65 tonnes averaging 28.06 g/t gold were put through for 354.7 ounces. This production is believed to have come from an 11.5 metre shaft, some 80 metres south east of the main shaft sunk on a BMR vertical percussion hole which intersected 3 metres averaging 29.4 g/t gold.

Hopeful Star is one of the few prospects in the Tennant Creek Goldfields where visible gold is present (match head size nuggets). Channel sampling of the Tooth glory hole returned values up to 6.2 g/t gold over 4 metres. There is a potential resource near surface which as indicated by drilling extends to the base of oxidation (40 metres vertical depth). Potential oxidized ore amenable to heap leach operation is calculated by the following dimensions: 70 metres wide $x$ 30 metres thick with a length of 140 metres = 970,000 tonnes of auriferous mineralisation.

Alternatively, the area around the HS main shaft south if the Tooth where HRC008 intersected 26 metres @ 1.04 g/t gold may represent another potential heap leach target. There is a discrete block of oxidized gold mineralization centred on the collapsed shaft which is shear controlled on 3 sides, but is open to the west and extends in the sub-surface to the base of oxidation at about 40 metres vertical depth.

Two bedrock geochemical anomalies remain untested to date and offer excellent potential for additional oxidized gold ore especially the northern most anomaly over the Slot which appears to be open ended to the south-east. This anomaly straddles the Hope Star main shaft-Slot-Hope Star Extended Shear Zone the main structural control on mineralization within the prospect.

The Hope Star Extended workings (2 parallel shaft, 5 metres apart) returned excellent gold values from channel sampling at the 15 metre level (13.83 & 18 g/t gold). This area is regarded as an important drill target.

Mystery Prospect

The Mystery prospect is approximately 7.4 kms north west of Tennant Creek Township.

The Mystery anomaly represents a typical first order Tennant Creek-type magnetic anomaly exploration target. The Mystery "bulls eye" magnetic body is a cylinder shaped,

east-south-east plunging mass of ironstone. The Hidden Mystery (known as the old workings) workings and the anomaly lies within and parallel to the Mary Lane Shear Zone, a major regional magnetic discontinuity that host a number of economic goldcopper deposits eg Ivanhoe Gold-Copper Deposit.

Apart from the prominent quartz-hematite ironstone out cropping around the Hidden Mystery workings there are numerous ironstone pods and lenses along the Mary Lane Shear Zone still remain un-tested and under explored.

Spring Hill Project

The Spring Hill Gold Project is located in the historic Pine Creek gold field in the Northern Territory. It includes a JORC compliant Indicated Resource of 3.6 million tonnes at 2.34 g/t for 274,000 ounces of contained gold. Additional non-JORC compliant resources are located in the areas which are capable of being converted relatively quickly with early exploration.

During 2003, McDonald Speijers completed a Scoping Study on the Spring Hill Project which examined the project viability in terms of operating cost, excluding consideration of capital cost and environmental and permitting issues.

In order to progress the Spring Hill Project from a scoping study to pre-feasibility status, Tennant Creek Gold has engaged McDonald Speijers to demonstrate the viability of a mining operation from a resource estimate to an ore reserve with all capital cost, environmental, mining and permitting issues included.

Review of the project is currently underway from the toll treatment quote given by Northern Gold NL to process the ore at the Union Reef Gold Plan approximately 27 kms away from Spring Hill. At this stage to truck the ore from Spring Hill to the Union Reefs Plant is uneconomic. Alternative solutions are currently been assessed to make the project economic.

Woolgni Gold Prospect

The Woolgni project exploration licenses are located approximately 220 kms south east of Darwin and 35 kms south east of Pine Creek. Mining dates back to around 1897 when Chinese miner's first extracted alluvial gold shed from the reefs. Hand pick ore averaged 30 oz/t. Recorded production is 3,840 oz up to 1905.

Results from modern trenching confirmed moderate width of economic gold grades. They include 3m @ 2.33 g/t Au, 10.7m @ 4.44 g/t Au and 4.3m @ 5.18 g/t Au Au.

Other prospects approximately 1.5 kms west of the Woolgni Prospect have yielded rock chip samples varying from 0.21 to 31.1 g/t Au. The host rocks were ferruginous sediment with a gossanous appearance. Further work is warranted over this highly anomalous gold bearing area.

Tanami East Area (ELA 24260)

The area is situated approximately 370km west of Tennant Creek Township (also 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 carbonate hosted rock chip samples from prior exploration. The strike length of copper mineralisation represents significant exploration potential for copper-gold deposits in the area (never been drilled tested). Application for Consent to Grant was given to Tennant Creek Gold by the NT Government and the Central Land Council. This approval allows Tennant Creek Gold to enter into negotiations with the central desert traditional land owners for exploration on the licence. The final negotiation date is still pending.

Red Rock Resources Ltd

A Reverse Circulation drilling program indicated that gold occurs in what was previously thought of as barren shear zone. Mapping conducted at the time and subsequent field checking by Newcrest has demonstrated that the gold bearing breccia zone is partially masked by surface cover. Potential economic gold mineralisation warrants further investigation to determine additional gold occurrences in an area once presumed to host no gold mineralisation.

TNG announced that it has entered into an option agreement with AIM-listed Regency Mines PLC ("Regency") for the proposed sale of four iron ore exploration projects in the Northern Territory, Australia.

Under the agreement, Red Rock Resources Ltd, a subsidiary of Regency which is proposing to list on the AIM market itself, has acquired a 6-month option to acquire the four projects. The exercise price for the option is a payment of A\$200,000 in cash and the issue of shares equivalent to 20% of Red Rock's pre-listing capital to TNG.

The iron ore projects are regarded as non-core assets of the Company and the agreement represents an opportunity to realise value for them at a time of strong market interest in iron ore exploration.

Cawse Extended

The royalty payment for the March quarter was \$56,982.

Corporate

TNG announced a proposed A\$1.35 million placement to London-based hedge fund RAB Special Situations LP ("RAB"), managed by investment management company, RAB Capital plc, to fund ongoing exploration and development activities at its base metal and copper-gold-bismuth projects in the Northern Territory, Australia.

The proposed placement, representing 16.3% of TNG's issued capital, will result in the introduction of a substantial strategic investor to the Company to support its ongoing activities in the Northern Territory following its recently announced plans to spin off its specialty metals projects through the proposed listing of a new dedicated specialty metals company, Thor, on London's Alternative Investment Market (AIM).

TNG's asset portfolio at completion of this transaction will comprise a holding in Thor, a 17% stake in ASX listed Batavia Mining Ltd, the Sandy Creek base metal project and Tennant Creek gold-copper-bismuth project in the Northern Territory, the 274,000oz Spring Hill Gold Project (also in the NT), and a long-term income stream from a royalty on the Cawse Extended nickel laterite project.

The placement is subject to shareholder approval. TNG has called a General Meeting for 20 May 2005.

Shareholders are urged to participate in the meeting by either attending or lodging a proxy.

TNG's Directors believe that the proposed investment by RAB Special Situations LP, a leading UK-based institutional investor, represents a significant vote of confidence in TNG's asset base in the Northern Territory and proposed exploration and development activities at Sandy Creek and Tennant Creek.

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.

Quarterly Report March 2005

Directors		Australian Stock Exchange Listing
John W Barr	Chairman	Shares:	TNG
Neil Biddle	Managing Director
Michael Bowen	Non-Executive Director
Terry Smith	Non-Executive Director
Chris Bath	Company Secretary	Shareholder Enquiries
		Contact:	Chris Bath
Contact
Telephone:	(08) 9327 0900	Major Shareholders
Facsimile:	(08) 9327 0901	Claw Pty Ltd	10.87%
Email:	corporate@tennantcreekgold.com.au	Cavendish Corporation Pty Ltd	8.49%
Website:	www.tennantcreekgold.com.au	Biddle Partners Pty Ltd	6.71%
		Kensington Consulting Pty Ltd	4.03%
Share		Mr G A Snow	4.31%
Registry
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