TIVAN LIMITED — Interim / Quarterly Report 2006

Jan 30, 2006

icnmant Crock GOLD LIMITED

Quarterly Report December 2005

HIGHLIGHTS

Manbarrum Lead-Zinc Project

• Solution Draft clearance certificate received from AAPA. Final clearance certificate imminent
• Exploration expected to commence in February

Corporate

• Agreement concluded for sale of shares in Red Rock Resources PLC
• 25% owned Thor Mining PLC announced significantly increased JORC resource at its Molyhil Tungsten-Molybdenum project
• 16% owned Batavia Mining Limited announced significant upgraded resource at its Deflector Deposit

www.tennantcreekgold.com.au

Enquiries:

Neil Biddle Tennant Creek Gold Ltd	+ 61 (0) 418 915 752
Damian Delaney Tennant Creek Gold Ltd	+ 61 (0) 8 9327 0900
Nicholas Read Jan Hope & Partners	+ 61 (0)8 9388 1474

Quarterly Report December 2005

EXPLORATION REPORT

MANBARRUM LEAD-ZINC PROJECT

The formal grant of title over the Project in August 2005 represented a key milestone. Commencement of field exploration is now pending finalisation of an access and compensation agreement with the Traditional land owners and issue of an anthropological clearance certificate. The Traditional land owners and subsequent to a meeting with the Company late in December has now issued a draft clearance certificate. Issue of the final clearance certificate is imminent.

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 1970s.

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. TNG's exploration activities will be initially targeting these historical resource areas with the goal of rapidly defining JORC Code compliant resources.

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 the Company has commenced upgrading economic studies of the Spring Hill Project.

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 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 (eq, Warrego, White Devil, Nobles Nob).

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 (eg, Rover 1, Marathon, Troy). Several first order magnetic anomalies remain untested and represent excellent drill targets.

No exploration has been conducted during the Quarter.

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.

The royalty payment for the December quarter was \$26,236.00.

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 have recently been sold for a consideration of approximately \$670,000.

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 is pleased to announce the launch of their new website.

The Thor web site is:

MINING PLC

www.thormining.com.

Quarterly Report December 2005

BATAVIA MINING LIMITED (ASX CODE "BTV")

TNG owns 56 million shares in Batavia, representing an interest of approximately 16% with a market value at quarter's end of approximately \$3.0 million.

The Batavia web page is:

Yours faithfully TENNANT CREEK GOLD LIMITED

NEIL BIDDLE MANAGING DIRECTOR

Tennant Creek

Directors		Australian Stock Exchange Listing
John W Barr	Chairman	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	16.52%
Facsimile:	(08) 9327 0901	Westpac Custodian Nominees Limited	15.77%
Email:	corporate@tennantcreekgold.com.au	Biddle Partners Pty Limited	6.55%
Website:	www.tennantcreekgold.com.au	Kensington Consulting Pty Limited	6.42%
Share Registry		Capital Structure
Computershare Investor Services Pty Ltd		Ordinary Shares	85,628,270
Level 2, 45 St George's Terrace		Options: 30/4/07 @ \$0.12	13,500,000
PERTH WA 6000		Options: 31/5/07 @ \$0.15	15,950,000
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 Corporate 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.