TIVAN LIMITED — Interim / Quarterly Report 2007

Oct 30, 2007

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TNG TARGETS SUBSTANTIAL ADDITIONS TO LEAD-ZINC RESOURCES AT MANBARRUM PROJECT

HIGHLIGHTS

Media Release – 31 October 2007

• 2007 exploration program at Manbarrum nears completion with results confirming the potential for a significant MVT base metal complex.

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• Drilling now completed at Sandy Creek deposit with work to commence shortly on updating the existing 10.5Mt resource.

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• Initial drilling results confirm extensive continuous mineralized zone at Djibitgun, 17km NE of Sandy Creek.

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• Djibitgun drilling expanded to target a second resource estimate by yearend.

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TNG Limited ( ASX : TNG – “TNG”) today announced plans to fast-track a resource update for its Sandy Creek deposit and target a maiden resource estimate by year end for the Djibitgun deposit at its Manbarrum Zinc-Lead-Silver Project in the Northern Territory as its landmark 2007 exploration program nears its conclusion.

The Perth-based Company said today ( Wednesday ) that the results received to date from its successful 2007 exploration field season had confirmed that Manbarrum was emerging as a significant base metal district in global terms, with its geological model for the project as a Mississippi Valley Type (MVT) complex comprising multiple pods of mineralization also now confirmed.

“Despite the delays we have experienced in obtaining assay results due to processing delays in the laboratories, our 2007 field season is now moving rapidly to conclusion with the massive backlog in results expected to be cleared within the next few days,” said TNG’s Managing Director, Mr Neil Biddle.

“We have already received a significant number of results, following the completion of over 23,000 metres of RC and diamond drilling at Sandy Creek alone. “This work has validated and extended the Sandy Creek deposit, both to the south and potentially to the north. Once we receive the outstanding samples in the next few days, we will begin work immediately on an updated resource estimate.”

Some of the recently received diamond drilling results included outstanding high-grade intersections, such as 13m @ 13.3% Zn+Pb (including 9m @ 17.3% Zn+Pb and 2.5m @ 35.7% Zn+Pb ), 12m @ 5.1% Zn+Pb , 13m @ 4.5% Zn+Pb , 20m @ 5.7% Zn+Pb , 20m @ 8.5% Zn+Pb and 43m @ 4.1% Zn+Pb .

“Much of the drilling has focused on confirming and extending the existing resource at Sandy Creek of 10.5 million tonnes at 3.74% Zn+Pb,” Mr Biddle commented. “We are

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aiming to finalise an updated resource in the near-term, which will provide a strong foundation to our broader exploration and development strategy.”

“Of even greater importance to the continued project evolution has been our initial testing of other key regional MVT exploration targets at the NEIP prospect, immediately north-east of Sandy Creek, and Djibitgun, which lies 17km to the north-east,” he added.

The Company is fast-tracking its drilling campaign at Djibitgun with a total of 31RC and 4 diamond holes already completed out of a proposed 45-hole drilling program. The drilling program has been expanded to provide sufficient hole drill hole density to support an initial JORC compliant resource estimate to be completed.

Initial results from portable NITON XRF analysis of the drill chips and diamond drill core have provided confirmation of historic zinc intersections at Djibitgun by Aquitaine of up to 8.5% Zn, with geological logging of drilling core indicating the presence of continuous mineralization over a significant strike length.

“We are confident that this drilling program will deliver a significant addition to our overall resource inventory at Manbarrum and, importantly, confirm the nature of the project as an emerging MVT district comprising multiple pods of base metal mineralization,” Mr Biddle said.

TNG has also completed an extensive 84km regional IP survey, with the results refining and extending the existing targets at Djibitgun, Browns and Landandi and identifying several new targets.

“The Manbarrum Project has now entered a pivotal phase as we complete the 2007 drilling program, receive and collate the remaining outstanding results and begin work on the updated resource for Sandy Creek and a maiden resource estimate for Djibitgun,” Mr Biddle said. “We are confident that this will deliver a substantial upgrade to our resource inventory, while at the same time laying the foundations for a much expanded 2008 exploration campaign with the potential to establish Manbarrum as a base metal project of global significance.”

Yours faithfully TNG Limited

Neil Biddle

Managing Director

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.

Enquiries:

Neil Biddle Managing Director + 61 (0)8 9388 1474 Damian Delaney CFO and Company Secretary + 61 (0)8 9327 0900

Nicholas Read Read Corporate + 61 (0)8 9388 1474

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QUARTERLY REPORT SEPTEMBER 2007

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HIGHLIGHTS

Manbarrum Zinc-Lead-Silver Project, Northern Territory (TNG 100%)

• Successful 2007 exploration field season nearing completion with results to date confirming that Manbarrum is emerging as a significant base metal district .

• Drilling validates and extends the existing Sandy Creek deposit and confirms a substantial new zinc-lead-silver deposit at Djibitgun , where drilling is continuing.

• Geological model for Manbarrum as a Mississippi Valley Type (MVT) complex comprising multiple pods of mineralisation now confirmed.

• Over 23,000 metres of Diamond and RC drilling completed at Sandy Creek, with numerous high-grade intersections recorded.

• Outstanding individual diamond core intersection received including highest lead grades seen to date at Manbarrum:

• 13m @ 13.3 % Zn+Pb, 14.3ppm Ag from 102m , including 9m @ 17.3 % Zn+Pb, 16.2ppm Ag from 106m, including

• 2.5m @ 35.7 % Zn+Pb, (MDD018)

• Other new intersections from diamond drilling include:

• 12m @ 5.10 % Zn+Pb, 3.0ppm Ag from 68m (MDD017)

• 9m @ 3.33 % Zn+Pb, 10.0ppm Ag from 87m (MDD019)

• 11m @ 3.70 % Zn+Pb, 6.0ppm Ag from 95m (MDD020)

• 13m @ 4.50 % Zn+Pb, 7.0ppm Ag from 124m (MDD021)

• • 8m @ 3.20 % Zn+Pb, 10.0ppm Ag from 83m (MDD023)

• Significant results from diamond drilling reported during the Quarter include:

• 18m @ 5.85 % Zn+Pb, 27.0ppm Ag, from 75m (MDD006)

• • 20m @ 8.50 % Zn+Pb, 20.0ppm Ag, from 69m (MDD007)

• 10m @ 4.90 % Zn+Pb, 10.8ppm Ag, from 72m (MDD012)

• 20m @ 5.70 % Zn+Pb, 8.6ppm Ag, from 90m (MDD012)

• 7m @ 5.10 % Zn+Pb, 5.3ppm Ag, from 39m (MDD013)

• 10m @ 3.30 % Zn+Pb, 10.9ppm Ag, from 30m (MDD014)

• 43m @ 4.10 % Zn+Pb, 7.1ppm Ag, from 52m (MDD014)

• 10m @ 3.40 % Zn+Pb, 7.3ppm Ag, from 25m (MDD015)

• 20m @ 3.40 % Zn+Pb, 12.8ppm Ag, from 52m (MDD015)

• 22m @ 3.20 % Zn+Pb, 3.7ppm Ag, from 72m (MDD015)

• 9m @ 3.60 % Zn+Pb, 4.0ppm Ag, from 78m (MDD018)

• RC drilling confirms significant southern extension of the Sandy Creek resource, while recent diamond results indicate a potential northern extension of the resource zone.

• Updated JORC compliant resource estimate for Sandy Creek to be fast-tracked once all final assay results are received within the next few days.

Quarterly Report September 2007 1

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• RC and diamond drilling well advanced at Djibitgun Prospect , 17km NE of Sandy Creek, with 31 RC and 4 diamond holes of a proposed 45-hole program completed to date.

• Initial results from portable NITON XRF Analyser provide confirmation of historic zinc grades up to 8.5% Zn at Djibitgun with indications of continuous mineralisation over a significant strike length.

• Djibitgun drilling expanded to provide sufficient drill hole density for an initial JORC compliant resource estimate to be completed.

• Extensive 84km regional IP survey completed, with existing targets at Djibitgun, Browns and Landandi refined and extended and several new targets identified.

• Baseline environmental work completed and monitoring survey in progress.

• Detailed gravity survey commenced, and metallurgical testwork on diamond core from Sandy Creek underway.

Corporate

• Distribution of securities held in Batavia Mining Ltd and Thor Mining PLC completed and distribution of shares held in Western Desert Resources Ltd approved and completed.

• Proposed demerger of TNG’s nickel assets through Enigma Mining Ltd announced. This is expected to take the form of a capital distribution to TNG shareholders and a possible ASX listing in the first quarter of 2008.

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Level 1, 282 Rokeby Road

Subiaco, Western Australia 6008

• T +61 8 9327 0900 F +61 8 9327 0901

www.tngltd.com.au corporate@tngltd.com.au

Contact:

Neil Biddle, Managing Director Paul Burton, Exploration Manager

Quarterly Report September 2007 2

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SUMMARY

During the September 2007 Quarter, TNG (“TNG”) made substantial progress with the 2007 exploration program at its 100%-owned Manbarrum Zinc-Lead-Silver Project , located in the Northern Territory.

With drilling now completed at the flagship Sandy Creek deposit and initial drilling indicating a significant deposit at Djibitgun , 17km north-east of Sandy Creek, the Company has confirmed the potential of the Manbarrum Project to continue to develop a substantial MVT (Mississippi Valley Type) base metal district.

The Company’s primary objective is to delineate a significant inventory of zinc-leadsilver resources in the project area spanning multiple deposits.

An initial resource estimate for the Sandy Creek deposit was announced in February 2007 of 10.5Mt at 3% Zn, 0.74% Pb and 5.5g/t Ag (3.74% Zn+Pb). Work during the Quarter has focused on in-fill and extension drilling to refine and upgrade this initial resource. Once all final results have been received, an updated resource estimate will be prepared for Sandy Creek.

The results received to date have validated the existing Sandy Creek resource zone and confirmed potentially significant extensions to the resource zone, both to the south and, from recent diamond drilling results, to the north. The results received have included some outstanding high-grade intersections, including some of the highest lead grades seen to date at Manbarrum in recently received diamond drilling results.

Drilling also commenced during the Quarter to test other priority MVT base metal targets in the area, including the NEIP prospect and at the Djibitgun prospect, where drilling is still in progress.

A detailed high resolution IP survey was completed over these and other prospective areas to define additional targets, and a detailed gravity survey has also now commenced.

Baseline environmental surveying of the Sandy Creek area has been completed by GHD and monitoring is in progress.

The Company has a significant amount of samples awaiting analysis due a high volume backlog at the analytical laboratory. TNG is working closely with the laboratory to resolve this and anticipates receiving all results and producing a revised resource estimate in the December quarter.

Metallurgical test work has now commenced on selected drill core from the Sandy Creek deposit, and the results of this test work will be reported in the December quarter.

Quarterly Report September 2007 3

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TNG Operations

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Figure 1: TNG Limited Tenement Map

TNG Limited holds interests in 34 exploration, mining titles and applications in prospective areas of the Northern Territory and Western Australia.

Quarterly Report September 2007 4

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EXPLORATION

Manbarrum Project: Zinc-Lead-Silver, TNG 100%.

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Figure 2: Location of Manbarrum Project

The Manbarrum Project is located in the Northern Territory, 70 kilometres north east of the regional centre of Kununurra.

The granted Manbarrum tenements comprise three Exploration Licences and an Authority to Prospect (under Section 178) covering a combined area of over 600 square kilometres. This gives TNG access to most of the prospective eastern margin formations of the Bonaparte Shelf Margin, where widespread Mississippi Valley Type (MVT) zinclead-silver mineralisation has been identified at several locations over a 50 kilometre strike length.

TNG’s 2007 exploration program has been focused on the Sandy Creek deposit, located in the south west corner of the Manbarrum Project, and other key targets including NEIP, Djibitgun and Browns.

2007 Exploration Programme

TNG’s exploration team has identified the potential for the Manbarrum Project to host multiple pods of Mississippi Valley Type (MVT) Zinc (Zn) / Lead (Pb) mineralisation of similar scale or larger than the Sandy Creek deposit along the Bonaparte basin margin. The broader objective of the 2007 drilling program is to confirm this potential and establish a strategically significant inventory of zinc-lead-silver resources.

The 2007 exploration program that commenced in late May continued to make significant progress during the Quarter, with the focus on confirming extensions to the current mineralisation at the Sandy Creek deposit, establishing the extent and grade of the expanded resource zone to underpin a revised JORC resource estimate, and undertaking exploration of other key targets.

Quarterly Report September 2007 5

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Two drilling rigs were operational at Manbarrum during the Quarter – a diamond drill rig and a high-powered Reverse Circulation (RC) rig. A total of 58 RC holes for a total of 10,957 metres and 52 diamond drill holes for a total of 11,853.9 metres have been completed to in-fill and extend the current resource at Sandy Creek. 26 RC holes and 2 diamond holes have been completed at NEIP, and 31 RC holes and 4 diamond holes at Djibitgun. (See Table 1)

Prospect	RC		DD
	holes	metres	holes	metres
Sandy Creek	58	10,957	52	11,853.9
NEIP	26	3,758	2	356.4
Djibitgun	31	4,948	4	709.4
TOTAL	115	19,663	58	12,919.7

Table 1: 2007 Drilling Summary

In addition, an 84 line kilometre IP survey was completed and a 3,000 station gravity survey is underway.

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Figure 3: Manbarrum Project: Exploration Prospects

Sandy Creek Deposit

The Sandy Creek deposit is interpreted to be a strata-bound carbonate matrix replacement-type zinc-lead deposit, with similarities to several global MVT deposits (eg, SE Missouri MVT district, USA; Tri State district, USA)

In February 2007, TNG released a preliminary resource estimate for the Sandy Creek deposit with an initial JORC resource of 10.5 million tonnes at 3% Zn, 0.74% Pb and

Quarterly Report September 2007 6

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5.5g/t Ag (3.74% Zn+Pb). Infill and extension drilling completed during the quarter was aimed at producing a revised resource upgrade.

During the Quarter, the Company completed the RC and diamond in-fill drilling programme at the Sandy Creek deposit ahead of schedule. The aim of this programme was to define the extent of the resource and provide additional mineralogical and metallurgical information to increase the level of confidence in the resource.

This process is nearly completed and all samples and core have been forwarded to the laboratory for analysis. Results are awaited to complete the updated resource estimate; this is expected to be released early next quarter.

Mineralisation Style

The Sandy Creek deposit comprises sphalerite, silver-bearing galena and pyrite type mineralisation. It is almost exclusively a primary sulphide deposit, although some secondary zinc mineralisation is present in the supergene zone. No lead sulphates (anglesite) or carbonates (cerrusite) have been observed.

The mineralisation is predominantly hosted by a quartz-sandy carbonate unit, 100-120m thick. In places, the mineralisation extends into the underlying silty carbonate unit. High-grade galena mineralisation has been intersected in the saprolitic clays as well as in a sedimentary breccia immediately underlying the Milligans Shale in the hanging wall of the quartz sandy dolomite.

Mississippi Valley-type deposits are known to have a complex internal geometry and contain a variable mix of high grade and low grade mineralisation. The company has gathered valuable information confirming the MVT nature of the deposit and controls on the mineralisation.

Reverse Circulation (RC) Drilling

Sandy Creek Deposit

A total of 58 RC holes (10,957m) have been completed to date at the Sandy Creek deposit.

The company is pleased to report that nearly all holes have intersected significant sphalerite (zinc sulphide) and galena (lead) from visual estimates and this has now been confirmed in recent results.

Drill chip observations indicate the continuation of a west-dipping strata-bound sphalerite (zinc sulphide) and galena (lead) mineralisation, with an average width of 250 metres and an average thickness of 20 metres. The central main high grade zone has proved to be more complex than expected from previous modeling, but this is not uncommon in this style of mineralisation and significant intersections of mineralisation continue to be recovered.

Quarterly Report September 2007 7

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Results:

TNG has received significant assay results for 28 RC drill holes at Sandy Creek. (See Appendix A).

Diamond Drilling

Diamond drilling has been completed in the main higher grade zone and to test for extensions of the mineralization to the north and west. Five metallurgical test holes have also been completed and sent for assessment.

Diamond hole MDD049, located within the main higher grade zone has recorded over 50m of continuous zinc mineralisation in visual logging, and is considered to be one of the most significant holes to date.

A total of 58 diamond drill holes (12,919.7m), have been completed to date.

Results:

A number of significant new high-grade intercepts have been received recently, including:

• 13m @ 13.3 % Zn+Pb, 14.3ppm Ag from 102m , including 9m @ 17.3 % Zn+Pb, 16.2ppm Ag from 106m, including

• 2.5m @ 35.7 % Zn+Pb, (MDD018)

• 12m @ 5.10 % Zn+Pb, 3.0ppm Ag from 68m (MDD017)

• 9m @ 3.33 % Zn+Pb, 10.0ppm Ag from 87m (MDD019)

• 11m @ 3.70 % Zn+Pb, 6.0ppm Ag from 95m (MDD020)

• 13m @ 4.50 % Zn+Pb, 7.0ppm Ag from 124m (MDD021)

• 8m @ 3.20 % Zn+Pb, 10.0ppm Ag from 83m (MDD023)

The intersection in MDD0018 features the highest lead grades recovered from the project area to date with an outstanding combined intersection of 2m @ 35.7% Zn+Pb MDD0018, which was drilled in the high-grade ‘pipe’ zone in the central resource zone of the Sandy Creek deposit. The hole was located 25 metres to the north of the previous RC drill hole MRC012, which returned an excellent intersection of 115m @ 5.4% Zn+Pb last year.

The results add further weight to an interpreted north-west trending, fault-controlled high-grade of zone of mineralisation within the Sandy Creek resource zone. Other highgrade intercepts within this NW trending zone include MDD007 (20m @ 8.5% Zn+Pb) and MDD014 (43m @ 4.1% Zn+Pb).

Other significant results from diamond drilling reported during the Quarter included:

• 18m @ 5.85 % Zn+Pb, 27ppm Ag, from 75m (MDD006)

• 20m @ 8.50 % Zn+Pb, 20ppm Ag, from 69m (MDD007)

• 10m @ 4.90 % Zn+Pb, 10.8ppm Ag, from 72m (MDD012)

• 20m @ 5.70 % Zn+Pb, 8.6ppm Ag, from 90m (MDD012)

• 7m @ 5.10 % Zn+Pb, 5.3ppm Ag, from 39m (MDD013)

• 10m @ 3.30 % Zn+Pb, 10.9ppm Ag, from 30m (MDD014)

• 43m @ 4.10 % Zn+Pb, 7.1ppm Ag, from 52m (MDD014)

• 10m @ 3.40 % Zn+Pb, 7.3ppm Ag, from 25m (MDD015)

• 20m @ 3.40 % Zn+Pb, 12.8ppm Ag, from 52m (MDD015)

Quarterly Report September 2007 8

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• 22m @ 3.2 % Zn+Pb, 3.7ppm Ag, from 72m (MDD015)

• • 9m @ 3.6 % Zn+Pb, 4.0ppm Ag, from 78m (MDD018)

Significant widths and intersections of zinc mineralisation continue to be received with all assay results received to date shown in Appendix B.

QA – QC Audit

As reported last quarter following receipt of intitial analytical results, the company had commenced detailed quality assurance (QA) and quality control (QC) procedures.

This has included:

• Re-assaying of selected RC chips from both 2006 and 2007 drill samples.

• Twinning of selected 2006 holes with both diamond and RC drilling

• Audit of sample procedures

TNG is pleased to confirm the following results:

• Re-assaying has confirmed the reliability and robustness of the analytical methods used. No variability was noted and the results for the 2006 RC drilling have been confirmed.

• Geological observations on selected twinned holes has confirmed local and visual corellation of mineralisation as expected and, in particular, has confirmed the presence of significant high grade zones within the lower grade zones, indicating the variability common to these types of deposits.

• The Company is confident that this explains the variability noted in diamond drill holes MDD001 and MDD002, where significant widths of continuous mineralisation was recorded, including intervals of higher grade zinc that did not correspond to those noted in adjacent holes,

As part of the ongoing QA-QC audit, TNG has discovered geological/mineralogical settings within the deposit that have the potential for a loss of Zn sulphide during the drilling procedures. A white powder residue has been recovered from both Diamond and RC sumps and assayed. Results record highly significant values of 15-35% Zn, within a dolomite / dolomite-quartz-gypsum matrix. Inspection of drill core has shown that this Zn sulphide mineral is pervasive along fractures and cavity fillings.

Semi-quantitative XRD analysis has confirmed that this zinc occurs as sphalerite in a low-iron, dolomite groundmass.

The Company is assessing whether the presence of this in the drill sumps has resulted in significant under reporting of results.

NEIP Anomaly

26 RC holes (3,758m) and 2 DD holes (356.4m) have been completed at the NEIP Anomaly, located approximately 400m north east of the Sandy Creek Main Zone.

Zinc mineralisation was intersected on the margins of the IP anomaly in a number of drill holes. Results are still pending for most holes.

Quarterly Report September 2007 9

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The IP anomaly has been attributed to the high Pyrite content contained in the faulted contact between Lower Carboniferous Dolomite and Upper Devonian Sandstones.

The NEIP Dolomite is dipping steeply west and is overlain to the west by the Milligans Shale, an impermeable unit which appears to mask IP readings. A close spaced Gravity Survey has recently been completed over the area west of NEIP and north of Sandy Creek, an area which corresponds with a gravity high interpreted from broader spaced data. Results from the recent survey are expected to assist in planning drilling for 2008 to further test the Sandy Creek North/NEIP West zone.

Djibitgun Prospect

The Djibitgun prospect is a key target for the company. A reassessment of historic IP (Induced Polarisation) geophysical, gravity and drill data highlighted this zone as having similar geophysical responses to the Sandy Creek deposit. The Djibitgun prospect also features historic RC drill values of up to 8.5% Zn , making this a key exploration target for TNG.

The detailed IP survey has located additional targets at this prospect and these are currently being drill tested with a planned 45-hole RC programme. A total of 31 RC and 4 Diamond holes have been completed to date. A detailed gravity survey is also in progress.

Browns Prospect

The Browns Prospect is characterized by very large IP and gravity generated anomalies supported by highly anomalous zinc rich gossans at Browns Hill. Browns is also located in a favorable structural setting along strike from Sandy Creek and remains a key target for the Company. However, due to the decision to ramp up drilling at Djibitgun and the imminent onset of the wet season, Browns will not be drill tested this year.

Browns and other regional targets, including Landandi, will be targeted in the 2008 exploration season.

Results Pending:

TNG has approximately 5,000 RC samples from 46 holes and 1,300 DD samples from 16 holes awaiting analysis. These are caught in a backlog at the laboratory. The Company has been working closely with the laboratory to resolve the issue and is confident all remaining results will be received early in the December quarter.

Gravity Survey

A detailed gravity survey is underway over the licence area. This will assist in geological and structural interpretations, target selection and delineation. It will also assist in the assessment of the resources at Sandy Creek and Djibitgun, when all results are available.

Quarterly Report September 2007 10

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Environmental Survey

GHD (Darwin) was contracted last quarter to commence a baseline environmental survey for the sandy Creek area. This has now been completed and monitoring of groundwater, flora and fauna studies undertaken.

TNG has been proactive in establishing this groundwork which will be invaluable as the company progresses the project through to feasibility.

Manbarrum Project Tenement Status

During the quarter TNG has increased its exploration title holding with tenement application EL25646 in the Northern Territory granted (Table 2).

Tenement	Holder	Date	Date	Status	Area
		Applied	Granted
Application No					Km2
EL24395 (NT)	TNG 100%	08/09/04	16/08/05	- Granted	200.0
A 24518 (NT)	TNG 100%	15/12/04	25/08/05	- Granted	16.8
EL25470 (NT)	TNG 100%	13/07/06	05/03/07	- Granted	199.5
EL25646 (NT)	TNG 100%	16/10/06	23/08/07	- Granted	122.0
E80/3772 (WA)	TNG 100%	16/10/06	-	- Awaiting	402.8
				clearance
E80/3816 (WA)	TNG 100%	30/11/06	-	- Awaiting	224.0
				clearance

Table 2: TNG Tenements, Manbarrum Project

OTHER PROJECTS

Explorer, Rover and McClaren Creek Gold-Copper-Bismuth Prospects, TNG 100%

TNG has an interest in four exploration licences 50km south of Tennant Creek in Central Australia. The exploration licences cover an area in excess of 2,500 square kilometres and contain numerous first order Tennant Creek-style magnetic ironstone targets with the potential to host gold, and gold-copper-bismuth deposits.

These prospects are hosted within the prospective Warrimunga Formation and have the same magnetic trend and magnitude as some of the world-class gold and gold-copperbismuth deposits in the Tennant Creek Inlier.

Quarterly Report September 2007 11

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Due to the Company’s focus on the Manbarrum Project, no exploration has been conducted during the Quarter.

Mount Peake: Nickel, TNG 100%

Mount Peake is located in the Arunta Province 80 kilometres north east of Alice Springs. Airborne magnetic surveys have indicated possible ultramafic intrusion hosted nickel targets.

Due to the Company’s focus on the Manbarrum Project, no exploration has been conducted during the Quarter

Tanami East (Goddards Prospect): Copper / Gold, TNG 100%

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 copper-gold deposits.

Due to the Company’s focus on the Manbarrum Project, no exploration has been conducted during the Quarter.

MINING PROJECTS

Cawse Extended: Nickel, TNG 20%, Norilsk 80%

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Figure 4: Cawse Extended Tenement Map

Quarterly Report September 2007 12

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The Cawse Project is located in the Eastern Goldfields region of Western Australia, approximately 60 kilometres north-west of Kalgoorlie.

Four main types of mineralisation have been identified at Cawse. These are the oxide ores of limonite, talc, and siliceous cobalt and the smectite-saprolite ore (locally termed nontronite).

The commercial success of the Cawse nickel operation is dependent in part upon the ability of the principal ore type to be beneficiated. A simple process of rejecting lower grade material on the basis of particle size achieves this. The process is called upgrading and allows sub grade material to become commercial ore grade and also allows higher ore grades to be processed in the early parts of the operation. The success of the upgrade process is dependent upon the physical and chemical properties of the ore being processed and the nickel grade of the ore.

The upgrade ore type represents >80% of the Cawse nickel resource and is hosted mostly within a limonite unit, represented by goethitic clays in the upper saprolite zone.

Metal Content	Metal Volume
Res_cat Product Total_mass (t) ni (%) co (%) ni (t) co (t) CawseExtended Measured Upgrade Ore 2,537,468 0.67 0.03 17,081 858 Grind Ore 30,775 1.02 0.26 314 80 Indicated Upgrade Ore 12,112,649 0.70 0.03 84,486 3,544 Grind Ore 54,993 1.16 0.20 636 111 Inferred Upgrade Ore 81,550,543 0.70 0.03 566,829 22,985 Grind Ore 503,850 1.34 0.21 6,756 1,056 Total 96,790,278 0.70 0.03 676,101 28,634

Table 3: Resource Estimate for Cawse Extended as at end 2006, (source: Norilsk Nickel Cawse).

Mine Scheduling

At this stage the long term mining plan has not seen any significant changes. It is expected that mining will commence at the Satyr prospect in 2008. In-fill drilling is continuing and a mining proposal is being formulated for submission to the DoIR.

Mining at the Dragon prospect is scheduled to start in December 2008. At this point in time Satyr and Dragon are the only Cawse Extended prospects in the long term mining schedule. Further drilling at Cetus is underway in an attempt to prove up a mineable resource and optimisation work continues on a northern extension to Unicorn pit.

Quarterly Report September 2007 13

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The company has held meetings with Norilsk on the future project plans.

Other Western Australian Tenements

TNG holds an interest in 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 Kintore East and McTavish, both based in WA.

TNG currently has other applications over prospective interests for a range of commodities.

CORPORATE

Distributions of shares in Investments

The shareholders approved the distribution of shares held in Western Desert Resources Ltd (WDR) received in return for the sale to WDR of some non-core tenements in the Northern Territory, at a general meeting of shareholders held on 4 September 2007. The 10 million WDR shares were distributed in the ratio of 1 WDR share for every 18.22 TNG shares held on the Record date being 13 September 2007.

At the beginning of the September quarter TNG completed the distribution of securities held in Batavia Mining Ltd and Thor Mining PLC. This was approved by shareholders in the June 2007 quarter.

Demerger of Enigma Mining

On 25 September 2007 TNG announced its intention to demerge Enigma Mining Ltd (Enigma), a wholly owned subsidiary of TNG Ltd. It is currently the intention that this will take the form of a capital distribution to TNG shareholders and a possible ASX listing in the first quarter of 2008.

Enigma holds a 20% interest in Cawse Extended located in WA and a 100% interest in the Mt Peake Prospect in the Northern Territory, also prospective for Nickel.

TNG is of the view that this demerger will take place early in 2008 subject to legal and taxation investigations currently underway.

AGM

The Annual General Meeting is to be held on Thursday 8 November 2007 at the Celtic Club, 48 Ord Street, West Perth at 10.00am. The Company encourages your attendance and use of your vote on the resolutions to be placed before shareholders at this meeting.

Cash Position

The September 2007 quarter closed with a cash balance of $4.1m.

Quarterly Report September 2007 14

==> picture [297 x 89] intentionally omitted <==

Yours faithfully,

TNG LIMITED

==> picture [88 x 64] intentionally omitted <==

Neil Biddle Managing Director

31 October 2007

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 TNG 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.

Quarterly Report September 2007 15

==> picture [297 x 89] intentionally omitted <==

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	European Stock Exchange Listings
Eddie Fry	Non Executive Director
		Frankfurt	A0B60K
Chief Financial Officer/Company Sec		Berlin	A0B60K
		Munich	A0B60K
Damian Delaney		Stutttgart	A0B60K
Shareholder Enquiries
		Major Shareholders – 26 October 2007
Damian Delaney
		ANZ Nominees Limited	11.94%
Contact		RAB Special Situations (Master) Fund Ltd	10.97%
		CBH Resources	8.87%
Telephone:	(08) 9327 0900	JW Barr	6.10%
Facsimile:	(08) 9327 0901	N Biddle	5.68%
Email: corpor	ate@tngltd.com.au	TOTAL DIRECTORS HOLDINGS	16.90%

Email: corporate@tngltd.com.au

Website: www.tngltd.com.au

Share Registry

Computershare Investor Services Pty Ltd Level 2, 45 St Georges Terrace Perth WA 6000

Telephone: (08) 9323 2000 Facsimile: (08) 9323 2033

Capital	Structure –	26 October 2007	26 October 2007
Ordinary	Shares	TNG	182,492,404
Options:	30.11.07	(unlisted)	1,100,000	$0.17
Options:	31.03.10	(unlisted)	12,500,000	$0.49
Options:	31.12.11	(unlisted)	5,100,000	$0.32

Quarterly Report September 2007 16

Appendix A: Significant RC Assay Results Received To Date, Manbarrum Project.

Hole_ID	NAT_East	NAT_North	From	To	Width	Zn	Pb	Grade	Intercept
			m	m		%	%	Zn+Pb
MRC001	520723	8297054	19	29	10	0.33	13.92	14.25	10m @ 14.25 %
MRC001			32	50	18	0.75	11.31	12.06	18m @ 12.06 %
MRC001			70	95	25	0.95	1.60	2.55	25m @ 2.55 %
MRC002	520749	8297049	25	35	10	0.35	8.50	8.85	10m @ 8.85 %
MRC004	520731	8297096	19	53	34	1.66	6.75	8.42	34m @ 8.42 %
MRC005	520760	8297099	53	68	15	1.56	1.82	3.38	15m @ 3.38 %
MRC005			19	49	30	1.19	11.32	12.51	30m @ 12.51 %
MRC006	520773	8297101	27	34	7	1.39	1.55	2.94	7m @ 2.94 %
MRC006			51	63	12	2.74	0.04	2.78	12m @ 2.78 %
MRC007	520754	8297199	53	62	9	2.35	1.34	3.68	9m @ 3.68 %
MRC008	520902	8297365	21	37	16	3.20	1.05	4.25	16m @ 4.25 %
MRC009	520799	8297199	23	31	8	3.77	0.76	4.53	8m @ 4.53 %
MRC010	520827	8297201	21	28	7	2.55	1.19	3.74	7m @ 3.74 %
MRC012	520660	8297203	195	200	5	6.11	0.33	6.44	5m @ 6.44 %
MRC012			78	192	114	5.68	0.66	6.34	114m @ 6.34 %
MRC013	520576	8297051	43	57	14	2.58	1.31	3.89	14m @ 3.89 %
MRC013			100	150	50	5.05	0.34	5.39	50m @ 5.39 %
MRC014	520603	8297043	37	43	6	2.21	1.17	3.38	6m @ 3.38 %
MRC016	520522	8296936	65	80	15	3.55	0.36	3.92	15m @ 3.92 %
MRC017	520551	8296949	57	79	22	2.09	0.84	2.93	22m @ 2.93 %
MRC017			107	130	23	5.46	1.19	6.65	23m @ 6.65 %
MRC020	520495	8297105	179	186	7	5.00	0.12	5.13	7m @ 5.13 %
MRC020			80	88	8	3.55	2.76	6.31	8m @ 6.31 %
MRC020			101	116	15	4.19	4.78	8.97	15m @ 8.97 %
MRC023	520725	8297259	113	120	7	10.17	0.52	10.69	7m @ 10.69 %
MRC023			52	111	59	4.01	0.17	4.18	59m @ 4.18 %
MRC024	520618	8297103	50	58	8	3.09	0.79	3.88	8m @ 3.88 %
MRC024			87	98	11	2.45	0.07	2.52	11m @ 2.52 %
MRC027	520724	8296953	106	115	9	3.69	0.37	4.06	9m @ 4.06 %
MRC031			182	188	6	4.59	0.57	5.16	6m @ 5.16 %
MRC031	520598	8297149	65	78	13	2.68	1.38	4.06	13m @ 4.06 %
MRC032	520621	8297154	160	164	4	3.88	0.06	3.94	4m @ 3.94 %
MRC032			61	68	7	2.72	1.59	4.31	7m @ 4.31 %
MRC033	520878	8297318	37	49	12	2.30	4.91	7.21	12m @ 7.21 %
MRC034	520770	8297149	40	83	43	2.02	5.02	7.04	43m @ 7.04 %
MRC036	520628	8297198	82	88	6	1.41	0.62	2.03	6m @ 2.03 %
MRC037	520649	8297195	72	84	12	3.11	3.96	7.07	12m @ 7.07 %
MRC038	520550	8296997	117	121	4	5.45	1.37	6.82	4m @ 6.82 %
MRC038			65	81	16	3.25	2.33	5.58	16m @ 5.58 %
MRC038			85	109	24	5.88	0.63	6.50	24m @ 6.50 %
MRC038			122	150	28	7.42	0.15	7.57	28m @ 7.57 %
MRC040	520625	8296994	83	97	14	1.95	0.46	2.42	14m @ 2.42 %
MRC040			108	150	42	2.21	0.75	2.95	42m @ 2.95 %
MRC041	520856	8297163	20	29	9	0.40	4.04	4.44	9m @ 4.44 %
MRC042	520603	8297247	106	114	8	2.00	0.28	2.29	8m @ 2.29 %
MRC043	520752	8297409	102	109	7	2.67	3.03	5.70	7m @ 5.70 %
MRC045	520673	8297249	118	123	5	2.24	1.10	3.34	5m @ 3.34 %
MRC045			83	99	16	2.11	3.28	5.39	16m @ 5.39 %
MRC046	520794	8297249	114	119	5	2.18	1.24	3.42	5m @ 3.42 %
MRC046			79	108	29	3.50	2.53	6.03	29m @ 6.03 %
MRC053	520826	8297292	87	98	11	0.76	2.56	3.33	11m @ 3.33 %
MRC054	520628	8297292	134	138	4	4.43	1.92	6.34	4m @ 6.34 %

Quarterly Report September 2007 17

MRC055	520650	8297348	141	152	11	0.99	2.35	3.34	11m @	3.34	%
MRC056	520810	8297513	116	121	5	4.45	1.79	6.24	5m @	6.24	%
MRC056			123	148	25	2.65	5.15	7.80	25m @	7.80	%
MRC057	520704	8297350	101	107	6	1.80	2.93	4.73	6m @	4.73	%
MRC059	520858	8297356	29	34	5	1.42	0.78	2.20	5m @	2.20	%
MRC060	520688	8297560	174	177	3	2.91	0.63	3.54	3m @	3.54	%
MRC060			226	229	3	0.92	5.42	6.33	3m @	6.33	%
MRC063	520676	8297395	142	150	8	4.19	1.45	5.64	8m @	5.64	%
MRC068	520456	8297003	136	148	12	4.20	0.03	4.23	12m @	4.23	%
MRC071	520682	8297066	110	119	9	2.27	0.08	2.34	9m @	2.34	%
MRC071			45	63	18	2.96	2.25	5.21	18m @	5.21	%
MRC073	520583	8297064	74	84	10	4.16	0.38	4.54	10m @	4.54	%
MRC073			87	100	13	2.32	0.25	2.57	13m @	2.57	%
MRC074	520525	8297073	97	102	5	2.49	0.70	3.18	5m @	3.18	%
MRC074			129	142	13	3.08	0.05	3.13	13m @	3.13	%
MRC075	520472	8297064	138	141	3	4.13	0.15	4.29	3m @	4.29	%
MRC075			127	133	6	4.06	1.23	5.29	6m @	5.29	%
MRC075			161	167	6	3.06	0.05	3.11	6m @	3.11	%
MRC075			113	120	7	2.53	0.20	2.73	7m @	2.73	%
MRC079	520578	8297013	38	45	7	1.18	2.13	3.31	7m @	3.31	%
MRC087	520430	8296968	81	89	8	2.90	0.59	3.50	8m @	3.50	%
MRC090	520531	8296916	44	52	8	2.17	0.33	2.49	8m @	2.49	%
MRC093	520523	8296871	71	77	6	1.95	0.16	2.11	6m @	2.11	%
MRC093			101	109	8	2.44	0.13	2.57	8m @	2.57	%

Quarterly Report September 2007 18

Appendix B: Significant DD Assay Results Received To Date, Manbarrum Project.

Hole_ID	NAT_East	NAT_North	From	To	Width	Zn	Pb	Grade	Intercept
			m	m		%	%	Zn+Pb
MDD001	520650	8297204	85	89	4	3.55	4.71	8.26	4m @ 8.26 %
MDD001			166	171	5	5.04	0.33	5.37	5m @ 5.37 %
MDD001			71	81	10	1.92	0.39	2.31	10m @ 2.31 %
MDD003	520691	8297251	87	91	4	6.26	0.05	6.31	4m @ 6.31 %
MDD003			54	68	14	2.73	1.84	4.57	14m @ 4.57 %
MDD004	520732	8297242	48	52	5	4.83	4.50	9.33	4.5m @ 9.33 %
MDD005	520758	8297217	36	44	8	2.80	1.61	4.41	7.6m @ 4.41 %
MDD005			91	108	17	4.61	1.31	5.92	17m @ 5.92 %
MDD006	520675	8297188	75	93	18	2.74	3.09	5.83	18m @ 5.83 %
MDD007	520680	8297160	124	132	8	2.40	0.23	2.63	8m @ 2.63 %
MDD007			69	89	20	4.41	4.06	8.47	20.4m @ 8.47 %
MDD008	520685	8297090	49	58	9	1.25	0.44	1.68	9m @ 1.68 %
MDD009	520673	8297205	72	85	13	2.11	0.70	2.81	13m @ 2.81 %
MDD011	520640	8297290	141	148	7	1.94	0.48	2.42	7m @ 2.42 %
MDD012	520634	8297244	72	81	9	4.32	1.02	5.34	9m @ 5.34 %
MDD012			91	110	19	2.83	3.16	5.99	19m @ 5.99 %
MDD013	520720	8297187	39	46	7	3.11	2.02	5.13	7m @ 5.13 %
MDD014	520683	8297143	31	37	6	2.56	0.93	3.49	5.8m @ 3.49 %
MDD014			53	86	33	2.68	2.14	4.82	33m @ 4.82 %
MDD015	520739	8297137	27	35	8	2.79	0.91	3.69	8.4m @ 3.69 %
MDD015			52	64	12	1.56	1.83	3.39	12m @ 3.39 %
MDD015			73	93	20	2.73	0.61	3.35	20m @ 3.35 %
MDD017	520754	8297236	135	142	7	2.36	0.52	2.89	7m @ 2.89 %
MDD017			55	64	9	2.35	0.16	2.51	9.2m @ 2.51 %
MDD017			68	80	12	3.20	1.88	5.09	12m @ 5.09 %
MDD018	520632	8297265	78	87	9	2.86	0.75	3.61	9m @ 3.61 %
MDD018			102	115	13	4.49	7.30	11.78	13m @ 11.78 %
MDD019	520791	8297393	87	96	9	2.42	0.91	3.33	9m @ 3.33 %
MDD020	520857	8297534	95	106	11	3.49	0.17	3.65	11m @ 3.65 %
MDD021	520814	8297535	124	137	13	3.79	0.63	4.43	12.9m @ 4.43 %
MDD023	520760	8297323	169	173	4	4.31	2.28	6.59	4m @ 6.59 %
MDD023			83	91	8	2.95	0.26	3.22	8m @ 3.22 %
MDD024	520758	8297215	36	40	4	3.97	1.02	5.00	4.1m@ 5.00 %

Quarterly Report September 2007 19

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

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

Name of entity TNG LIMITED

ACN or ARBN 000 817 023

Quarter ended (“current quarter”) 30 September 2007

Consolidated statement of cash flows

Cash flows related to operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Royalties received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other Net Operating Cash Flows	Current quarter $A’000	Year to date $A’000
	– (4,781) – – (1,121) – 114 – – -	– (4,781) – – (1,121) – 114 – – -
	(5,788)	(5,788)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) tenements (b) controlled entity (net of cash aquired) (c) other fixed assets 1.9 Proceeds from sale of: (a) tenements (b) equity investments (c) controlled entity (d) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	– – (21) – – – – – – –	– – (21) – – - - – – -
	(21)	(21)
	(5,809)	(5,809)

• See chapter 19 for defined terms.

Appendix 5B Page 1

Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	1.13 Total operating and investing cash flows (brought forward)	(5,809)	(5,809)	(5,809)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. (net of expenses) 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		17 – – – – –		17 – – – – –
		17		17
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter		(5,792) 9,881 –		(5,792) 9,881 –
		4,089		4,089
Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the relatedentities
1.23 1.24	Aggregate amount of payments to these parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10		Current quarter $A'000
			157
			–
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 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest	Explanation necessary for an understanding of the transactions
	Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

• See chapter 19 for defined terms.

Appendix 5B Page 2

Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities - Mortgage on Exploration base in Kununurra 3.2 Credit standby arrangements	Amount available $A’000	Amount available $A’000	Amount used $A’000
		480	480
		–	–
Estimated cash outflows for next quarter 4.1 Exploration and evaluation 4.2 Development
			$A’000
			2,857
			–
Total			2,857

Reconciliation of cash

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 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other – security deposits	3,972	9,780
	-	-
	–	–
	117	101
Total: cash at end of quarter(item 1.22)	4,089	9,881

• See chapter 19 for defined terms.

Appendix 5B Page 3

Appendix 5B Mining exploration entity quarterly report

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
	MLA23812 EL10228 EL22957 EL23630 MLC625 MLC624 MLC632 MCC1057 MCC1035 MCC1036 MCC1042 MCC1351 MCC1112 MCC1113 MCC1117 MCC1118 MCC1119 MCC1120 MCC1040 MCC1041 MCC1089 MCC1090 MCC1091 MCC1092 MCC1093 MCC1094 MCC1095	Beneficial Beneficial Beneficial Beneficial Beneficial Beneficial Beneficial Beneficial Beneficial Beneficial Beneficial Beneficial Beneficial Beneficial Beneficial Beneficial Beneficial Beneficial Beneficial Beneficial Beneficial Beneficial Beneficial Beneficial Beneficial Beneficial Beneficial	100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%	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%
	EL25646 ELA26382 ELA26383 ELA26384	Granted Application Application Application	100% 0% 0% 0%	100% 100% 100% 100%

• See chapter 19 for defined terms.

Appendix 5B Page 4

Appendix 5B Mining exploration entity quarterly report

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 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs	182,192,405	182,192,405
	100,000	100,000
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options A – Director, Consultant and Employee Options 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	1,400,000 12,500,000 5,100,000	– – –	Exercise Price $0.17 $0.49 $0.32	Expiry Date 30 November 2007 31 March 2010 31 December 2011
	100,000	100,000	$0.17	$0.17
7.11 Debentures (totals only)
7.12 Unsecured notes (totals only)

• See chapter 19 for defined terms.

Appendix 5B Page 5

Appendix 5B Mining exploration entity quarterly report

Compliance statement

• 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.

• 2 This statement does give a true and fair view of the matters disclosed.

==> picture [104 x 70] intentionally omitted <==

Sign here: (Company Secretary) Print name: DAMIAN DELANEY

Date: 23 October 2007

• See chapter 19 for defined terms.

Appendix 5B Page 6