TIVAN LIMITED — Interim / Quarterly Report 2007

Apr 29, 2007

QUARTERLY REPORT MARCH 2007

HIGHLIGHTS

EXPLORATION

Manbarrum Zinc-Lead-Silver Project Zn-Pb-Ag, Northern Territory, (TNG $100\%$

• . Initial JORC compliant resource estimate of 10.5Mt at 3% Zn, 0.74% Pb and 5.5g/t Ag (3.3% Zn Eg) completed for Sandy Creek Deposit.
• The current Sandy Creek resource remains open at depth and to the north, south, west with extensions to be tested during the 2007 field season.
• Conceptual study indicates that the Sandy Creek resource is economically viable $\bullet$ . at present using conservative parameters.
• Favourable results received from preliminary flotation test work on Sandy Creek ore.
• Coincident gravity and IP modelling identifies two additional Sandy Creek-type $\bullet$ targets at the Djibitgun and Llandandi prospects, located 12km and 16km respectively along strike from Sandy Creek.
• Historic drilling on the edge of the IP anomaly at Djibitgun Prospect has intersected maximum values of 8.45% Zn $(54-60m)$ and 8.56% Zn $(62-79m)$ .
• \$8M budget implemented for an intensive 2007 exploration program comprising 30.000m of RC and Diamond Drilling and further detailed IP and gravity surveys. scheduled to commence in mid-May 2007.
• Key priorities for 2007 exploration program include:
• resource in-fill and extensional drilling at Sandy Creek to produce a revised $\bullet$ JORC compliant estimate;
• drilling of four key IP targets at Sandy Creek North, Browns and the newly identified Diibitgun and Llandandi prospects;
• establishment of additional resources at these advanced targets, where there $\bullet$ is potential to delineate multiple MVT deposits, would evolve the Manbarrum Project into a world-class MVT district.

CORPORATE

• \$11.52m capital raising completed to underpin accelerated exploration and development activities at the Manbarrum Project.
• Zinc producer CBH Resources Ltd takes 4.5% investment in TNG. $\bullet$
• Sale of non-core mineral assets to Western Desert Resources Pty Ltd for \$2M in ٠ shares.
• Shareholders' Meeting called for 17 May 2007. $\bullet$
• Appointment of experienced geologist and geochemist, Paul Burton, as Exploration Manager to lead the resource drilling programs at Manbarrum.

Tennant Creek Gold LIMITED

www.tennantcreekgold.com.au

Level 1 282 Rokeby Road, Subiaco Western Australia 6008

	Telephone: + 618 9327 0900
Facsimile:	+ 618 9327 0901
Website:	www.tennantcreekgold.com.au
Email:	corporate@tngltd.com.au
Cambron and a	alail Diddle - Mennesine Disaatar

Neil Biddle, Managing Director Contact: Paul Burton, Exploration Manager

Summary

During the March 2007 Quarter, Tennant Creek Gold ("TNG") continued preparations for the commencement of a substantially expanded 2007 exploration program at its 100%-owned Manbarrum Zinc-Lead-Silver Project, located in the Northern Territory.

The Company's objective is to delineate a substantial inventory of strategic zinc-lead-silver resources at the Manbarrum Project during 2007 with the potential to add significant value for TNG shareholders.

The 2007 field program has been designed to confirm the potentially world class nature of the Manbarrum Project, hosting multiple MVT (Mississippi Valley Type) zinc-lead-silver deposits of similar or greater size than the current Sandy Creek deposit.

TNG also completed an initial evaluation of the Sandy Creek deposit itself during the Quarter, with completion of a JORC compliant initial Resource Estimate, preliminary metallurgical testwork and a conceptual mining study.

A reassessment of historic IP geophysical, gravity and drill data for the Manbarrum Project areas has highlighted three other zones along strike from Sandy Creek - the Browns Creek, Diibitaun, and Llandandi prospects (Fig. 3)- which have similar responses to the Sandy Creek deposit and feature historic RC drill values of up to 8.5% Zn.

These target zones, together with the Sandy Creek North IP anomaly, represent priority drilling targets for the 2007 exploration field season.

TNG's 2007 exploration program will commence in May as soon as the wet season has abated.

Assessment of the Company's other mineral projects in the Northern Territory has provided an opportunity to divest some exploration licences to privately owned company, Western Desert Resources Pty Ltd. This will enable the Company to focus its resources and management attention on the Manbarrum Project.

During the Quarter, several corporate presentations were made at Australian and European investor symposiums as part TNG's ongoing investor relations program.

TNG Operations

Figure 1: Tennant Creek Gold Ltd. Tenement Map

Tennant Creek Gold holds exploration and mining titles on 54 licences in prospective areas of the Northern Territory and Western Australia.

Quarterly Report March 2007 Page 5

Exploration

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

Figure 2: Location of Manbarrum Project

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

The granted tenements consist of two Exploration Licences and an Authority to Prospect (under Section 178) covering a combined area of over 400 square kilometres. An additional three Exploration Licences have been applied for and these complete coverage of the prospective margins of the Bonaparte Shelf Margin, where widespread Mississippi Valley Type (MVT) zinc-leadsilver mineralisation has been identified along a 50 kilometre strike length.

The Sandy Creek deposit, located in the south west corner of the Manbarrum Project, was the core focus of TNG's 2006 exploration programs.

Exploration Model

The Manbarrum Project is considered by TNG's geologists to have the potential to evolve into a world class MVT district.

The Sandy Creek deposit is interpreted to be a stratabound carbonate matrix replacement-type zinc-lead deposit, with similarities to several global MVT deposits (eg SE Missouri MVT district, USA; with elements of Irish-type deposits, eq Ireland, Tri State district, USA).

In 2006. TNG focused initially on the known mineralisation at Sandy Creek. As a result of the drilling completed last year, continuous stratabound zinc-dominant mineralisation has now been defined over a 450 x 250 metre zone within a 100-120 metre thick sandy dolomite unit which is dipping west 30 degrees and plunging north at 35 degrees, with a sub vertical mineralised zone at the southern end of the deposit.

2007 Exploration Programme

The 2007 exploration program will focus on confirming extensions to the current mineralisation at the Sandy Creek deposit and establishing the extent and grade of the resource zone to provide a revised JORC compliant resource estimate.

A major combined RC and diamond drilling programme is planned to commence as soon as access into the area is achievable following the wet season rains. This is anticipated to be in mid-May 2007.

A total of 159 RC holes for a total of 20,000 metres and 19 diamond drill holes for a total of 10,000 metres have been planned to in-fill and extend the current resource at Sandy Creek and undertake regional exploration of other key targets in the 2007 field season.

Detailed IP and gravity geophysical surveys have also been planned to coincide with the drilling activity to advance target selection.

In addition to the Sandy Creek zone, nine significant surface geochemical soil and rock zinc-lead anomalies - some with coincident IP geophysical anomalies - have been identified from historic data within TNG's tenement portfolio at Manbarrum (Figure 3).

Three of these - Browns Creek, Djibitgun, and Llandandi, have coincident IP, gravity and soil zinc anomalism. Interpretations of the gravity and seismic data show that these overlie the prospective sandy dolomite in favourable structural settings.

Assessment of previous drilling over these prospects has given the following maximum values:

Djibitgun - 2 drill holes into the IP anomaly recorded maximum zinc values of $3.10\%$ (40-43m), $8.45\%$ (54-60m) and $8.56\%$ (62-79m)

Browns Creek - one drill hole on the edge of the IP anomaly recorded 0.8% Zn

Llandandi - one drill hole on edge of the IP anomaly recorded $0.7\%$ Zn

Beta Trend $-2$ drill holes (no IP survey) recorded 4.00% Zn (2-14m) and 3.82% Zn (84-90m)

These represent priority drilling targets for the 2007 exploration program.

Figure 3: Manbarrum Project -Targets for 2007 programme

Mineralisation

The mineralisation at Sandy Creek remains open to the south, west, north and at depth within sections of the sandy dolomite and within the sandy dolomite/silty dolomite contact zone.

There is strong evidence from geophysical and drill data that the mineralisation could extend a further 400 metres to the west and a further 600 metres north of the 2006 drill grid.

The Sandy Creek deposit itself comprises sphalerite-galena-pyrite type mineralisation. It is almost exclusively a sulphide primary deposit, although some secondary zinc mineralisation may be 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. In places, the mineralisation appears to extend into the underlying silty carbonate unit. High-grade galena mineralisation has been intersected in two holes in the saprolitic clays immediately above the main host unit. This zone is also likely to contain zinc oxide mineralisation

During the March Quarter, TNG upgraded the project with completion of the following:

O Preliminary Flotation Testwork

Metplant Engineering Services Pty Ltd. (Metplant) was engaged by CSA Australia Ltd, on TNG's behalf, to manage and review a preliminary flotation testwork program conducted on reverse circulation (RC) drill chip samples from the Sandy Creek deposit.

The study involved a review of the metallurgical testwork to develop an understanding of the samples' suitability for upgrading by conventional flotation techniques, for future project development.

The samples responded favourably to flotation with the following results achieved:

Sample	Zinc details and performance			Lead details and performance
	Head grade (% Zn)	Concentrate $qrade$ (% $Zn$ )	Recovery (9/6)	Head grade (%Pb)	Concentrate grade $(%Pb)$	Recovery (9/6)
MRC04
38 to 42 m MRC05	3.1	10.5	59.0	12.6	51.1	71.2
45 to 48 m MRC12	3.2	9.4	41.7	14.7	48.1	45.8
135 to 140 m MRC12	11.9	42.6	55.7	0.5	1.6	49.2
196 to 200 m MRC46	1.9	28.5	66.5	0.2	1.3	29.9
98 to 102 m	8.0	52.7	90.3	1.5	4.4	41.4

Table 1: Metplant Flotation testwork results

Sandy Creek Deposit Zn-Pb-Ag Resource Estimate $\circ$

During the Quarter, TNG commissioned CSA Australia Pty Ltd (CSA) to produce an initial resource estimate for the mineralisation at Sandy Creek.

The scope of work included data validation and import of data for modelling, digitising of geological, weathering and mineralisation boundaries, 3D modelling of geology, weathering and mineralisation solids, statistical analysis and variography for zinc, lead and silver, block modelling and grade estimation, model validation and classification, resource reporting and documentation of the resource modelling process.

The Initial JORC compliant resource estimate for Sandy Creek, which was announced in February 2007, is 10.5Mt @ 3% Zn, 0.7%% Pb and 5.5g/t Ag (Table 2).

This work also re-emphasised the fact that that the current resource remains open at depth, and to the north, south and west. The 2007 drilling program will define the full extent of this deposit.

Resource	Resource	Category	Tonnes	Zn (9/6)	PЬ (%)	Ag (g/t)
Primary	Pipes	Indicated	3,304,746	3.46	0.86	6.40
		Inferred	2,091,204	4.55	0.27	4.12
	Stratabound	Indicated	3,766,878	1.90	0.70	5.16
		Inferred	1,303,722	1.98	1.30	6.43
Total			10,466,550	2.93	0.74	5.50
Supergene		Indicated	190,365	1.22	5.05	15.72

Table 2: Sandy Creek Resource results

Note: the Sandy Creek February 2007 Mineral Resource Estimate was carried out using 3-D wireframes and interpolated using Datamine software. A lower cut-off grade of 1% Zn Eq (1% Zn) was used to determine the resource estimate within the Primary Zone, and 1% Pb within the Supergene zone. (CSA Ltd)

Sandy Creek Conceptual Study. $\circ$

LQS Australia was commissioned by CSA Australia Pty Ltd, on behalf of TNG, to undertake a first pass conceptual study on the Sandy Creek Resource.

This preliminary conceptual study was designed to determine the viability of developing an operation on the Sandy Creek deposit using estimated comparative mining costs, rates and parameters.

The conceptual study showed that, even with conservative input parameters, development of the Sandy Creek deposit could be economically feasible.

Manbarrum Project Tenement Status

TNG has increased its exploration title holding in the area with one tenement application in the Northern Territory and two in Western Australia (Figure 4). Once these applications are granted, the company will hold more than $1,100 \text{ km}^2$ in this prospective region. Details are summarised below (Table 3).

Tenement Application No	Holder	Date Applied	Status	Area Km 2
EL24395 (NT)	TNG 100%	08/09/04	- Granted	200.0
A 24518 (NT)	TNG 100%	15/12/04	- Granted	16.8
EL25646 (NT)	TNG 100%	16/10/06	- Awaiting clearance	122.0
EL25470 (NT)	TNG 100%	13/07/06	- Granted	199.5
E80/3772 (WA)	TNG. 100%	16/10/06	- Awaiting clearance	402.8
E80/3816 (WA)	TNG 100%	30/11/06	- Awaiting clearance	224.0

Table 3: TNG Tenements, Manbarrum Project

Figure 4: TNG tenements, Manbarrum Project

Quarterly Report March 2007 Page 13

Kununurra Exploration Base

At the beginning of the March Quarter, TNG acquired the accommodation, office and storage facility in Kununurra that was previously leased by the Company.

This integrated facility has been upgraded during the quarter and will serve as the Company's field headquarters and logistical support for the Manbarrum camp from which all field work will be carried out. This base is now permanently staffed and is an important centre for activities.

Plate 1: TNG Kununurra Office

Traditional Owners

In March 2007 the full TNG Board and senior management met in Kununurra with the region's Traditional Owners and Elders to further discuss the Company's activities.

Plate 2: TNG Exploration Manager briefing Manbarrum Traditional Owners.

As a result of this meeting, an agreement with the Manbarrum Traditional Owners has been reached for the 2007 Exploration programme, and for location of the exploration camp.

In keeping with TNG Indigenous policy, 4 traditional owners from the Manbarrum area have been employed to assist with access, environment and field work on the project. They are based at the Company's Kununurra office.

OTHER PROJECTS

TNG announced it has entered into an agreement with Western Desert Resources Ptv Ltd. (WDR) for the sale of a portfolio of non-core mineral assets in the Northern Territory for A\$2 million in shares.

The tenements subject to the sale are the Spring Hill Gold project, Blueys Silver Lead prospect, and the Golden Goose, Golden Mile and Hopeful Star Gold prospects, plus a selection of Mineral claims and mining leases in the Tennant Creek area (Figure 1).

This divestment is conditional on WDR listing before October 31^st 2007, and will allow TNG to focus on the Manbarrum Project.

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

TNG has an interest in four exploration licences 50-80km 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 Warrimunga 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.

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.

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

In March Norilsk purchased the nickel interests of OM Group Inc. (OMG), who previously owned and managed the Cawse Nickel-Cobalt Operation. Norilsk and TNG now jointly own 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 since been informed that it is likely there will be only limited mining at Cawse extended for 2007.

There was no royalty payment for the March Quarter.

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.

CORPORATE

Placement and Underwriting Agreement

During the March quarter, the Company executed a Placement and Underwriting Agreement with Southern Cross Equities. This agreement resulted in a placement to CBH Resources of 6 million shares at \$0.39 raising \$2.34 million and the underwriting of the remaining 31 May 2007 listed options (ASX:"TNGO") and those unlisted options exercisable on or before 31 May 2007. At the time of the execution of the agreement the Company had 53.6 million listed options in issue and 9 million unlisted options in issue. The total value of this underwriting was \$9.18m. This secured a total of \$11.52 million for the Company.

At the quarter end the Company reported a cash balance of \$3.2 million (Appendix 5B released 30 April 2007).

Since the quarter end the Company can confirm cash receipts of \$840K for the exercise of 30 April 2007 unlisted options held by RAB and a further \$730K for the exercise of 31 May 2007 listed options (TNGOs).

The Company is confident that at the current share price the majority of the 31 May 2007 options will be exercised. The remaining 31 May 2007 options represent approximately \$6.8m which will be received prior to the end of the current financial year.

Sale of Non-core Assets

On 27 February 2007 the Company announced that it had reached agreement with minerals company Western Desert Resources Pty Ltd ("WDR") for the sale of a portfolio of non-core mineral assets in the Northern Territory for A\$2 million in shares.

The tenements subject to the sale include the Spring Hill Gold Project, Blueys Silver-Lead prospect. Winnekie Gold prospect and a number of mineral claims and mining licences in the Tennant Creek area.

The proposed divestment of these assets is consistent with TNG's focus on its 100%-owned Manbarrum Zinc-Lead-Silver Project in the Northern Territory.

The agreement with WDR represented an opportunity to realise a fair value for these projects at a time of strong market interest. This sale is conditional upon WDR gaining admission to the ASX before 31 October 2007. The Company will keep the market informed as to progress of the WDR listing.

Marketing

During the March Quarter, a significant amount of promotional work and investor relations activity was undertaken, with the Company participating in a number of high-profile conferences and investment exhibitions both in Australia and Europe. A significant amount of interest has been generated through this international exposure.

This activity has raised awareness of the Company and augers well for the coming drilling season. A key outcome of this promotional activity was the placement to ASX-listed zinc producer, CBH Resources (ASX: "CBH"), of 6 million shares and the underwriting agreement with leading Sydnev-based broking firm, Southern Cross Equities, thereby securing funding for the 2007 drilling program and all other exploration activities.

Extraordinary General Meeting

The Company has recently distributed to all shareholders a Notice of Meeting and an Explanatory Memorandum, for a general meeting of shareholders to be held at 10am on 17 May 2007 at the Celtic Club, 48 Ord Street, West Perth.

Shareholders will be asked to consider a number of issues, including:

a) approval for a proposed reduction of capital via the distribution of the securities currently held in Batavia Mining Ltd and Thor Mining PLC:

• b) ratification of the share placement to CBH Resources:
• c) approval for a proposed change of Company name to TNG Ltd;

d) authorisation of the issue of the shares to be issued as a result of the underwriting of options: and

e) the issue of 10 million Incentive Options to Directors

The Company encourages all shareholders to utilise their voting rights by returning the proxy form attached to the Notice of Meeting.

Staff Options

The Company believes in the retention and motivation of employees and consultants of the Company. To that end the Company recently issued 5.1 million options exercisable on or before 31 December 2011 at \$0.38, to a number of employees and consultants. Importantly these options vest over a period of 3 years.

Current Investments

Thor Mining PLC (AIM and ASX code: "THR")

Batavia Mining Limited (ASX code: "BTV")

TNG holds 15.1 million shares in Thor Mining, representing approximately 11.6% of its issued capital and 16.3 million shares in Batavia Mining, representing 14.3% of its issued capital. These investment holdings are the subject of the Notice of Meeting mentioned above.

The Thor web page is: www.thormining.com.au

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

Yours faithfully TENNANT CREEK GOLD LTD

Paul Burton Exploration Manager

30 April 2007

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Paul Burton, who is a Member of The Australasian Institute of Mining and Metallurgy. Paul Burton is the Exploration Manager of Tennant Creek Gold Limited. Paul Burton 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'. Paul Burton 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 March 2007 Page 20

Directors

Australian Stock Exchange Listing

John W Barr Neil Biddle Michael Bowen	Chairman Managing Director Non-Executive Director	Shares Options		TNG TNGO
Terry Smith Eddie Fry Chief Financial Officer Damian Delaney	Non-Executive Director Non-Executive Director	Frankfurt Berlin Munich Stuttgart	European Stock Exchange Listings	A0B60K A0B60K A0B60K A0B60K
Shareholder Enquiries Damian Delaney
Contact Telephone: Facsimile:	(08) 9327 0900 (08) 9327 0901	ANZ Nominees Limited Limited	Major Shareholders - 25 April 2007 RAB Special Situations (Master) Fund	15.64% 13.01%
Email: Website:	corporate@tennantcreekgold.com.au www.tennantcreekgold.com.au	JW Barr N Biddle CBH Resources		8.20% 5.93% 4.49%
Share Registry		Capital Structure 25/04/07
	Computershare Investor Services Pty Ltd	Ordinary Shares	TNG	133,637,091
PERTH WA 6000	Level 2, 45 St George's Terrace	Options: 31/05/07 \$0.15	TNGO	45,955,314
Telephone:	$(08)$ 9323 2000	Options: 31/05/07 \$0.15	(Unlisted)	2,000,000
Facsimile:	$(08)$ 9323 2033	Options: 30/11/07 \$0.23	(Unlisted)	2,000,000
		Options: 31/12/11 \$0.38	(Unlisted)	5,100,000