TIVAN LIMITED — Interim / Quarterly Report 2008

Apr 27, 2008

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QUARTERLY REPORT MARCH 2008

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HIGHLIGHTS

• A 36 million tonne resource inventory of combined zinc, lead and silver resources has now been defined at the companies 100% owned Manbarrum Project.

• During the quarter the company announced an upgraded JORC mineral resource for the Sandy Creek stratabound tonnage of

16 million tonnes @ 2.3% Zn + Pb and 5.4 g/t Ag,

with internal zones of

6 million tonnes @ 3% Zn + Pb and 6.8 g/t Ag

and a high-grade near-surface lead zone of

1.9 million tonnes @ 5% Pb + Zn and 14.1g/t Ag

• The company also announced a maiden Mineral Resource estimate at the newly discovered Djibitgun Deposit of

19.9 million tonnes @ 16.4g/t Ag

Including an internal zinc zone of

6.7 million tonnes @ 2.4% Zn + Pb and 14.0g/t Ag,

• Metallurgical test work on Sandy Creek and Djibitgun ore is in progress. Preliminary results are encouraging.

• Joint Venture Agreement signed with Western Desert Resources Ltd for portfolio of non-core exploration projects.

• Exploration programme for 2008 aims to build on the increased resource inventory and assessment of potential mining operations.

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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 MARCH 2008 1

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TNG Operations

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Figure 1: TNG Limited Tenement Map

SUMMARY

During the March Quarter, TNG (“TNG”) reported an updated JORC mineral resource estimate for the Sandy Creek Deposit and a maiden JORC mineral resource estimate for the newly discovered Djibitgun prospect, at its 100%-owned Manbarrum Zinc-LeadSilver Project , located in the Northern Territory.

A 36 million tonne resource inventory of combined zinc, lead and silver resources has now been defined at the Manbarrum Project.

Metallurgical test work also progressed during the Quarter on selected drill core from the Sandy Creek deposit, in order to evaluate mineral recovery, and testwork also commenced on selected oxide material from the Djibitgun prospect, to evaluate extraction and leaching of the Zn and Ag minerals with a view to evaluating a future mining operation.

Quarterly Report MARCH 2008 2

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The Company’s primary objective has been to delineate a significant inventory of zinclead-silver resources in the Manbarrum project area spanning multiple deposits. With a second large mineralised system now located at Djibitgun and numerous prospects and targets remaining to be tested in the area, the Company has confirmed the potential of the Manbarrum Project to continue to develop into a substantial MVT (Mississippi Valley Type) base metal district.

To allow resources to continue to be focused on the Manbarrum Project, TNG reached agreement with Western Desert Resources Ltd (“WDR”) to joint venture its portfolio of non-core assets in the Northern Territory.

EXPLORATION

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

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Figure 2: Manbarrum Project: Exploration Prospects

The Manbarrum Project is located in the Northern Territory, 70 kilometres north east of the regional centre of Kununurra in Western Australia in the Bonaparte Basin , where a succession of late devonian to carboniferous age clastic and carbonate rocks were deposited.

Quarterly Report MARCH 2008 3

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The Bonaparte Basin has been strategically targeted by TNG to have the potential to host multiple Mississippi Valley Type (MVT) zinc-lead-silver deposits and exploration programmes have been aimed at proving up a resource inventory in the area, focussing on the eastern shelf margin where the Sandy Creek deposit and other key prospects including Djibitgun and Browns are located. The focus of exploration on the eastern basin margin has refined known targets and located new targets using a combination of advanced exploration techniques. TNG has established that the basin margin is faulted along northerly-trending basement-hosted structures which are considered important as mineralised fluid pathways and provide additional exploration targets.

• Sandy Creek Deposit

Mineralisation Style

The Sandy Creek deposit is a typical MVT style comprising sphalerite, silver-bearing galena and pyrite mineralisation. It is almost exclusively a primary sulphide deposit, although some secondary zinc mineralisation is present in the supergene zone.

Mineralisation occurs in a stratabound form with additional steeply dipping ‘lode’ or ‘pipe’ like zones. The stratabound style is predominantly lower grade and Zn dominant. The steeper dipping lodes are interpreted as structurally controlled feeder zones and are usually higher grade and comprise Zn, Pb and Ag mineralisation.

JORC Mineral Resource

In February 2007 the reported JORC Mineral Resource for Sandy Creek was 10.5 million tones @ 3.74% Zn + Pb. Following completion of the 2007 drilling programme, an updated mineral resource estimate completed by CSA (Australia) Ltd in February 2008 increased this resource figure to 15, 970, 000 @ 2.3% Zn + Pb, 5.4 g/t Ag (Table 1).

CLASSIFICATION	RESOURCE	COMMODITY	TONNES	Zn %	Pb %	Ag g/t
Indicated	Primary	Zinc	9,180,000	1.7	0.7	5.3
		Lead	110,000	0.8	3.9	14.0
		Total	9,290,000	1.7	0.7	5.3
	Oxide	Zinc	2,890,000	1.4	0.6	4.8
		Lead	460,000	0.7	4.8	18.6
		Total	3,350,000	1.3	1.2	6.7
	Total		12,640,000	1.6	0.8	5.7
Inferred	Primary	Zinc	2,270,000	1.6	0.4	4.9
		Lead	110,000	0.7	2.0	10.2
		Total	2,380,000	1.5	0.5	5.1
	Oxide	Zinc	920,000	1.2	0.2	2.9
		Lead	20,000	0.7	1.2	5.6
		Total	940,000	1.2	0.2	3.0
	Total		3,320,000	1.4	0.4	4.5
Total			15,970,000	1.6	0.7	5.4

Table 1: Sandy Creek Mineral Resource, 2008.

Quarterly Report MARCH 2008 4

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Note: the Sandy Creek February 2008 Mineral Resource Estimate was carried out using 3-D wireframes encapsulating >1% (Zn + Pb) and estimated using Datamine software. Lower cut-off grades of 1% Zn and 1% Pb were used to determine the resource estimate within the Zinc domains. Internal zones were constructed using 3-D wireframes encapsulating >1% Zn, and are reported in Appendix 2, Table III. Tonnages have been adjusted by -5% to account for estimated cavity abundance. Rounding errors have occurred in the compilation of this table.

This updated Mineral Resource is entirely within the stratabound mineralisation and excludes the higher grade lode or pipe zones that occur beneath the stratabound mineralisation. The exclusion of these intercepts accounts for the lower average grade of the updated resource estimate. A combined tonnage of 5.4 million tonnes was previously defined for the pipe zones in the original 2007 Mineral resource estimate. Further drilling will be required to confirm the continuity of the high-grade pipe zones; however TNG considers that these zones could contribute additional tonnage of high-grade mineralisation to the overall Sandy Creek resource.

The previous JORC reported stratabound tonnage in February 2007 was 5.3 million tonnes. As a result of this upgrade the stratabound tonnage has increased significantly (>200%). The strike of this mineralisation now extends for over 1km.

As reported during the quarter the mineralised envelope outlined in Table 1, contains higher grade zones of Zn and Pb mineralisation. These were modelled separately to contain an Indicated Mineral Resource of 5,980,000 tonnes @ 1.9%Zn, 1.1%Pb, 6.8g/t Ag.

In addition a near-surface breccia zone within the zinc resource envelope containing lead mineralisation has been modeled to contain an Indicated Mineral Resource of 1,890,000 tonnes @ 1.5%Zn, 3.5%Pb, 14g/t Ag .

Metallurgical Test Work

Metallurgical test work is progressing at METPLANT for the recovery of Zn and Pb from the Sandy Creek ore. Results to date are encouraging. This work will be reported when finalised.

• Djibitgun Prospect

The Djibitgun Prospect is located 12 km to the NE of Sandy Creek. As a result of the 2007 exploration programme a significant Ag and Zn resource has been discovered and announced. This is the second MVT style deposit to be located on the Manbarrum project leases.

Mineralisation Style

Unlike the Sandy Creek deposit, the mineralisation discovered to date at Djibitgun occurs predominantly in the oxidised supergene zone of the regolith profile as secondary minerals. Sulphide mineralisation was noted at the base of some drill holes, indicating that there is strong potential to extend the deposit at depth with deeper drilling and to identify the primary source to the oxide mineralisation.

Quarterly Report MARCH 2008 5

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JORC Mineral Resource

Silver Resource

The Ag Mineral Resource at Djibitgun is extensive, commencing at shallow depths and extending over a strike length of 800m. It was intersected in all drill holes and remains open in all directions.

CLASSIFICATION	RESOURCE	COMMODITY	TONNES	Zn %	Pb %	Ag g/t
Inferred	Oxide	Silver	19,930,000	0.5	0.2	16.4

Table 2: Djibitgun Total Ag Mineral Resource

This resource includes 9.5Mt @ 0.6%Zn, 0.2%Pb, 20.2g/t Ag at a lower cut-off grade of +15g/t Ag

Zinc Resource

The Zn Mineral Resource at Djibitgun occurs within the broader + 10g/t Ag mineralised envelope and remains open to the south, north-west and at depth. The current Mineral Resource estimate is shown in Table 3 below:

CLASSIFICATION	RESOURCE	COMMODITY	TONNES	Zn %	Pb %	Ag g/t
Inferred	Oxide	Zinc	6,720,000	1.8	0.6	14.0

Table 3: Djibitgun Zn Mineral Resource

This resource is reported above a 1% Zn lower cut-off grade, and includes 3.8Mt @ 2.2% Zn, 0.5% Pb, 15.3g/t Ag above a lower cut-off grade of 1.5%Zn.

The resource modelling has confirmed the potential to define substantial tonnages of additional base metal mineralisation at Djibitgun with ongoing drilling, indicating its potential to grow to a deposit of similar or larger scale than the Sandy Creek deposit.

Metallurgical Test Work

Mineralogical and Metallurgical test work has commenced at Mineral Engineering Technical Services Pty Ltd (METS) to evaluate the leaching characteristics of the zinc and silver mineralisation, with a view to assessment of a mining operation. Initial extraction results for Zn and Ag are encouraging, with mineralogical data pending. Full results will be reported when completed.

Quarterly Report MARCH 2008 6

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• 2008 Exploration Programme

The 2008 exploration programme has been designed to continue to advance the companies resource inventory at the Manbarrum Project.

Completion of metallurgical test work for the Sandy Creek and Djibitgun ore is a priority as the company progresses towards assessment of mining potential.

Further drilling at Djibitgun and of other significant targets at Browns and other regional targets, including Landandi, may also be tested. Further information on the 2008 programme will be released when confirmed.

• Manbarrum Project Tenement Status

The granted Manbarrum tenements comprise three Exploration Licences and an Authority to Prospect (under Section 178), covering a combined area of over 538 square kilometres.

An additional Authority to Prospect, A 26581 is under application following ministerial approval to apply for this ground.

In addition 2 licence areas in Western Australia covering the western margin of the Bonaparte Basin are under application.

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
A 26581 (NT)	TNG 100%	14/01/08	-	- Pending	12.0
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 4: TNG Tenements, Manbarrum Project

Quarterly Report MARCH 2008 7

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OTHER PROJECTS

Joint Ventures:

During the quarter TNG reached agreement with Western Desert Resources Ltd. (WDR) to enter into a joint venture on the Rover, Goddard, Explorer and Musgrave exploration licences (Figure 1). The projects subject to the joint venture agreement cover prospective ground for copper, copper-gold, nickel and uranium mineralisation.

Prospect	Expenditure to earn 51%	Expenditure to earn further 29%	TOTAL
Rover 500,000 850,000 1,350,000 Goddards 250,000 400,000 650,000 Musgrave 750,000 1,250,000 2,000,000 Total $1,500,000 $2,500,000 $4,000,000

Table 5: Summary of Expenditure

To earn the initial 51% interest, WDR must spend the amounts above for the respective projetcs within 18 months of date of grant of the tenements, at which point a Joint Venture arrangement will come into existence. WDR then has a further 30 months from date of incorporation of the Joint Venture to spend the tabulated amounts to earn up to an 80% interest in the tenements.

TNG believes this is a positive outcome allowing the Company to retain exposure to future exploration success while maintaining its focus on the Manbarrum Project.

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.

Other Tenements and Opportunities

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, and continues to review JV opportunities.

Quarterly Report MARCH 2008 8

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MINING PROJECTS

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

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Figure 3: Cawse Extended Tenement Map

The Cawse Extended Project is a joint venture between Norilsk Nickel and TNG Ltd. The project consists of 4 mining leases located in the Eastern Goldfields region of Western Australia, approximately 60 kilometres north-west of Kalgoorlie (Figure 3).

The Cawse Extended Project is located approximately 65 km North West of Kalgoorlie in Western Australia and is immediately adjacent to the Cawse Nickel-Cobalt Operation which is owned and managed by Norilsk Nickel Cawse Pty Ltd. As end 2006 the total resource estimate was 96,790,278 tonnes of 0.7% Ni (Table 6).

Drilling is continuing in the Cawse Extended Project area which is providing increasing definition to the resource position. An updated Global Resource statement is expected.

Quarterly Report MARCH 2008 9

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Metal Content	Metal Volume
Res_cat Product Total mass (t) ni (%) co (%) ni (t) co (t) Cawse Extended 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 6: Resource Estimate for Cawse Extended as at end 2006, (source: Norilsk Nickel Cawse).

Mine Scheduling

The company has held meetings with Norilsk on the future project plans, and an update on the resource and commencement of mining is awaited.

CORPORATE

Opes Prime Matter

On 3 April 2008 the Directors were informed by Mr Salvatore Algeri, Receiver and Manager on behalf of Opes Prime that 16,587,937 shares in TNG Limited (TNG) were the subject of agreement(s) between Opes Prime and its customer(s).

On 7 April 2008 TNG then requested the Receiver to confirm the beneficial owner of the Opes Prime shares.

On 11 April 2008 TNG received a letter from lawyers acting for the Receiver stating that Opes Prime did not hold any securities in TNG.

The Company has now sent a similar request to ANZ. At no point has the Company received a substantial shareholder notice in relation to this holding.

The Company confirms that no directors hold shares in TNG through an account with Opes Prime.

Davis Samuel Matter

In the period September to December 1998 management of TNG was held by interests associated with Davis Samuel Pty Ltd (Davis Samuel). Those nominees committed TNG to a series of transactions involving expenditure totalling $1,526,000. The transactions involved the purchase of shares and options in Kanowna Lights NL (the Kanowna Securities).

The Australian Securities Exchange Ltd (ASX) ruled that the transactions required shareholder approval, and shareholders voted against approving the transactions.

Quarterly Report MARCH 2008 10

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In December 1998, TNG entered into a settlement agreement with Davis Samuel and its then defacto Directors which effectively provided for the repayment of the funds expended, and TNG would in turn transfer the Kanowna Securities.

The Commonwealth of Australia (the Commonwealth) in proceedings in the Supreme Court of the Australia Capital Territory claims that it is entitled to a constructive trust over the Kanowna Securities and in 1999 obtained an injunction preventing TNG from selling or otherwise disposing of them. The Commonwealth has claimed that as constructive trustee, TNG is liable to account for the market value of the shares and interest on that market value.

Subsequently, in 1999 Davis Samuel purported to rescind the Settlement Agreement.

TNG, as a party to the proceedings instituted by the Commonwealth, has issued crossclaims against Davis Samuel and several other parties including Messrs Endresz, Cain, Forge, Muir and Clark.

There has been a considerable lapse of time since the proceedings were instigated and the current status of the matter has been routinely disclosed in TNG’s financial statements since 1999.

The matter has now been listed for trial in Canberra commencing 10 June 2008 for three weeks, with the possibility of additional hearings in August/September.

TNG has retained Perth based solicitors, and Sydney based senior and junior counsel to defend the claim and pursue its cross claims.

TNG LIMITED

John W Barr Chairman

28 April 2008

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 TNG 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 2008 11

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Directors		Australian Stock Exchange Listing	Australian Stock Exchange Listing	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		Stuttgart			A0B60K
Shareholder Enquiries
		Major Shareholders – 14 April 2008
Damian Delaney
Contact		RAB Special Situations (Master) Fund Ltd			12.5%
		CBH Resources Limited			8.4%
Telephone:	(08) 9327 0900	ANZ – Opes Prime Shares			7.7%
Facsimile:	(08) 9327 0901	ANZ Nominees			4.4%
		JW Barr			4.3%
Email: corporate@tngltd.com.au		N Biddle			4.2%
Website:www.tngltd.com.au		TOTAL DIRECTORS HOLDINGS			13.9%
		Capital Structure –	14 April	2008
Share Registry
		Ordinary Shares	TNG	192,683,315
Computershare Investor Services Pty Ltd
Level 2, 45 St Georges Terrace		Options: 01.11.09	(unlisted)	200,000	$0.75
Perth WA 6000		Options: 31.03.10	(unlisted)	14,000,000	$0.49
		Options: 31.12.11	(unlisted)	5,100,000	$0.32

Computershare Investor Services Pty Ltd Level 2, 45 St Georges Terrace Perth WA 6000 Telephone: (08) 9323 2000 Facsimile: (08) 9323 2033

Quarterly Report MARCH 2008 12