TIVAN LIMITED — Interim / Quarterly Report 2009

Jul 14, 2009

==> picture [474 x 142] intentionally omitted <==

QUARTERLY REPORT JUNE 2009

==> picture [282 x 85] intentionally omitted <==

HIGHLIGHTS

• TNG was invited to present in Tokyo as part of the Northern Territory governments delegation to encourage investment in NT resource projects. Initial discussions with both Japanese and Chinese companies are continuing.

• A maiden JORC Inferred resource for Mount Peake Project of 107mt @ 0.32% V2O5, 5.9% TiO2, 25% Fe.

• Metallurgical test work on Mount Peake drill material to assess extraction of Vanadium has indicated a high grade vanadium pentoxide concentrate can be produced. Assessment of the extraction of Titanium and Iron is in progress.

• Snowden Mining Industry Consultants have been engaged to commence an initial scoping study on Mount Peake.

• Additional Mount Peake licence areas granted increasing TNG‟s strategic land holding in this prospective area of the Arunta geological province.

• TNG awarded $75,000 drilling grant to drill layered mafic intrusion target, “Stirling Deeps” at Mount Peake.

• SRK contracted to assess Sandy Creek resource.

• Preparations are underway to drill the Browns MVT target, Manbarrum Project.

• Rover Project Gold exploration licence granted.

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:

Paul Burton, Exploration Director

Quarterly Report JUNE 2009 1

==> picture [282 x 85] intentionally omitted <==

TNG Operations

==> picture [452 x 389] intentionally omitted <==

Figure 1: TNG Limited Tenement Map

SUMMARY

Initial joint venture and investment discussions have been held with several resource companies in China during the quarter. Selected Chinese groups are expected to conduct due diligence (including site visits).

TNG is unable to comment about the likely hood of a final binding arrangement being reached until this is completed.

The Mount Peake project has continued to provide encouragement with a maiden JORC Inferred resource and positive metallurgical testwork.

TNG continues to assess other prospective projects.

Quarterly Report JUNE 2009 2

==> picture [282 x 85] intentionally omitted <==

CURRENT PROJECTS

 Mount Peake Project: Iron – Vanadium - Titanium, TNG 100%

Resource:

A maiden JORC inferred resource of 107mt @ 0.32% V205, 5.95% Ti02, 25% Fe was announced during the quarter. The estimate was completed by Snowden Mining Industry Consultants Pty Ltd (Snowden) following results received from the recent Reverse Circulation drilling programme. The resource is based on this first round of drilling and on the magnetic signature of the Mount Peake target area. It is reported at a range of V2O5 cutoffs in Table 1. The resource has been reported in accordance with the 2004 JORC Code.

V2O5 cut- off	Tonnes (Mt)	Density **(tm-3) **	V2O5 %	TiO2 %	Fe %	SiO2 %	Al2O3 %
0.10	107	2.88	0.32	5.9	25.2	32.9	8.0
0.20	86	2.96	0.36	6.4	26.7	31.3	7.5
0.30	63	3.10	0.40	7.1	28.3	29.8	7.1
0.40	30	3.17	0.45	8.0	29.9	28.3	6.9

Table 1: May 2009 Mount Peake Inferred Resource by V2O5 cut-off grade

The Mount Peake resource remains open along strike to the north and south and the resource may increase as more drilling over the large aeromagnetic anomaly, coincident with the resource, is completed. The magnetic anomaly extends for some 9km and only 1.3km has been drilled to date.

Metallurgical Test Work:

TNG has commissioned Mineral Engineering Technical Services Pty Ltd (“METS”) to design and manage the metallurgical testwork programme. METS has in-depth experience with vanadium deposits, particularly with Australian projects, and are well suited to evaluate the Mount Peake mineralisation.

Results of initial metallurgical testwork demonstrated the amenability of the host rock, a magnetite olivine pyroxenite, to produce a high grade Vanadium concentrate over 1 % V2O5.

Quarterly Report JUNE 2009 3

==> picture [282 x 85] intentionally omitted <==

Further test work aimed at optimising the grade and recovery, has successfully improved on the initial results by regrinding to 45 microns, as shown in Table 2 below.

This has also resulted in improving the grade and recovery of the Fe and Ti02 and successfully reduced the Si02 and Al203 components to acceptable commercial levels.

Further testwork is underway to study the amenability of the ore to alternative salt roasting and/or leach processes to further improve the vanadium recovery.

==> picture [467 x 274] intentionally omitted <==

Table 2: METS optimisation testwork results, Mount Peake RC drill material.

TNG has also commissioned METS to investigate the recovery of the Iron and Titanium as possible additional marketable products and results of this will be reported in due course.

Future Programme:

Following the positive results received from METS, TNG has instructed Snowden Mining Industry Consultants to commence an initial Scoping Study on the Mount Peake Project.

Following completion of this programme, further drilling of extensions to the large magnetic anomaly that currently defines the Mount Peake Iron – Vanadium – Titanium mineralization will be considered.

Whilst all results to date are encouraging TNG is adopting a conservative approach in an endeavor to fully understand the preliminary economics, prior to incurring significant additional exploration costs.

Quarterly Report JUNE 2009 4

==> picture [282 x 85] intentionally omitted <==

NT Drilling Award

TNG was awarded $75,000 in funding from the Northern Territory Government for diamond drilling at Mount Peake as part of the Government‟s $2.4 million collaborative funding program.

The funds will be used for deep drilling to target the nickel-copper and Platimum Group Metals (PGM‟s) potential of the large mafic system at Mount Peake.

The Mount Peake project area is located on Stirling Station and covers a highly prospective, but poorly explored area of the Western Arunta geological province.

Petrological work on the magnetite rich gabbro has indicated that it may represent the top part of a large layered mafic system. Under the award programme TNG will expend an additional $120,000 to complete the drilling programme. The project will be known as “Stirling Deeps”.

The two diamond drill holes will be approximately 500 metres deep and will be targeted to provide a geological cross section and test the possible existence of a layered mafic intrusion and potential sulphide mineralisation (Figure 2, 3).

If the layered mafic complex exists then further exploration will be undertaken.

Further drilling at Mount Peake is scheduled to commence in August.

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

The Manbarrum Project remains an important asset for the company. Following the encouraging rock chip sample results reported last quarter TNG has engaged SRK consultants to review the Sandy Creek deposit database to establish the following:

• The cause of the grade difference between the metallurgical results and the assay results,

• To quantify the potential loss of Zinc during drilling and sampling

It is hoped this will resolve the current grade issue where metallurgical results from whole core gave 4% Zn compared to drill assay results averaging 2%. If conclusions are favorable this may allow a revision of the current resource.

Following a successful outcome of this study drill testing of the high priority Browns anomaly will be prepared during the next quarter (Figure 4).

Quarterly Report JUNE 2009 5

==> picture [282 x 85] intentionally omitted <==

==> picture [442 x 271] intentionally omitted <==

----- Start of picture text -----

Comparative to
Hole 1
Mt Peake magnetite Hole 2
Disseminated sulphides
± Chromite± PGE
Massive Sulphides ±
Chromite ± PGE
----- End of picture text -----

Figure 2: Section of layered mafic intrusion model with planned drillholes

==> picture [180 x 231] intentionally omitted <==

----- Start of picture text -----

Magnetite
PGE Mineralisation
Chromite Accumulation
----- End of picture text -----

Figure 3: Stratigraphy of the Bushveld Complex showing the location of rock types and mineralised horizons (Cawthorn, 1999)

Quarterly Report JUNE 2009 6

==> picture [282 x 85] intentionally omitted <==

==> picture [444 x 348] intentionally omitted <==

F igure 4: Manbarrum Project: Exploration Prospects

 Legune Hematite Prospect

No further work has been undertaken on this project this quarter.

JOINT VENTURE PROJECTS

Western Desert Resources Ltd. (WDR) Joint Venture

TNG 100%, WDR earning in to 51%

EL 25581 was granted to TNG for a period of 6 years. WDR are now in preparation for drill testing the main magnetic anomalies in the area for Tennant Creek style Au-Cu mineralisation.

TNG 30%, Barminco 70%

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 McTavish project.

Quarterly Report JUNE 2009 7

==> picture [282 x 85] intentionally omitted <==

Kintore East Joint Venture:

TNG 23.95%, Mines and Resources Australia Ltd 76.05%

Mines Resources Australia Ltd., have advised that a compilation and review of all historical data will be completed followed by target generation and ranking prior to drilling scheduled for early 2009.

A heritage survey has been planned and will take place in the next quarter. The project area is covered by a single Native Title claim held by the Widji People.

Other Tenements and Opportunities

TNG continues to review other project opportunities.

MINING PROJECTS

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

Norilsk Nickel Australia has advised it has placed the Cawse laterite nickel operation on indefinite care and maintenance which will delay commencement of mining operations at Cawse Extended.

==> picture [514 x 114] intentionally omitted <==

Table 3: Cawse Extended Mineral Resource (depleted by production as at July 31, 2008), (source Norilsk Nickel Cawse).

CORPORATE

Davis Samuel

TNG is a party to proceedings instituted by the Commonwealth of Australia in the Supreme Court of the Australian Capital Territory.

TNG is vigorously defending the Commonwealth claims. It is not possible to predict the likely result of the matter or the timing of an outcome.

Any adverse finding made against TNG which cannot be successfully recovered from cross claims made against other parties may result in TNG being liable to pay up to the amount claimed by the Commonwealth. TNG may also be liable for costs of the proceedings if awarded against it, as well as its own legal cost.

Quarterly Report JUNE 2009 8

==> picture [282 x 85] intentionally omitted <==

The court hearing commenced in June 2008 and concluded in the last quarter of 2008. The court has reserved its decision, which is not expected for some time due to the length of the hearing.

Cash Position

TNG currently has $4,769,963 cash on hand.

Other Assets

TNG has sold the logistical base in Kununurra. The net proceeds of $314,000 were received in the June quarter.

Investments

TNG holds a small portfolio of shares. This currently has a market value of $442,723.

TNG LIMITED

John W Barr Chairman

15 July 2009

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 a Director 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 JUNE 2009 9

==> picture [282 x 85] intentionally omitted <==

==> picture [515 x 142] intentionally omitted <==

TENEMENTS

TNG Tenement schedule:

	Tenement ID			Date Applied		Area Km²
Project		Holder	Operator		Status
Manbarrum(NT)	EL24395	TNG100%	TNG(NT)	8/09/04	- Granted	200.0
Manbarrum(NT)	A24518	TNG100%	TNG(NT)	15/12/04	- Granted	16.8
Manbarrum(NT)	EL25470	TNG100%	TNG(NT)	13/07/06	- Granted	199.5
Manbarrum(NT)	EL25646	TNG100%	TNG(NT)	16/10/06	- Granted	122.0
Manbarrum(NT)	A26581	TNG100%	TNG(NT)	14/01/08	- Granted	12.0
Manbarrum(WA)	EL80/3772	TNG100%	TNG(NT)	16/10/06	- Granted	402.8
Manbarrum(WA)	EL80/3816	TNG100%	TNG(NT)	30/11/06	- Pending	224.0
Mount Peake(NT)	EL23074	TNG100%	Enigma	2/03/01	- Granted	169.2
Mount Peake(NT)	EL23271	TNG100%	Enigma	20/07/01	- Granted	95.9
Mount Peake(NT)	EL27069	TNG100%	Enigma	1/12/08	- Pending	245.9
Mount Peake(NT)	EL27070	TNG100%	Enigma	1/12/08	- Pending	89.5
Warramunga(NT)	EL 24471	TNG100%	WDR	23/11/04	- Granted	1354.0
Warramunga(NT)	ELA 25581	TNG100%	WDR	6/09/06	- Pending	1170.0
Warramunga(NT)	ELA 25582	TNG100%	WDR	6/09/06	Moratorium	1207.0
Warramunga(NT)	ELA 25587	TNG100%	WDR	11/09/06	- Pending	248.2
Warramunga(NT)	MLC 647	TNG100%	WDR	23/03/70	- Granted	0.1
Tanami East(NT)	ELA 24260	TNG100%	WDR	15/04/04	- Pending	462.3
Petermans(NT)	ELA 25562	TNG100%	WDR	23/08/06	- Pending	942.2
Petermans(NT)	ELA 25564	TNG100%	WDR	23/08/06	- Pending	1546.5
Petermans(NT)	ELA 26382	TNG100%	WDR	16/08/07	- Pending	406.4
Petermans(NT)	ELA 26383	TNG100%	WDR	16/08/07	- Pending	1300.0
Petermans(NT)	ELA 26384	TNG100%	WDR	16/08/07	- Pending	909.5
Cawse Ext.(WA)	M 24/547	TNG20%	Norilsk	2/02/96	- Granted	8.6
Cawse Ext. (WA)	M 24/548	TNG20%	Norilsk	2/02/96	- Granted	8.6
Cawse Ext.(WA)	M 24/549	TNG20%	Norilsk	2/02/96	- Granted	8.6
Cawse Ext.(WA)	M 24/550	TNG20%	Norilsk	2/02/96	- Granted	8.6
McTavish(WA)	M 40/119	TNG10.1%	Barminco	31/12/93	- Granted	1.5
McTavish(WA)	M 40/157	TNG10.1%	Barminco	18/01/95	- Granted	0.3
McTavish(WA)	M 40/77	TNG10.1%	Barminco	13/06/88	- Granted	1.2
McTavish(WA)	M 40/194	TNG10.1%	Barminco	14/01/94	- Pending	3.5
Kintore East JV(WA)	M16/281	TNG49%	MRA	7/03/96	- Pending	4.5
Kintore East JV(WA)	M16282	TNG49%	MRA	7/03/96	- Pending	3.2

Quarterly Report JUNE 2009 10

==> picture [282 x 85] intentionally omitted <==

Directors		Australian Stock Exchange Listing	Australian Stock Exchange Listing	Australian Stock Exchange Listing	Australian Stock Exchange Listing
John W Barr	Chairman	Shares				TNG
Neil Biddle	Director
Paul Burton	Exploration Director
Eddie Fry	Non Executive Director
		German Exchanges				A0B60K
Company Secretaries
John W Barr
Simon Robertson
Shareholder Enquiries
		Major Shareholders – 13 July			2009
John W Barr
Simon Robertson
Contact		RAB Special Situations (Master) Fund				6.28%
		CBH Resources Limited				6.28%
Telephone:	(08) 9327 0900	ANZ Nominees				4.25%
Facsimile:	(08) 9327 0901	JW Barr				3.87%
		N Biddle				2.73%
Email:corporate@tngltd.com.au
		TOTAL DIRECTORS HOLDINGS				7.81%
Website:www.tngltd.com.au
		Capital Structure –		30 June 2009
Share Registry
		Ordinary Shares			258,055,076
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)	1,800,000	$0.32
Telephone: (08) 9323 2000		Options:	31.08.11	(unlisted)	500,000	$0.15
Facsimile: (08) 9323 2033

Quarterly Report JUNE 2009 11