TIVAN LIMITED — Interim / Quarterly Report 2009

Apr 29, 2009

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QUARTERLY REPORT MARCH 2009

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HIGHLIGHTS

• TNG Directors Paul Burton and Eddie Fry visited Beijing, China, in February to continue meetings with Chinese resource companies as part of TNG’s strategy for investment or joint venture of its projects. Discussions are progressing, with selected Chinese groups now conducting due diligence (including site visits) over the next few weeks.

• Reverse Circulation drilling at the Mount Peake Ferro-Vanadium prospect was completed with 6 holes for a total of 1200m. The drilling has confirmed extensive magnetite mineralisation. Analytical results have confirmed continuous high grade vanadium mineralisation within the magnetite. Metallurgical work to test extraction of Vanadium has commenced.

• New tenement applications in the Mount Peake licence area have been submitted increasing TNG’s strategic land holding in this prospective area of the Arunta geological province.

• Clearance certificates were received from the Aboriginal Areas Protection Authority (AAPA) for drilling at the high grade Legune Iron Ore prospect.

• New rock chip assay results have increased the target areas for additional Zn-Pb-Ag base metal discoveries at the Manbarrum project.

• Agreement was reached with the Traditional Owners on the Rover Project to commence exploration.

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 March 2009 1

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TNG Operations

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Figure 1: TNG Limited Tenement Map

SUMMARY

Joint venture and investment discussions have been progressing with several resource companies in China during the quarter. Agreement has been reached with selected Chinese groups to conduct due diligence (including site visits) over the next few weeks.

TNG is unable to comment about the likely hood of a final binding arrangement being reached until due diligence processes are completed.

Quarterly Report March 2009 2

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Further drilling at the Mount Peake project has expanded the magnetite-vanadium resource significantly. Assay results have confirmed continuous high grade vanadium mineralisation over 1300m strike length and up to 120m depth intersection. Metallurgical work has commenced to assess the extraction of Vanadium from the magnetite mineralisation.

TNG continues to assess other prospective projects.

CURRENT PROJECTS

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

Drilling of the magnetic and gravity targets was completed during the quarter. The drilling has confirmed an extensive layer of magnetite within a large gabbro intrusion. The mineralisation envelope commences at shallow depths of 15m below surface, is up to 122m thick and currently remains open in all directions.

A total of 6 holes for 928m were drilled. Extensive mineralisation was intersected in all holes with the following widths of magnetite(table 1).:

Drill Hole Number	Mineralised Interval	Hole Angle
MPRC0001	80m Magnetite, from 15m	vertical
MPRC0002	60m Magnetite, from 25m	70 to East
MPRC0003	120m Magnetite, from 35m	vertical
MPRC0004	122m Magnetite, from 32m	60 to West
MPRC0005	15m Magnetite, from 75m	vertical
MPRC0006	55m Magnetite, from 13m	60 to West

Table 1 : Mount Peak RC mineralisation intersections.

The N-S strike length of the magnetite mineralisation intersected to date has now been determined to be at least 1300m and remains open in all directions (Figure 2).

Final XRF analytical results have been received which confirm the continuation of the high-grade vanadium, titanium and iron mineralisation with best intersections of:

Quarterly Report March 2009 3

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MPRC004 117m @ 0.44% V205, 7.9% TiO2, 24.9% Fe including 24m @ 0.56% V205, 10.04% TiO2, 32.75 Fe

MPRC003 115m @ 0.35% V205, 6.065 TiO2, 27.9% Fe including 54m @ 0.45% V205, 7.92% TiO2, 30.8% Fe

MPRC002 40m @ 0.35% V205, 6.01% TiO2, 24.05% Fe

Davis Tube Recovery (DTR) testwork is underway to assess the magnetic separation, recovery and concentrate grades.

The homogenous nature of the mineralisation indicate that the previous average DTR grades of 56% Fe, 1.2% V2O5, and 17% TiO2 should be maintained and possibly exceeded. A metallurgical testwork programme has also commenced to ascertain the extraction of vanadium.

Initial Petrological work has commenced to provide further information on the gabbro and its potential to be part of a large layered mafic complex.

A future programme of diamond drilling will be organised once all results have been received.

Additional exploration licence applications have been submitted to acquire ground immediately surrounding the Mount Peake project licences. These cover possible extensions to the Mount Peake mineralised geophysical signatures, and also contain priority geophysical drill targets for Nickel/Copper sulphides that are unexplored.

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Figure 2: Schematic long section of magnetite mineralisation.

Quarterly Report March 2009 4

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

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Figure 3: Manbarrum Project: Exploration Prospects

New XRF results received from rock chip samples collected from outcrop at the 100%owned Manbarrum Project area, located 80km north-east of Kununurra in the Northern Territory, have significantly enhanced extensive target areas for zinc, lead, silver and copper mineralisation (Figure 3).

The rock samples were collected throughout 2008 as part of a regional sampling and mapping programme undertaken as part of TNG’s continuing exploration for additional Mississippi Valley Type (MVT) deposits at Manbarrum. The Company has already successfully established a 36 million tonne resource inventory of combined zinc, lead and silver resources at Manbarrum within an interpreted 50km strike length of potential MVT mineralisation within multiple pods or deposits.

Quarterly Report March 2009 5

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An assessment of the new rock samples, combined with a re-assessment of previous sampling results, has now been completed, highlighting new target areas with multielement anomalies in Zn/Pb/Ag/Cu.

The results from the Winchrope and Browns prospect areas are highly significant as they confirm and expand existing soil survey results with zinc and copper anoamlism. A reassessment of the 1970 soil survey results has revealed a strong copper and zinc anomalies in soils adjacent to Winchrope Hill. The rock chip samples from Winchrope Hill have highest values of 2.9%Zn and 0.08% Cu.

The results of the rock sampling programme confirm the high prospectivity of the Manbarrum Project and highlight the Winchrope/Browns area as the most promising target yet to be drilled. This and other remaining priority anomalies will be tested during the next drill programme.

Sandy Creek Deposit: (15.9 mt @ 1.6% Zn, 0.7% Pb, 5.4 g/t Ag).

No exploration work was undertaken during the quarter.

Further Exploration Work

The current Sandy Creek resource excludes higher grade zones at deeper levels. Any future drilling will be oriented to delineate the trend of these mineralised zones, and allow inclusion in an updated JORC mineral resource estimate.

Djibitgun Deposit:

No work was undertaken during the quarter.

Further Exploration Work

The Djibitgun deposit was located by reconnaissance broad spaced drilling. Infill drilling to establish the extent of the internal higher grade Zinc and Silver mineralized zone is required.

Any further resource work on both the Sandy Creek and Djibitgun deposits will also address the metallurgical results which averaged 4% Zn.

 Legune Hematite Prospect

A formal clearance certificate for drilling was received from the Aboriginal Areas Protection Authority (AAPA). Drilling will be completed in the next phase of exploration work at Manbarrum and will test the depth extent of the outcropping high grade hematite which has up to 67% Fe over a 1km x 0.5km strike length.

Quarterly Report March 2009 6

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JOINT VENTURE PROJECTS

Western Desert Resources Ltd. (WDR) Joint Venture

TNG 100%, WDR earning in to 51%

Agreement has been reached with the Traditional Owners and the Central Land Council to commence exploration.

WDR is progressing preparations for exploration at the Rover project, ELA 25581. The licence has been approved for grant and lies adjacent to Westgold Resources Ltd, Rover 1 project where they have recently reported significant intersections including 65.75m at 11.0 g/t Au, 0.75% Cu and 0.09% Co at the Rover 1 project.

During the quarter an aerial Magnetic survey was flown at 50m line spacing with approximately 5800 line km completed.

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.

Barminco have advised that work over the next reporting period is expected to focus on exploratory activities. As tenements M40/77, 119 and 157 are no longer under plaint more in depth exploration, specifically of tenements P40/1001, 1002, is considered viable.

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.

Quarterly Report March 2009 7

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MINING PROJECTS

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

TNG received an updated mineral resource statement from Norilsk Nickel Cawse Pty Ltd in relation to the Cawse Extended Nickel Project. This is shown in Table 3.

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 Extende

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

(source Norilsk Nickel Cawse).

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Quarterly Report March 2009 8

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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 March 2009 9

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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 anticipates that the judge will announce his decision in 2009; however no firm timetable for the decision has been advised to date.

Managing Director

Due to new commitments Neil Biddle has decided to step down as Managing Director of TNG., but remains on the TNG board and committed to the companies development.

Mr Paul Burton, currently Exploration Director will replace Mr Biddle.

Other Assets

TNG has received a conditional offer on the logistical base in Kununurra of $790,000 plus applicable GST. The offer has been now accepted and if the conditions are met the proceeds (net of the $480,000 mortgage) are expected to be received in the June quarter.

TNG also maintains a small investment portfolio. This currently has a market value of $365,000.

TNG LIMITED

John W Barr

Chairman

30th April 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 March 2009 10

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	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 – 20 January 2009
	John W Barr
	Simon Robertson
	Contact		RAB Special Situations (Master) Fund			Ltd	6.6%
			CBH Resources Limited				6.28%
	Telephone:	(08) 9327 0900	ANZ Nominees				4.00%
	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 –		31 December 2008
	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 March 2009 11