TIVAN LIMITED — Interim / Quarterly Report 2008

Jan 19, 2009

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QUARTERLY REPORT DECEMBER 2008

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HIGHLIGHTS

TNG attended the Northern Territory Governments sponsored visit to Beijing, China, in November 2008. This formed part of TNG’s strategy for investment or joint venture to further explore and develop its projects. All projects were well received and discussions with 2 Chinese companies are progressing.

Final Metallurgical results were received for the Sandy Creek deposit. The report favorably concludes that concentrates acceptable to smelters can be produced by standard metallurgical processes. The report also reveals higher analytical grades than previously reported, with Zinc grades increasing substantially to >4% Zn. The potential to produce Barite as a secondary mineral was also noted.

Drilling clearance certificates have been received from the Central Land Council (CLC) for the Mount Peake high grade Ferro-Titanium-Vanadium prospect.

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

Drilling clearance certificates are awaited from the Aboriginal Areas Protection Authority (AAPA) regarding drilling at the high grade Legune Iron Ore prospect.

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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 Director

Quarterly Report DECEMBER 2008 1

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SUMMARY

During the December quarter, TNG participated in the Northern Territory (NT) Governments sponsored trip to Beijing, China, accompanied by The Hon. Kon Vatskalis, Minister for Resources, Northern Territory.

During the visit TNG’s exploration Director was able to present the companies projects and have detailed discussions with Chinese companies interested in investing in Australian resources. This was an excellent introduction for TNG into China and forms part of its strategy to obtain investment and joint venture participation to further explore and develop its projects.

TNG was one of four companies invited to participate, reflecting the status of its NT projects. In particular the Manbarrum Project and Mount Peake Project were favorably received and discussions with potential suitors are continuing.

A significant milestone was also reached during the quarter with the completion of the metallurgical test work on the Sandy Creek Zn/Pb/Ag Deposit. The testwork favorably concludes that Lead and Zinc concentrates acceptable to smelters could be produced by standard metallurgical processes. This is a positive result for the company and a strong endorsement of the Manbarrum Project areas potential.

A final report on the metallurgical work on the oxide material from the Djibitgun Ag/Zn/Pb deposit is under review. Initial testwork has concluded that beneficiation and extraction of the ore may be possible,

Both sets of metallurgical testwork have highlighted higher average Zinc grades than previously reported, increasing from 1.7% Zn to >4% Zn. Due to the significant effect this will have on the future feasibility of the deposit, possible explanations for this are being addressed and further assessment is in progress.

The Iron rich Legune Hematite prospect was unable to be drill tested due to delays in clearance from the Aboriginal Areas Protection Authority (AAPA). TNG is now pleased to be able to confirm that following a second meeting between the Traditional Owners and AAPA, clearance has now been approved.

Further drilling at the Mount Peake project was hampered by the delay in clearance from the Central Land Council (CLC), and consequent availability of suitable drill rigs in the area. Clearance from the CLC has now been received.

Additional exploration licenses were submitted over areas surrounding the Mount Peake project licenses, giving TNG a dominant strategic position and some new untested drill targets located by previous explorers.

TNG has temporarily closed the Kununurra Office until the completion of the wet season.

Quarterly Report DECEMBER 2008 2

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TNG Operations

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Figure 1: TNG Limited Tenement Map
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Quarterly Report DECEMBER 2008 3

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PROJECTS

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

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Figure 2: Manbarrum Project: Exploration Prospects

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

The Sandy Creek deposit is a combination of primary sulphide (11.7mt @ 1.7% Zn, 0.7% Pb, 5.3 g/t Ag) and oxide resources (4.3mt@ 1.4% Zn 0.4% Pb, 4.5 g/t Ag), occurring near surface.

Metallurgical work has been completed on the JORC Indicated primary sulphide mineral resource. The final test work report favorably concludes that standard metallurgical processes will produce concentrates acceptable to smelters. Good recoveries and grades were achieved from both the composited mineralized zones:

Higher grade Zone:

The upper composite zone has the higher Zinc and Lead grades. Results are:

Zinc, 90.8% recovery at a grade of 53.8% Zn. Lead, 70% recovery at a grade of 62% Pb.

Quarterly Report DECEMBER 2008 4

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Lower grade Zone:

The lower composite zone has lower grade Zinc and minor amounts of Lead. Results are: Lead, Head grade too low. Zinc, >50% recovery at a grade of 50% Zn.

Composite analytical and recovery results are shown in Table 1 and 2.

Sample Description	Zn (%)	Pb (%)		Fe (%)	S (%)	S²� (%)	Ba (%)	Ag (ppm)	Ag (ppm)	As (ppm)	As (ppm)	Cd (ppm)	Cd (ppm)	Cu (ppm)
Upper Comp	4.44	1.15		4.24	7.32	6.64	2.21	11		109		165		16
Lower Comp	1.31	0.12		5.96	11.2	7.26	19.8	3		393		24		<5
				Table 1: Head		grades of composites
Sample Description	Circuit			Concentrate			Grade		Recovery		Grade		Recovery Zn (%)
							Pb (%)		Pb (%)		Zn (%)
Upper Comp	NaCN / ZnSO4			Pb Cln Con 1, 2 & 3			52.2		73.0
				Pb Cln Con 1, 2 & 3			62.4		69.6
				Zn Ro1CC1, 2 +							50.0		89.0++
				Ro2CC1, part of 2
	NaCN /			Zn Ro1 & 2 ClnCon			NCP		NCP		50.0++		48.5
Lower Comp	ZnSO4 A5100 Collector			Zn Ro 1, 2 & 3 Cln Con			NCP		NCP		39.0		67.8
				+ Zn CI Tail

Table 2: Metallurgical test work recoveries and grades

Implications:

The testwork has proven that good concentrates at grades acceptable to smelters can be produced from the Sandy Creek ore by standard metallurgical processes. The ore is at shallow depth, commencing at approximately 50m below surface, which would be amenable to low cost open cut mining methods. This result therefore provides further impetus for economic evaluation of the deposit without engaging in further exploration work.

The test work was undertaken on complete sections of diamond drill core. Head grade results of the composite sections provide an average for the section. Results show that the head grades of 4.44% Zn, and 1.15% Pb (Table 1), are above that of the previous JORC reported grades of 1.7% Zn and 0.7% Pb, in the last Mineral Resource statement. This indicates that potential underreporting of analytical grades possibly due to dilution caused by the drilling conditions and core-cutting has occurred. This will be investigated further in any future evaluation work.

Quarterly Report DECEMBER 2008 5

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Barite Study:

Barite was noted as being very prominent in the lower composite zone: Head grade was almost 20%. The production of Barite concentrate as a secondary objective was noted and will be further explored in any future assessment work.

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:

Mineralogical and Metallurgical test work has been ongoing to evaluate the leaching characteristics of the JORC zinc-oxide resource of 6.7mt @ 1.8% Zn, 0.6%Pb, 14 g/t Ag. This occurs within a global JORC inferred mineral resource of 19.9mt @ 16 g/t Ag, 0.5% Zn, 0.2% Pb.

Metallurgical work has been completed and a report is being reviewed. The leach testwork conducted has proved that the ore can be leached using elevated temperatures with >90% of the Zn extracted. While it is also reported that the acid consumption is prohibitive due to high carbonate levels, the successful use of heavy liquid separation (HLS) can reject the carbonate minerals and reduce this issue.

Implications:

The metallurgical testwork has also indicated that the composite grades reported are higher than the initial reported analytical grades. As with the Sandy Creek metallurgical work this appears to be related to a sample size factor, where bulk samples are providing higher grades of Zinc. Initial testwork composites of 2kg samples provided a head grade of 2.02% Zn. Subsequent composites using 5kg and 10kg samples provided head grade averaging 4.1% Zn with a highest Zn grade of 6.6% Zn.

This will be investigated but provides further evidence that possible under-reporting of analytical grades has been caused by small sample size due to the wet drilling conditions.

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 mineralised zone is in preparation.

• Legune Prospect

A second meeting with the Aboriginal Areas Protection Authority (AAPA) for Drilling clearance at Legune took place on 10[th] December 2008. The Traditional Owners confirmed their approval and consent was given. A formal clearance certificate from AAPA is awaited.

Quarterly Report DECEMBER 2008 6

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• Mount Peake Project: Nickel – Iron – Vanadium, TNG 100%

Scheduled drilling of the magnetic and gravity targets at Mount Peake was postponed due to the delay in obtaining clearance to drill from the Central Land Council (CLC).Formal clearance has now 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.

JOINT VENTURE PROJECTS

Western Desert Resources Ltd. (WDR) Joint Venture

TNG 100%, WDR earning in to 51%

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.

Traditional Owners and the Central Land Council have consented to exploration and the licence is expected to be granted in early 2009.

McTavish Joint Venture:

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.

Quarterly Report DECEMBER 2008 7

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Other Tenements and Opportunities

TNG continues to review other opportunities.

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

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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 DECEMBER 2008 8

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TENEMENTS

TNG Tenement schedule:

Project	Tenement ID	Holder	Operator	Date Applied	Status	Area Km²
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 DECEMBER 2008 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.

AGM

The Annual General Meeting of the Company was held on the 11[th] of November 2008.

Messrs Michael Bowen and Terry Smith retired at the AGM after several years of service. The Directors express their thanks for the contribution of both gentlemen.

Enigma Mining

In 2007 TNG announced that it would proceed with the demerger of Enigma Mining to enable a separate listing after an I.P.O. The plan was conditional on a number of matters including shareholder approval and a tax clearance from the A.T.O.

This plan has now been deferred due to the prevailing global market conditions.

TNG LIMITED

John W Barr Chairman

20th January 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 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 DECEMBER 2008 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	Managing Director
Paul E 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 DECEMBER 2008 11