Partial relinquishment report for EL 25470 Manbarrum Project for the period 5 March 2007 to 5 March 2008

Abstract

Exploration Licence 25470 was granted to Tennant Creek Gold (NT) Pty Ltd (TCG) on the 05/03/2007 and expires on the 05/03/2013. TCG is a wholly owned subsidiary of TNG Limited. TNG Ltd originally applied for the licence area of 63 sub-blocks on 13 July 2006 to explore for Mississipi Valley Type (MVT) Zinc-Lead-Silver mineralisation. The licence forms part of the companies 'Manbarrum Project' comprising of five exploration titles covering a 54 kilometre strike length of the SE margin of the Bonaparte Basin. The core focus of TNG's exploration program on exploration licence 25470 to date has been a Gravity geophysics survey and rock chip sampling over the small outcrop within the tenement area to access further priority exploration targets for MVT-style mineralisation. Approximately 75% of this tenement is covered by Coastal Deposits: mud, silt, evaporates, Sheetwash: Sand, gravel & silt and Black soil plains and tidal drainage, which have impeded normal exploration. As a result, only limited exploration activities were achieved on the licence area during the reporting period and based on all available data the chance of MVT style mineralisation occurring within the inaccessible portions of the licence area was considered low and relinquishment recommended.