Partial relinquishment report for EL 24395 Manbarrum Project for the period 16 August 2008 to 15 August 2009

Abstract

Exploration Licence 24395 was granted to Tennant Creek Gold (NT) Pty Ltd (TCG) on the 16/08/2005 and expires on the 15/08/2011. TCG is a wholly owned subsidiary of TNG Limited. TNG Ltd originally applied for the licence area of 65 sub-blocks on 8th September 2004 to explore for Mississippi 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. Exploration carried out on EL 24395 includes acquisition of remote sensing data, gravity and IP surveys, drilling and follow up metallurgical work, regional rock chip sampling and the production of a resource model. Other than the Quickbird remote sensing data coverage and several of the gravity stations in the 2007 gravity survey no other exploration has been carried out on the relinquished areas. Based on the available data and on-ground reconnaissance the chance of MVT mineralisation occurring within these areas is considered low and therefore they are being relinquished.