Mount Peake Project Technical annual report 22 October 2006 to 21 October 2007 EL 23271

Abstract

Exploration Licence 23271 was granted to Tennant Creek Gold (NT) Pty Ltd (TCG) on the 22/10/2002 and expires on the 21 October 2008. TCG is a 100% subsidiary of TNG Ltd (ASX: TNG). On 29 May 2007, TCG transferred the licence ownership to Enigma Mining Ltd, another wholly owned subsidiary of TNG Ltd. TCG originally applied for the licence area to explore for Ni-Sulphides, and it forms part of the companies 'Mount Peake' Project area together with EL 23074. On the 18th August 2003 'TCG' entered into a Joint Venture agreement with Falconbridge (Australia) Pty Ltd allowing them to earn a 60% interest. On the 15th October 2003 Falconbridge (Australia) Pty Ltd entered into a Heads ofAgreement with Discovery Nickel Limited (DNL) whereby DNL assumed Falconbridge's obligations for EL 23271. Tennant Creek Gold (NT) Pty Ltd (TCG) resumed management of the tenement in October 2006 following the failure of the joint venture partners to fulfill its exploration, rent and reporting obligations. A full review of all Mount Peake data was carried out by TNG to establish what the J.V Partners had completed. Closed file company reports, agreements and all project data were gathered inorder to conduct a full geological review of the project area.