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UPDATE ON DAVIS SAMUEL MATTER
2 July 2008

TNG is a party to proceedings instituted by the Commonwealth of Australia (Commonwealth) in the Supreme Court of the Australian Capital Territory in which the Commonwealth claims that it is entitled to a constructive trust over shares held by TNG in Kanowna Lights NL( now Peninsula Minerals Limited). The Commonwealth has claimed that as constructive trustee, TNG is liable to account for the highest market value at which the shares could have been sold and interest on that market value.
The Commonwealth claims that it is entitled to an amount of $2,146,687.29 representing a claim of $1,274,400 for the value of the Kanowna Lights NL shares and interest thereon since 23 October 2000.
TNG has issued cross-claims against several parties in the proceedings.
TNG is also vigorously defending the Commonwealth claims. It is not possible to predict the likely outcome of the matter or the timing of an outcome.
Any adverse finding made against TNG which cannot be successfully recovered from cross claims made against other parties may result in TNG being liable to pay up to the amount claimed by the Commonwealth. TNG may also be liable for costs of the proceedings if awarded against it, as well as its own legal costs.
The court proceedings commenced 10 June 2008.
The matter has now been adjourned, and is scheduled to recommence in late August 2008. It is currently listed for an additional five weeks of hearing then.
Yours faithfully
TNG Limited
John W Barr
Chairman