TITANIUM SANDS LIMITED — Board/Management Information 2004

Mar 29, 2004

1977 - 2000 - 2000 - 2000 - 2000 - 2000 - 2000 - 2000 - 2000 - 2000 - 2000 - 2000 - 2000 - 2000 - 2000 - 2000

Company Announcements Officer Australian Stock Exchange Limited Level 8, Exchange Plaza 2 The Esplanade, Perth, WA 6000

29 March 2004

Dear Sir

Board Change

Further to a meeting of directors of Precious Metals Australia Limited held on 29 March 2004, we wish to advise that Roderick Smith has been appointed as a director of the Company effective immediately.

Mr Smith is a recognised expert in the world vanadium industry having given papers at numerous international ferro-alloy conferences. He played a major role in the initial research and development, feasibility studies and ultimate development of the Windimurra vanadium project He was a director of PMA from 1989 to 2001 and owns approximately 33% of the company's shares.

PMA holds a 15% net profit interest in the Windimurra vanadium project with a minimum royalty of \$500,000 per year. Windimurra is owned and operated by international resource major Xstrata Ag, who suspended operations at Windimurra in February 2003. Recent press speculation about Xstrata's intentions with regard to restarting operations, or permanently ceasing operations has led to the PMA directors asking Mr Smith to rejoin the board and assist the company in evaluating its options with regard to the project.

Yours faithfully

Earl of Warwick Chairman Precious Metals Australia Limited