TITANIUM SANDS LIMITED — Capital/Financing Update 2004

Feb 25, 2004

MARKET RELEASE

26 February 2004

PRECIOUS METALS AUSTRALIA LIMITED

REINSTATEMENT TO OFFICIAL QUOTATION

The suspension of trading in the securities of Precious Metals Australia Limited (the "Company") will be lifted from the commencement of trading on Friday, 27 February 2004, following the retirement of debt and completion of a capital raising.

Security Code:

PMA PMAOB

Brendan O'Hara Manager Companies

PRECIOUS METALS AUSTRALIA LIMITED -REINSTATEMENT OF SECURITIES TO OFFICIAL QUOTATION

The securities of Precious Metals Australia Limited (the "Company") were suspended from official quotation on 28 October 2002 pending the lodgement of their Annual Report for the year ended 30 June 2002.

The Company's securities will be reinstated to official quotation on Friday, 27 February 2004.

Upon reinstatement, the Company with have the following:

Quoted securities:	32,997,712 ordinary shares fully paid ("Shares")
	12,896,334 options exercisable at \$2.00 each on or before 1 December 2005 ("Options")
ASX Code:	PMA ("Shares")
	PMAOB ("Options")
Time:	10.00 am EDST (7.00am WST)
SEATS Abbreviation:	PRECIOUS
ISIN:	AU000000PMA6 ("Shares")
	AU0000PMAOB3 ("Options")
Home Branch:	Perth
Industry Classification:	Materials
Registered Office:	C/- A C Pilmer & Co
	Level 2, 44 Ord Street
	WEST PERTH WA 6005
	Telephone: (08) 9322 1788
	Facsimile: (08) 9322 1744
Company Secretary:	Angus Pilmer
Share Registry:	Advanced Share Registry Services 7 th Floor, 200 Adelaide Terrace
	PERTH WA 6000
Balance Date:	30 June
CHESS:	Participating. The Company will also operate an issuer sponsored subregister

State of incorporation: Western Australia Restricted securities: $N/a$ Dividend Policy: $N/a$ Activities: Mineral exploration

ASX Contact:	Christine Panetta
Business Unit	Companies Perth
Ext.No:	6014
Date:	26 Feb. 04