TITANIUM SANDS LIMITED — Capital/Financing Update 2008

May 28, 2008

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29 May 2008

Company Announcements Office

Australian Stock Exchange Limited Exchange Plaza Sherwood Court PERTH WA 6000

Dear Sir / Madam

Cancellation of Executive and Employee Options

Pursuant to the terms of the Company’s Executive and Employee Option Plan the following options have been cancelled:

• 125,000 executive and employee options expiring 28 February 2010 exercisable at $2.20.

Yours faithfully

WINDIMURRA VANADIUM LIMITED

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MATTHEW LILLY Company Secretary

Windimurra Vanadium Ltd ABN 65 009 131 533 MidWest Vanadium Pty Ltd ABN 65 113 874 712 Level 4, 76 Kings Park Road, West Perth, Western Australia 6005 Tel: +61 8 9423 1900 Fax: +61 8 9423 1999