TITANIUM SANDS LIMITED — Capital/Financing Update 2008

Feb 19, 2008

ASX / MEDIA RELEASE

20 February 2008

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Windimurra Vanadium $54.8 million raising heavily oversubscribed

Windimurra Vanadium (ASX:WVL) is pleased to announced it has raised $54.8 million to take its world class vanadium project into production, following successful closure of its heavily oversubscribed entitlement issue.

The raising completes all funding requirements for development of the Company’s Windimurra Vanadium project in WA’s Mid West, which is due to be commissioned in the last quarter of 2008.

Windimurra Vanadium Managing Director Dr Iain Scott said the Company had raised the maximum amount of funds available through the entitlement issue, which enabled shareholders to subscribe for one new share for each three shares held.

Through the offer, Windimurra will issue approximately 34.2 million new ordinary shares at a price of $1.60 per share. Shares will be issued and entered into the shareholder’s holding in the share register on 25 February 2008 and will be available for trading on 26 February 2008.

“We are very pleased with the strong shareholder support for Windimurra, with all our major shareholders participating and most of them subscribing for additional shares.” Dr Scott said.

“This raising significantly de-risks the project by completing the $200 million finance package, following the finalisation of the $145 million debt funding arrangement in January. The capital raised will be used to complete redevelopment of the mine and plant at Windimurra and to take the project into production.”

“We are also making significant progress in execution on the ground, with about 50% of the project capital expenditure spent or committed,” Dr Scott said.

The Windimurra project, located 600km north east of Perth, is based on one of the largest proven vanadium reserves in the world. Global demand for vanadium is expanding, driven mainly by growth in steel consumption which has seen vanadium spot prices increasing to above US$80/kg from price levels of just under US$40/kg during 2007..

Dr Scott said during the past six months, the Company had achieved a number of major milestones on the path toward production.

“We have secured all principal environmental approvals, have put in place key supply contacts (including gas), and have signed a 10 year, $300 million contract with Mineral Resources to build, own, operate and transfer the beneficiation plant, which is now underway,” Dr Scott said.

“Now with the completion of finance, we can continue with full confidence toward becoming one of the world’s lowest cost vanadium projects,” Dr Scott said.

For further enquiries call:

Dr Iain Scott Managing Director Tel: +61 (0) 8 9423 1900

Warrick Hazeldine

Purple Communications Tel +61 (0) 89485 1254 Mob: 0417 944 616

Windimurra Vanadium Limited Level 4, 76 Kings Park Road, West Perth, Western Australia, 6005

Telephone: +61(8) 9423 1900 Website: www.windimurra.com.au

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Background

Windimurra Vanadium Limited (WVL) is a mining company based in Perth, Western Australia and is listed on the Australian Stock Exchange (ASX:WVL). The Company’s focus is the development of the Windimurra Vanadium Mine, located 600km north east of Perth in WA’s Mid-West region.

WVL has a strategic alliance and off-take agreement with leading global supply chain manager, Noble Group Limited, based in Hong Kong. Noble has agreed to purchase the total vanadium output of the Windimurra mine, at prevailing market prices for the life of the mine.

Originally discovered in 1985, Windimurra contains one of the largest reported proven vanadium Ore Reserves in the world with current mineable reserves of 79.0 million tonnes at a bulk grade of 0.47% V205 (vanadium pentoxide), which will underpin an initial mine life of 20 years at the proposed mining rate of 3.9mtpa. A total of 148 million tonnes of resources have been modelled at a bulk grade of 0.46%.

The Windimurra mine was originally built by the Company with a joint venture partner in 1999, and, whilst operating, was the world’s largest primary vanadium mine, gaining recognition as one of the highest-quality sources of vanadium in the world market.

Since 2003, world demand for vanadium and the price of the commodity have increased strongly, largely driven by growth in Chinese steel production. Marketing studies commissioned by WVL forecast that vanadium demand will continue to increase through 2015 at a compound annual growth rate of 7.8%.

For more information, please visit www.windimurra.com.au

Windimurra Vanadium Limited Level 4, 76 Kings Park Road, West Perth, Western Australia, 6005

Telephone: +61(8) 9423 1900 Website: www.windimurra.com.au