TITANIUM SANDS LIMITED — Director's Dealing 2005

Jan 23, 2005

Rule 3.19A.2

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

PRECIOUS METALS AUSTRALIA LIMITED

ACN: 009 131 533

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Earl of Warwick
Date of last notice	06/01/2004

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Tagora Pty Ltd , a company controlled by the Earl of Warwick Acquired shares on market Hillbrow Investments Pty Ltd, a company associated with the Earl of Warwick Acquired shares off market
Date of change	19/01/2005
No. of securities held prior to change	Tagora $-9,123,490$ Hillbrow - Nil
Class	Ordinary
Number acquired	Tagora $-1,824,698$ (Rights Issue) Hillbrow $-5,000,00$ (Purchase from Tagora)
Number disposed	Tagora $-5,000,000$ (Sale to Hillbrow)
Valne/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$127,728 (\$0.07 per share under rights issue) \$175,000 (Transfer to Tagora)
No. of securities held after change	Tagora $-5,948,188$ $Hillbrow - 5,000,000$

$+$ See chapter 19 for defined terms.

Appendix 3Y

Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back-	Take up of entitlement from rights issue and off market trade
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Part 2 - Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	N/A
Nature of interest
Name of registered holder (if issued securities)
Date of change
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed
Interest acquired
Interest disposed
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation.
Interest after change

$+$ See chapter 19 for defined terms.