TITANIUM SANDS LIMITED — Director's Dealing 2005

Jan 23, 2005

Appendix 3X

Rule 3.19A.1

Initial 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 ACN: 009 131 533

We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Ian Keith Macpherson
Date of appointment	03/03/2004

Part 1 - Director's relevant interests in securities of which the director is the registered holder

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

Number & class of securities

282,812 ordinary shares fully paid

500,000 Options, as approved at AGM, exercisable on or before 30^th November 2007.

⁺ See chapter 19 for defined terms.

Part 2 – Director's relevant interests in securities of which the director is not the registered holder

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

Name of holder & nature of l interest Note: Provide details of the circumstances giving rise to the relevant interest.	Number & class of Securities
Fats Pty Ltd (sub underwriter of rights issue)	282,812 Fully paid ordinary shares 500,000 Options exercisable on or before 30h November 2007

Part 3 – 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
Nature of interest
Name of registered holder (if issued securities)
No. and class of securities to which interest relates

$+$ See chapter 19 for defined terms.