TITANIUM SANDS LIMITED — Director's Dealing 2006

Oct 8, 2006

ABN 65 009 131 533

9 October 2006

The Companies Announcement Office Australian Stock Exchange Limited Exchange Plaza Sherwood Court PERTH WA 6000

Dear Sir

Change In Directors Interests

Please find attached an updated Appendix 3Y in respect to a change in interests held by Mr Michael Fry in Precious Metals Australia Limited. Mr Fry has sold 500,000 shares on market however at the same time has exercised 500,000 options held by him, thus his net interest will not change.

Mr Fry has advised the Company that following this transaction it is not his intention to sell further interests before the Windimurra Vanadium Mine comes into operation.

Yours sincerely PRECIOUS METALS AUSTRALIA LIMITED

MIKE DREW Company Secretary

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

PO Box 620 West Perth Western Australia 6872

Telephone: +61 8 9423 1900 Facsimile: +61 8 9423 1999

Appendix 3Y

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.

Name of entity:	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	Michael John Fry
Date of last notice	7 June 2005

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	Direct and Indirect
Nature of indirect inferest	Mr MJ Fry has an interest in INXS Pty Ltd
(including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
Date of change	6 October 2006
No. of securities held prior to change	2,200,000 Fully paid ordinary Chares
	500,000 Options
Class	Ordinary
	Options expiring 29 November 2007
Number acquired	500,000 (by Exercising 500,000 options at
	15 cents)
Number disposed	500,000 (On market sale)
Value/Consideration	Disposal $$890,000^{(1)}$
Note: If consideration is non-cash, provide details and estimated valuation	Exercise of options $$75,000^{(2)}$
No. of securities held after change	Total 2,200,000
	INXS Pty Ltd $-1,700,000$
	Michael John Fry - 500,000

$\div$ See chapter 19 for defined terms.

Nature of change	$(1)$ Disposal of 500,000 shares - on
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	market.
	$(2)$ Exercise of $500,000$ options to
	acquire ordinary shares at 15 cents
	each.

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	Not Applicable
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.