TITANIUM SANDS LIMITED — Major Shareholding Notification 2004

Jan 12, 2004

Form 605

Corporations Act Section 671B

Notice of ceasing to be a substantial holder

ÏΩ Company Name/Scheme	PRECIOUS METALS AUSTRALIA LIMITED
ACN/ARSN	009 131 533
1. Details of substantial holder (1)
Name	GUINNESS PEAT GROUP plc & its subsidiaries
ACN (if applicable)	Incorporated and registered in England and Wales with registered number 103548
The holder ceased to be a substantial holder on	07/01/04
The previous notice was given to the company on	06/03/01
The previous notice was dated	06/03/01

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (4)	Consideration given in relation to change (5)	Class (6) and number of securities affected	Person's votes affected
07/01/04	Guinness Peat Group plc	Increase in Issued	N/a	N/a	N/a
	& its subsidiaries	Capital in Company

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

ACALLIST Niom AUN me and аые .	к. าсเลนดก

4. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Guinness Peat Group plc & its subsidiaries	First Floor Times Place 45 Pall Mall London SW1Y 5GP
Refford Resources NL	Level 22, Exchange Plaza, 2 The Esplanade, Perth WA 6000

Signature

print name	Graeme J Cureton	Capacity	Director
sign here		date	13 January 2004

DIRECTIONS

• $(1)$ If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 4 of the form.
• See the definition of "refevant interest" in sections 608 and 671B(7) of the Corporations Law. $(2)$
• $(3)$ See the definition of "associate" in section 9 of the Corporations Law.
• $(4)$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document $(a)$ setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which $(b)$ the relevant interest relates (indicating clearly the particular securities to which the qualification applies).
• See the definition of "relevant agreement" in section 9 of the Corporations Law.
• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to $(5)$ receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• $(6)$ The voting shares of a company constitute one class unless divided into separate classes.
• $(7)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.