TITANIUM SANDS LIMITED — Major Shareholding Notification 2008

Apr 14, 2008

Form 604

Corporations Act 2001 Section 671B

Notice of change of interest of substantial holder

To Company Name/Scheme	Windimurra Vanadium Limited
CAN/ARSN	65 009 131 533
Details of substantial holder (1) 1.
Name	Matterhorn Investment Management LLP ("MIM")

CAN/ARSN (if applicable)
There was a change in the interests of the substantial holder on	08 / 04 / 2008	NB Although there has been no change in the overall number of shares held by MIM since
The previous notice was given to the company on	2008 03 / 03 /	the previous Form 604, this Form 604 has been produced as there has been a change in the 'ownership' of 13,157,996 shares, from The
The previous notice was dated	2008 03/ 03	Palmyra Fund to The Palmyra Master Fund.

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now r substantial holding notice to the company or scheme, are as follows:

Class of Securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary	$19,229,349$ 13.7%		19,229,349	12.5%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate 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 acquisition	Person Whose relevant interest changed	Nature of change	Consideration given in relation to change	Class and Number of Securities affected	Person's votes affected
08/04/2008	MIM re MPF	Share Purchase	\$26,315,992.00	13, 157, 996	13, 157, 996
08/04/2008	MIM re PMF	Share Sale	\$26,315,992.00	13, 157, 996	13, 157, 996

WHF	The Wildhorn Fund
REF	The Matterhorn Resources and Energy Fund
PMF	The Palmyra Fund
MPF	The Palmyra Master Fund
TST	The Tresillian Trust

4. Present relevant interest

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder	Nature of relevant interest	Class and Number of Securities	Person's votes
Matterhorn Investment Management LLP ("MIM")	HSBC Bank Australia Ltd a/c Morgan Stanley & Co International Plc.	The Palmyra Master Fund	Fund managed by MIM	Ordinary	13,157,996
Matterhorn Tnvestment Management LLP ("MIM")	HSBC Bank Australia Ltd a/c Morgan Stanley & Co International Plc	The Palmyra Fund	Fund managed by MIM	Ordinary	N11
Matterhorn Investment Management LLP ("MIM")	HSBC Custody Nominees (Australia) Limited	The Matterhorn Resources and Energy Fund	Fund managed by MIM	Ordinarv	1,068,028
Matterhorn Investment Management LLP ("MIM")	HSBC Custody Nominees (Australia) Limited	The Wildhorn Fund	Fund managed by MIM	Ordinary	4,831,805
Matterhorn Investment Management LLP ("MIM")	ANZ Nominees Limited	The Tresillian Trust	Fund managed by MIM	Ordinary	171,520

5. Change in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their
association (9) with, the substantial holder in relation to voting interests in the company or scheme are as fo

Name and CAN/ARSN (if applicable)	Nature of association
	Only change made has been the transfer of shares from The Palmyra Fund to The Palmyra Master Fund due to a change in the Fund's overall structure. The Palmyra Master Fund, like The Palmyra Fund, is managed by Matterhorn Investment Management LLP.

6. Addresses

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

Name	Address
Matterhorn Investment Management LLP	29 Queen Anne's Gate, London SW1H 9BU

The Palmyra Master Fund	c/o Matterhorn Investment Management LLP, 29 Queen Anne's Gate, London SW1H 9BU
The Palmyra Fund	c/o Matterhorn Investment Management LLP, 29 Queen Anne's Gate, London SW1H 9BU
The Matterhorn Resources and Energy Fund	c/o Matterhorn Investment Management LLP, 29 Queen Anne's Gate, London SW1H 9BU
The Wildhorn Fund	c/o Matterhorn Investment Management LLP, 29 Queen Anne's Gate, London SW1H 9BU
The Tresillian Trust	c/o Matterhorn Investment Management LLP, 29 Queen Anne's Gate, London SW1H 9BU

Signature

Print Name	ENAN CHRISTIAN Capacity BUSINESS MANAGER
Sign here jumlimat	15/4/08 date