TITANIUM SANDS LIMITED — Major Shareholding Notification 2008

Mar 18, 2008

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19 March 2008

The Manager Company Announcements Office Australian Stock Exchange Limited 20 Bridge Street

Level 10, 101 Collins Street Melbourne VIC 3000 Australia telephone 03 8616 1766 facsimile 03 8616 1760 www.kineticip.com.au ABN 28 009 568 496 AFSL 234674

SYDNEY NSW 2000

By electronic lodgement

Dear Sir

Re: Notice of initial substantial holder ~ Windimurra Vanadium Limited (WVL)

We enclose notice of initial substantial holder in Windimurra Vanadium Limited. This notice is given by Kinetic Investment Partners Limited.

Yours faithfully

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Alison Stephenson Company Secretary

attach

603 page 1/2 15 July 2001

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To	Company Name/Scheme Windimurra Vanadium Limited	Company Name/Scheme Windimurra Vanadium Limited	Company Name/Scheme Windimurra Vanadium Limited
ACN/ARSN 009 131		533
1.	Details of substantial holder (1)
Name Kinetic		Investment Partners Limited
ACN/ARSN (if applicable) 009 568		496
The	holder became a substantial holder on	17.03.2008
2.	Details of 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 on the date the substantial holder became a substantial holder are as follows:
	Class ofsecurities (4)	Numberofsecurities		Persons' votes (5)		Voting power(6)
	Ordinary Fully Paid	Same as persons votes		7,119,828		5.06%
3.	Details of relevant interests
The	nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial
holder are as follows:
	Holderof relevantinterest		Nature of relevantinterest (7)		Class andnumberofsecurities
	Kinetic Investment Partners				See Annexure 1
	Limited
4.	Details of present registered holders
The	persons registered as holders of the securities	referred to in paragraph 3 above are as follows:

Holderof relevantinterest	Holderof relevantinterest	Nature of relevantinterest (7)	Nature of relevantinterest (7)	Class andnumberofsecurities	Class andnumberofsecurities
Kinetic Investment Partners Limited				See Annexure 1
sent registered holders ered as holders of the securities referred to in paragraph 3 above are as follows:
Holder of relevant interest	Registered holder of securities		Person entitled to be registered asholder(8)		Class and number of securities
Kinetic Investment Partners Limited	ANZ Nominees Ltd		569,067		569,067 (fully paid ordinary shares)
Kinetic Investment Partners Limited	BNP Paribas Securities Services		994,575		994,575 (fully paid ordinary shares)
Kinetic Investment Partners Limited	JP Morgan Nominees Australia Ltd		4,875,737		4,875,737 (fully paid ordinary shares)
Kinetic Investment Partners Limited	National Nominees Ltd		680,449		680,449 (fully paid ordinary shares)

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant Date of acquisition Consideration (9) Class and number interest Cash Non-cash of securities See Annexure 1 See Annexure 1 See See Annexure 1 Annexure 1 6. Associates The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows: Name andACN/ARSN(ifapplicable) Nature ofassociation N/A 7. Addresses The addresses of persons named in this form are as follows: Name Address Kinetic Investment Partners Limited Level 10, 101 Collins Street, Melbourne	Holder of relevant interest	Date of acquisition	Date of acquisition	Consideration (9)	Consideration (9)	Class and number of securities
				Cash	Non-cash
	See Annexure 1	See Annexure 1		See		See Annexure 1
				Annexure 1
	Name		Address
	Kinetic Investment Partners Limited		Level 10, 101 Collins Street, Melbourne

ASX\20080319 ASIC Form 603 ~Kinetic.doc

603 page 2/2 15 July 2001

��������������������� Signature

print name Alison Stephenson capacity Company Secretary sign here date 19/03/2008

ASX\20080319 ASIC Form 603 ~Kinetic.doc

20080319 WVL 170308 (Kinetic) - Summary and Annexure 2.xls

Page 1

Annexure 1

This is page 1 of 1 page of Annexure 1 referred to in Form 603 signed by me and dated 19/03/2008

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Alison Stephenson Transactions: Date of Change Holder of relevant interest Nature of Change Consideration Number of securities Person's Votes Affected 13/03/2008 Buy 449,448.86 233,318 233,318