TITANIUM SANDS LIMITED — Major Shareholding Notification 2008

Feb 28, 2008

29 February 2008

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

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

SYDNEY NSW 2000

By electronic lodgement

$\sim$

Dear Sir

Re: Notice of ceasing to be a substantial holder $\sim$ Windimurra Vanadium Limited $(WVL)$

We enclose notice of ceasing to be a substantial holder in Windimurra Vanadium Limited. This notice is given by Kinetic Investment Partners Limited.

Yours faithfully

Alison Stephenson Company Secretary

attach

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To Company name/Scheme	Windimurra Vanadium Limited
ACN/ARSN	009 131 533
1. Details of substantial holder (1)
Name	Kinetic Investment Partners Limited
ACN (if applicable)	009 568 496

The holder ceased to be a substantial holder on	26.02.2008
The previous notice was given to the company on	01.12.2006
The previous notice was dated	01.12.2006

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	Nature of	Consideration given in	Class (6) and number	Person's votes affected
	interest changed	change (4)	relation to change (5)	of securities affected
Refer Annexure	Refer Annexure	Refer Annexure	Refer Annexure	Refer Annexure	Refer Annexure 1

3. Changes in association

The following 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:

Name and ACN (if applicable)	Nature of association
N/A

4. Addresses

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

Name	Address
Kinetic Investment Partners Limited	Level 10, 101 Collins Street, Melbourne VIC 3000

Signature

print name	Alison Stephenson	capacity	Company Secretary
signature		date	29/02/2008

$\hat{\mathcal{L}}$

Annexure 1

This is page 1 of 1 page of Annexure 1 referred to in Form 605 signed by me and dated
29/02/2008

Alison Stephenson

Transactions:

		Nature of		Number of	Person's Votes
Date of Change	Holder of relevant interest	Change	Consideration	securities	Affected)
24/12/2007		ChangeMor		295.457	295,457
24/12/2007		ChangeMor		357,019	357,019
24/12/2007		ChangeMor		2,189,290	2,189,290
24/12/2007		ChangeMor		625.657	625,657
24/12/2007		ChangeMor		475,467	475,467
24/12/2007		ChangeMor		1,111,921	1,111,921
24/12/2007		ChangeMor		164,550	164,550
24/12/2007		ChangeMor		560,749	560,749
14/02/2008		Buy	19,800.00	12,000	12,000
14/02/2008		Sell	19,800.00	$-12,000$	$-12,000$
15/02/2008		Sell	18,753.00	-11,400	$-11,400$
15/02/2008		Buy	18,753.00	11.400	11,400
25/02/2008		Rights Issue		61,700	61,700
25/02/2008		Rights Issue		41,000	41,000
25/02/2008		Rights Issue		424.300	424,300
25/02/2008		Rights Issue		135,600	135,600
25/02/2008		Rights Issue		93,600	93,600
25/02/2008		Rights Issue		220 300	220,300
25/02/2008		Rights Issue		21,600	21,600
25/02/2008		Rights Issue		108,300	108,300