TITANIUM SANDS LIMITED — Major Shareholding Notification 2008

Feb 24, 2008

			Form 604
			Corporations Act 2001 Section 671B
		Notice of change of interests of substantial holder
To Company Name/Scheme Windimurra Vanadium Limited
ACN/ARSN	009 131 533
1. Details of substantial holder (1)
		Gersec Trust Reg. ("Gersec")
ACN/ARSN (if applicable)
There was a change in the interests of the substantial holder on
The previous notice was given to the company on		24/01/08 01/02/08
The previous notice was dated		31/01/08
	notice to the company or scheme, are as follows: Class of securities (4)		holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding Previous notice		Present notice
		Person's votes	Voting power	Person's votes	Voting power
			(5)		(5)
3. Changes in relevant interests	ORDINARY	8,859,677	8.62%	10,259,677	9.98%
Particulars of each change in, or change in the nature of, a related 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 change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
18 February 2007	Gersec	Share Purchase	2,251,200	1,400,000	1,400,000
4. Present relevant interests 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	Nature of relevant interest(6)	ordinary shares Class and number of securities	Person's votes
Gersec Trust Reg.	Citicorp Nominees Pty Ltd	holder (8) Citicorp Nominees Pty Ltd	Shareholder	8,159,677 ordinary shares	7.94%

	Marne	Address
	Gersec Trust Reg.	PO Box 1617, Meierhostrasse 5, Vaduz FI-9490, Leichtenstein
	Citicorp Nominees Pty Ltd	Level 26, Mitre 502-30, 101 Collins Street, Melbourne, Victoria 3000
	Blackmort Nominees Pty Ltd	Level 1, 37 St Georges Terrace, Perth, Western Australia 6000
	Signature Glérmano Valle print name sign here	Capacity: Trustee date $0.2220$
		DIRECTIONS
kn)	in paragraph 6 of the form.	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
(2)	See the definition of "associate" in section 9 of the Corporations Act 2001.
(3)	See the definition of "relevant interest" in sections 606 and 671B(7) of the Corporations Act 2001.
(4)	The voting shares of a company constitute one class unless divided into separate classes.
(5)	The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
(6)	Include details of:
	(a) (b) securities to which the qualification applies).	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 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 the relevant interest relates (indicating clearly the particular
		See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.
(7)	Details of the consideration must include any and all banefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to 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.
ks)	If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".
(19)	Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

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