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Titanium Resources (SRX)

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Monday 10 July, 2006

Titanium Resources

Trading Statement

Titanium Resources Group Ltd
10 July 2006


                Titanium Resources Group ('TRG' or 'the Group')
                         Trading and Operational Update

10 July, 2006: Titanium Resources Group today issues an update on trading during
the six month period ended 30 June 2006 ('the Period') ahead of its close period
before the publication of interim results on 3 September. The Directors of TRG
('the Board') believe that TRG's anticipated trading performance for 2006 is not
in line with the market's expectations.

Financial Results

Trading during the Period has been adversely affected by two important factors:

Fuel price

Diesel fuel prices were significantly higher than the initial assumptions of US$
1.5 per Imperial Gallon. The Group plans to convert the mine's power supply from
diesel to heavy fuel oil which will bring fuel costs in line with management's
budget targets.  The Group hopes to complete the heavy fuel oil conversion
around the time of the ramp-up of Dredge D2 which is scheduled for mid-2007.
Dredge D2 will double rutile production.  The Group's bauxite mine has not been
affected by fuel price increases due to the structure of its operating
contracts.

Production

Despite the successful shipment of 15,500 tonnes of rutile and 400,000 tonnes of
bauxite since re-start of the two mines, the Group had expected to ship 20,000
tonnes of rutile and the financial results for the Period will be affected as a
result.   The production shortfall was due principally to lower equipment
availability than originally assumed.  The Group is confident that the
commissioning production difficulties experienced at the rutile operation have
now been satisfactorily resolved.  The Group expects to meet its original
forecast production of 50,000 tonnes in the second half of 2006.

The combined effect of the increase in fuel prices and lower production of
rutile will impact negatively on the Group's expected EBITDA by approximately
USD 17m for the financial year ending 2006.

Expansion Project

Construction work on rutile Dredge D2 is underway with first production from
this unit expected in the second half of 2007.  In addition, the Group expects
to complete all the test work for the third dredge (Dredge D3) in the near term.
In anticipation of a successful outcome of the test work for Dredge D3, the
Group has acquired an option on an existing dredge.  This will expedite the
implementation of the Dredge D3 project and significantly reduce capital costs.

Exploration Programme

The Group has embarked on an aggressive exploration programme to increase the
TRG's proven and probable reserves on both the rutile and the bauxite
concessions. Areas to be drilled have been identified and the Group is
increasing its drilling capacity to cope with the expanded exploration
programme.  In addition, the Group has secured additional exploration
concessions in Sierra Leone, including the previously announced Rotifunk rutile
deposit.

Product Market Status

World markets for all TRG's products (rutile, ilmenite, zircon and bauxite)
remain strong and the Group has had no difficulty securing long term off take
agreements for its production.  At present, the Group has long-term rutile sales
contracts in place with a number of major pigment producers.    The bauxite mine
has long-term sales agreements in place with Alcoa World Alumina LLC and
Glencore AG to sell the mine's total estimated annual production of 1.2 million
tonnes per annum.

                                      Ends

For further information

TRG
Walter Kansteiner, Non-executive Chairman
Tel: +44 (0) 207 321 0000

Aura Financial
Michael Oke
Andy Mills
Tel: +44 (0) 207 321 0000

This press release has been issued by TRG and is the sole responsibility of the
company. This press release does not contain or constitute an offer or
invitation to purchase or subscribe for any securities of TRG and should not be
relied on in connection with any decision to purchase or subscribe for any such
securities.

The securities referred to herein have not been and will not be registered under
the U.S. Securities Act of 1933 and may not be offered or sold in the United
States absent registration under the Securities Act or an available exemption
from it.


Notes to Editors

Titanium Resources Group

Titanium Resources is the holding company of a group of companies that are
engaged in the mining, marketing and exploration of mineral resources. The Group
owns two mining operations in the Republic of Sierra Leone - the Sierra Rutile
Project and the SML Bauxite Project.

The Sierra Rutile Project employs conventional dredging and processing methods
to produce mineral sands in the southwest of Sierra Leone, where its production
previously represented approximately 30 per cent of the world's annual supply of
natural rutile. Natural rutile is a high titanium-bearing feedstock employed in
the manufacture of titanium dioxide (TiO2) pigments that are used in paint,
plastics, paper and pharmaceuticals and the production of titanium metal and
welding rods. In close proximity to the Sierra Rutile mine is the SML Bauxite
Project. Bauxite from the SML bauxite mine is premium grade metallurgical
bauxite which is the primary feedstock used in the production of aluminium. Both
projects employ proven mining and processing techniques and rutile and bauxite
from this region are recognised for their high quality.

The bauxite operations

The SML mining lease covers approximately 580 square kilometres in the southwest
of Sierra Leone, 150 km southeast of the capital Freetown. SML is situated on a
high-grade ore body and employs proven, conventional mining and processing
techniques.

In January 2005, SML was granted mining lease ML1/05 for a period of ten years
with the option to renew for a further ten years. Independent analysis of SML's
existing bauxite reserves at Gbonge, Gondama, Jenega, Konta and Wunde are
estimated at 12.4 million tonnes (as estimated by Mine Development Associates
and included within the August 2005 Admission Document) which should support
production for approximately ten years at normal operating levels. It is
envisaged that further exploration work will be undertaken to discover
additional resources in the Gbonge Hills and the Gondama sector which lie within
the mining lease area.

The bauxite from Gondama/Gbonge is highly-prized gibbsitic bauxite which may be
used as feed for low temperature and high temperature digestion as well as feed
for sweetening digestion. This versatility creates significant marketing
flexibility.






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