Titanium Resources Group Ltd
16 November 2006
Titanium Resources Group ('TRG' or 'the Group')
Results for Third Quarter 2006
16 November 2006: Titanium Resources Group ('TRG' or 'the Group') announces
results for the third quarter of 2006.
Sierra Rutile production for the third quarter was 25,151 tonnes of rutile and
5,178 tonnes of high TiO2 ilmenite. This is in line with the Group's projections
and has the Sierra Rutile mine on track to produce 50,000 tonnes in the second
half of this year as previously announced. Shipments amounted to 29,407 tonnes
of rutile for the quarter with ilmenite production being stockpiled in
preparation for bulk shipments scheduled for the fourth quarter.
The Group produces two different grades of rutile at the Sierra Rutile minesite.
The market outlook for the fourth quarter remains buoyant with all production of
Standard Grade rutile sold on contract and sales of Industrial Grade rutile
increasing rapidly with market penetration.
The outlook for 2007 in terms of sales is firm with all Standard Grade rutile
sold on contract with substantial firming of prices. Industrial Grade rutile
sales are expected to continue at a high level as the Group spreads its
penetration in the various market segments. Contract negotiations are well
advanced for the sale of the Group's entire production of ilmenite, with
contracts expected to be executed in the fourth quarter.
In addition, Sierra Rutile Limited is currently stockpiling its production of
zircon tailings in preparation for bulk shipments scheduled to commence in 2007.
SML bauxite production for the third quarter was up to 320,227 tonnes with
307,910 tonnes of product shipped in the quarter.
The Group has many projects underway at the Sierra Rutile minesite, including
the conversion to a HFO fired power station, the construction of Dredge 2 and
the construction of Dredge D3, all of which are on schedule.
Exploration continues on all properties with extra drilling capacity being
mobilised to accelerate the Group's programmes.
For further information
Audrey Richardson, Corporate Secretary
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
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
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.
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