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Titanium Resources (SRX)

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Wednesday 19 October, 2005

Titanium Resources

Issue of Equity

Titanium Resources Group Ltd
19 October 2005

                        Titanium Resources Group Limited
          Placing of new shares to raise £10.0 million ($17.5 million)

Titanium Resources Group Ltd ('TRG' or the 'Group') announces that 20,000,000
new common shares (of no par value) in the capital of the Group (the 'Placing
Shares') have been placed with institutional investors at a price of 50p per
share to raise £10.0 million ($17.5 million) before expenses. The Placing Shares
represent approximately 10.7 per cent. of the existing issued share capital of
the Group.

Application will be made to the London Stock Exchange for the Placing Shares to
be admitted to trading on the Alternative Investment Market of the London Stock
Exchange ('AIM'). The Placing Shares will rank in full for all dividends or
other distributions made, paid or declared hereafter and pari passu in all other
respects with the existing common shares. The Placing is conditional on, inter
alia, the admission of the Placing Shares to AIM becoming effective, which is
expected to occur on Tuesday, 25 October 2005, when dealings in the Placing
Shares are expected to commence.

TRG owns two mining operations in the Republic of Sierra Leone - the Sierra
Rutile Project and the SML Bauxite Project. Both mines operated for over 15
years until operations were suspended in 1995; operations are expected to
restart in the first quarter of 2006. The Sierra Rutile Project will employ
conventional dredging and processing methods to produce mineral sands and
previously produced approximately 30 per cent of the world's annual supply of
natural rutile, a high titanium-bearing feedstock employed in the manufacture of
titanium dioxide. The Group has signed sales contracts for more than half of its
anticipated annual production of rutile and negotiations continue with a number
of other buyers for the remaining production.

The SML Bauxite Project will produce premium grade metallurgical bauxite, the
primary feedstock used in the production of aluminium. The Group has entered
into long-term offtake agreements with Alcoa World Alumina LLC and Glencore AG
for the project's estimated annual bauxite production.

TRG was admitted to AIM in August 2005 and raised $74 million (£41 million) at
47p per share.

In view of the strong demand for high-quality rutile, TRG has been investigating
options for expanding rutile production. The net proceeds of the Placing will be
used for general corporate purposes including conversion of additional resources
to reserves through infill drilling, as well as funding a feasibility study into
the viability of expanding rutile production through the reprocessing of
tailings or dry mining of outlying ore bodies which do not fall within the
current dredge paths.

Following completion of the Placing, the holding of Jean-Raymond Boulle is
expected to fall from 48.2 per cent. to approximately 43.6 per cent. of the
Group's issued share capital.

TRG also announces the appointment of Arbuthnot Securities Ltd as Broker with
immediate effect. Arbuthnot is acting as broker in respect of the Placing.

Commenting on the Placing Walter Kansteiner, Chairman of TRG, said:

'The funds raised through the Placing will enable us to take advantage of the
opportunities to expand our rutile reserve base which we identified at the time
of our Admission to AIM. We also remain on track to re-start production at the
Sierra Rutile Project and the SML Bauxite Project in the first quarter of 2006.'

'We are committed to delivering on our strategy to re-start and expand our
operations in Sierra Leone for the benefit of shareholders and believe that the
continued support from institutional investors reflects the quality of our
assets and the positive outlook for titanium feedstock markets going forward.'

19 October 2005


Titanium Resources Group                   020 7321 0000
Walter Kansteiner, Chairman

Arbuthnot                                  020 7012 2000
James Steel

Aura Financial                             020 7321 0000
Michael Oke / Andrew Mills 

This press release has been issued by TRG and is the sole responsibility of TRG.
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.

Arbuthnot Securities Limited ('Arbuthnot'), which is regulated by the Financial
Services Authority, is acting for TRG and no-one else in relation to the matters
described in this announcement and will not be responsible to anyone other than
TRG for providing the protections afforded to clients of Arbuthnot nor for
providing advice in relation to the matters described in this announcement.

                      This information is provided by RNS
            The company news service from the London Stock Exchange

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