TITAN RESOURCES

The Property is estimated to contain an inferred resource of 49.0 million tonnes at 0.24% vanadium (0.43% vanadium pentoxide), 14.82% titanium dioxide, and 48.09% iron oxide. The estimate uses a 40% Fe2O3 cutoff grade. The results of the independent resource estimate are summarized in the following Table:

Titan Property's Summary of Mineral Resources
*Metal recoveries were assumed to be 100% for both vanadium and titanium oxide.
Resource estimate calculated at a cut-off grade of 40% Fe2O3.
Resource Category Tonnes
(millions)
V Grade
(%)
TiO2 Grade
(%)
V Contained*
(lbs)
TiO2 Contained*
(kg)
Inferred 49.0 0.24 14.82 259,174,729 7,259 m

The updated report was completed by Mine Development Associates ("MDA") on February 26, 2010, was prepared in accordance with National Instrument 43-101 ("NI 43-101") Standards of Disclosure for Mineral Projects and provides as update at to ownership of a report completed by MDA for Randsburg International Gold Corp. in 2006 and revised in February, 2007. The resource estimate at Titan is based on 38 drill holes completed between 2004 and 2006, totaling 10,307 metres, that were drilled to depths between 170 metres and 604 metres on a 50 metre grid.

Technical Report