Work Program and Development Timing

The main focus of the Company is to a rapidly advance the development plans for the Ranobe Mine. All studies and approvals required for a development decision should be secured during the second half of 2012, followed by construction, commissioning and first production in 2014.

Definitive Engineering Study

The next phase of engineering will involve further detailed engineering building on the current preliminary scoping study. Sufficient engineering work for the mine, processing equipment and infrastructure will be undertaken to ensure the capital and operating cost estimates are robust, identify any long lead items, develop the optimised mine plan, and prepare for the tender for project engineering design, procurement and construction management.

Permitting and Access

World Titanium Resources submitted its application for an Exploitation Permit (Mining Licence) in March 2010, together with a provisional Environmental Impact Assessment as required by the Mining Code. The application is currently being considered by the Ministry of Mines. The Company anticipates that the Exploitation Permit (PE 37242) will be granted during the first half of 2012.

The Environmental Impact Assessment will be finalised for submission to the National Office of the Environment upon granting of the exploitation permit. The Company will also begin the process of lodging an application to be certified as a large scale investment in the Malagasy mining sector.

The process of securing access agreements for roading, loading facilities, surface infrastructure and the mining area has commenced. The company has developed good relationships with the government and local communities and enjoys the support of the local community.