23 Dec 2010 07:00
Titanium Resources Group Limited
Trading Update and Board Change
23 December 2010: The Board of Titanium Resources Group ("TRG") today issues a pre-close trading update for the year ending 31 December 2010.
Full year rutile production for 2010 is expected to be approximately 68,000 tonnes, which is in line with the updated targets announced in August 2010.
Rutile prices have increased sharply during 2010 with recently concluded contract prices for approximately 22,000 tonnes of 2011 production being at between 19% and 25% above 2010 average contracted prices. TRG remains contracted to deliver in 2011 approximately 34,000 tonnes of production against 2010 agreed delivery contracts.
TRG remains engaged in positive discussions with the Government of Sierra Leone to complete a definitive agreement regarding the loan to Sierra Rutile Limited. The Company will make further announcements when appropriate.
The Strategic Review Committee has completed its first stage of the strategic review, announced at the interim results. TRG's Board has reviewed the Committee's recommendations and has approved a comprehensive set of system and process improvements. The management team are now developing a plan for implementation.
The Board of the Company also announces today that Mr. Wayne Malouf will become Non Executive Chairman of the Company with effect from 31 December 2010 (previously Mr. Malouf was Executive Chairman). All other Board responsibilities remain unchanged.
ENDS
For further information:
Titanium Resources Limited
Wayne Malouf, Executive Chairman
John Sisay, Chief Executive
Tel: +44 (0) 207 321 0000
Arbuthnot Securities
Nominated Adviser & Broker
Hugh Field
Tel: +44 (0) 20 7012 2000
Aura Financial
Michael Oke / Andy Mills
Tel: +44 (0) 207 321 0000