Titanium Sands Limited announced that the Central Environmental Authority ("CEA") in Sri Lanka has confirmed receipt of the GSMB's evaluation, approving and identifying the Mannar Project as economically viable for mining. The CEA has confirmed the initiation of environmental clearance
and has requested the Basic Information Questionnaire ("BIQ") be submitted for each license held. The Company is in the process of finalising these now for submission. The CEA environmental clearance forms part of the Environmental Impact Assessment ("EIA") which when successfully completed will lead to the issue of a mining license(s) for the Mannar Project. The Company confirmed recently that the Project has a Net Present Value of $545 million for stage one with total gross project revenue of $2.0 billion and total nett revenue of $1.28 billion. As reported, the Project has an IRR of 52% and is expected to employ up to 1,200 people when fully operational. The Company will provide updates to shareholders in due course as it progresses the environmental clearance with the CEA and the other activities required to obtain mining licence approval at the Mannar Island Project.