Ann: Trading Halt, page-4

Hmmmm...an announcement in relation to the Company's takeover bid of Core Gold huh? Well...let's see what that could be then. We know that Core ended their Strategic Review Process at the end of October. It wouldn't have taken that lonBased on thg to assess the offer (or offers), so I'm assuming that the Company has been going back and forth with the various suitors to get the best deal(s) possible...modern day horse trading if you will.

Based on Titan's Release regarding the halt, I think it's safe to say that there are three (3) likely scenarios, or combinations thereof. Given that the Vertex debt situation still hasn't been approved by the TSX.V, it's unlikely that Titan has acquired enough shares to effect the takeover. As such, these are my (and only my) possible scenarios:

1. Given the "close" relationship between Titan and certain members of the Core Board, Titan has been told that their takeover offer doesn't come close to matching the other offer(s) submitted as part of the SRP and as such, Titan withdraws their takeover offer;

2. Similar to above, Titan's original takeover offer doesn't compete with the other offer(s) and they raise their offer. Three (3) shares, four (4) shares for every Core share...it doesn't matter. It doesn't cost Titan any more money...just additional dilution. On paper, their takeover offer is improved, but Canadian shareholders still have very little appetite for Titan shares. It's doubtful that enough Core shareholders would tender their shares for the takeover, but the implied value of the revised Titan offer may entice the Core Board to recommend the offer to shareholders;

3. Titan abandons the takeover bid and shifts gears to strike a deal for one of the Core properties. The A $20 million that was supposed to be raised for the unsuccessful Plan of Arrangement in March is resurrected and used for a JV or earn in on one of Core's flagship properties. Money is money...and Core shareholders don't care who signs the cheque as long as it clears and the funds are used to unlock the value of the assets. That would be a win win for everyone involved.

I'm sure there are other options, but those three (3) are at the top of my list. Whatever happens, we're down to the short strokes...we wont have long to wait. Turtle13