consolidated minerals moves on titan

Consolidated Minerals moves on Titan Resources
09:26, Tuesday, 28 March 2006

Sydney - Tuesday - March 28: (RWE Aust Business News) -
Consolidated Minerals Ltd (ASX:CSM) today announced an off-market
takeover offer for nickel company, Titan Resources Ltd (ASX:TIR), further
advancing its nickel growth strategy in the Kambalda
region of Western Australia.

The consideration is one Consolidated share for every 35 Titan
shares.

This translates to an offer of 7.77c for each Titan share based
on the $2.72 closing price of Consolidated's share price on 27 March
2006.

The offer will be made through Consolidated's subsidiary,
Consolidated Nickel Pty Ltd.

The consideration represents a premium of 34pc to the closing
price of Titan shares on 27 March 2006 and 41pc premium to the volume
weighted average price for Titan shares in the month leading up to this
announcement.

It values Titan at approximately $29 million on an undiluted
basis.

There are no minimum acceptance conditions.

Consolidated is already Titan's largest shareholder, with a
relevant interest of 19.9pc, and holds strategic nickel interests
in joint venture with Titan including 50/50 joint ventures at the Munda
and Armstrong nickel projects in the Widgiemooltha Dome region.

Titan;s assets include a 227 square kilometres tenement position
at Widgiemooltha containing resources totalling approximately 123,000
tonne of contained nickel in eight separate deposits.

Consolidated shares last traded at $2.73 while Titan was last
traded at 5.8c.

ENDS