Titan Resources...Managing Director speaks.

I sent this email to Mr Ryan today.

Mr Tastula said that Mr Ryan would be describing some of the significant changes to the Bio heap process that have added to its commercial viability, and that at the end of the meeting he would be answering questions.



Would it be possible to supply this information.?



In the press release of 23/6 it was all gung ho to proceed with the Carr Boyd development.



What has happenned to change the situation?



Thanking you in anticipation for your help.



C.M.Lord.

and received this reply.

Dear Mr Lord,



The issues regarding the ‘operational improvements’ to the BioHeap Process relate to a series of technical developments, which have been achieved during the year, which represent real opportunities to improve various aspects of the process. We would expect these types of modifications and refinements to continue as the entire process develops. Some of these improvements (you may have heard of some of these before, but their applicability has been improved and expanded) include:

- Modification of the bacteria to operate effectively in very high salinity water (now up to 7 times normal sea water). This is a serious technical breakthrough and has wide application in WA. We now can operate better in high salinity water than in fresh water!

- The generation of sulphuric acid within the heap by bacterial action direct on elemental sulphur added to the ore during agglomeration, thereby potentially facilitating large savings in cost and the difficult logistics of purchase and transportation of large volumes of acid to (generally) remote locations. This technological step is still being developed but is ‘looking good’.

- The success of our field trials of the use of Ion Exchange resins – within standard ‘carousel-type’ contacting equipment for the direct extraction of the valuable metals (nickel, cobalt etc.) direct from the BioHeap liquors without removal of iron etc and at very high levels of purity (99%+). We are still ‘tidying this step up’ but it is looking very promising. It is a major simplification and is an important and advantageous step forward in the overall process flow sheet.

- There are several other engineering matters that will be important in the first operation – wherever that is.



At Carr Boyd we released the new resource figure (see attached ASX release). The Carr Boyd property still has insufficient tonnes to proceed to development, although we are accelerating our exploration and, given on-going encouragement, expect to make a significant impact on this situation by second quarter 2003. We will not proceed to development unless the project is robust and highly profitable, even if it takes a bit longer! The problem is lack of tonnes only – not the grade or any process problems. The release also has a little more encouraging information on the Widgiemooltha property.



The company is simultaneously pursuing the following opportunities for the next (major) step in its growth:

- Process development (essentially complete) and improvements

- Its own mining operation(s) with BioHeap (or otherwise)

- Co-operative joint ventures with major mining companies (WMC and several others, which I cannot name)

- Exploration of our own very promising properties.



Obviously this (intermediate) period is very frustrating for shareholders (and for all of us here too) and we believe very much that success will come soon. The first “breakthrough” – in the form of exploration success and/or the decision to proceed to the first BioHeap operation is likely to trigger several other successes. This first step is the break we need and we are working at it very hard. We believe it’s not far away and we will keep all shareholders fully informed.

We all still believe strongly in the immense potential of what we are doing, but this “limbo” period is difficult for both staff and shareholders alike.



I hope this answers your queries.



Regards



Bill Ryan



And so continues their policy of playing their cards very close to the chest
Minimal News.
Minimal interest.
Minimal price.
How disapointing.
And still I'm confident of their success.


Minimal price.