Saturday, March 21, 2009

More than 10% of African mining corporation purchased by BVI-registered subsidiary

London Stock Exchange listed mining company Titanium Resources Group Ltd. has published a Notice of Substantial Shareholding, informing the publics that on 12 March it was notified that the British Virgin Islands-registered Leopard Titanium Limited acquired its 2,000,000 ordinary shares, at a price of 3.25p a share. As a result of the purchase, the BVI company now owns 25,427,856 ordinary shares of Titanium Resources, which represents 10.85% of its total issued share capital.

The BVI-based Leopard Titanium Limited is a company in which Mr. Jean Raymond Boulle is the sole shareholder and sole director. It was previously disclosed that Mr. Boulle also directly owns a further 114,981,497 ordinary shares representing 49% of total issued share capital of the mining company.

Titanium Resources Group has the major part of its operations in te Republic of Sierra Leone, producing rutile and ilmenite for industrial needs . It is the country's largest private sector employer,. and its operations historically accounted for over 65% of exports of Sierra Leone.