Final Settlement of Insurance Claims

 

TIDMTXR 
 
RNS Number : 7453K 
Titanium Resources Group Ltd 
26 April 2010 
 

                      Final Settlement of Insurance Claims 
26 April 2010: Titanium Resources Group Ltd ("TRG" or "the Company") is pleased 
to announce that following the mediation at the end of March, a final settlement 
has been reached with all remaining insurers in its subsidiary Sierra Rutile 
Limited's ("SRL") legal action relating to the capsize of Dredge D2 in July 
2008. 
Under the terms of the settlement, SRL will receive a total of US$7.5 million 
from the remaining insurers, the majority of which will be paid within two 
working days. The detailed settlement terms are otherwise confidential. 
The Board of TRG believes this settlement is appropriate and in the best 
interests of SRL and the Company given the significant risks, costs and 
management distraction inherent in continuing to pursue SRL's claims through the 
courts. It is the Board's intention to hold these settlement funds on deposit 
whilst it considers the options for their most effective deployment. 
Commenting on the announcement, John Sisay, Chief Executive of TRG, said: 
"I am pleased that we have now concluded all outstanding insurance claims 
relating to the capsize of Dredge D2. Resolution of these claims will enable us 
to focus on the improvement of our production profile and capture the 
significant market opportunities available to us." 
                                      ENDS 
For further information 
 
Titanium Resources Group 
John Sisay, Chief Executive 
Walter Kansteiner, Non-executive Chairman 
Telephone: [phone] 
 
Arbuthnot Securities 
Nominated Adviser & Broker 
John Prior / Richard Johnson 
Telephone: [phone] 
 
Aura Financial 
Michael Oke / Andy Mills 
Telephone: [phone] 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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