UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549

                                FORM 10-QSB


           (X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
                      SECURITIES EXCHANGE ACT OF 1934

             For the quarterly period ended September 30, 2006

           ( ) TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
                          SECURITIES EXCHANGE ACT

           For the transition period from __________ to __________

                     Commission File Number 333-129347

                    WHITE MOUNTAIN TITANIUM CORPORATION
               (Name of small business issuer in its charter)

          NEVADA                                            87-0577390
(State of incorporation or                           (IRS Identification No.)
     organization)

                      2150 - 1188 West Georgia Street
                        Vancouver, British Columbia
                              Canada, V6C 4E2
                  (Address of principal executive offices)

                               (604) 408-2333
                        (Issuer's telephone number)


Check whether the issuer (1) filed all reports required to be filed under
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for
such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
Yes  X    No ___

Indicate by check mark whether the registrant is a shell company (as defined
in Rule 12b-2 of the Exchange Act).  Yes ___   No  X

16,269,133 shares of the issuer's common stock, $.001 par value, were
outstanding at November 10, 2006.

Transitional Small Business Disclosure Format (Check One)  Yes ___   No X

<PAGE>

                        PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements
------------------------------

WHITE MOUNTAIN TITANIUM CORPORATION
(Formerly Utah Networking Services, Inc.)
(An Exploration Stage Company)
Consolidated Balance Sheets
(US Funds)
--------------------------------------------------------------------------------

                                                  Setpember 30       December 31
                                                      2006            2005
                                                  -------------   -------------
                                                    Unaudited

ASSETS

Current
  Cash and cash equivalents                       $   2,835,016   $   4,116,412
  Marketable securities                                    -              6,820
  Prepaid expenses                                       32,322          25,322
  Receivables                                            18,866          12,111
                                                   ------------    ------------
Total Current Assets                                  2,886,204       4,160,665

Property and Equipment                                   60,552          59,321
                                                   ------------    ------------
Total Assets                                      $   2,946,756   $   4,219,986
                                                   ============    ============


LIABILITIES

CurrenT
  Accounts payable and accrued liabilities        $      10,368   $     365,778
                                                   ------------    ------------
Total Current Liabilities and Total Liabilities          10,368         365,778
                                                   ------------    ------------
STOCKHOLDERS' EQUITY

Preferred Stock and Paid-in Capital in Excess
 of $0.001 Par Value
   20,000,000 Shares authorized
   6,875,000 Shares issued and outstanding            5,500,000       5,500,000
     (December 31, 2005 - 6,875,000)

Common Stock and Paid-in Capital in ExcesS
 of $0.001 Par Value
  100,000,000 Authorized
  16,269,133 shares issued and outstanding            6,276,495       5,904,759
    (December 31, 2005 - 15,829,133)

Accumulated Deficit                                  (8,840,107)     (7,550,551)
                                                   ------------    ------------
Total Stockholders' Equity                            2,936,388       3,854,208
                                                   ------------    ------------
Total Liabilities and Stockholders' Equity        $   2,946,756   $   4,219,986
                                                   ============    ============

               See notes to consolidated financial statements.
                                      2
<PAGE>

WHITE MOUNTAIN TITANIUM CORPORATION
(Formerly Utah Networking Services, Inc.)
(An Exploration Stage Company)
Consolidated Statements of Operations
(US Funds)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>

                                                                                                     Cumulative
                                                                                                    From Inception
                                           Three months ended            Nine months ended           November 13,
                                              September 30                  September 30             2001 through
                                           2006          2005            2006          2005       September 30, 2006
                                       ------------  ------------    ------------  ------------    ----------------
<S>                                    <C>           <C>             <C>           <C>             <C>
Expenses

  Advertising and promotion            $     15,418  $       -       $     35,913  $      3,585     $     70,211
  Amortization                                  282          -                738          -              16,188
  Bank charges and interest                     810         1,354           3,264         2,738           10,320
  Consulting fees                            13,015       117,955          33,584       176,475          603,654
  Consulting fees -
   directors and officers                    48,000        81,000         144,000       142,000          536,034
  Exploration                               116,766       182,495         543,877       348,914        2,178,115
  Filing fees                                  -             -                500          -              18,084
  Insurance                                     652           738          33,938           738           58,547
  Investor relations                           -           22,023          32,838        32,268           76,697
  Licenses and taxes                         15,222        23,477          48,552        23,577          177,577
  Management fees                            24,000        20,000          80,000        24,280          128,280
  Office                                      9,318         1,125          19,691        32,019           72,143
  Professional fees                          54,488       156,855         245,956       255,125          860,246
  Rent                                       14,125        20,012          43,075        21,349          106,498
  Stock-based compensation                   41,736       303,061          41,736       303,061        1,382,406
  Telephone                                   3,898         3,480          10,525         3,740           19,765
  Transfer agent fees                           (65)          102             201         1,582            3,965
  Travel and vehicle                         21,811        28,694         109,742        99,310          448,214
                                        -----------   -----------     -----------   -----------      -----------
Loss before other items                    (379,476)     (962,371)     (1,428,130)   (1,470,761)      (6,766,944)

Gain (loss) on investments                      (48)         -             69,064        17,573          112,131
Adjustment to market for
  marketable securities                        -             -               -             -             (43,008)
Foreign exchange                             (8,659)       (5,076)        (41,176)       (7,112)         (42,367)
Dividend income                                 854          -              1,124          -               1,124
Interest income                              37,228        13,026         109,562        13,026          181,892
Financing Agreement Penalty (Note 2)           -             -               -             -            (330,000)
                                        -----------   -----------     -----------   -----------      -----------
Net loss for the period                    (350,101)     (954,421)     (1,289,556)   (1,447,274)      (6,937,000)

Preferred stock dividends                      -       (1,537,500)           -       (1,537,500)      (1,537,500)
                                        -----------   -----------     -----------   -----------      -----------
Net Loss Available for Distribution    $   (350,101) $ (2,491,921)   $ (1,289,556) $ (2,984,774)    $ (8,474,500)
                                        ===========   ===========     ===========   ===========      ===========


Loss per Common Share (Note 4)         $     (0.02)  $     (0.11)    $     (0.06)  $     (0.14)             -
                                        ===========   ===========     ===========   ===========
Weighted average number of Common
  Shares Outstanding (Note 4)            16,269,133    15,707,320      16,067,668    15,556,763             -
                                        ===========   ===========     ===========   ===========
</TABLE>
               See notes to consolidated financial statements.
                                      3
<PAGE>
WHITE MOUNTAIN TITANIUM CORPORATION
(Formerly Utah Networking Services, Inc.)
(An Exploration Stage Company)
Consolidated Statements of Stockholders' Equity
(Deficit)
(US Funds)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                        Preferred
                                             Common Stock                 Stock                                           Total
                                             and Paid-In   Shares of   and Paid-In     Sub-       Sub-                 Stockholders'
                                              Excess of    Preferred    Excess of   scriptions scriptions Accumulated    Equity
                                    Shares    Par Value      Stock      Par Value   Receivable  Received    Deficit     (Deficit)
                                  ---------- ------------ ----------- ------------- ---------- ---------- ------------ ------------
<S>                               <C>        <C>          <C>         <C>           <C>        <C>        <C>          <C>
Balance, December  31, 2002 and
 inception (November 13, 2001)          -     $      -           -     $       -     $    -     $    -     $      -     $      -

  Shares issued for cash
   Private placements              4,040,000      404,000        -             -      (111,000)      -            -         293,000

  Shares issued for services       7,211,000       72,110        -             -          -          -            -          72,110
                                  ----------   ----------   ---------   -----------   --------   --------   ----------   ----------
Balance, prior to acquisition     11,251,000      476,110        -             -      (111,000)      -            -         365,110

  Shares of accounting
   subsidiary acquired on
   reverse takeover                1,550,000       28,368        -             -          -          -            -          28,368

  Adjustment to eliminate
   capital of accounting
   subsidiary on reverse takeover       -         (28,368)       -             -          -          -            -         (28,368)

  Adjustment to increase
   capital of accounting parent
   on reverse takeover                  -         365,779        -             -          -          -            -         365,779

  Excess of purchase price over
   net assets acquired on
   recapitalization                     -            -           -             -          -          -        (365,607)    (365,607)

  Net loss for year                     -            -           -             -          -          -        (830,981)    (830,981)
                                  ----------   ----------   ---------   -----------   --------   --------   ----------   ----------
Balance, December 31, 2003        12,801,000      841,889        -             -      (111,000)      -      (1,196,588)    (465,699)

  Shares issued for cash
   Private placement               2,358,633    1,405,180        -             -          -          -            -       1,405,180

  Share subscriptions received          -            -           -             -          -       120,000         -         120,000

  Shares issued for services         128,500      205,320        -             -          -          -            -         205,320

  Receipt of subscriptions
   receivable                           -            -           -             -       111,000       -            -         111,000

  Stock-based compensation              -         651,750        -             -          -          -            -         651,750

  Net loss for year                     -            -           -             -          -          -      (2,173,509)  (2,173,509)
                                  ----------   ----------   ---------   -----------   --------   --------   ----------   ----------
Balance, December 31, 2004        15,288,133  $ 3,104,139        -     $       -     $    -     $ 120,000  $(3,370,097) $  (145,958)
                                  ----------   ----------   ---------   -----------   --------   --------   ----------   ----------
</TABLE>
               See notes to consolidated financial statements.
                                      4
<PAGE>

WHITE MOUNTAIN TITANIUM CORPORATION
(Formerly Utah Networking Services, Inc.)
(An Exploration Stage Company)
Consolidated Statements of Stockholders' Equity (continued)
(Deficit)
(US Funds)
-----------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                        Preferred
                                             Common Stock                 Stock                                           Total
                                             and Paid-In   Shares of   and Paid-In     Sub-       Sub-                 Stockholders'
                                              Excess of    Preferred    Excess of   scriptions scriptions Accumulated    Equity
                                    Shares    Par Value      Stock      Par Value   Receivable  Received    Deficit     (Deficit)
                                  ---------- ------------ ----------- ------------- ---------- ---------- ------------ ------------
<S>                               <C>        <C>          <C>         <C>           <C>        <C>        <C>          <C>
Balance, December 31, 2004        15,288,133  $ 3,104,139  $     -     $       -     $    -     $ 120,000  $(3,370,097) $  (145,958)

  Preferred stock issued for cash
   Private placement                    -            -      6,250,000     5,000,000       -          -            -       5,000,000

  Preferred stock issued for debt       -            -        625,000       500,000       -          -            -         500,000

  Shares issued for cash
   Private placement                 459,000      459,000        -             -          -      (120,000)        -         339,000

  Shares issued for services          82,000      115,200        -             -          -          -            -         115,200

  Stock-based compensation              -         688,920        -             -          -          -            -         688,920

  Beneficial conversion feature         -       1,537,500        -             -          -          -      (1,537,500)        -

  Net loss for year                     -            -           -             -          -          -      (2,642,954)  (2,642,954)
                                  ----------   ----------   ---------   -----------   --------   --------   ----------   ----------
Balance, December 31, 2005        15,829,133    5,904,759   6,875,000     5,500,000       -          -      (7,550,551)   3,854,208



  Shares issued for financial
   agreement (Note 2)                440,000      330,000        -             -          -          -            -         330,000

  Net loss for the period               -            -           -             -          -          -      (1,289,556)  (1,289,556)

  Stock-based compensation              -          41,736        -             -          -          -            -          41,736
                                  ----------   ----------   ---------   -----------   --------   --------   ----------   ----------
Balance, September 30, 2006       16,269,133  $ 6,276,495   6,875,000  $  5,500,000  $    -     $    -     $(8,840,107) $ 2,936,388
                                  ==========   ==========   =========   ===========   ========   ========   ==========   ==========
</TABLE>
               See notes to consolidated financial statements.

                                      5
<PAGE>

WHITE MOUNTAIN TITANIUM CORPORATION
(Formerly Utah Networking Services, Inc.)
(An Exploration Stage Company)
Consolidated Statements of Cash Flows
(US Funds)
-----------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                                  Cumulative
                                                                                 From Inception
                                                                                 November 13,
                                                                                 2001 through
                                               Nine months Ended September 30    September 30,
                                                   2006             2005             2006
                                               ------------     ------------     -------------
<S>                                            <C>              <C>              <C>
Operating Activities
 Net loss for period                           $ (1,289,556)    $ (1,447,274)    $ (6,937,000)
  Items not involving cash
     Amortization                                       738             -              16,188
     Stock-based compensation                        41,736          303,061        1,382,406
     Common stock issued for services                  -             100,500          392,630
     Financing agreement penalty (Note 2)              -                -             330,000
     Gain on sale of marketable securities          (69,065)         (17,572)         (19,296)
     Non-cash resource property expenditures           -                -             600,000
  Changes in Non-Cash Working Capital
     Receivables                                     (6,755)          (2,609)         (18,866)
     Marketable securities                           75,884           37,414           19,295
     Accounts payable and accrued liabilities       (25,409)          (9,983)          10,368
     Prepaid expenses                                (7,000)         (21,550)         (32,321)
                                                -----------      -----------      -----------
Cash Used in Operating Activities                (1,279,427)      (1,058,013)      (4,256,596)
                                                -----------      -----------      -----------
Investing Activity
    Addition to property and equipment               (1,969)         (23,175)         (76,740)
                                                -----------      -----------      -----------
Cash Used in Investing Activities                    (1,969)         (23,175)         (76,740)
                                                -----------      -----------      -----------
Financing Activities
     Repayment of long-term debt                       -            (500,000)        (600,000)
     Issuance of preferred stock                       -           5,500,000        5,500,000
     Issuance of common stock                          -             459,030        2,037,180
     Stock subscriptions received                      -            (120,000)         120,000
     Stock subscriptions receivable                                     -             111,000
     Working capital acquired on acquisition           -                -                 172
                                                -----------      -----------      -----------
Cash Provided by Financing Activities                  -           5,339,030        7,168,352
                                                -----------      -----------      -----------
(Outflow) Inflow of Cash and Cash Equivalents    (1,281,396)       4,257,842        2,835,016

Cash and Cash Equivalents,
  Beginning of Year                               4,116,412          300,592             -
                                                -----------      -----------      -----------
Cash and Cash Equivalents,
  End of Year                                  $  2,835,016     $  4,558,434     $  2,835,016
                                                ===========      ===========      ===========

Supplemental Cash Flow Information
  Income tax paid                              $       -        $       -        $       -
  Interest paid                                $       -        $       -        $       -

Shares Issued for
  Settlement of debt                           $       -        $       -        $    830,000
  Services                                     $       -        $    100,500     $    392,630
  Penalty                                      $    330,000     $       -        $    330,000
</TABLE>
               See notes to consolidated financial statements.
                                      6
<PAGE>

1.   NATURE OF BUSINESS AND BASIS OF PRESENTATION

     White Mountain Titanium Corporation (the "Company") currently has no
     ongoing operations and is considered an exploration stage company as
     defined in Statement of Financial Accounting Standards ("SFAS") No. 7.
     The Company previously provided computer-networking services for Utah
     companies and operated under the name Utah Networking Services, Inc.
     ("Utah").

     Effective December 1, 2003, Utah, a company organized under the laws of
     the state of Nevada on April 24, 1998, merged with GreatWall Minerals,
     Ltd. ("GreatWall").  GreatWall was a C corporation organized under the
     laws of the state of Idaho on November 13, 2001.  The Company was the
     surviving entity and the name change was effected on February 19, 2004.
     GreatWall's principal business was to advance exploration and
     development activities on the Cerro Blanco rutile (titanium dioxide)
     property ("Cerro Blanco") located in Region III of northern Chile.
     Prior to the merger, Utah was a non-reporting, non-operating shell
     company.

     As a result of the merger, control passed to the shareholders of what
     was GreatWall.  The merger has been accounted for as a recapitalization.

     The Company's statement of operations includes the operating results of
     GreatWall for each of the periods presented and the operating results of
     Utah commencing from December 1, 2003.

     These unaudited consolidated financial statements have been prepared in
     accordance with generally accepted accounting principles in the United
     States for interim financial information.  These financial statements are
     condensed and do not include all disclosures required for annual
     financial statements.  The organization and business of the Company,
     accounting policies followed by the Company and other information are
     contained in the notes to the Company's audited consolidated financial
     statements for December 31, 2005.

     In the opinion of the Company's management, these consolidated financial
     statements reflect all adjustments necessary to present fairly the
     Company's consolidated financial position at September 30, 2006, and
     December 31, 2005, and the consolidated results of operations and the
     consolidated statements of cash flows for the nine months ended
     September 30, 2006, and September 30, 2005.  The results of operations
     and cashflows for the nine months ended September 30, 2006, are not
     necessarily indicative of the results to be expected for the entire
     fiscal year.  The accompanying condensed financial statements should be
     read in conjunction with the audited financial statements at December 31,
     2005 included in the Company's Form SB-2 Registration Statement.

2.   Financing Penalty

     Pursuant to the issuance of 6,875,000 preferred shares during the
     Company's year ended December 31, 2005, the Company was required to
     reach certain milestones.  Failure to meet these milestones would cause
     the Company to incur penalty of 1% of the purchase price of the
     securities for each month the Company fails to meet the requirements.
     On May 5, 2006, the Company reached an agreement with the preferred
     shareholders to settle damages incurred related to breaching these
     milestones and deferred the period by when the registration must become
     effective to September 30, 2006.  To settle this penalty, the Company
     agreed to issue 440,000 registered common shares at a price of $0.75
     representing the fair market value at the date of settlement for a total
     of $330,000.  These shares were issued during the second quarter.
     Subsequent to the period the SB-2 was declared effective by the SEC,
     therefore no additional penalty will be incurred in this regard
     (Note 6).

3.   Restatement

     During the year ended December 31, 2005, the Company had recorded the
     $330,000 related to the value of the warrants disclosed in note 2 as
     Additional Paid-in Capital.  This amount has been reclassified as a
     liability as it represents the amount the Company expected to pay as at
     December 31, 2005.

                                      7
<PAGE>




4.   Loss Per Share

     The following data shows the amounts used in computing loss per share
     for three and nine months ended September 30, 2005 and 2006:
<TABLE>
<CAPTION>
                                                         Three months ended            Nine months ended
                                                            September 30                  September 30
                                                         2006          2005            2006          2005
                                                     ------------  ------------    ------------  ------------
<S>                                                  <C>           <C>             <C>           <C>
     Net loss for period                             $   (350,101) $   (954,421)   $ (1,289,556) $ (1,447,274)
     Preferred stock dividends                               -       (1,537,500)           -       (1,537,500)
                                                      -----------   -----------     -----------   -----------
     Net loss available for distribution             $   (350,101) $  2,491,921)   $ (1,289,556) $ (2,984,774)
                                                      ===========   ===========     ===========   ===========

     Allocation of undistributed loss
       Preferred shares 29.71% (2005 - 30.28%) (a)   $   (104,015) $   (754,554)   $   (383,127) $   (903,790)
       Common shares 70.29% (2005 - 69.72%)          $   (246,086) $ (1,737,367)   $   (906,429) $ (2,080,984)

     Basic earnings (loss) per share amounts
       Distributed amounts
        Preferred stock                              $       -     $     (0.22)    $       -     $      (0.22)
        Common stock                                 $       -     $       -       $       -     $        -
     Undistributed amounts
        Earnings (loss) per preferred share          $     (0.02)  $     (0.15)    $     (0.06)  $      (0.45)
        Loss per common share                        $     (0.02)  $     (0.11)    $     (0.06)  $      (0.14)
</TABLE>
          (a)  Preferred shareholders have the same rights and obligations
               as the common shareholders; therefore a proportionate share
               of loss is allocated to the issued and outstanding
               preferred shares.

     Weighted average number of shares:
<TABLE>
<CAPTION>
                                                         Three months ended            Nine months ended
                                                            September 30                  September 30
                                                         2006          2005            2006          2005
                                                     ------------  ------------    ------------  ------------
<S>                                                  <C>           <C>             <C>           <C>
     Share allocation for distributed amounts
       Preferred stock (common stock equivalent)        6,875,000     6,875,000       6,875,000     6,875,000
       Common stock                                    16,269,133    15,829,133      16,269,133    15,829,133

     Weighted average number of shares for
      undistributed amounts
       Preferred stock (common stock equivalent)        6,875,000     5,258,152       6,875,000     2,010,073
       Common stock                                    16,269,133    15,707,320      16,067,668    15,556,763
</TABLE>
                                      8
<PAGE>

5.   Stock Options

     Details of stock option activity is as follows:

                                                 For the nine months ended
                                                    September 30, 2006
                                                 -------------------------
                                                                 Weighted
                                                                 Average
                                                    Number       Exercise
                                                   of Shares      Price
                                                  -----------    --------
          Outstanding - beginning of year          1,300,000     $   0.93
          Granted                                    350,000     $   1.25
          Exercised                                     -        $   0.00
                                                  ----------
          Outstanding, end of period               1,650,000     $   1.00
                                                  ==========

          Exercisable, end of period               1,387,500     $   0.95
                                                  ==========

     As at September 30, 2006, the following director and consultant stock
     options were outstanding:

                                                      Nine months ended
                                    Exercise            September 30,
            Expiry Date              Price                  2006
          ----------------          --------          -----------------
          January 31, 2008          $   1.00                    400,000
          May 31, 2009              $   0.60                    600,000
          August 1, 2009            $   2.00                    100,000
          August 1, 2009            $   1.25                    200,000
          August 31, 2011           $   1.25                    350,000
                                                            -----------
                                                              1,650,000
                                                            ===========

     During the year ended December 31, 2005, the Company granted 350,000
     stock options with a vesting period of 25% immediately and 12.5% as of
     the end of each three month period thereafter until fully vested.
     Therefore, 87,500 options are outstanding and exercisable while 262,500
     options will be vested in the future.  The exercise price of these
     options is $1.25 and the options were granted at a price in excess of
     the market value of the Company's share price at the date of grant.  As
     a result, compensation expense of $41,736 was recognized using the
     Black-Scholes option pricing model.  The Black-Scholes model was
     calculated based on the following assumptions:

                                                  2006
                                                 ------
          Expected life (years)                     5
          Interest rate                            4%
          Volatility                              84%
          Dividend yield                           0%

                                      9
<PAGE>

6.   Loss Contingency

     The Company's Securities Purchase Agreement with Rubicon and Phelps
     Dodge required that a registration statement for the resale of the
     shares underlying the preferred shares and warrants issued to them be
     effective by January 30, 2006, and that the Company file a prospectus in
     Canada.  In May 2006 the Company amended the Securities Purchase
     Agreement and issued 400,000 shares to Rubicon and 40,000 shares to
     Phelps Dodge in consideration for extending the registration period to
     September 30, 2006 and eliminating the Canadian filing requirement
     (Note 2).  These 440,000 shares may not have been eligible for an
     exemption from registration under the Securities Act of 1933.  In the
     absence of such an exemption, these parties could bring suit against
     the Company to rescind the purchase of the 440,000 shares, in which
     event the Company could be liable for rescission payments to these
     persons.

     Subsequent to the quarter end, Rubicon agreed not to require
     registration of the 400,000 shares issued to it.  A similar agreement is
     being sought from Phelps Dodge, but has not yet been received.

     If the Company were to rescind the sale of the shares to Phelps Dodge,
     it would be liable for liquidated damages since January 30, 2006, equal
     to $5,000 per month for failure to meet the registration deadlines in
     the Securities Purchase Agreement.  Through October 31, 2006, these
     damages could be as much as $45,000, plus interest at the rate of 1.5%
     per month.  The Company believes that because of the relative amount of
     the liquidated damages collectable by Phelps Dodge, the likelihood of
     exercising a right of rescission and the attendant potential aggregate
     liability is not probable.

     As of June 30, 2006, the Company recorded the $330,000 as shares issued
     for settlement of this amount and believes no additional accruals are
     required.

Item 2. Management's Discussion and Analysis
--------------------------------------------

The following discussion should be read in conjunction with our unaudited
consolidated financial statements and related notes thereto as filed with
this report.

Background

We are a mineral exploration company.  We hold mining concessions composed of
nine fully constituted exploitation mining concessions and twenty-four
exploitation mining concessions in the process of being constituted, over
approximately 7,483 hectares located approximately 39 kilometers west of the
City of Vallenar in the Atacama, or Region III, geographic region of northern
Chile.  We are in the exploration stage, which means we are engaged in the
search for mineral deposits or reserves which could be economically and
legally extracted or produced.  Our primary expenditures at this stage
consist of acquisition and exploration costs and general and administration.
We have produced no revenues, have achieved losses since inception, have no
operations, and currently rely upon the sale of our securities to fund our
operations.

We filed an SB-2 Registration Statement with the United States Securities and
Exchange Commission that was declared effective on August 14, 2006, to
register the resale by the selling stockholders of up to 13,750,000 shares of
our common stock, composed of 6,875,000 shares of common stock underlying our
outstanding Class A Convertible Preferred Stock convertible at the effective
rate of one share of our common stock for each share of the preferred stock
converted, and 6,875,000 shares of common stock issuable upon the exercise of
outstanding warrants at $1.25 per share.  The selling stockholders will sell
at prevailing market prices or privately negotiated prices.

Our common stock is quoted on the OTC Bulletin Board under the symbol "WMTM."
The last reported sales price per share of our common stock as reported by
the OTC Bulletin Board on November 10, 2006 was $0.75.

                                      10
<PAGE>


Plan of Operation

We completed the acquisition of an undivided interest in the Cerro Blanco
property in September 2005.  Exploration drilling by us and the previous
owner has defined rutile mineralization.  Metallurgical test work performed
by Lakefield Research has demonstrated that this mineralization can be
concentrated to a level meeting buyer specifications and can be produced
using a conventional flotation process.  Over the next twelve months we have
two principal objectives:  to advance the project towards a final engineering
feasibility level and to secure off-take contracts for the planned rutile
concentrate output.  In order to achieve the first objective, we have
commenced an exploration program consisting mainly of infill and step out
drilling, grade variability studies and regional reconnaissance in search of
possible extensions to the mineralization and geologic modelling.  We will
also conduct metallurgical tests on samples we believe are representative of
rutile mineralization on the property.  These tests will allow us to better
determine recovery characteristics of the contained rutile mineralization and
make further refinements to the process design.  We will continue to collect
base line field data for eventual input into an environmental impact
assessment and advance permit applications on an as required basis.  With
respect to the second objective, we intend to execute a marketing program
with potential buyers of rutile, and have engaged a consultant to conduct a
preliminary evaluation of the market.  The marketing program will include
provision for testing of samples of Cerro Blanco rutile concentrates at the
buyers' operations and, subject to technical acceptability, ending with the
negotiation of off-take contracts.  On a year over year comparative basis,
our activity in 2006 is budgeted to closely track that of 2005 with similar
levels of expenditure across all areas except for exploration (where 2006
expenditures are forecast to exceed $1,000,000 with the advancement of a
diamond drilling program), marketing, investor relations and promotion where
expenditures are budgeted to exceed 2005 levels.

Based on our 2006 corporate operating budget projections, we believe we can
satisfy our cash requirements to meet the objectives set out above as well as
fund general and administrative expense for the next twelve months from funds
on deposit.  We anticipate the need to raise additional funds in the next
twelve months to take the project to final feasibility.  The closing balance
for funds on deposit as at December 31, 2005, was $4,116,412 and at October 31,
2006, budgeted expenditures had reduced this balance to approximately
$2,512,864.  We are currently budgeting approximately $119,000 per month on
average to fund our operations through to the end of 2006 and anticipate our
monthly expenditures will average approximately $109,000 over the next twelve
months.  These amounts include costs associated with outstanding commitments
under various consulting agreements.  We believe that our current capital
resources are sufficient to fund our planned operations for a period of no
less than twelve months from September 30, 2006.  With the exception of funds
on deposit, we have no other sources of committed funds, except for
outstanding warrants for which there are no commitment to exercise.  Should
we decide - or be required - to substantially increase our expenditures over
those contained in the approved 2006 operating budget, the most likely source
of new funds would be an equity placement of common shares.

With respect to the current engineering status of the project, a considerable
body of engineering design and process engineering work has already been
completed, both by us and previous owners, for the development of a large
open pit mine and milling operation.  The extent to which this engineering
work could be incorporated into a feasibility study will depend factors such
as optimal plant sizing and configuration based on product volumes and
specifications set out in off-take contracts and process design, the latter
to be determined by refinements coming out of this year's metallurgical test
work and ultimately pilot scale testing.  With off-take contracts in hand, we
would undertake a program of drilling to provide data for mine planning and
design; a pilot scale metallurgical test to provide data for final process
design engineering; an environmental impact assessment and permitting program
and commission a feasibility study.  As some of these activities would be
undertaken in tandem, we believe a feasibility study could be completed
within twelve to fourteen months of us receiving off-take contracts, subject
to the availability of funds, personnel and equipment.  We estimate the cost
to take the project to the point of commissioning a final engineering
feasibility study at $2,363,000.  This figure, which includes technical and
marketing programs undertaken in 2006 but excludes general and administrative
expense, is comprised of exploration and mine planning ($1,062,000); project
engineering ($206,000); metallurgical engineering and pilot plant test work
($595,000); environmental and permitting ($275,000) and business development
and marketing ($225,000).  We believe we currently do not have sufficient
capital to complete a feasibility study and estimate that by approximately
2008 we will require an additional $1,000,000 to do so.

                                      11
<PAGE>

In July 2005, we entered into a funding agreement with Rubicon Master Fund to
provide $5,000,000 in equity funding.  In September 2005, we amended the
agreement to add Phelps Dodge to the agreement and to satisfy a $500,000
final payment on our Cerro Blanco rutile property.  The agreement with these
parties provides for liquidated damages if we do not meet certain
requirements, including the filing and effectiveness of a registration
statement, and the filing of a prospectus in Canada.  We were required under
the agreement to obtain effectiveness of the registration statement and the
filing of the prospectus in Canada by January 31, 2006, which deadline was
not met.  As a result, we had an obligation to pay to the parties 1% of the
purchase price paid by each party for each month these requirements were not
met.  We negotiated a revision to the agreement in May 2006 which required us
to obtain effectiveness of the registration statement by September 30, 2006,
and eliminated the requirement to file a prospectus in Canada.  As
consideration for amending the agreement, we issued 400,000 shares of common
stock to Rubicon and 40,000 shares to Phelps Dodge. We filed an SB-2
Registration Statement with the United States Securities and Exchange
Commission that was declared effective on August 14, 2006.

Results of Operations

We recorded a loss for the nine months ended September 30, 2006, of $1,289,556
($0.08 per weighted average common share outstanding, $0.06 per common share
when a portion of the loss is allocated to preferred shares - See Note 4)
compared to a loss of $1,447,274 ($0.09 per share) for the comparable interim
period in the preceding year.  This 12% decrease in loss in the current year
is attributable to a decrease in stock based compensation of $261,325 due to
relatively lower issuances of stock options this year, and an increase in
interest income of $96,536 due to funds from our most recent financing being
held on deposit.  Offsetting this was an increase in exploration expenditures
and related professional fees, consulting and management fees and travel,
vehicle and insurance costs.  In addition there was an increase in expenditure
on investor relations and licenses and taxes on the property and costs
associated with the registration statement.

The single largest cost increase for the nine months ended September 30, 2006,
is attributable to exploration expenditures which rose to $543,877 versus
$348,914 for the comparable interim period in the previous year, an increase
of $194,963. The significant components for general and administrative costs
for the nine months ended September 30, 2006, and the comparable interim
period in the preceding year were consulting and management fees of $257,584
($342,755); professional fees of $245,956 ($255,125); insurance costs of
$33,938 ($738); investor relations, advertising and promotion of $68,751
($35,853) licenses, taxes and filing fees of $48,552 ($23,577) and travel and
vehicle expenses of $109,742 ($99,310).

Off-Balance Sheet Arrangements

As of September 30, 2006, the Company did not have any off-balance sheet
arrangements.

Recent Accounting Pronouncements

In December 2004, FASB issued SFAS No. 153, "Exchanges of Non-monetary Assets -
An Amendment of APB Opinion No. 29."  The guidance in APB Opinion No. 29,
"Accounting for Non-monetary Transactions," is based on the principle that
exchanges of non-monetary assets should be measured based on the fair value
of the assets exchanged.  The provisions of SFAS No. 153 are effective for
non-monetary asset exchanges occurring in fiscal periods beginning after
June 15, 2005.  Early application is permitted and companies must apply the
standard prospectively.  The adoption of this standard did not have a
material effect on our results of operations or financial position.

In May 2005, FASB issued SFAS No. 154 "Accounting Changes and Error
Corrections - a replacement of APB Opinion No. 20 and FASB Statement No. 3."
This Statement replaces APB Opinion No. 20, "Accounting Changes," and FASB
Statement No. 3, "Reporting Accounting Changes in Interim Financial
Statements," and changes the requirements for the accounting for and
reporting of a change in accounting principles.  This statement applies to
all voluntary changes in accounting principles.  It also applies to changes
required by an accounting pronouncement in the unusual instance that the
pronouncement does not include specific transition provisions.  When a
pronouncement includes specific transition provisions, those provisions
should be followed.  This statement is effective for accounting changes and
corrections of errors made in fiscal years beginning after December 15, 2005.
The adoption of this standard did not have a material effect on our results
of operations or financial position.

                                      12
<PAGE>

In March 2005, FASB issued Interpretation No. 47 ("FIN 47"), "Accounting for
Conditional Asset Retirement Obligations."  FIN 47 clarifies that the term
"conditional asset retirement obligation" as used in FASB Statement No. 143,
"Accounting for Asset Retirement Obligation," refers to a legal obligation to
perform an asset retirement activity in which the timing and/or method of
settlement are conditional on a future event that may or may not be within
the control of the entity.  Accordingly, an entity is required to recognize a
liability for the fair value of a conditional asset retirement obligation if
the fair value of the liability can be reasonably estimated.  FIN 47 is
effective no later than the end of fiscal years ending after December 15,
2005.  The adoption of FIN 47 did not have a material effect on our financial
position, results of operations or cash flows.

Forward Looking Statements

The statements contained in this report that are not historical facts are
forward-looking statements that represent management's beliefs and
assumptions based on currently available information.  Forward-looking
statements include the information concerning our possible or assumed future
results of operations, business strategies, need for financing, competitive
position, potential growth opportunities, potential operating performance
improvements, ability to retain and recruit personnel, the effects of
competition and the effects of future legislation or regulations.
Forward-looking statements include all statements that are not historical
facts and can be identified by the use of forward-looking terminology such as
the words "believes," "intends," "may," "will," "should," "anticipates,"
"expects," "could," "plans," or comparable terminology or by discussions of
strategy or trends.  Although we believe that the expectations reflected in
such forward-looking statements are reasonable, we cannot give any assurances
that these expectations will prove to be correct.  Such statements by their
nature involve risks and uncertainties that could significantly affect
expected results, and actual future results could differ materially from
those described in such forward-looking statements.

Among the factors that could cause actual future results to differ materially
are the risks and uncertainties discussed in this report.  While it is not
possible to identify all factors, we continue to face many risks and
uncertainties including, but not limited to, the cyclicality of the titanium
dioxide industry, global economic and political conditions, global productive
capacity, customer inventory levels, changes in product pricing, changes in
product costing, changes in foreign currency exchange rates, competitive
technology positions and operating interruptions (including, but not limited
to, labor disputes, leaks, fires, explosions, unscheduled downtime,
transportation interruptions, war and terrorist activities).  Mining
operations are subject to a variety of existing laws and regulations relating
to exploration and development, permitting procedures, safety precautions,
property reclamation, employee health and safety, air and water quality
standards, pollution and other environmental protection controls, all of
which are subject to change and are becoming more stringent and costly to
comply with.  Should one or more of these risks materialize (or the
consequences of such a development worsen), or should the underlying
assumptions prove incorrect, actual results could differ materially from
those expected.  We disclaim any intention or obligation to update publicly
or revise such statements whether as a result of new information, future
events or otherwise.

There may also be other risks and uncertainties that we are unable to predict
at this time or that we do not now expect to have a material adverse impact
on our business.

Item 3. Controls and Procedures
-------------------------------

Disclosure Controls and Procedures

Our principal executive officer, Michael P. Kurtanjek, and principal
financial officer, Charles E. Jenkins, have concluded, based on their
evaluation, as of the end of the period covered by this report, that our
disclosure controls and procedures (as defined in Rule 15d-15(e) under the
Exchange Act) are (1) effective to ensure that material information required
to be disclosed by us in reports filed or submitted by us under the Exchange
Act is recorded, processed, summarized, and reported within the time periods
specified in the  rules and forms of the Securities and Exchange Commission,
and (2) effective to ensure that information required to be disclosed by us
in such reports filed or submitted by the Company under the Exchange Act is
accumulated and communicated to management of the Company, including the
principal executive officer, to allow timely decisions regarding required
disclosure.

                                      13
<PAGE>

Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting (as
defined in Rule 15d-15(f) under the Exchange Act) that occurred during our
most recent quarter ended September 30, 2006, that have materially affected,
or are reasonably likely to materially affect, our internal control over
financial reporting.

It should be noted that any system of controls, however well designed and
operated, can provide only reasonable and not absolute assurance that the
objectives of the system will be met.  In addition, the design of any control
system is based in part upon certain assumptions about the likelihood of
future events.  Because of these and other inherent limitations of control
systems, there is only reasonable assurance that our controls will succeed in
achieving their stated goals under all potential future conditions.

Under current SEC guidelines, the requirements of Section 404 of the
Sarbanes-Oxley Act of 2002 (the "Act") will be effective for our year ending
December 31, 2007, or beyond.  In order to comply with the Act, we will
undertake a comprehensive effort, which may include documentation and testing
of the design and operation of our internal control using the guidelines
established by Internal Control - Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission.  During the
course of these activities, we may identify certain internal control matters
that management believes should be improved.  These improvements, if
necessary, will likely include further formalization of existing policies and
procedures, improved segregation of duties, additional information technology
systems controls and additional monitoring controls.  Because management has
not presently determined whether these matters will result in material
weaknesses being identified in the Company's internal control as defined by
the Public Company Accounting Oversight Board (United States), no assurances
can be given regarding the outcome of these efforts at the present time.

                         PART II.  OTHER INFORMATION

Item 2.  Unregistered Sales of Equity Securities
------------------------------------------------

During the quarter ended September 30, 2006, no securities were sold by us
without registering the securities under the Securities Act, except as
otherwise previously reported.  However, in Item 8.01 of our report on Form
8-K dated September 8, 2006, and filed with the Commission on September 12,
2006, we mistakenly referenced the options granted to Terese Gieselman as
being for services as our Chief Financial Officer, whereas the services
relate to her positions as our Secretary and Treasurer.

Item 5.  Other Information
--------------------------

Our annual shareholder meeting was held on November 10, 2006.  Each of the
incumbent directors was reelected to serve until the next annual meeting of
shareholders.  There were no broker non-votes as to any matter voted on at
the annual meeting.

The following table sets forth each of the items voted upon at the meeting
and the number of votes cast for each matter or which abstained from voting
on any matter:

1.   Election of directors:

     Stephanie D. Ashton                FOR                         6,758,733
                                        WITHHELD                          -0-

     Howard M. Crosby                   FOR                         6,758,733
                                        WITHHELD                          -0-

     Brian Flower                       FOR                         6,758,733
                                        WITHHELD                          -0-

                                      14
<PAGE>

     Michael P. Kurtanjek               FOR                         6,758,733
                                        WITHHELD                          -0-

     Cesar Lopez                        FOR                         6,758,733
                                        WITHHELD                          -0-

     John P. Ryan                       FOR                         6,758,733
                                        WITHHELD                          -0-

2.   Proposal to ratify the appointment of Smythe Ratcliffe, Chartered
     Accountants, as White Mountain's Independent Registered Public
     Accounting Firm for fiscal 2006.

                                        FOR                         6,758,733
                                        AGAINST                           -0-
                                        ABSTAIN                           -0-


3.   Proposal to approve White Mountain's option plan.

                                        FOR                         6,758,733
                                        AGAINST                           -0-
                                        ABSTAIN                           -0-


Item 6. Exhibits
----------------

The following exhibits are included as part of this report:

     31.1 Rule 15d-14(a) Certification by Principal Executive Officer
     31.2 Rule 15d-14(a) Certification by Chief Financial Officer
     32.1 Section 1350 Certification of Principal Executive Officer
     32.2 Section 1350 Certification of Chief Financial Officer


                                  SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.

                                        White Mountain Titanium Corporation

Date:  November 10, 2006                By /s/ Michael P. Kurtanjek
                                           Michael P. Kurtanjek, President
                                           (Principal Executive Officer)

Date:  November 10, 2006                By /s/ Charles E. Jenkins
                                           Charles E. Jenkins, Chief
                                           Financial Officer (Principal
                                           Financial Officer)


                                      15