**UNITED      STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-QSB**

**Commission      File Number 333-129347**

**WHITE      MOUNTAIN TITANIUM CORPORATION**

*(Name      of small business issuer in its charter)*

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

*(Address      of principal executive offices)*

*(Issuer’s      telephone number)*

----

**PART      I. FINANCIAL INFORMATION**

**Item      1. Financial Statements**

**WHITE      MOUNTAIN TITANIUM CORPORATION**

**(An      Exploration Stage Company)**

**Consolidated      Balance Sheets**

**(US      Funds)**

|                                                                  |   | **June                  30** |        | **December                  31** |   |
|-----------------------------------------------------------------------|--------|------------------------------|-------------|----------------------------------|--------|
|                                                                  |   | **2007**                     |        | **2006**                         |   |
|                                                                  |   | **Unaudited**                |        | **Audited**                      |   |
| **Assets**                                                            |   |                         |        |                             |   |
|                                                                  |   |                         |        |                             |   |
| **Current**                                                           |   |                         |        |                             |   |
| Cash                  and cash equivalents                            |   | $                            | 1,211,474   |                             | $      | 2,049,315 |   |
| Prepaid                  expenses                                     |   |                         | 46,022      |                             |   | 34,059 |   |
| Receivables                                                           |   |                         | 33,320      |                             |   | 28,787 |   |
| **Total                  Current Assets**                             |   |                         | 1,290,816   |                             |   | 2,112,161 |   |
| **Property                  and Equipment**                           |   |                         | 51,266      |                             |   | 56,671 |   |
|                                                                  |   |                         |        |                             |   |   |   |
| **Total                  Assets**                                     |   | $                            | 1,342,082   |                             | $      | 2,168,832 |   |
|                                                                  |   |                         |        |                             |   |   |   |
| **Liabilities**                                                       |   |                         |        |                             |   |   |   |
|                                                                  |   |                         |        |                             |   |   |   |
| **Current**                                                           |   |                         |        |                             |   |   |   |
| Accounts                  payable and accrued liabilities             |   | $                            | 31,423      |                             | $      | 109,571 |   |
|                                                                  |   |                         |        |                             |   |   |   |
| **Total                  Current Liabilities and Total Liabilities**  |   |                         | 31,423      |                             |   | 109,571 |   |
|                                                                  |   |                         |        |                             |   |   |   |
| **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                  (December 31, 2005 - 16,269,133)          |   |                         |        |                             |   |   |   |
| shares                  issued and outstanding                        |   |                         | 6,385,337   |                             |   | 6,294,655 |   |
| **Accumulated                  Deficit**                              |   |                         | (10,574,678 | )                                |   | (9,735,394 | ) |
|                                                                  |   |                         |        |                             |   |   |   |
| **Total                  Stockholders’ Equity**                 |   |                         | 1,310,659   |                             |   | 2,059,261 |   |
|                                                                  |   |                         |        |                             |   |   |   |
| **Total                  Liabilities and Stockholders’ Equity** |   | $                            | 1,342,082   |                             | $      | 2,168,832 |   |

----

**WHITE      MOUNTAIN TITANIUM CORPORATION**

**(An      Exploration Stage Company)**

**Consolidated      Statements of Operations**

**(US      Funds)**

|                                                                            |   | **Three                months ended****June                30** |           | **Six                months ended****June                30** |   | **Cumulative                From Inception November 13, 2001 through June 30,                2007** |   |
|---------------------------------------------------------------------------------|--------|-----------------------------------------------------------------|----------------|---------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------|--------|
|                                                                            |   |   **2007****Unaudited**                               |           |   **2006****Unaudited**                             |   |   **2007****Unaudited**                                                                   |   |   **2006****Unaudited** |   |
| **Expenses**                                                                    |   |                                                            |           |                                                          |   |                                                                                                |   |
|                                                                            |   |                                                            |           |                                                          |   |                                                                                                |   |   |   |   |   |
| Advertising                and promotion                                        |   | **$**                                                           | **12,468**     |                                                          | $      | 19,668                                                                                              |   | **$** | **28,043** |   | $ | 20,495 |   | $ | 105,079 |   |
| Amortization                                                                    |   |                                                            | **4,254**      |                                                          |   | 229                                                                                                 |   |   | **8,387** |   |   | 456 |   |   | 41,377 |   |
| Bank                charges and interest                                        |   |                                                            | **897**        |                                                          |   | 1,562                                                                                               |   |   | **1,994** |   |   | 2,454 |   |   | 13,346 |   |
| Consulting                fees                                                  |   |                                                            | **35,693**     |                                                          |   | (2,824                                                                                              | )      |   | **84,276** |   |   | 20,569 |   |   | 746,088 |   |
| Consulting                fees - directors and officers officers                |   |                                                            | **48,000**     |                                                          |   | 48,000                                                                                              |   |   | **96,000** |   |   | 96,000 |   |   | 670,534 |   |
| Exploration                                                                     |   |                                                            | **70,843**     |                                                          |   | 154,014                                                                                             |   |   | **229,374** |   |   | 427,111 |   |   | 2,905,241 |   |
| Filing                fees                                                      |   |                                                            | **-**          |                                                          |   | 400                                                                                                 |   |   | **-** |   |   | 500 |   |   | 45,047 |   |
| Insurance                                                                       |   |                                                            | **10,890**     |                                                          |   | 339                                                                                                 |   |   | **14,003** |   |   | 33,286 |   |   | 97,305 |   |
| Investor                relations                                               |   |                                                            | **-**          |                                                          |   | -                                                                                                   |   |   | **-** |   |   | 32,838 |   |   | 76,697 |   |
| Licenses                and taxes                                               |   |                                                            | **7,162**      |                                                          |   | 3,219                                                                                               |   |   | **12,021** |   |   | 33,330 |   |   | 253,589 |   |
| Management                fees                                                  |   |                                                            | **24,000**     |                                                          |   | 32,000                                                                                              |   |   | **48,000** |   |   | 56,000 |   |   | 192,280 |   |
| Office                                                                          |   |                                                            | **4,406**      |                                                          |   | 1,841                                                                                               |   |   | **9,995** |   |   | 10,372 |   |   | 88,536 |   |
| Professional                fees                                                |   |                                                            | **58,404**     |                                                          |   | 121,933                                                                                             |   |   | **94,195** |   |   | 191,468 |   |   | 1,027,880 |   |
| Rent                                                                            |   |                                                            | **23,406**     |                                                          |   | 17,975                                                                                              |   |   | **46,393** |   |   | 28,950 |   |   | 175,314 |   |
| Stock-based                compensation                                         |   |                                                            | **72,522**     |                                                          |   | -                                                                                                   |   |   | **90,682** |   |   | - |   |   | 1,490,718 |   |
| Telephone                                                                       |   |                                                            | **7,682**      |                                                          |   | 4,104                                                                                               |   |   | **15,202** |   |   | 6,627 |   |   | 38,462 |   |
| Transfer                agent fees                                              |   |                                                            | **45**         |                                                          |   | 83                                                                                                  |   |   | **590** |   |   | 266 |   |   | 8,509 |   |
| Travel                and vehicle                                               |   |                                                            | **57,136**     |                                                          |   | 42,768                                                                                              |   |   | **100,527** |   |   | 87,931 |   |   | 615,450 |   |
|                                                                            |   |                                                            |           |                                                          |   |                                                                                                |   |   |   |   |   |   |   |   |   |   |
| **Loss                before other items**                                      |   |                                                            | **(437,808**   | **)**                                                         |   | (445,311                                                                                            | )      |   | **(879,682** | **)** |   | (1,048,653 | ) |   | (8,591,452 | ) |
|                                                                            |   |                                                            |           |                                                          |   |                                                                                                |   |   |   |   |   |   |   |   |   |   |
| **Gain                (loss) on investments**                                   |   |                                                            | **-**          |                                                          |   | 44,198                                                                                              |   |   | **-** |   |   | 44,198 |   |   | 87,217 |   |
|  **Adjustment                to market for marketable securities**    |   |                                                            | **-**          |                                                          |   | 104                                                                                                 |   |   | **-** |   |   | 24,914 |   |   | (67,922 | ) |
| **Foreign                exchange**                                             |   |                                                            | **9,066**      |                                                          |   | (20,495                                                                                             | )      |   | **5,594** |   |   | (32,518 | ) |   | (25,042 | ) |
| **Dividend                income**                                              |   |                                                            | **877**        |                                                          |   | 270                                                                                                 |   |   | **1,735** |   |   | 270 |   |   | 3,726 |   |
| **Interest                income**                                              |   |                                                            | **15,754**     |                                                          |   | 30,973                                                                                              |   |   | **33,069** |   |   | 72,334 |   |   | 251,902 |   |
| **Financing                Agreement Penalty** **(Note                2)** |   |                                                            | **-**          |                                                          |   | -                                                                                                   |   |   | **-** |   |   | - |   |   | (330,000 | ) |
|                                                                            |   |                                                            |           |                                                          |   |                                                                                                |   |   |   |   |   |   |   |   |   |   |
| **Net                loss for the period**                                      |   |                                                            | **(412,111**   | **)**                                                         |   | (390,260                                                                                            | )      |   | **(839,284** | **)** |   | (939,455 | ) |   | (8,671,571 | ) |
| Preferred                stock dividends                                        |   |                                                            | **-**          |                                                          |   | **-**                                                                                               |   |   | **-** |   |   | - |   |   | (1,537,500 | ) |
|                                                                            |   |                                                            |           |                                                          |   |                                                                                                |   |   |   |   |   |   |   |   |   |   |
|                                                                            |   |                                                            |           |                                                          |   |                                                                                                |   |   |   |   |   |   |   |   |   |   |
| **Net                Loss Available for Distribution**                          |   | **$**                                                           | **(412,111**   | **)**                                                         | $      | (390,260                                                                                            | )      | **$** | **(839,284** | **)** | $ | (939,455 | ) | $ | (10,209,071 | ) |
|                                                                            |   |                                                            |           |                                                          |   |                                                                                                |   |   |   |   |   |   |   |   |   |   |
| **Loss                per Common Share (Note 3)**                               |   | **$**                                                           | **(0.02**      | **)**                                                         | $      | (0.02                                                                                               | )      | **$** | **(0.04** | **)** | $ | (0.04 | ) |   | - |   |
|                                                                            |   |                                                            |           |                                                          |   |                                                                                                |   |   |   |   |   |   |   |   |   |   |
| **Weighted                average number of Common Shares****Outstanding**      |   |                                                            | **16,269,133** |                                                          |   | 15,965,265                                                                                          |   |   | **16,269,133** |   |   | 15,829,133 |   |   | **-** |   |

----

**WHITE        MOUNTAIN TITANIUM CORPORATION**

**(An        Exploration Stage Company)**

**Consolidated          Statements of Stockholders’ Equity (Deficit)**

**(US        Funds)**

|                                                             |   | **Shares** |       | **Common                Stock****and                Paid-In****Capital                in****Excess                of****Par                Value** |   | **Shares                of****Preferred                Stock** |   | **Preferred                Stock****and                Paid-in****Capital                in****Excess                of****Par                Value** |   | **Subscriptions****Receivable** |   | **Subscriptions****Received** |   | **Accumulated****Deficit** |     | **Total****Stockholders’****Equity****(Deficit)** |   |
|------------------------------------------------------------------|--------|------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|--------|-------------------------------|--------|----------------------------|----------|---------------------------------------------------------|--------|
|                                                             |   |       |       |                                                                                                                                               |   |                                                           |   |                                                                                                                                                  |   |                            |   |                          |   |                       |     |                                                    |   |
| Balance,                December 31, 2002 and                    |   |       |       |                                                                                                                                               |   |                                                           |   |                                                                                                                                                  |   |                            |   |                          |   |                       |     |                                                    |   |
| inception                (November 13, 2001)                     |   |       | 3⁄4     |                                                                                                                                               | $      | 3⁄4                                                         |   |                                                                                                                                                  | 3⁄4 |                            | $      | 3⁄4                        |   | $                          | 3⁄4   |                                                    | $      | 3⁄4 |   | $ | 3⁄4 |   | $ | 3⁄4 |   |
| Shares                issued for                cash             |   |       |       |                                                                                                                                               |   |                                                           |   |                                                                                                                                                  |   |                            |   |                          |   |                       |     |                                                    |   |   |   |   |   |   |   |   |   |
| Private                placements                                |   |       | 4,040,000  |                                                                                                                                               |   | 404,000                                                        |   |                                                                                                                                                  | 3⁄4 |                            |   | 3⁄4                        |   |                       | (111,000 | )                                                       |   | 3⁄4 |   |   | 3⁄4 |   |   | 293,000 |   |
| Shares                issued for                services         |   |       | 7,211,000  |                                                                                                                                               |   | 72,110                                                         |   |                                                                                                                                                  | 3⁄4 |                            |   | 3⁄4                        |   |                       | 3⁄4   |                                                    |   | 3⁄4 |   |   | 3⁄4 |   |   | 72,110 |   |
|                                                             |   |       |       |                                                                                                                                               |   |                                                           |   |                                                                                                                                                  |   |                            |   |                          |   |                       |     |                                                    |   |   |   |   |   |   |   |   |   |
| Balance,                prior to acquisition                     |   |       | 11,251,000 |                                                                                                                                               |   | 476,110                                                        |   |                                                                                                                                                  | 3⁄4 |                            |   | 3⁄4                        |   |                       | (111,000 | )                                                       |   | 3⁄4 |   |   | 3⁄4 |   |   | 365,110 |   |
| Shares                of accounting                subsidiary    |   |       |       |                                                                                                                                               |   |                                                           |   |                                                                                                                                                  |   |                            |   |                          |   |                       |     |                                                    |   |   |   |   |   |   |   |   |   |
| acquired                on reverse                takeover       |   |       | 1,550,000  |                                                                                                                                               |   | 28,368                                                         |   |                                                                                                                                                  | 3⁄4 |                            |   | 3⁄4                        |   |                       | 3⁄4   |                                                    |   | 3⁄4 |   |   | 3⁄4 |   |   | 28,368 |   |
| Adjustment                to eliminate capital                of |   |       |       |                                                                                                                                               |   |                                                           |   |                                                                                                                                                  |   |                            |   |                          |   |                       |     |                                                    |   |   |   |   |   |   |   |   |   |
| accounting                subsidiary on                reverse   |   |       |       |                                                                                                                                               |   |                                                           |   |                                                                                                                                                  |   |                            |   |                          |   |                       |     |                                                    |   |   |   |   |   |   |   |   |   |
| takeover                                                         |   |       | 3⁄4     |                                                                                                                                               |   | (28,368                                                        | )      |                                                                                                                                                  | 3⁄4 |                            |   | 3⁄4                        |   |                       | 3⁄4   |                                                    |   | 3⁄4 |   |   | 3⁄4 |   |   | (28,368 | ) |
| Adjustment                to increase capital                of  |   |       |       |                                                                                                                                               |   |                                                           |   |                                                                                                                                                  |   |                            |   |                          |   |                       |     |                                                    |   |   |   |   |   |   |   |   |   |
| accounting                parent on                reverse       |   |       |       |                                                                                                                                               |   |                                                           |   |                                                                                                                                                  |   |                            |   |                          |   |                       |     |                                                    |   |   |   |   |   |   |   |   |   |
| takeover                                                         |   |       | 3⁄4     |                                                                                                                                               |   | 365,779                                                        |   |                                                                                                                                                  | 3⁄4 |                            |   | 3⁄4                        |   |                       | 3⁄4   |                                                    |   | 3⁄4 |   |   | 3⁄4 |   |   | 365,779 |   |
| Excess                of purchase price                over      |   |       |       |                                                                                                                                               |   |                                                           |   |                                                                                                                                                  |   |                            |   |                          |   |                       |     |                                                    |   |   |   |   |   |   |   |   |   |
| net                assets acquired on                            |   |       |       |                                                                                                                                               |   |                                                           |   |                                                                                                                                                  |   |                            |   |                          |   |                       |     |                                                    |   |   |   |   |   |   |   |   |   |
| recapitalization                                                 |   |       | 3⁄4     |                                                                                                                                               |   | 3⁄4                                                         |   |                                                                                                                                                  | 3⁄4 |                            |   | 3⁄4                        |   |                       | 3⁄4   |                                                    |   | 3⁄4 |   |   | (365,607 | ) |   | (365,607 | ) |
| Net                loss for year                                 |   |       | 3⁄4     |                                                                                                                                               |   | 3⁄4                                                         |   |                                                                                                                                                  | 3⁄4 |                            |   | 3⁄4                        |   |                       | 3⁄4   |                                                    |   | 3⁄4 |   |   | (830,981 | ) |   | (830,981 | ) |
| Balance,                December 31, 2003                        |   |       | 12,801,000 |                                                                                                                                               | $      | 841,889                                                        |   |                                                                                                                                                  | 3⁄4 |                            | $      | 3⁄4                        |   | $                          | (111,000 | )                                                       | $      | 3⁄4 |   | $ | (1,196,588 | ) | $ | (465,699 | ) |
| Shares                issued for                cash             |   |       |       |                                                                                                                                               |   |                                                           |   |                                                                                                                                                  |   |                            |   |                          |   |                       |     |                                                    |   |   |   |   |   |   |   |   |   |
| Private                placement                                 |   |       | 2,358,633  |                                                                                                                                               |   | 1,405,180                                                      |   |                                                                                                                                                  | 3⁄4 |                            |   | 3⁄4                        |   |                       | -3⁄4  |                                                    |   | 3⁄4 |   |   | 3⁄4 |   |   | 1,405,180 |   |
| Share                subscriptions                received       |   |       | 3⁄4     |                                                                                                                                               |   | 3⁄4                                                         |   |                                                                                                                                                  | 3⁄4 |                            |   | 3⁄4                        |   |                       | 3⁄4   |                                                    |   | 120,000 |   |   | 3⁄4 |   |   | 120,000 |   |
| Shares                issued for                services         |   |       | 128,500    |                                                                                                                                               |   | 205,320                                                        |   |                                                                                                                                                  | 3⁄4 |                            |   | 3⁄4                        |   |                       | 3⁄4   |                                                    |   | 3⁄4 |   |   | 3⁄4 |   |   | 205,320 |   |
| Receipt                of                subscriptions           |   |       |       |                                                                                                                                               |   |                                                           |   |                                                                                                                                                  |   |                            |   |                          |   |                       |     |                                                    |   |   |   |   |   |   |   |   |   |
| receivable                                                       |   |       | 3⁄4     |                                                                                                                                               |   | 3⁄4                                                         |   |                                                                                                                                                  | 3⁄4 |                            |   | 3⁄4                        |   |                       | 111,000  |                                                    |   | 3⁄4 |   |   | -3⁄4 |   |   | 111,000 |   |
| Stock-based                compensation                          |   |       | 3⁄4     |                                                                                                                                               |   | 651,750                                                        |   |                                                                                                                                                  | 3⁄4 |                            |   | 3⁄4                        |   |                       | 3⁄4   |                                                    |   | 3⁄4 |   |   | 3⁄4 |   |   | 651,750 |   |
| Net                loss for year                                 |   |       | 3⁄4     |                                                                                                                                               |   | 3⁄4                                                         |   |                                                                                                                                                  | 3⁄4 |                            |   | 3⁄4                        |   |                       | 3⁄4   |                                                    |   | 3⁄4 |   |   | (2,173,509 | ) |   | (2,173,509 | ) |
|                                                             |   |       |       |                                                                                                                                               |   |                                                           |   |                                                                                                                                                  |   |                            |   |                          |   |                       |     |                                                    |   |   |   |   |   |   |   |   |   |
| Balance,                December 31, 2004                        |   |       | 15,288,133 |                                                                                                                                               | $      | 3,104,139                                                      |   |                                                                                                                                                  | 3⁄4 |                            | $      | 3⁄4                        |   | $                          | 3⁄4   |                                                    | $      | 120,000 |   | $ | (3,370,097 | ) | $ | (145,958 | ) |

----

**WHITE        MOUNTAIN TITANIUM CORPORATION**

**(An        Exploration Stage Company)**

**Consolidated          Statements of Stockholders’ Equity (Deficit)**

**(US          Funds)**

|                                                                       |   | **Shares** |       | **Common                Stock****and                Paid-In****Capital                in****Excess                of****Par                Value** |   | **Shares                of****Preferred                Stock** |   | **Preferred                Stock****and                Paid-in****Capital                in****Excess                of****Par                Value** |      | **Subscriptions****Receivable** |   | **Subscriptions****Received** |   | **Accumulated****Deficit** |   | **Total****Stockholders’****Equity****(Deficit)** |   |
|----------------------------------------------------------------------------|--------|------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|---------------------------------|--------|-------------------------------|--------|----------------------------|--------|---------------------------------------------------------|--------|
|                                                                       |   |       |       |                                                                                                                                               |   |                                                           |   |                                                                                                                                                  |      |                            |   |                          |   |                       |   |                                                    |   |
| Balance,                December 31, 2004                                  |   |       | 15,288,133 |                                                                                                                                               | $      | 3,104,139                                                      |   |                                                                                                                                                  | 3⁄4    |                            | $      | 3⁄4                        |   | $                          | 3⁄4 |                                                    | $      | 120,000 |   | $ | (3,370,097 | ) | $ | (145,958 | ) |
|                                                                       |   |       |       |                                                                                                                                               |   |                                                           |   |                                                                                                                                                  |      |                            |   |                          |   |                       |   |                                                    |   |   |   |   |   |   |   |   |   |
| Preferred                stock issued for cash                             |   |       |       |                                                                                                                                               |   |                                                           |   |                                                                                                                                                  |      |                            |   |                          |   |                       |   |                                                    |   |   |   |   |   |   |   |   |   |
| Private                placement                                           |   |       | 3⁄4     |                                                                                                                                               |   | 3⁄4                                                         |   |                                                                                                                                                  | 6,250,000 |                            |   | 5,000,000                     |   |                       | 3⁄4 |                                                    |   | 3⁄4 |   |   | 3⁄4 |   |   | 5,000,000 |   |
| Preferred                stock issued for debt                             |   |       | 3⁄4     |                                                                                                                                               |   | 3⁄4                                                         |   |                                                                                                                                                  | 625,000   |                            |   | 500,000                       |   |                       | 3⁄4 |                                                    |   | 3⁄4 |   |   | 3⁄4 |   |   | 500,000 |   |
| Shares                issued for cash                                      |   |       |       |                                                                                                                                               |   |                                                           |   |                                                                                                                                                  |      |                            |   |                          |   |                       |   |                                                    |   |   |   |   |   |   |   |   |   |
| Private                placement                                           |   |       | 459,000    |                                                                                                                                               |   | 459,000                                                        |   |                                                                                                                                                  | 3⁄4    |                            |   | 3⁄4                        |   |                       | 3⁄4 |                                                    |   | (120,000 | ) |   | 3⁄4 |   |   | 339,000 |   |
| Shares                issued for services                                  |   |       | 82,000     |                                                                                                                                               |   | 115,200                                                        |   |                                                                                                                                                  | 3⁄4    |                            |   | 3⁄4                        |   |                       | 3⁄4 |                                                    |   | 3⁄4 |   |   | 3⁄4 |   |   | 115,200 |   |
| Stock-based                compensation                                    |   |       | 3⁄4     |                                                                                                                                               |   | 688,920                                                        |   |                                                                                                                                                  | 3⁄4    |                            |   | 3⁄4                        |   |                       | 3⁄4 |                                                    |   | 3⁄4 |   |   | 3⁄4 |   |   | 688,920 |   |
| Beneficial                conversion feature                               |   |       | 3⁄4     |                                                                                                                                               |   | 1,537,500                                                      |   |                                                                                                                                                  | 3⁄4    |                            |   | 3⁄4                        |   |                       | 3⁄4 |                                                    |   | 3⁄4 |   |   | (1,537,500 | ) |   | 3⁄4 |   |
|                                                                       |   |       |       |                                                                                                                                               |   |                                                           |   |                                                                                                                                                  |      |                            |   |                          |   |                       |   |                                                    |   |   |   |   |   |   |   |   |   |
| Net                loss for year                                           |   |       | 3⁄4     |                                                                                                                                               |   | 3⁄4                                                         |   |                                                                                                                                                  | 3⁄4    |                            |   | 3⁄4                        |   |                       | 3⁄4 |                                                    |   | 3⁄4 |   |   | (2,642,954 | ) |   | (2,642,954 | ) |
|                                                                       |   |       |       |                                                                                                                                               |   |                                                           |   |                                                                                                                                                  |      |                            |   |                          |   |                       |   |                                                    |   |   |   |   |   |   |   |   |   |
| Balance,                December 31, 2005                                  |   |       | 15,829,133 |                                                                                                                                               | $      | 5,904,759                                                      |   |                                                                                                                                                  | 6,875,000 |                            | $      | 5,500,000                     |   | $                          | 3⁄4 |                                                    | $      | 3⁄4 |   | $ | (7,550,551 | ) | $ | 3,854,208 |   |
|                                                                       |   |       |       |                                                                                                                                               |   |                                                           |   |                                                                                                                                                  |      |                            |   |                          |   |                       |   |                                                    |   |   |   |   |   |   |   |   |   |
| Shares                issued for financial agreement penalty to be settled |   |       | 440,000    |                                                                                                                                               |   | 330,000                                                        |   |                                                                                                                                                  | 3⁄4    |                            |   | 3⁄4                        |   |                       | 3⁄4 |                                                    |   | 3⁄4 |   |   | 3⁄4 |   |   | 330,000 |   |
|  *(Note                2)*                                            |   |       |       |                                                                                                                                               |   |                                                           |   |                                                                                                                                                  |      |                            |   |                          |   |                       |   |                                                    |   |   |   |   |   |   |   |   |   |
| Stock-based                compensation                                    |   |       | 3⁄4     |                                                                                                                                               |   | 59,896                                                         |   |                                                                                                                                                  | 3⁄4    |                            |   | 3⁄4                        |   |                       | 3⁄4 |                                                    |   | 3⁄4 |   |   | 3⁄4 |   |   | 59,896 |   |
| Net                loss for year                                           |   |       | 3⁄4     |                                                                                                                                               |   | 3⁄4                                                         |   |                                                                                                                                                  | 3⁄4    |                            |   | 3⁄4                        |   |                       | 3⁄4 |                                                    |   | 3⁄4 |   |   | (2,184,843 | ) |   | (2,184,843 | ) |
|                                                                       |   |       |       |                                                                                                                                               |   |                                                           |   |                                                                                                                                                  |      |                            |   |                          |   |                       |   |                                                    |   |   |   |   |   |   |   |   |   |
| Balance,                December 31, 2006                                  |   |       | 16,269,133 |                                                                                                                                               | $      | 6,294,655                                                      |   |                                                                                                                                                  | 6,875,000 |                            | $      | 5,500,000                     |   | $                          | 3⁄4 |                                                    | $      | 3⁄4 |   | $ | (9,735,394 | ) | $ | 2,059,261 |   |
| Stock-based                compensation                                    |   |       | 3⁄4     |                                                                                                                                               |   | 90,682                                                         |   |                                                                                                                                                  | 3⁄4    |                            |   | 3⁄4                        |   |                       | 3⁄4 |                                                    |   | 3⁄4 |   |   | 3⁄4 |   |   | 90,682 |   |
| Net                loss for the period                                     |   |       | 3⁄4     |                                                                                                                                               |   | 3⁄4                                                         |   |                                                                                                                                                  | 3⁄4    |                            |   | 3⁄4                        |   |                       | 3⁄4 |                                                    |   | 3⁄4 |   |   | (839,284 | ) |   | (839,284 | ) |
| Balance,                June 30, 2007                                      |   |       | 16,269,133 |                                                                                                                                               | $      | 6,385,337                                                      |   |                                                                                                                                                  | 6,875,000 |                            | $      | 5,500,000                     |   | $                          | 3⁄4 |                                                    | $      | 3⁄4 |   | $ | (10,574,678 | ) | $ | 1,310,659 |   |

----

**WHITE      MOUNTAIN TITANIUM CORPORATION**

**(An      Exploration Stage Company)**

**Consolidated      Statements of Cash Flows**

**(US      Funds)**

|                                                                     |   |                                          |      |                         |   | **Cumulative**                      |   |
|--------------------------------------------------------------------------|--------|-----------------------------------------------|-----------|------------------------------|--------|-------------------------------------|--------|
|                                                                     |   |                                          |      |                         |   | **From                  Inception** |   |
|                                                                     |   |                                          |      |                         |   | **November                  13,**   |   |
|                                                                     |   |                                          |      |                         |   | **2001                  through**   |   |
|                                                                     |   | **Six                  months Ended June 30** |      | **June                  30** |   |
|                                                                     |   | **2007**                                      |      | **2006**                     |   | **2007**                            |   |
|                                                                     |   | **Unaudited**                                 |      | **Unaudited**                |   |                                |   |
|                                                                     |   |                                          |      |                         |   |
| **Operating                  Activities**                                |   |                                          |      |                         |   |                                |   |
| Net                  loss for period                                     |   | $                                             | (839,284  | )                            | $      | (939,455                            | )      | $ | (8,671,571 | ) |
| Items                  not involving cash                                |   |                                          |      |                         |   |                                |   |   |   |   |
| Amortization                                                             |   |                                          | 8,387     |                         |   | 456                                 |   |   | 41,377 |   |
| Stock-based                  compensation                                |   |                                          | 90,682    |                         |   | -                                   |   |   | 1,491,248 |   |
| Common                  stock issued for services                        |   |                                          | -         |                         |   | -                                   |   |   | 392,630 |   |
| Financing                  agreement penalty *(Note                  2)* |   |                                          | -         |                         |   | -                                   |   |   | 330,000 |   |
| Adjustment                  to market - securities                       |   |                                          | -         |                         |   | (24,914                             | )      |   | 67,922 |   |
| Gain                  on sale of marketable securities                   |   |                                          | -         |                         |   | (44,198                             | )      |   | (87,217 | ) |
| Non-cash                  resource property expenditures                 |   |                                          | -         |                         |   | -                                   |   |   | 600,000 |   |
| **Changes                  in Non-Cash Working Capital**                 |   |                                          |      |                         |   |                                |   |   |   |   |
| Receivables                                                              |   |                                          | (4,533    | )                            |   | (8,228                              | )      |   | (33,320 | ) |
| Marketable                  securities                                   |   |                                          | -         |                         |   | 75,698                              |   |   | 19,295 |   |
| Accounts                  payable and accrued liabilities                |   |                                          | (78,148   | )                            |   | (22,402                             | )      |   | 31,423 |   |
| Prepaid                  expenses                                        |   |                                          | (11,963   | )                            |   | (9,259                              | )      |   | (46,022 | ) |
|                                                                     |   |                                          |      |                         |   |                                |   |   |   |   |
| **Cash                  Used in Operating Activities**                   |   |                                          | (834,859  | )                            |   | (972,300                            | )      |   | (5,864,235 | ) |
|                                                                     |   |                                          |      |                         |   |                                |   |   |   |   |
| **Investing                  Activity**                                  |   |                                          |      |                         |   |                                |   |   |   |   |
| Addition                  to property and equipment                      |   |                                          | (2,982    | )                            |   | -                                   |   |   | (92,643 | ) |
|                                                                     |   |                                          |      |                         |   |                                |   |   |   |   |
| **Cash                  Used in Investing Activities**                   |   |                                          | (2,982    | )                            |   | -                                   |   |   | (92,643 | ) |
|                                                                     |   |                                          |      |                         |   |                                |   |   |   |   |
| **Financing                  Activities**                                |   |                                          |      |                         |   |                                |   |   |   |   |
| Repayment                  of long-term debt                             |   |                                          | -         |                         |   | -                                   |   |   | (100,000 | ) |
| Issuance                  of preferred stock                             |   |                                          | -         |                         |   | -                                   |   |   | 5,000,000 |   |
| Issuance                  of common stock                                |   |                                          | -         |                         |   | -                                   |   |   | 2,037,180 |   |
| Stock                  subscriptions received                            |   |                                          | -         |                         |   | -                                   |   |   | 120,000 |   |
| Stock                  subscriptions receivable                          |   |                                          | -         |                         |   | -                                   |   |   | 111,000 |   |
| Working                  capital acquired on acquisition                 |   |                                          | -         |                         |   | -                                   |   |   | 172 |   |
|                                                                     |   |                                          |      |                         |   |                                |   |   |   |   |
| **Cash                  Provided by Financing Activities**               |   |                                          | -         |                         |   | -                                   |   |   | 7,168,352 |   |
|                                                                     |   |                                          |      |                         |   |                                |   |   |   |   |
| **(Outflow)                  Inflow of Cash and Cash Equivalents**       |   |                                          | (837,841  | )                            |   | (972,300                            | )      |   | 1,211,474 |   |
| **Cash                  and Cash Equivalents,**                          |   |                                          |      |                         |   |                                |   |   |   |   |
| **Beginning                  of Year**                                   |   |                                          | 2,049,315 |                         |   | 4,116,412                           |   |   | - |   |
| **Cash                  and Cash Equivalents, End of Year**              |   | $                                             | 1,211,474 |                         | $      | 3,144,112                           |   | $ | 1,211,474 |   |
| **Supplemental                  Cash Flow Information**                  |   |                                          |      |                         |   |                                |   |   |   |   |
| Income                  tax paid                                         |   | $                                             | -         |                         | $      | -                                   |   | $ | - |   |
| Interest                  paid                                           |   | $                                             | -         |                         | $      | -                                   |   | $ | - |   |
|                                                                     |   |                                          |      |                         |   |                                |   |   |   |   |
| **Shares                  Issued for**                                   |   |                                          |      |                         |   |                                |   |   |   |   |
| Settlement                  of debt                                      |   | $                                             | -         |                         | $      | 330,000                             |   | $ | 830,000 |   |
| Services                                                                 |   | $                                             | -         |                         | $      | -                                   |   | $ | 392,630 |   |

----

| **1.** | **NATURE                OF BUSINESS AND BASIS OF                PRESENTATION** |
|--------|--------------------------------------------------------------------------------|

|   | 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 June 30, 2007 and December                31, 2006 and the consolidated results of operations and the consolidated                statements of cash flows for the three and six months ended June                30, 2007                and June 30, 2006. The results of operations and cashflows for the                three                and six months ended June 30, 2007 and June 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, 2006 included                in the                Company’s Form SB-2 Registration Statement and the Form                10-KSB. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.** | **Financing                Penalty** |
|--------|--------------------------------------|

|   | Pursuant                to the issuance of 6,875,000 shares of preferred stock 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 a 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                deadline for the registration of the Company to September 30, 2006.                To                settle this penalty, the Company agreed to issue 440,000 registered                shares                of common stock at a price of $0.75 representing the fair market                value of                the common stock at the date of settlement for a total of $330,000.                In                2006 the SB-2 was declared effective by the SEC, therefore no additional                penalty was incurred in this regard (Note                5). |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **3.** | **Loss                Per Share** |
|--------|-----------------------------------|

|                                                                                                                                                                                                                                                                                          |   | **Three                months ended****June                30** |     | **Six                months ended****June                30** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------|----------|---------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                          |   | 2007                                                            |     | 2006                                                          |   | 2007 |   | 2006 |   |
|                                                                                                                                                                                                                                                                                          |   |                                                            |     |                                                          |   |   |   |   |   |
| Net                loss for period                                                                                                                                                                                                                                                            |   | $                                                               | (412,111 | )                                                             | $      | (390,260 | ) | $ | (839,284 | ) | $ | (939,455 | ) |
| Preferred                stock dividends                                                                                                                                                                                                                                                      |   |                                                            | -        |                                                          |   | - |   |   | - |   |   | - |   |
|                                                                                                                                                                                                                                                                                          |   |                                                            |     |                                                          |   |   |   |   |   |   |   |   |   |
| Net                loss available for distribution                                                                                                                                                                                                                                            |   | $                                                               | (412,111 | )                                                             | $      | (390,260 | ) | $ | (839,284 | ) | $ | (939,455 | ) |
|                                                                                                                                                                                                                                                                                          |   |                                                            |     |                                                          |   |   |   |   |   |   |   |   |   |
| Allocation                of undistributed loss                                                                                                                                                                                                                                               |   |                                                            |     |                                                          |   |   |   |   |   |   |   |   |   |
| Preferred                shares 29.71% (2006 - 30.1%) (a)                                                                                                                                                                                                                                     |   | $                                                               | (122,418 | )                                                             | $      | (117,468 | ) | $ | (249,311 | ) | $ | (282,776 | ) |
| Common                shares 70.29% (2006 - 69.9%)                                                                                                                                                                                                                                            |   | $                                                               | (289,693 | )                                                             | $      | (272,792 | ) | $ | (589,973 | ) | $ | (656,679 | ) |
|                                                                                                                                                                                                                                                                                          |   |                                                            |     |                                                          |   |   |   |   |   |   |   |   |   |
| Basic                earnings (loss) per share amounts                                                                                                                                                                                                                                        |   |                                                            |     |                                                          |   |   |   |   |   |   |   |   |   |
| Distributed                amounts                                                                                                                                                                                                                                                            |   |                                                            |     |                                                          |   |   |   |   |   |   |   |   |   |
| Preferred                stock                                                                                                                                                                                                                                                                |   | $                                                               | -        |                                                          | $      | - |   | $ | - |   | $ | - |   |
| Common                stock                                                                                                                                                                                                                                                                   |   | $                                                               | -        |                                                          | $      | - |   | $ | - |   | $ | - |   |
| Undistributed                amounts                                                                                                                                                                                                                                                          |   |                                                            |     |                                                          |   |   |   |   |   |   |   |   |   |
| Earnings                (loss) per preferred share                                                                                                                                                                                                                                            |   | $                                                               | (0.02    | )                                                             | $      | (0.02 | ) | $ | (0.04 | ) | $ | (0.04 | ) |
| Loss                per common share                                                                                                                                                                                                                                                          |   | $                                                               | (0.02    | )                                                             | $      | (0.02 | ) | $ | (0.04 | ) | $ | (0.04 | ) |
|                                                                                                                                                                                                                                                                                          |   |                                                            |     |                                                          |   |   |   |   |   |   |   |   |   |
| (a)                Preferred shareholders have the same rights and obligations as the                common                shareholders ;therefore a proportionate share of the loss is allocated                to                the issued and outstanding preferred                shares |

|                                                                                             |   | **Three                    months ended****June                    30** |       | **Six                    months ended****June                    30** |   |
|--------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------|------------|-----------------------------------------------------------------------|--------|
|                                                                                             |   | 2007                                                                    |       | 2006                                                                  |   | 2007 |   | 2006 |   |
| 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 |                                                                  |   | 15,965,265 |   |   | 16,269,133 |   |   | 15,829,133 |   |
| Weighted                    average number of shares forundistributed                    amounts |   |                                                                    |       |                                                                  |   |   |   |   |   |   |   |   |   |
| Preferred                    stock (common stock equivalent)                                     |   |                                                                    | 6,875,000  |                                                                  |   | 6,875,000 |   |   | 6,875,000 |   |   | 6,875,000 |   |
| Common                    stock                                                                  |   |                                                                    | 16,269,133 |                                                                  |   | 15,965,265 |   |   | 16,269,133 |   |   | 15,829,133 |   |

----

| **4.** | **Stock                Options** |
|--------|----------------------------------|

|                                               |   | **For                  the three months endedJune 30,                  **2007**** |      |
|----------------------------------------------------|--------|-----------------------------------------------------------------------------------|-----------|
|                                               |   |                                                                              |      | Weighted |   |
|                                               |   |                                                                              |      | Average |   |
|                                               |   | Number                                                                            |      | Exercise |   |
|                                               |   | of                  Shares                                                        |      | Price |   |
|                                               |   |                                                                              |      |   |   |
| Outstanding                  - beginning of period |   |                                                                              | 1,650,000 |   | $ | 1.00 |   |
| Granted                                            |   |                                                                              | 250,000   |   | $ | 1.25 |   |
| Exercised                                          |   |                                                                              | -         |   | $ | 0.00 |   |
| Outstanding,                  end of period        |   |                                                                              | 1,900,000 |   | $ | 1.03 |   |
| Exercisable,                  end of period        |   |                                                                              | 1,812,500 |   | $ | 1.02 |   |

|                              |   | Exercise |   | **June                  30,** |   |
|-----------------------------------|--------|----------|--------|-------------------------------|--------|
| Expiry                  Date      |   | Price    |   | **2007**                      |   |
|                              |   |     |   |                          |   |
| 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 |   |
| April                  5, 2010    |   | $        | 1.25   |                          |   | 250,000 |   |
| August                  31, 2011  |   | $        | 1.25   |                          |   | 350,000 |   |
|                              |   |     |   |                          |   | 1,900,000 |   |

----

|                                 |   | **Three                months ended June 30, 2007** |   | **2006** |   |
|--------------------------------------|--------|-----------------------------------------------------|--------|----------|--------|
| Expected                life (years) |   |                                                | 3      |     |   | 5 |   |
| Interest                rate         |   |                                                | 4.27   | %        |   | 4 | % |
| Volatility                           |   |                                                | 87.78  | %        |   | 84 | % |
| Dividend                yield        |   |                                                | 0      | %        |   | 0 | % |

| **5.** | **Loss                Contingency** |
|--------|-------------------------------------|

----

**Item      2. Management’s Discussion and Analysis**

*Engineering*

----

|  Hole                  # |   | From                  (m)        |   | To                  (m) |   | Width                  (m) |   | %                  TiO2 |
|-------------------------------|--------|----------------------------------|--------|-------------------------|--------|----------------------------|--------|-------------------------|
|                          |   |                             |   |                    |   |                       |   |                    |
| CB-26                         |   | Total                  MR1 + MR2 |   |                    |   | 267                        |   | 2.24                    |
| *Including*                   |   | 36                               |   | 78                      |   | 42                         |   | 3.48                    |
|                          |   | 81                               |   | 123                     |   | 42                         |   | 3.10                    |
|                          |   |                             |   |                    |   |                       |   |                    |
| CB-14                         |   | Total                  MR1 + MR2 |   |                    |   | 168                        |   | 2.52                    |
| *Including*                   |   | 3                                |   | 54                      |   | 51                         |   | 2.50                    |
|                          |   | 60                               |   | 138                     |   | 78                         |   | 2.77                    |
|                          |   |                             |   |                    |   |                       |   |                    |
| CB-27                         |   | Total                  MR1 + MR2 |   |                    |   | 156                        |   | 2.47                    |
| *Including*                   |   | 96                               |   | 144                     |   | 48                         |   | 3.74                    |
|                          |   | 144                              |   | 222                     |   | 78                         |   | 2.03                    |
|                          |   |                             |   |                    |   |                       |   |                    |
| CB-17                         |   | Total                  MR1 + MR2 |   |                    |   | 143                        |   | 2.24                    |
| *Including*                   |   | 33                               |   | 123                     |   | 90                         |   | 2.30                    |
|                          |   | 147                              |   | 200                     |   | 53                         |   | 2.14                    |

----

|                                            |   | Minimum |      | Maximum |   |
|-------------------------------------------------|--------|---------|-----------|---------|--------|
| Pre-feasibility                  study          |   | $       | 200,000   |    | $      | 250,000 |   |
| Pilot                  plant program            |   |    | 500,000   |    |   | 600,000 |   |
| Marketing                                       |   |    | 50,000    |    |   | 60,000 |   |
| Drilling                  of additional targets |   |    | 500,000   |    |   | 500,000 |   |
| Additional                  claim holding costs |   |    | 40,000    |    |   | 60,000 |   |
| Environmental                  compliance       |   |    | 100,000   |    |   | 200,000 |   |
| Final                  feasibility study        |   |    | 400,000   |    |   | 400,000 |   |
| Contingency                                     |   |    | 160,000   |    |   | 210,000 |   |
| Total                                           |   | $       | 1,950,000 |    | $      | 2,280,000 |   |

*Marketing*

----

**Results      of Operations**

**Off-Balance      Sheet Arrangements**

**Recent      Accounting Pronouncements**

*“Fair      Value Measurements”*

*“Accounting      for Uncertainty in Income Taxes - An Interpretation of FASB Statement No.      109”*

**Forward      Looking Statements**

----

**Item      3. Controls and Procedures**

**Disclosure      Controls and Procedures**

**Internal      Control Over Financial Reporting**

*Internal      Control - Integrated Framework*

----

**PART      II. OTHER INFORMATION**

**Item      6. Exhibits**

|  | 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**

|                              |                                                   |                                              |
|-----------------------------------|--------------------------------------------------------|---------------------------------------------------|
|                              | **White                Mountain Titanium Corporation** |
|                         |                                              |                                         |
| Date:              August 9, 2007 | By                                                | /s/              Michael P. Kurtanjek   |
|                              | Michael              P. Kurtanjek, President           |
|                              | (Principal              Executive Officer)             |
|                 |                                                     |                                            |
|----------------------|----------------------------------------------------------|-------------------------------------------------|
|                 |                                                     |                                            |
| Date: August 9, 2007 | By                                             | /s/              Charles E. Jenkins   |
|                 | Charles              E. Jenkins, Chief Financial Officer |
|                 | (Principal                Financial Officer)             |

----