**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)**

|                                                                |   | **September                30** |        | **December                31** |   |
|---------------------------------------------------------------------|--------|---------------------------------|-------------|--------------------------------|--------|
|                                                                |   | **2007**                        |        | **2006**                       |   |
|                                                                |   | **Unaudited**                   |        | **Audited**                    |   |
| **Assets**                                                          |   |                            |        |                           |   |
|                                                                |   |                            |        |                           |   |
| **Current**                                                         |   |                            |        |                           |   |
| Cash                and cash equivalents                            |   | $                               | 3,209,708   |                           | $      | 2,049,315 |   |
| Prepaid                expenses                                     |   |                            | 48,297      |                           |   | 34,059 |   |
| Receivables                                                         |   |                            | 36,364      |                           |   | 28,787 |   |
| **Total                Current Assets**                             |   |                            | 3,294,369   |                           |   | 2,112,161 |   |
| **Property                and Equipment**                           |   |                            | 64,589      |                           |   | 56,671 |   |
|                                                                |   |                            |        |                           |   |   |   |
| **Total                Assets**                                     |   | $                               | 3,358,958   |                           | $      | 2,168,832 |   |
|                                                                |   |                            |        |                           |   |   |   |
| **Liabilities**                                                     |   |                            |        |                           |   |   |   |
|                                                                |   |                            |        |                           |   |   |   |
| **Current**                                                         |   |                            |        |                           |   |   |   |
| Accounts                payable and accrued liabilities             |   | $                               | 25,051      |                           | $      | 109,571 |   |
|                                                                |   |                            |        |                           |   |   |   |
| **Total                Current Liabilities and Total Liabilities**  |   |                            | 25,051      |                           |   | 109,571 |   |
|                                                                |   |                            |        |                           |   |   |   |
| **Stockholders’                Equity**                       |   |                            |        |                           |   |   |   |
|                                                                |   |                            |        |                           |   |   |   |
| **Preferred                Stock and Paid-in Capital in Excess**    |   |                            |        |                           |   |   |   |
| **of                $0.001 Par Value**                              |   |                            |        |                           |   |   |   |
| 20,000,000                Shares authorized                         |   |                            |        |                           |   |   |   |
| 625,000                Shares issued and outstanding                |   |                            | 500,000     |                           |   | 5,500,000 |   |
| (December                31, 2006 - 6,875,000)                      |   |                            |        |                           |   |   |   |
| **Common                Stock and Paid-in Capital in Excess**       |   |                            |        |                           |   |   |   |
| **of                $0.001 Par Value**                              |   |                            |        |                           |   |   |   |
| 100,000,000                Authorized                               |   |                            |        |                           |   |   |   |
| 28,664,133                (December 31, 2006 - 16,269,133)          |   |                            |        |                           |   |   |   |
| shares                issued and outstanding                        |   |                            | 14,891,025  |                           |   | 6,294,655 |   |
| **Accumulated                Deficit**                              |   |                            | (12,057,118 | )                              |   | (9,735,394 | ) |
|                                                                |   |                            |        |                           |   |   |   |
| **Total                Stockholders’ Equity**                 |   |                            | 3,333,907   |                           |   | 2,059,261 |   |
|                                                                |   |                            |        |                           |   |   |   |
| **Total                Liabilities and Stockholders’ Equity** |   | $                               | 3,358,958   |                           | $      | 2,168,832 |   |

----

**WHITE      MOUNTAIN TITANIUM CORPORATION**

**(An      Exploration Stage Company)**

**Consolidated      Statements of Operations**

**(US      Funds)**

|                                                                            |   | **Three                months ended****September                30** |  **Nine                months ended****September                30** |          | **Cumulative                From Inception November 13, 2001 through September30,** |          |
|---------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|---------------------------------------------------------------------------|---------------|-------------------------------------------------------------------------------------|---------------|
|                                                                            |   | **2007**                                                             |                                                                      | **2006**      |                                                                                | **2007**      |   | **2006** |   | **2007** |   |
|                                                                            |   | **Unaudited**                                                        |                                                                      | **Unaudited** |                                                                                | **Unaudited** |   | **Unaudited** |   |   |   |
| **Expenses**                                                                    |   |                                                                 |                                                                      |          |                                                                                |          |   |   |   |   |   |
| Advertising                and promotion                                        |   | **$**                                                                | **14,230**                                                                |          | $                                                                                   | 15,418        |   | **$** | **42,273** |   | $ | 35,913 |   | $ | 119,309 |   |
| Amortization                                                                    |   |                                                                 | **4,755**                                                                 |          |                                                                                | 282           |   |   | **13,142** |   |   | 738 |   |   | 46,132 |   |
| Bank                charges and interest                                        |   |                                                                 | **967**                                                                   |          |                                                                                | 810           |   |   | **2,961** |   |   | 3,264 |   |   | 14,313 |   |
| Consulting                fees                                                  |   |                                                                 | **40,117**                                                                |          |                                                                                | 13,015        |   |   | **124,393** |   |   | 33,584 |   |   | 861,205 |   |
| Consulting                fees - directors and officers officers                |   |                                                                 | **51,800**                                                                |          |                                                                                | 48,000        |   |   | **147,800** |   |   | 144,000 |   |   | 884,834 |   |
| Exploration                                                                     |   |                                                                 | **103,865**                                                               |          |                                                                                | 116,766       |   |   | **333,239** |   |   | 543,877 |   |   | 3,009,106 |   |
| Filing                fees                                                      |   |                                                                 | **250**                                                                   |          |                                                                                | -             |   |   | **250** |   |   | 500 |   |   | 45,297 |   |
| Insurance                                                                       |   |                                                                 | **10,182**                                                                |          |                                                                                | 652           |   |   | **24,185** |   |   | 33,938 |   |   | 107,487 |   |
| Investor                relations                                               |   |                                                                 | **(7,708**                                                                | **)**         |                                                                                | -             |   |   | **(7,708** | **)** |   | 32,838 |   |   | 68,989 |   |
| Licenses                and taxes                                               |   |                                                                 | **13,262**                                                                |          |                                                                                | 15,222        |   |   | **25,283** |   |   | 48,552 |   |   | 266,851 |   |
| Management                fees                                                  |   |                                                                 | **558,869**                                                               |          |                                                                                | 24,000        |   |   | **606,869** |   |   | 80,000 |   |   | 330,380 |   |
| Office                                                                          |   |                                                                 | **4,777**                                                                 |          |                                                                                | 9,318         |   |   | **14,772** |   |   | 19,691 |   |   | 93,313 |   |
| Professional                fees                                                |   |                                                                 | **24,007**                                                                |          |                                                                                | 54,488        |   |   | **118,202** |   |   | 245,956 |   |   | 1,051,888 |   |
| Rent                                                                            |   |                                                                 | **21,474**                                                                |          |                                                                                | 14,125        |   |   | **67,867** |   |   | 43,075 |   |   | 196,788 |   |
| Stock-based                compensation                                         |   |                                                                 | **444,233**                                                               |          |                                                                                | 41,736        |   |   | **534,915** |   |   | 41,736 |   |   | 2,106,995 |   |
| Telephone                                                                       |   |                                                                 | **7,166**                                                                 |          |                                                                                | 3,898         |   |   | **22,368** |   |   | 10,525 |   |   | 45,628 |   |
| Transfer                agent fees                                              |   |                                                                 | **245**                                                                   |          |                                                                                | (65           | ) |   | **835** |   |   | 201 |   |   | 8,754 |   |
| Travel                and vehicle                                               |   |                                                                 | **35,534**                                                                |          |                                                                                | 21,811        |   |   | **136,061** |   |   | 109,742 |   |   | 650,984 |   |
|                                                                            |   |                                                                 |                                                                      |          |                                                                                |          |   |   |   |   |   |   |   |   |   |   |
| **Loss                before other items**                                      |   |                                                                 | **(1,328,025**                                                            | **)**         |                                                                                | (379,476      | ) |   | **(2,207,707** | **)** |   | (1,428,130 | ) |   | (9,919,479 | ) |
|                                                                            |   |                                                                 |                                                                      |          |                                                                                |          |   |   |   |   |   |   |   |   |   |   |
| **Gain                (loss) on investments**                                   |   |                                                                 | **-**                                                                     |          |                                                                                | (48           | ) |   | **-** |   |   | 69,064 |   |   | 87,217 |   |
|  **Adjustment                to market for marketable securities**    |   |                                                                 | **-**                                                                     |          |                                                                                | -             |   |   | **-** |   |   | - |   |   | (67,922 | ) |
| **Foreign                exchange**                                             |   |                                                                 | **8,573**                                                                 |          |                                                                                | (8,659        | ) |   | **14,167** |   |   | (41,176 | ) |   | (16.469 | ) |
| **Dividend                income**                                              |   |                                                                 | **608**                                                                   |          |                                                                                | 854           |   |   | **2,343** |   |   | 1,124 |   |   | 4,634 |   |
| **Interest                income**                                              |   |                                                                 | **23,904**                                                                |          |                                                                                | 37,228        |   |   | **56,973** |   |   | 109,562 |   |   | 275,806 |   |
| **Financing                Agreement Penalty** **(Note                2)** |   |                                                                 | **(187,500**                                                              | **)**         |                                                                                | -             |   |   | **(187,500** | **)** |   | - |   |   | (517,500 | ) |
|                                                                            |   |                                                                 |                                                                      |          |                                                                                |          |   |   |   |   |   |   |   |   |   |   |
| **Net                loss for the period**                                      |   |                                                                 | **(1,482,440**                                                            | **)**         |                                                                                | (350,101      | ) |   | **(2,321,724** | **)** |   | (1,289,556 | ) |   | (10,154011 | ) |
| Preferred                stock dividends                                        |   |                                                                 | **-**                                                                     |          |                                                                                | **-**         |   |   | **-** |   |   | - |   |   | (1,537,500 | ) |
|                                                                            |   |                                                                 |                                                                      |          |                                                                                |          |   |   |   |   |   |   |   |   |   |   |
|                                                                            |   |                                                                 |                                                                      |          |                                                                                |          |   |   |   |   |   |   |   |   |   |   |
| **Net                Loss Available for Distribution**                          |   | **$**                                                                | **(1,482,438**                                                            | **)**         | $                                                                                   | (350,101      | ) | **$** | **(2,321,724** | **)** | $ | (1,289,556 | ) | $ | (11,691,511 | ) |
|                                                                            |   |                                                                 |                                                                      |          |                                                                                |          |   |   |   |   |   |   |   |   |   |   |
| **Loss                per Common Share (Note 3)**                               |   | **$**                                                                | **(0.08**                                                                 | **)**         | $                                                                                   | (0.02         | ) | **$** | **(0.14** | **)** | $ | (0.08 | ) |   | - |   |
|                                                                            |   |                                                                 |                                                                      |          |                                                                                |          |   |   |   |   |   |   |   |   |   |   |
| **Weighted                average number of Common Shares****Outstanding**      |   |                                                                 | **18,006,905**                                                            |          |                                                                                | 16,269,133    |   |   | **16,854,756** |   |   | 16,067,668 |   |   | **-** |   |

----

**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     |   |   | 534,915                                                                                                                                            |   |   | 3⁄4                                                         |   |   | 3⁄4                                                                                                                                                |   |   | 3⁄4                          |   |   | 3⁄4                        |   |   | 3⁄4                     |   |   | 534,915                                                     |   |
| Shares                issued for cash                                      |   |   |       |   |   |                                                                                                                                               |   |   |                                                           |   |   |                                                                                                                                                  |   |   |                            |   |   |                          |   |   |                       |   |   |                                                        |   |
| Private                placement                                           |   |   | 5,070,000  |   |   | 2,340,684                                                                                                                                          |   |   | 3⁄4                                                         |   |   | 3⁄4                                                                                                                                                |   |   | 3⁄4                          |   |   | 3⁄4                        |   |   | 3⁄4                     |   |   | 2,340,684                                                   |   |
| Shares                issued for services                                  |   |   | 700,000    |   |   | 533,271                                                                                                                                            |   |   | 3⁄4                                                         |   |   | 3⁄4                                                                                                                                                |   |   | 3⁄4                          |   |   | 3⁄4                        |   |   | 3⁄4                     |   |   | 533,271                                                     |   |
| Shares                issued for conversion of preferred stock             |   |   | 6,250,000  |   |   | 5,000,000                                                                                                                                          |   |   | (6,250,000                                                     | )      |   | (5,000,000                                                                                                                                            | )      |   | 3⁄4                          |   |   | 3⁄4                        |   |   | 3⁄4                     |   |   | 3⁄4                                                      |   |
| Shares                reserved for financial agreement                     |   |   | 375,000    |   |   | 187,500                                                                                                                                            |   |   | 3⁄4                                                         |   |   | 3⁄4                                                                                                                                                |   |   | 3⁄4                          |   |   | 3⁄4                        |   |   | 3⁄4                     |   |   | 187,500                                                     |   |
| *(Note                2)*                                                  |   |   |       |   |   |                                                                                                                                               |   |   |                                                           |   |   |                                                                                                                                                  |   |   |                            |   |   |                          |   |   |                       |   |   |                                                        |   |
| Net                loss for the period                                     |   |   | 3⁄4     |   |   | 3⁄4                                                                                                                                             |   |   | 3⁄4                                                         |   |   | 3⁄4                                                                                                                                                |   |   | 3⁄4                          |   |   | 3⁄4                        |   |   | (2,321,724                 | )      |   | (2,321,724                                                  | )      |
| Balance,                September 30, 2007                                 |   |   | 28,664,133 |   | $      | 14,891,025                                                                                                                                         |   |   | 625,000                                                        |   | $      | 500,000                                                                                                                                               |   | $      | 3⁄4                          |   | $      | 3⁄4                        |   | $      | (12,057,118                | )      | $      | 3,333,907                                                   |   |

----

**WHITE      MOUNTAIN TITANIUM CORPORATION**

**(An      Exploration Stage Company)**

**Consolidated      Statements of Cash Flows**

**(US      Funds)**

|                                                                 |   |   |                                              |   |   |                                                               |   |   | **Cumulative**                    |   |
|----------------------------------------------------------------------|--------|--------|---------------------------------------------------|--------|--------|--------------------------------------------------------------------|--------|--------|-----------------------------------|--------|
|                                                                 |   |   |                                              |   |   |                                                               |   |   | **From                Inception** |   |
|                                                                 |   |   |                                              |   |   |                                                               |   |   | **November                13,**   |   |
|                                                                 |   |   | **Nine                months Ended September 30** |   |   | **2001                  through****September                  30** |   |
|                                                                 |   |   | **2007**                                          |   |   | **2006**                                                           |   |   | **2007**                     |   |
|                                                                 |   |   | **Unaudited**                                     |   |   | **Unaudited**                                                      |   |   |                              |   |
| **Operating                Activities**                              |   |   |                                              |   |   |                                                               |   |   |                              |   |
| Net                loss for period                                   |   | $      | (2,321,724                                        | )      | $      | (1,289,556                                                         | )      | $      | (10,154,011                       | )      |
| Items                not involving cash                              |   |   |                                              |   |   |                                                               |   |   |                              |   |
| Amortization                                                         |   |   | 13,142                                            |   |   | 738                                                                |   |   | 46,132                            |   |
| Stock-based                compensation                              |   |   | 534,915                                           |   |   | 41,736                                                             |   |   | 1,935,481                         |   |
| Common                stock issued for services                      |   |   | 533,271                                           |   |   | -                                                                  |   |   | 925,901                           |   |
| Financing                agreement penalty *(Note                2)* |   |   | 187,500                                           |   |   | -                                                                  |   |   | 517,500                           |   |
| Adjustment                to market - securities                     |   |   | -                                                 |   |   | -                                                                  |   |   | 67,922                            |   |
| Gain                on sale of marketable securities                 |   |   | -                                                 |   |   | (69,065                                                            | )      |   | (87,217                           | )      |
| Non-cash                resource property expenditures               |   |   | -                                                 |   |   | -                                                                  |   |   | 600,000                           |   |
| **Changes                in Non-Cash Working Capital**               |   |   |                                              |   |   |                                                               |   |   |                              |   |
| Receivables                                                          |   |   | (7,577                                            | )      |   | (6,755                                                             | )      |   | (36,364                           | )      |
| Marketable                securities                                 |   |   | -                                                 |   |   | 75,884                                                             |   |   | 19,295                            |   |
| Accounts                payable and accrued liabilities              |   |   | (84,520                                           | )      |   | (25,409                                                            | )      |   | 25,051                            |   |
| Prepaid                expenses                                      |   |   | (14,238                                           | )      |   | (7,000                                                             | )      |   | (48,297                           | )      |
|                                                                 |   |   |                                              |   |   |                                                               |   |   |                              |   |
| **Cash                Used in Operating Activities**                 |   |   | (1,159,231                                        | )      |   | (1,279,427                                                         | )      |   | (6,188,607                        | )      |
|                                                                 |   |   |                                              |   |   |                                                               |   |   |                              |   |
| **Investing                Activity**                                |   |   |                                              |   |   |                                                               |   |   |                              |   |
| Addition                to property and equipment                    |   |   | (21,060                                           | )      |   | (1,969                                                             | )      |   | (110,721                          | )      |
|                                                                 |   |   |                                              |   |   |                                                               |   |   |                              |   |
| **Cash                Used in Investing Activities**                 |   |   | (21,060                                           | )      |   | (1,969                                                             | )      |   | (110,721                          | )      |
|                                                                 |   |   |                                              |   |   |                                                               |   |   |                              |   |
| **Financing                Activities**                              |   |   |                                              |   |   |                                                               |   |   |                              |   |
| Repayment                of long-term debt                           |   |   | -                                                 |   |   | -                                                                  |   |   | (100,000                          | )      |
| Issuance                of common stock                              |   |   | 2,340,684                                         |   |   | -                                                                  |   |   | 4,377,864                         |   |
| Stock                subscriptions received                          |   |   | -                                                 |   |   | -                                                                  |   |   | 120,000                           |   |
| Stock                subscriptions receivable                        |   |   | -                                                 |   |   | -                                                                  |   |   | 111,000                           |   |
| Working                capital acquired on acquisition               |   |   | -                                                 |   |   | -                                                                  |   |   | 172                               |   |
|                                                                 |   |   |                                              |   |   |                                                               |   |   |                              |   |
| **Cash                Provided by Financing Activities**             |   |   | 2,340,684                                         |   |   | -                                                                  |   |   | 9,509,036                         |   |
|                                                                 |   |   |                                              |   |   |                                                               |   |   |                              |   |
| **(Outflow)                Inflow of Cash and Cash Equivalents**     |   |   | 1,160,393                                         |   |   | (1,281,396                                                         | )      |   | 3,209,708                         |   |
| **Cash                and Cash Equivalents,**                        |   |   |                                              |   |   |                                                               |   |   |                              |   |
| **Beginning                of Period**                               |   |   | 2,049,315                                         |   |   | 4,116,412                                                          |   |   | -                                 |   |
|                                                                 |   |   |                                              |   |   |                                                               |   |   |                              |   |
| **Cash                and Cash Equivalents, End of Period**          |   | $      | 3,209,708                                         |   | $      | 32,835,016                                                         |   | $      | 3,209,708                         |   |
|                                                                 |   |   |                                              |   |   |                                                               |   |   |                              |   |
| **Supplemental                Cash Flow Information**                |   |   |                                              |   |   |                                                               |   |   |                              |   |
| Income                tax paid                                       |   | $      | -                                                 |   | $      | -                                                                  |   | $      | -                                 |   |
| Interest                paid                                         |   | $      | -                                                 |   | $      | -                                                                  |   | $      | -                                 |   |
|                                                                 |   |   |                                              |   |   |                                                               |   |   |                              |   |
| **Shares                Issued for**                                 |   |   |                                              |   |   |                                                               |   |   |                              |   |
| Preferred                stock converted to common                   |   | $      | 5,000,000                                         |   | $      | -                                                                  |   | $      | -                                 |   |
| Settlement                of debt                                    |   | $      | -                                                 |   | $      | -                                                                  |   | $      | 830,000                           |   |
| Services                                                             |   | $      | 533,271                                           |   | $      | -                                                                  |   | $      | 925,901                           |   |
| Penalty                                                              |   | $      | 187,500                                           |   | $      | 330,000                                                            |   | $      | 517,500                           |   |

----

**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 September 30, 2007 and                December 31, 2006 and the consolidated results of operations and                the                consolidated cash flows for the three and nine months ended September                30,                2007 and September 30, 2006. The results of operations and cashflows                for                the three and nine months ended September 30, 2007 and September                30, 2006                are not necessarily indicative of the results to be expected for                the                entire fiscal year. The accompanying condensed financial statements                should                be read in conjunction with the audited consolidated 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                year                ended December 31, 2005, the Company was required to reach certain                milestones. Failure to meet these milestones caused the Company to                incur a                penalty of 1% of the purchase price of the securities for each month                the                Company failed 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 shares of preferred stock 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). |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | On                September 6, 2007, the Company closed a private placement of 5,070,000                units at an offering price of $0.50 per unit and incurred share issuance                costs of $194,316 for net proceeds of $2,340,684. Pursuant to the                terms of                the preferred stock offering, the exercise price of warrants attached                to                the original issue of the preferred stock was reduced to $0.50 and                an                additional 375,000 registered shares of common stock were reserved                for                issue at a deemed price of $0.50 per share as an anti-dilution penalty,                representing the fair market value of the common stock at the date                of the                private placement. Accordingly, the Company recorded a Financing                Agreement                Penalty of $187,500 during the three month period ended September                30,                2007. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**3.      Weighted Average Number Of Shares**

|                                                                                      |   | **Three                months ended****September                30** |       | **Nine                months ended****September                30** |   |
|-------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|------------|---------------------------------------------------------------------|--------|
|                                                                                      |   | 2007                                                                 |       | 2006                                                                |   | 2007 |   | 2006 |   |
|                                                                                      |   |                                                                 |       |                                                                |   |   |   |   |   |
| Share                allocation for distributed amounts                                   |   |                                                                 |       |                                                                |   |   |   |   |   |
| Preferred                stock (common stock equivalent)                             |   |                                                                 | 6,732,337  |                                                                |   | 6,875,000 |   |   | 6,822,289 |   |   | 6,875,000 |   |
| Common                stock                                                               |   |                                                                 | 18,006,905 |                                                                |   | 16,269,133 |   |   | 16,854,756 |   |   | 16,067,668 |   |
|                                                                                      |   |                                                                 |       |                                                                |   |   |   |   |   |   |   |   |   |
| Weighted                average number of shares for undistributed                amounts |   |                                                                 |       |                                                                |   |   |   |   |   |   |   |   |   |
| Preferred                stock (common stock equivalent)                                  |   |                                                                 | 6,732,337  |                                                                |   | 6,875,000 |   |   | 6,822,289 |   |   | 6,875,000 |   |
| Common                stock                                                               |   |                                                                 | 18,006,905 |                                                                |   | 16,269,133 |   |   | 16,854,756 |   |   | 16,067,668 |   |

**4.**
**Stock      Options**

|                                                      |   |   | **For                  the three months ended September 30,**2007 |   |
|-----------------------------------------------------------|--------|--------|-------------------------------------------------------------------|--------|
|                                                      |   |   |                                                              |   |   | Weighted |   |
|                                                      |   |   |                                                              |   |   | Average |   |
|                                                      |   |   | Number                                                            |   |   | Exercise |   |
|                                                      |   |   | of                Shares                                          |   |   | Price |   |
| Outstanding                - beginning of period          |   |   | 1,900,000                                                         |   | $ | 0.58 |   |
| Granted                                                   |   |   | 1,075,000                                                         |   | $ | 0.50 |   |
|                                                      |   |   |                                                              |   |   |   |   |
|                                                      |   |   |                                                              |   |   |   |   |
| Outstanding                and exercisable, end of period |   |   | 2,975,000                                                         |   | $ | 0.55 |   |

----

|                            |   | ExercisePrice |   | **Outstanding                and Exercisable** |   |
|---------------------------------|--------|---------------|--------|------------------------------------------------|--------|
| Expiry                Date      |   |          |   |                                           |   |   |   |
| August                1, 2009   |   | $             | 2.00   |                                           |   | 100,000 |   |
| April                5, 2010    |   | $             | 0.50   |                                           |   | 250,000 |   |
| January                31, 2011 |   | $             | 0.50   |                                           |   | 400,000 |   |
| May                31,2011      |   | $             | 0.50   |                                           |   | 600,000 |   |
| August                1, 2011   |   | $             | 0.50   |                                           |   | 200,000 |   |
| August                31, 2011  |   | $             | 0.50   |                                           |   | 350,000 |   |
| August                31, 2012  |   | $             | 0.50   |                                           |   | 1,075,000 |   |
|                            |   |          |   |                                           |   | 2,975,000 |   |

|                                 |   | **Three                months ended September 30, 2007** |   | **December                31,****2006** |   |
|--------------------------------------|--------|----------------------------------------------------------|--------|-----------------------------------------|--------|
| Expected                life (years) |   |                                                     | 5      |                                    |   | 5 |   |
| Interest                rate         |   |                                                     | 4      | %                                       |   | 4 | % |
| Volatility                           |   |                                                     | 89     | %                                       |   | 84 | % |
| Dividend                yield        |   |                                                     | 0      | %                                       |   | 0 | % |

----

**5.**
**Warrants**

|                                             |   |   | **For                the three months ended September 30,****2007** |   |
|--------------------------------------------------|--------|--------|---------------------------------------------------------------------|--------|
|                                             |   |   |                                                                |   |   | Weighted |   |
|                                             |   |   |                                                                |   |   | Average |   |
|                                             |   |   | Number                                                              |   |   | Exercise |   |
|                                             |   |   | of                Shares                                            |   |   | Price |   |
| Outstanding                - beginning of period |   |   | 7,175,000                                                           |   | $ | 0.50 |   |
| Granted                                          |   |   | 5,847,600                                                           |   | $ | 0.60 |   |
| Total                warrants outstanding and    |   |   | 13,022,600                                                          |   | $ | 0.54 |   |
| exercisable                                      |   |   |                                                                |   |   |   |   |

|                             |   |   | Exercise |   |   | Outstanding                & |   |
|----------------------------------|--------|--------|----------|--------|--------|----------------------------------|--------|
| Expiry                Date       |   |   | Price    |   |   | Exercisable                      |   |
| July                11, 2009     |   | $      | 0.50     |   |   | 6,550,000                        |   |
| September                7, 2009 |   | $      | 0.50     |   |   | 625,000                          |   |
| August                10, 2010   |   | $      | 0.60     |   |   | 5,070,000                        |   |
| August                10, 2010   |   | $      | 0.60     |   |   | 700,000                          |   |
| August                10, 2010   |   | $      | 0.60     |   |   | 77,600                           |   |
|                             |   |   |     |   |   | 13,022,600                       |   |

----

| **6.** | **Loss                Contingency** |
|--------|-------------------------------------|

----

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

** **
** **

----

| ** Hole                #** |   | **From                (m)**    |                           | **To                (m)** |   | **Width                (m)** |   | **%                TiO** |   |
|---------------------------------|--------|--------------------------------|--------------------------------|---------------------------|--------|------------------------------|--------|--------------------------|--------|
|                            |   |                           |                           |                      |   |                         |   |                     |   |
| 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 |   |

----

***Marketing***

|                                                    |   | **Minimum** |      | **Maximum** |   |
|---------------------------------------------------------|--------|-------------|-----------|-------------|--------|
| Stage                1 exploration, Eli prospect        |   | $           | 160,000   |        | $      | 160,000 |   |
| SGS                Lakefield milling and process design |   |        | 50,000    |        |   | 60,000 |   |
| Pre-feasibility                study                    |   |        | 325,000   |        |   | 350,000 |   |
| Pilot                plant program                      |   |        | 500,000   |        |   | 600,000 |   |
| Marketing                                               |   |        | 50,000    |        |   | 60,000 |   |
| Drilling,                Eli and additional targets     |   |        | 500,000   |        |   | 750,000 |   |
| Additional                claim holding costs           |   |        | 40,000    |        |   | 60,000 |   |
| Environmental                compliance                 |   |        | 100,000   |        |   | 200,000 |   |
| Final                feasibility study                  |   |        | 400,000   |        |   | 600,000 |   |
| Contingency                @ 20%                        |   |        | 425,000   |        |   | 568,000 |   |
| Total                                                   |   | $           | 2,550,000 |        | $      | 3,408,000 |   |

----

**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”*

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**Forward      Looking Statements**

**Item      3. Controls and Procedures**

**Disclosure      Controls and Procedures**

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**Internal      Control Over Financial Reporting**

*Internal      Control - Integrated Framework*

**PART      II. OTHER INFORMATION**

**Item      6. Exhibits**

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**SIGNATURES**

|                    |                                                                                        |                                              |
|-------------------------|---------------------------------------------------------------------------------------------|---------------------------------------------------|
|                    | **White Mountain Titanium              Corporation**                                        |
|               |                                                                                   |                                         |
| Date: November 14, 2007 | By                                                                                | /s/              Michael P. Kurtanjek   |
|                    | Michael                P. Kurtanjek, President (Principal                Executive Officer) |

|                    |                                                                                                    |                                            |
|-------------------------|---------------------------------------------------------------------------------------------------------|-------------------------------------------------|
| Date: November 14, 2007 | By                                                                                            | /s/              Charles E. Jenkins   |
|                    | Charles                E. Jenkins, Chief Financial Officer (Principal Financial                Officer) |

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