**UNITED      STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-Q**

**Commission      File Number 333-129347**

**WHITE      MOUNTAIN TITANIUM CORPORATION**

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

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

*(Address      of principal executive offices)*

*(Issuer’s      telephone number)*

| Large                Accelerate Filer  ̈                                                             | Accelerated                Filer  ̈    |
|----------------------------------------------------------------------------------------------------------|--------------------------------------------|
|                                                                                                     |                                       |
| Non-Accelerated                Filer  ̈                (Do not check if a smaller reporting company) | Smaller                Reporting Company x |

----

**PART      I. FINANCIAL INFORMATION**

**Item      1. Financial Statements**

**WHITE      MOUNTAIN TITANIUM CORPORATION**

**(An      Exploration Stage Company)**

**Consolidated      Condensed Balance Sheets**

**(US      Funds)**

** **

----

|                                                                    |   | **June 30** |        | **December 31** |   |
|-------------------------------------------------------------------------|--------|------------------|-------------|----------------------|--------|
|                                                                    |   | **2008**         |        | **2007**             |   |
|                                                                    |   | **Unaudited**    |        | **Audited**          |   |
| **Assets**                                                              |   |             |        |                 |   |   |   |
|                                                                    |   |             |        |                 |   |   |   |
| **Current**                                                             |   |             |        |                 |   |   |   |
| Cash                  and cash equivalents                              |   | $                | 1,347,220   |                 | $      | 2,678,652 |   |
| Prepaid                  expenses                                       |   |             | 59,335      |                 |   | 51,687 |   |
| Receivables                                                             |   |             | 63,610      |                 |   | 39,953 |   |
| **Total                  Current Assets**                               |   |             | 1,470,165   |                 |   | 2,770,292 |   |
| **Property                  and Equipment**                             |   |             | 126,644     |                 |   | 58,466 |   |
| **Mineral                  Properties**                                 |   |             | 651,950     |                 |   | 651,950 |   |
|                                                                    |   |             |        |                 |   |   |   |
| **Total                  Assets**                                       |   | $                | 2,248,759   |                 | $      | 3,480,708 |   |
|                                                                    |   |             |        |                 |   |   |   |
| **Liabilities**                                                         |   |             |        |                 |   |   |   |
|                                                                    |   |             |        |                 |   |   |   |
| **Current**                                                             |   |             |        |                 |   |   |   |
| Accounts                  payable and accrued liabilities               |   | $                | 454,497     |                 | $      | 69,397 |   |
|                                                                    |   |             |        |                 |   |   |   |
| **Total                  Current Liabilities and Total Liabilities**    |   |             | 454,497     |                 |   | 69,397 |   |
|                                                                    |   |             |        |                 |   |   |   |
| **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     |                 |   | 500,000 |   |
| (December                  31, 2007 – 625,000)               |   |             |        |                 |   |   |   |
| **Common                  Stock and Paid-in Capital in Excess**         |   |             |        |                 |   |   |   |
| **of                  $0.001 Par Value**                                |   |             |        |                 |   |   |   |
| 100,000,000                  Authorized                                 |   |             |        |                 |   |   |   |
| 29,189,133                  (December 31, 2007 – 29,189,133) |   |             |        |                 |   |   |   |
| shares                  issued and outstanding                          |   |             | 15,961,314  |                 |   | 15,918,522 |   |
| Share                  Subscriptions Received                           |   |             | 104,030     |                 |   | - |   |
| **Accumulated                  Deficit**                                |   |             | (14,771,082 | )                    |   | (13,007,211 | ) |
|                                                                    |   |             |        |                 |   |   |   |
| **Total                  Stockholders’ Equity**                   |   |             | 1,794,262   |                 |   | 3,411,311 |   |
|                                                                    |   |             |        |                 |   |   |   |
| **Total                  Liabilities and Stockholders’ Equity**   |   | $                | 2,248,759   |                 | $      | 3,480,708 |   |

----

**WHITE      MOUNTAIN TITANIUM CORPORATION**

**(An      Exploration Stage Company)**

**Consolidated      Condensed Statements of Operations**

**(US      Funds)**

|                                                                        |   | **Three months ended****June 30** |           | **Six months ended****June 30** |   | **Cumulative ****From ****Inception ****November 13, ****2001 through ****June 30, 2008****Unaudited** |          |
|-----------------------------------------------------------------------------|--------|--------------------------------------------------|----------------|------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|                                                                        |   | **2008****Unaudited**                            |           | **2007****Unaudited**                          |   | **2008****Unaudited**                                                                                                                               |          | **2007****Unaudited** |   |
| **Expenses**                                                                |   |                                             |           |                                           |   |                                                                                                                                                |
|                                                                        |   |                                             |           |                                           |   |                                                                                                                                                |          |   |   |   |   |   |   |   |   |   |
| Advertising                and promotion                                    |   | **$**                                            | **9,992**      |                                           | $      | 12,468                                                                                                                                              |          | **$** | **26,699** |   | $ | 28,043 |   | $ | 169,493 |   |
| Amortization                                                                |   |                                             | **6,483**      |                                           |   | 4,254                                                                                                                                               |          |   | **11,488** |   |   | 8,387 |   |   | 67,302 |   |
| Bank                charges and interest                                    |   |                                             | **1,454**      |                                           |   | 897                                                                                                                                                 |          |   | **3,211** |   |   | 1,994 |   |   | 20,317 |   |
| Consulting                fees                                              |   |                                             | **47,114**     |                                           |   | 96,775                                                                                                                                              |          |   | **113,704** |   |   | 152,078 |   |   | 1,869,481 |   |
| Consulting                fees – directors and officers officers |   |                                             | **120,492**    |                                           |   | 59,440                                                                                                                                              |          |   | **196,192** |   |   | 118,880 |   |   | 2,719,096 |   |
| Exploration                                                                 |   |                                             | **651,137**    |                                           |   | 70,843                                                                                                                                              |          |   | **952.898** |   |   | 229,374 |   |   | 3,549,855 |   |
| Filing                fees                                                  |   |                                             | **-**          |                                           |   | -                                                                                                                                                   |          |   | **2,499** |   |   | - |   |   | 47,796 |   |
| Insurance                                                                   |   |                                             | **16,340**     |                                           |   | 10,890                                                                                                                                              |          |   | **31,980** |   |   | 14,003 |   |   | 159,993 |   |
| Investor                relations                                           |   |                                             | **-**          |                                           |   | -                                                                                                                                                   |          |   | **-** |   |   | - |   |   | 68,989 |   |
| Licenses                and taxes                                           |   |                                             | **38,183**     |                                           |   | 7,162                                                                                                                                               |          |   | **95,082** |   |   | 12,021 |   |   | 374,447 |   |
| Management                fees                                              |   |                                             | **34,800**     |                                           |   | 24,000                                                                                                                                              |          |   | **69,600** |   |   | 48,000 |   |   | 1,326,790 |   |
| Office                                                                      |   |                                             | **10,344**     |                                           |   | 4,406                                                                                                                                               |          |   | **18,564** |   |   | 9,995 |   |   | 127,191 |   |
| Professional                fees                                            |   |                                             | **93,903**     |                                           |   | 58,404                                                                                                                                              |          |   | **131,253** |   |   | 94,195 |   |   | 1,256,270 |   |
| Rent                                                                        |   |                                             | **22,582**     |                                           |   | 23,406                                                                                                                                              |          |   | **52,778** |   |   | 46,393 |   |   | 268,526 |   |
| Telephone                                                                   |   |                                             | **6,127**      |                                           |   | 7,682                                                                                                                                               |          |   | **11,990** |   |   | 15,202 |   |   | 63,516 |   |
| Transfer                agent fees                                          |   |                                             | **21**         |                                           |   | 45                                                                                                                                                  |          |   | **1,353** |   |   | 590 |   |   | 10,222 |   |
| Travel                and vehicle                                           |   |                                             | **58,124**     |                                           |   | 57,136                                                                                                                                              |          |   | **88,163** |   |   | 100,527 |   |   | 792,268 |   |
|                                                                        |   |                                             |           |                                           |   |                                                                                                                                                |          |   |   |   |   |   |   |   |   |   |
| **Loss                before other items**                                  |   |                                             | **(1,117,096** | **)**                                          |   | (437,808                                                                                                                                            | )             |   | **(1,807,454** | **)** |   | (879,682 | ) |   | (12,891,552 | ) |
|                                                                        |   |                                             |           |                                           |   |                                                                                                                                                |          |   |   |   |   |   |   |   |   |   |
| **Gain                on sale of marketable securities**                    |   |                                             | **-**          |                                           |   | -                                                                                                                                                   |          |   | **-** |   |   | - |   |   | 87,217 |   |
| **Adjustment                to market for marketable securities**      |   |                                             | **-**          |                                           |   | -                                                                                                                                                   |          |   | **-** |   |   | - |   |   | (67,922 | ) |
| **Foreign                exchange**                                         |   |                                             | **(16,978**    | **)**                                          |   | 9,066                                                                                                                                               |          |   | **16,467** |   |   | 5,594 |   |   | (4,751 | ) |
| **Dividend                income**                                          |   |                                             | **-**          |                                           |   | 877                                                                                                                                                 |          |   | **-** |   |   | 1,735 |   |   | 4,597 |   |
| **Interest                income**                                          |   |                                             | **8,306**      |                                           |   | 15,754                                                                                                                                              |          |   | **27,116** |   |   | 33,069 |   |   | 334,434 |   |
| **Financing                agreement penalty**                         |   |                                             | **-**          |                                           |   | -                                                                                                                                                   |          |   | **-** |   |   | - |   |   | (330,000 | ) |
|                                                                        |   |                                             |           |                                           |   |                                                                                                                                                |          |   |   |   |   |   |   |   |   |   |
| **Net                loss for the period**                                  |   |                                             | **(1,125,768** | **)**                                          |   | (412,111                                                                                                                                            | )             |   | **(1,763,871** | **)** |   | (839,284 | ) |   | (12,867,977 | ) |
| Preferred                stock dividends                                    |   |                                             | **-**          |                                           |   | -                                                                                                                                                   |          |   | **-** |   |   | - |   |   | (1,537,500 | ) |
|                                                                        |   |                                             |           |                                           |   |                                                                                                                                                |          |   |   |   |   |   |   |   |   |   |
|                                                                        |   |                                             |           |                                           |   |                                                                                                                                                |          |   |   |   |   |   |   |   |   |   |
| **Net                Loss Available for Distribution**                      |   | **$**                                            | **(1,125,768** | **)**                                          | $      | (412,111                                                                                                                                            | )             | **$** | **(1,763,871** | **)** | $ | (839,284 | ) | $ | (14,405,477 | ) |
|                                                                        |   |                                             |           |                                           |   |                                                                                                                                                |          |   |   |   |   |   |   |   |   |   |
| **Loss                per Common Share**                                    |   | **$**                                            | **(0.04**      | **)  **                              | $      | (0.02                                                                                                                                               | )   | **$** | **(0.06** | **)  ** | $ | (0.05 | )   |   | - |   |
|                                                                        |   |                                             |           |                                           |   |                                                                                                                                                |          |   |   |   |   |   |   |   |   |   |
| **Weighted                average number of Common Shares****Outstanding**  |   |                                             | **29,189,133** |                                           |   | 16,269,133                                                                                                                                          |          |   | **29,189,133** |   |   | 16,269,133 |   |   | **-** |   |

----

| **WHITE                MOUNTAIN TITANIUM CORPORATION****(An                Exploration Stage Company)** |
|---------------------------------------------------------------------------------------------------------|
| **Consolidated                Condensed Statements of Stockholders’ Equity**                      |
| **(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** |   |
|-----------------------------------------------|--------|------------|------------|--------------------------------------------------------------------------------------------------|--------|--------------------------------------------|--------|-----------------------------------------------------------------------------------------------------|---------|---------------------------------|--------|-------------------------------|--------|----------------------------|--------|--------------------------------------------------------|--------|
|                                          |   |       |       |                                                                                             |   |                                       |   |                                                                                                |    |                            |   |                          |   |                       |   |                                                   |   |
| Balance,                  December 31, 2007   |   |       | 29,189,133 |                                                                                             | $      | 15,918,522                                 |   |                                                                                                | 625,000 |                            | $      | 500,000                       |   | $                          | -      |                                                   | $      | - |   | $ | (13,007,211 | ) | $ | 3,411,311 |   |
| Stock-based                  compensation     |   |       |       |                                                                                             |   | 42,792                                     |   |                                                                                                |    |                            |   |                          |   |                       |   |                                                   |   |   |   |   |   |   |   | 42,792 |   |
| Share                  subscriptions received |   |       |       |                                                                                             |   |                                       |   |                                                                                                |    |                            |   |                          |   |                       |   |                                                   |   | 104,030 |   |   |   |   |   | 104,030 |   |
| Net                  loss for the period      |   |       |       |                                                                                             |   |                                       |   |                                                                                                |    |                            |   |                          |   |                       |   |                                                   |   |   |   |   | (1,763,871 | ) |   | (1,763,871 | ) |
| Balance,                  June 30, 2008       |   |       | 29,189,133 |                                                                                             | $      | 15,961,314                                 |   |                                                                                                | 625,000 |                            | $      | 500,000                       |   | $                          | -      |                                                   | $      | 104,030 |   | $ | (14,771,082 | ) | $ | 1,794,262 |   |

----

**WHITE      MOUNTAIN TITANIUM CORPORATION**

**(An      Exploration Stage Company)**

**Consolidated      Condensed Statements of Cash Flows**

**(US      Funds)**

----

|                                                            |   |                                             |       |             |   | **Cumulative**               |   |
|-----------------------------------------------------------------|--------|--------------------------------------------------|------------|------------------|--------|------------------------------|--------|
|                                                            |   |                                             |       |             |   | **From Inception**      |   |
|                                                            |   |                                             |       |             |   | **November 13,**        |   |
|                                                            |   |                                             |       |             |   | **2001 through**        |   |
|                                                            |   | **Six months ended June 30** |       | **June 30** |   |
|                                                            |   | **2008**                                         |       | **2007**         |   | **2008**                     |   |
|                                                            |   | **Unaudited**                                    |       | **Unaudited**    |   | **Unaudited**                |   |
|                                                            |   |                                             |       |             |   |
| **Operating                    Activities**                     |   |                                             |       |             |   |                         |   |   |   |   |
| Net                    loss for period                          |   | $                                                | (1,763,871 | )                | $      | (839,284                     | )      | $ | (12,867,974 | ) |
| Items                    not involving cash                     |   |                                             |       |             |   |                         |   |   |   |   |
| Amortization                                                    |   |                                             | 11,488     |             |   | 8,387                        |   |   | 67,302 |   |
| Stock-based                    compensation                     |   |                                             | 42,792     |             |   | 90,682                       |   |   | 2,161,542 |   |
| Common                    stock issued for services             |   |                                             | -          |             |   | -                            |   |   | 1,957,630 |   |
| Financing                    agreement penalty                  |   |                                             | -          |             |   | -                            |   |   | 330,000 |   |
| Adjustment                    to market – securities |   |                                             | -          |             |   | -                            |   |   | 67,922 |   |
| Gain                    on sale of marketable securities        |   |                                             | -          |             |   | -                            |   |   | (87,217 | ) |
| Non-cash                    resource property expenditures      |   |                                             | -          |             |   | -                            |   |   | 600,000 |   |
| **Changes                    in Non-Cash Working Capital**      |   |                                             |       |             |   |                         |   |   |   |   |
| Receivables                                                     |   |                                             | (23,657    | )                |   | (4,533                       | )      |   | (63,610 | ) |
| Marketable                    securities                        |   |                                             | -          |             |   | -                            |   |   | 19,295 |   |
| Accounts                    payable and accrued liabilities     |   |                                             | 385,100    |             |   | (78,148                      | )      |   | 454,497 |   |
| Prepaid                    expenses                             |   |                                             | (7,648     | )                |   | (11,963                      | )      |   | (59,335 | ) |
|                                                            |   |                                             |       |             |   |                         |   |   |   |   |
| **Cash                    Used in Operating Activities**        |   |                                             | (1,355,796 | )                |   | (834,859                     | )      |   | (7,419,948 | ) |
|                                                            |   |                                             |       |             |   |                         |   |   |   |   |
| **Investing                    Activities**                     |   |                                             |       |             |   |                         |   |   |   |   |
| Addition                    to property and equipment           |   |                                             | (79,666    | )                |   | (2,982                       | )      |   | (193,946 | ) |
| Mineral                    property acquisition costs           |   |                                             | -          |             |   |                         |   |   | (651,950 | ) |
|                                                            |   |                                             |       |             |   |                         |   |   |   |   |
| **Cash                    Used in Investing Activities**        |   |                                             | (79,666    | )                |   | (2,982                       | )      |   | (845,896 | ) |
|                                                            |   |                                             |       |             |   |                         |   |   |   |   |
| **Financing                    Activities**                     |   |                                             |       |             |   |                         |   |   |   |   |
| Repayment                    of long-term debt                  |   |                                             | -          |             |   | -                            |   |   | (100,000 | ) |
| Issuance                    of Preferred Stock                  |   |                                             |       |             |   |                         |   |   | 5,000,000 |   |
| Issuance                    of common stock                     |   |                                             | -          |             |   | -                            |   |   | 4,497,862 |   |
| Stock                    subscriptions received                 |   |                                             | 104,030    |             |   | -                            |   |   | 104,030 |   |
| Stock                    subscriptions receivable               |   |                                             | -          |             |   | -                            |   |   | 111,000 |   |
| Working                    capital acquired on acquisition      |   |                                             | -          |             |   | -                            |   |   | 172 |   |
|                                                            |   |                                             |       |             |   |                         |   |   |   |   |
| **Cash                    Provided by Financing Activities**    |   |                                             | 104,030    |             |   | -                            |   |   | 9,613,064 |   |
|                                                            |   |                                             |       |             |   |                         |   |   |   |   |
| **(Outflow)                    Inflow of Cash and equivalents** |   |                                             | (1,331,432 | )                |   | (837,841                     | )      |   | 1,347,220 |   |
|                                                            |   |                                             |       |             |   |                         |   |   |   |   |
| **Cash                    and equivalents, begining of period** |   |                                             | 2,678,652  |             |   | 2,049,315                    |   |   | - |   |
|                                                            |   |                                             |       |             |   |                         |   |   |   |   |
| **Cash                    and Cash Equivalents, End of Period** |   | $                                                | 1,347,220  |             | $      | 1,211,474                    |   | $ | 1,347,220 |   |
|                                                            |   |                                             |       |             |   |                         |   |   |   |   |
| **Supplemental                    Cash Flow Information**       |   |                                             |       |             |   |                         |   |   |   |   |
| Income                    tax paid                              |   | $                                                | -          |             | $      | -                            |   | $ | - |   |
| Interest                    paid                                |   | $                                                | -          |             | $      | -                            |   | $ | - |   |
|                                                            |   |                                             |       |             |   |                         |   |   |   |   |
| **Shares                    Issued for**                        |   |                                             |       |             |   |                         |   |   |   |   |
| Settlement                    of debt                           |   | $                                                | -          |             | $      | -                            |   | $ | 830,000 |   |
| Services                                                        |   | $                                                | -          |             | $      | -                    105,000 |   | $ | 1,                    957,630 |   |

----

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

| **2.** | **PROPERTY                AND EQUIPMENT** |
|--------|-------------------------------------------|

|                                |   | **June 30, 2008****Unaudited** |    |
|-------------------------------------|--------|------------------------------------------|---------|
|                                |   |                                     |    | Accumulated |   |   |   |
|                                |   | Cost                                     |    | Amortization |   | Net |   |
|                                |   |                                     |    |
| Vehicles                            |   | $                                        | 88,995  |   | $ | 16,509 |   | $ | 72,486 |   |
| Office                  furniture   |   |                                     | 2,702   |   |   | 1,146 |   |   | 1,556 |   |
| Office                  equipment   |   |                                     | 5,417   |   |   | 2,017 |   |   | 3,400 |   |
| Computer                  equipment |   |                                     | 7,553   |   |   | 2,874 |   |   | 4,679 |   |
| Computer                  software  |   |                                     | 1,142   |   |   | 321 |   |   | 821 |   |
| Field                  equipment    |   |                                     | 56,205  |   |   | 12,503 |   |   | 43,702 |   |
|                                |   |                                     |    |   |   |   |   |   |   |   |
|                                |   | $                                        | 162,014 |   | $ | 35,370 |   | $ | 126,644 |   |

|                                |   | **December 31, 2007****Audited** |   |
|-------------------------------------|--------|--------------------------------------------|--------|
|                                |   |                                       |   | Accumulated |   |   |   |
|                                |   | Cost                                       |   | Amortization |   | Net |   |
|                                |   |                                       |   |
| Vehicles                            |   | $                                          | 42,549 |   | $ | 10,226 |   | $ | 32,323 |   |
| Office                  furniture   |   |                                       | 2,704  |   |   | 860 |   |   | 1,844 |   |
| Office                  equipment   |   |                                       | 5,417  |   |   | 1,442 |   |   | 3,975 |   |
| Computer                  equipment |   |                                       | 7,553  |   |   | 2,121 |   |   | 5,432 |   |
| Computer                  software  |   |                                       | 1,142  |   |   | 207 |   |   | 935 |   |
| Field                  equipment    |   |                                       | 23,085 |   |   | 9,128 |   |   | 13,957 |   |
|                                |   |                                       |   |   |   |   |   |   |   |   |
|                                |   | $                                          | 82,450 |   | $ | 23,984 |   | $ | 58,466 |   |

----

| **3.** | **CAPITAL                STOCK** |
|--------|----------------------------------|

|   | (a) | **Common                stock** |
|--------|-----|---------------------------------|

|   | (b) | **Stock                options** |
|--------|-----|----------------------------------|

|                                     |   | **2008** |   |
|------------------------------------------|--------|----------|--------|
| Expected                    life (years) |   |     | 5      |   |
| Interest                    rate         |   |     | 4.4    | % |
| Volatility                               |   |     | 91.55  | % |
| Dividend                    yield        |   |     | 0      | % |

|                                                  |   | **Period ended**                    |      |
|-------------------------------------------------------|--------|------------------------------------------|-----------|
|                                                  |   | **June 30, 2008****Unaudited** |      | **December 31, 2007****Audited** |   |
|                                                  |   |                                     |      | Weighted |   |   |   | Weighted |   |
|                                                  |   |                                     |      | Average |   |   |   | Average |   |
|                                                  |   | Number                                   |      | Exercise |   | Number |   | Exercise |   |
|                                                  |   | of Options                          |      | Price |   | of Options |   | Price |   |
|                                                  |   |                                     |      |   |   |   |   |   |   |
| Outstanding                - beginning of period      |   |                                     | 2,975,000 |   | $ | 0.50 |   |   | 1,650,000 |   | $ | 0.50 |   |
| Granted                                               |   |                                     | 165,000   |   | $ | 1.00 |   |   | 1,325,000 |   | $ | 0.50 |   |
| Exercised                                             |   |                                     | -         |   | $ | 0.00 |   |   | - |   | $ | 0.00 |   |
|                                                  |   |                                     |      |   |   |   |   |   |   |   |   |   |   |
| Outstanding –                end of period |   |                                     | 3,140,000 |   | $ | 0.57 |   |   | 2,975,000 |   | $ | 0.50 |   |
| Exercisable -                end of period       |   |                                     | 3,036,875 |   | $ | 0.56 |   |   | 2,975,000 |   | $ | 0.50 |   |

----

| **3.** | **CAPITAL                STOCK** |
|--------|----------------------------------|

|   | (b) | **Stock                options (continued)** |
|--------|-----|----------------------------------------------|

|                              |   |     |   | **June 30,**     |   | **December 31, ** |   |
|-----------------------------------|--------|---------------|--------|-----------------------|--------|-----------------------------|--------|
| Expiry Date                  |   | ExercisePrice |   | **2008****Unaudited** |   | **2007****Audited**         |   |
|                              |   |          |   |                  |   |                        |   |
| August                  1, 2009   |   | $             | 2.00   |                  |   | 100,000                     |   |   | 100,000 |   |
| April                  5, 2010    |   | $             | 0.50   |                  |   | 250,000                     |   |   | 250,000 |   |
| January                  31, 2011 |   | $             | 0.50   |                  |   | 400,000                     |   |   | 400,000 |   |
| May                  31, 2011     |   | $             | 0.50   |                  |   | 600,000                     |   |   | 600,000 |   |
| August                  1, 2011   |   | $             | 0.50   |                  |   | 200,000                     |   |   | 200,000 |   |
| August                  31, 2011  |   | $             | 0.50   |                  |   | 350,000                     |   |   | 350,000 |   |
| August                  31, 2012  |   | $             | 0.50   |                  |   | 1,075,000                   |   |   | 1,075,000 |   |
| June                  23, 2013    |   | $             | 1.00   |                  |   | 165,000                     |   |   | - |   |
|                              |   |          |   |                  |   |                        |   |   |   |   |
|                              |   |          |   |                  |   | 3,140,000                   |   |   | 2,975,000 |   |

|                |   | **Options Exercisable**       |   |
|---------------------|--------|------------------------------------|--------|
| Exercise Price |   | WeightedAverageExercise Price |   | Number ofShares UnderOption |   | AggregateIntrinsic Value |   | WeightedAverageRemainingContractual Lifein Years |   |
|                |   |                               |   |   |   |   |   |   |   |
| $                   | 0.50   |                               | $      | 0.50 |   |   | 2,875,000 |   | $ | 0.00 |   |   | 3.28 |   |
| $                   | 1.00   |                               | $      | 1.00 |   |   | 61,875 |   | $ | 0.00 |   |   | 4.98 |   |
| $                   | 2.00   |                               | $      | 2.00 |   |   | 100,000 |   | $ | 0.00 |   |   | 1.09 |   |
|                |   |                               |   |   |   |   |   |   |   |   |   |   |   |
|                |   | $                                  | 0.57   |   |   | 3,036,875 |   | $ | 0.00 |   |   | 3.30 |   |

|   | (c) | **Stock-based                compensation** |
|--------|-----|---------------------------------------------|

| As reported in 2007:                                |   | **Three months****ended June****30, 2007****Unaudited** |    | **Six months****ended June****30, 2007****Unaudited** |   | **Cumulative****from inception****to June 30, 2007****Unaudited** |   |
|--------------------------------------------------------------------|--------|------------------------------------------------------------------------|---------|----------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------|--------|
|                                                               |   |                                                                   |    |                                                                 |   |                                                                                  |   |
| Consulting                fees                                     |   | $                                                                      | 35,693  |                                                                 | $      | 84,276                                                                                |   | $ | 746,088 |   |
| Consulting                fees – directors and officers |   |                                                                   | 48,000  |                                                                 |   | 96,000                                                                                |   |   | 670,534 |   |
| Management                fees                                     |   |                                                                   | 24,000  |                                                                 |   | 48,000                                                                                |   |   | 192,280 |   |
| Stock                based compensation                            |   |                                                                   | 72,522  |                                                                 |   | 90,682                                                                                |   |   | 1,490,718 |   |
|                                                               |   |                                                                   |    |                                                                 |   |                                                                                  |   |   |   |   |
|                                                               |   | $                                                                      | 180,215 |                                                                 | $      | 318,958                                                                               |   | $ | 3,099,620 |   |

----

| **3.** | **CAPITAL                STOCK** |
|--------|----------------------------------|

|   | (b) | **Stock-based                compensation (continued)** |
|--------|-----|---------------------------------------------------------|

| 2007 comparatives restated in 2008:       |   | **Three months****ended June****30, 2007****Unaudited** |    | **Six months****ended June****30, 2007****Unaudited** |   | **Cumulative****from inception****to June 30, 2007****Unaudited** |   |
|--------------------------------------------------------------------|--------|------------------------------------------------------------------------|---------|----------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------|--------|
|                                                               |   |                                                                   |    |                                                                 |   |                                                                                  |   |
| Consulting                fees                                     |   | $                                                                      | 96,775  |                                                                 | $      | 152,078                                                                               |   | $ | 979,853 |   |
| Consulting                fees – directors and officers |   |                                                                   | 59,440  |                                                                 |   | 118,880                                                                               |   |   | 1,409,927 |   |
| Management                fees                                     |   |                                                                   | 24,000  |                                                                 |   | 48,000                                                                                |   |   | 709,840 |   |
| Stock                based compensation                            |   |                                                                   | -       |                                                                 |   | -                                                                                     |   |   | - |   |
|                                                               |   |                                                                   |    |                                                                 |   |                                                                                  |   |   |   |   |
|                                                               |   | $                                                                      | 180,215 |                                                                 | $      | 318,958                                                                               |   | $ | 3,099,620 |   |

| **4.** | **WEIGHTED                AVERAGE NUMBER OF SHARES** |
|--------|------------------------------------------------------|

|                                                                       |   | **Three months ended June 30, ** |       | **Six months ended June 30, ** |   |
|----------------------------------------------------------------------------|--------|-----------------------------------------------------------|------------|---------------------------------------------------------|--------|
|                                                                       |   | **2008****Unaudited**                                     |       | **2007****Unaudited**                                   |   | **2008****Unaudited** |   | **2007****Unaudited** |   |
|                                                                       |   |                                                      |       |                                                    |   |   |   |   |   |
| Share                allocation for distributed amounts                    |   |                                                      |       |                                                    |   |   |   |   |   |   |   |   |   |
| Preferred                stock (common stock equivalent)                   |   |                                                      | 625,000    |                                                    |   | 6,875,000 |   |   | 625,000 |   |   | 6,875,000 |   |
| Common                stock                                                |   |                                                      | 29,189,133 |                                                    |   | 16,269,133 |   |   | 29,189,133 |   |   | 16,269,133 |   |
|                                                                       |   |                                                      |       |                                                    |   |   |   |   |   |   |   |   |   |
| Weighted                average number of shares for undistributed amounts |   |                                                      |       |                                                    |   |   |   |   |   |   |   |   |   |
|                                                                       |   |                                                      |       |                                                    |   |   |   |   |   |   |   |   |   |
| Preferred                stock (common stock equivalent)                   |   |                                                      | 625,000    |                                                    |   | 6,875,000 |   |   | 625,000 |   |   | 6,875,000 |   |
| Common                stock                                                |   |                                                      | 29,189,133 |                                                    |   | 16,269,133 |   |   | 29,189,133 |   |   | 16,269,133 |   |

| **5.** | **LOSS                CONTINGENCY** |
|--------|-------------------------------------|

*Securities      Act*

----

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

**Background**

**Corporate      Changes**

|   | (a) | Appointed                two new independent directors, John May and Wei Lu. Their appointment                was                announced on June 23, 2008. Each of these directors was granted a                stock                option for 82,500 shares, exercisable at $1.00 per share until June                23,                2013; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | We                reorganized our wholly-owned Chilean subsidiary, Compania Minera                Rutile                Resources Limitada (“Minera Rutile”) into Sociedad Contractual Minera                White Mountain Titanium (“Minera White Mountain”) to avail ourselves of                certain tax and corporate law advantages in Chile. This reorganization                has                no effect on our land holdings and mineral                rights. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Plan      of Operation**

***Geology      and Engineering***

----

----

***Marketing***

**Results      of Operations**

|   | · | Consulting                fees for the quarter were $47,114 (YTD – $113,704). During 2007 the                respective figures were $96,775 and $152,078. Consulting fees –                directors and officers were $120,492 (YTD - $196,192; 2007: $59,440                and                118,880 respectively). Taken together, the net increase for the first                six                months of 2008 compared to 2007 is $38,938. During the first half                of 2007                the fees of the CFO of approximately $27,000 were charged to consulting.                Subsequent to his appointment to the board these fees were, and continue                to be charged to consulting fees- directors and officers. In addition,                consulting fees and consulting fees - directors and officers includes                $42,792 of stock based compensation in 2008, as opposed to $90,682                during                the first six months of 2007. Excluding the reclassification of the                CFO                and the net difference in stock based compensation, consulting fees                generally were higher by approximately $87,000 for the first six                months of                2008, principally due to approximately $56,000 of consulting fees                paid for                metallurgical test work and process design. The balance of the increase                reflects the use of various technical consultants and nominally increased                officer compensation. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Licenses                and taxes were $38,183 for the three month period (YTD - $95,082),                compared to $7,162 and $12,021 for the comparable periods of 2007.                These                increases were entirely incurred in Chile, as a result of increased                land                holding taxes and costs and IVA. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Management                fees of $34,800 (YTD $69,600; 2007 - $24,000 and $48,000 respectively)                reflect a modest increase in current                payments |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Professional                fees were $93,903 (YTD $131,253; 2007 $58,404 and $94,195 respectively).                This reflects ongoing increases in accounting expenses, as well as                increased legal expenditures due to the corporate reorganization                in Chile                and increased regulatory filing, including the S-1 and the BC Securities                Commission issue. The latter issue alone cost approximately $34,000                to the                end of June. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Insurance                expense is $16,340 (YTD $31,980; 2007 $10,890 and $14,003 respectively)                as                we are recognizing the expense on a monthly basis as opposed to when                invoiced. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Recent      Accounting Pronouncements**

*“Business      Combinations”*

*“Non-controlling      interests in Consolidated Financial Statements, an Amendment of ARB No.      51”*

*      Disclosures about Derivative Instruments and Hedging Activities*

**Forward      Looking Statements**

**Item      3. Quantitative and Qualitative Disclosures About Market      Risk**

**Item      4. Controls and Procedures**

**Disclosure      Controls and Procedures**

----

**Changes      in Internal Control Over Financial Reporting**

**PART      II. OTHER INFORMATION**

**Item      2. Unregistered Sales of Equity Securities and Use of      Proceeds**

**Item      6. Exhibits**

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

**SIGNATURES**

|                                 | **White                Mountain Titanium Corporation** |
|--------------------------------------|--------------------------------------------------------|
|                                 |                                                   |
| Date:                August 14, 2008 | By                                                     | /s/                Michael P. Kurtanjek |   |
|                                 |                                                   |   Michael                P. Kurtanjek, President |   |
|                                 |                                                   |                    (Principal Executive Officer) |   |

| Date:                August 14, 2008 | By     | /s/                Charles E. Jenkins                             |   |
|--------------------------------------|--------|-------------------------------------------------------------------|--------|
|                                 |   |                  Charles E. Jenkins, Chief Financial Officer |   |
|                                 |   |                    (Principal Financial Officer)   |   |

----