**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* | *(IRS                  Identification No.)* |
| *organization)*                               |                                        |

*(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)**

|                                                                |   | **March                31** |        | **December                31** |   |
|---------------------------------------------------------------------|--------|-----------------------------|-------------|--------------------------------|--------|
|                                                                |   | **2007**                    |        | **2006**                       |   |
|                                                                |   | Unaudited                   |        | Audited                        |   |
| **Assets**                                                          |   |                        |        |                           |   |
|                                                                |   |                        |        |                           |   |
| **Current**                                                         |   |                        |        |                           |   |
| Cash                and cash equivalents                            |   | $                           | 1,539,173   |                           | $      | 2,049,315 |   |
| Prepaid                expenses                                     |   |                        | 87,146      |                           |   | 34,059 |   |
| Receivables                                                         |   |                        | 25,396      |                           |   | 28,787 |   |
| **Total                Current Assets**                             |   |                        | 1,651,715   |                           |   | 2,112,161 |   |
| **Property                and Equipment**                           |   |                        | 53,037      |                           |   | 56,671 |   |
|                                                                |   |                        |        |                           |   |   |   |
| **Total                Assets**                                     |   | $                           | 1,704,752   |                           | $      | 2,168,832 |   |
|                                                                |   |                        |        |                           |   |   |   |
| **Liabilities**                                                     |   |                        |        |                           |   |   |   |
|                                                                |   |                        |        |                           |   |   |   |
| **Current**                                                         |   |                        |        |                           |   |   |   |
| Accounts                payable and accrued liabilities             |   | $                           | 54,504      |                           | $      | 109,571 |   |
|                                                                |   |                        |        |                           |   |   |   |
| **Total                Current Liabilities and Total Liabilities**  |   |                        | 54,504      |                           |   | 109,571 |   |
|                                                                |   |                        |        |                           |   |   |   |
| **Stockholders’                Equity**                       |   |                        |        |                           |   |   |   |
|                                                                |   |                        |        |                           |   |   |   |
| **Preferred                Stock and Paid-in Capital in Excess**    |   |                        |        |                           |   |   |   |
| **of                $0.001 Par Value**                              |   |                        |        |                           |   |   |   |
| 20,000,000                Shares authorized                         |   |                        |        |                           |   |   |   |
| 6,875,000                Shares issued and outstanding              |   |                        | 5,500,000   |                           |   | 5,500,000 |   |
| (December                31, 2005 - 6,875,000)                      |   |                        |        |                           |   |   |   |
| **Common                Stock and Paid-in Capital in Excess**       |   |                        |        |                           |   |   |   |
| **of                $0.001 Par Value**                              |   |                        |        |                           |   |   |   |
| 100,000,000                Authorized                               |   |                        |        |                           |   |   |   |
| 16,269,133                (December 31, 2005 - 16,269,133)          |   |                        |        |                           |   |   |   |
| shares                issued and outstanding                        |   |                        | 6,312,815   |                           |   | 6,294,655 |   |
| **Accumulated                Deficit**                              |   |                        | (10,162,567 | )                              |   | (9,735,394 | ) |
|                                                                |   |                        |        |                           |   |   |   |
| **Total                Stockholders’ Equity**                 |   |                        | 1,650,248   |                           |   | 2,059,261 |   |
|                                                                |   |                        |        |                           |   |   |   |
| **Total                Liabilities and Stockholders’ Equity** |   | $                           | 1,704,752   |                           | $      | 2,168,832 |   |

----

**WHITE      MOUNTAIN TITANIUM CORPORATION**

**(An      Exploration Stage Company)**

**Consolidated      Statements of Operations**

**(US      Funds)**

|                                                                            |   | **Three                months ended****March                31** |         | Cumulative                From Inception November 13, 2001 through |   |
|---------------------------------------------------------------------------------|--------|------------------------------------------------------------------|--------------|--------------------------------------------------------------------|--------|
|                                                                            |   | **2007**                                                         |         | 2006                                                               |   | March                31, 2007 |   |
|                                                                            |   | Unaudited                                                        |         | Unaudited                                                          |   |   |   |
| **Expenses**                                                                    |   |                                                             |         |                                                               |   |   |   |
| Advertising                and promotion                                        |   | **$**                                                            | **15,575**   |                                                               | $      | 827 |   | $ | 92,610 |   |
| Amortization                                                                    |   |                                                             | **4,133**    |                                                               |   | 227 |   |   | 37,123 |   |
| Bank                charges and interest                                        |   |                                                             | **1,097**    |                                                               |   | 892 |   |   | 12,449 |   |
| Consulting                fees                                                  |   |                                                             | **48,583**   |                                                               |   | 23,393 |   |   | 710,395 |   |
| Consulting                fees - directors and officers officers                |   |                                                             | **48,000**   |                                                               |   | 48,000 |   |   | 622,534 |   |
| Exploration                                                                     |   |                                                             | **158,531**  |                                                               |   | 273,097 |   |   | 2,834,398 |   |
| Filing                fees                                                      |   |                                                             | **-**        |                                                               |   | 100 |   |   | 45,047 |   |
| Insurance                                                                       |   |                                                             | **3,113**    |                                                               |   | 32,947 |   |   | 86,415 |   |
| Investor                relations                                               |   |                                                             | **-**        |                                                               |   | 32,838 |   |   | 76,697 |   |
| Licenses                and taxes                                               |   |                                                             | **4,859**    |                                                               |   | 30,111 |   |   | 246,427 |   |
| Management                fees                                                  |   |                                                             | **24,000**   |                                                               |   | 24,000 |   |   | 168,280 |   |
| Office                                                                          |   |                                                             | **5,589**    |                                                               |   | 8,531 |   |   | 84,130 |   |
| Professional                fees                                                |   |                                                             | **35,791**   |                                                               |   | 69,535 |   |   | 969,477 |   |
| Rent                                                                            |   |                                                             | **22,987**   |                                                               |   | 10,975 |   |   | 151,908 |   |
| Stock-based                compensation                                         |   |                                                             | **18,160**   |                                                               |   | - |   |   | 1,418,196 |   |
| Telephone                                                                       |   |                                                             | **7,520**    |                                                               |   | 2,523 |   |   | 30,780 |   |
| Transfer                agent fees                                              |   |                                                             | **545**      |                                                               |   | 183 |   |   | 8,464 |   |
| Travel                and vehicle                                               |   |                                                             | **43,391**   |                                                               |   | 45,163 |   |   | 558,314 |   |
|                                                                            |   |                                                             |         |                                                               |   |   |   |   |   |   |
| **Loss                before other items**                                      |   |                                                             | **(441.874** | **)**                                                              |   | (603,342 | ) |   | (8,153,644 | ) |
|                                                                            |   |                                                             |         |                                                               |   |   |   |   |   |   |
| **Gain                (loss) on investments**                                   |   |                                                             | **-**        |                                                               |   | - |   |   | 87,217 |   |
|  **Adjustment                to market for marketable securities**    |   |                                                             | **-**        |                                                               |   | 24,810 |   |   | (67,922 | ) |
| **Foreign                exchange**                                             |   |                                                             | **(3,472**   | **)**                                                              |   | (12,023 | ) |   | (34,108 | ) |
| **Dividend                income**                                              |   |                                                             | **858**      |                                                               |   | - |   |   | 2,849 |   |
| **Interest                income**                                              |   |                                                             | **17,315**   |                                                               |   | 41,360 |   |   | 236,148 |   |
| **Financing                Agreement Penalty** **(Note                2)** |   |                                                             | **-**        |                                                               |   | - |   |   | (330,000 | ) |
|                                                                            |   |                                                             |         |                                                               |   |   |   |   |   |   |
| **Net                loss for the period**                                      |   |                                                             | **(427,173** | **)**                                                              |   | (549,195 | ) |   | (8,259,460 | ) |
| Preferred                stock dividends                                        |   |                                                             | **-**        |                                                               |   | - |   |   | (1,537,500 | ) |
|                                                                            |   |                                                             |         |                                                               |   |   |   |   |   |   |
|                                                                            |   |                                                             |         |                                                               |   |   |   |   |   |   |
| **Net                Loss Available for Distribution**                          |   | **$**                                                            | **(427,173** | **)**                                                              | $      | (549,195 | ) | $ | (9,796,960 | ) |
|                                                                            |   |                                                             |         |                                                               |   |   |   |   |   |   |
| **Loss                per Common Share (Note 3)**                               |   | **$**                                                            | **(**0.03    | **)**                                                              | $      | (0.03 | ) |   | - |   |
|                                                                            |   |                                                             |         |                                                               |   |   |   |   |   |   |
| **Weighted                average number of Common Shares****Outstanding**      |   |                                                             | 16,269,133   |                                                               |   | 15,829,133 |   |   | **-** |   |

----

**WHITE        MOUNTAIN TITANIUM CORPORATION**

**(An        Exploration Stage Company) **

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

**(US            Funds)**

|                                                                                                               |   | Shares |       | Common                    Stockand                    Paid-InCapital                    inExcess                    ofPar                    Value |   | Shares                    ofPreferred                    Stock |   | Preferred                    Stockand                    Paid-inCapital                    inExcess                    ofPar                    Value |   | SubscriptionsReceivable |   | SubscriptionsReceived |   | AccumulatedDeficit |     | TotalStockholders’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 |   |   | (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                    Stockand                    Paid-InCapital                    in Excess                    ofPar                    Value |   |  Shares                    ofPreferred                    Stock |   |  Preferred                    Stockand                    Paid-inCapital                    inExcess                    ofPar                    Value |      |  SubscriptionsReceivable |   |  SubscriptionsReceived |   |  AccumulatedDeficit |   |  TotalStockholders’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 the 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     |                                                                                                                                                      |   | 18,160                                                               |   |                                                                                                                                                        | 3⁄4    |                          |   | 3⁄4                      |   |                     | 3⁄4 |                                          |   | 3⁄4 |   |   | 3⁄4 |   |   | 18,160 |   |
| Net                    loss for the period                                     |   |   | 3⁄4     |                                                                                                                                                      |   | 3⁄4                                                               |   |                                                                                                                                                        | 3⁄4    |                          |   | 3⁄4                      |   |                     | 3⁄4 |                                          |   | 3⁄4 |   |   | (427,173 | ) |   | (427,173 | ) |
| Balance,                    March 31, 2007                                     |   |   | 16,269,133 |                                                                                                                                                      | $      | 6,312,815                                                            |   |                                                                                                                                                        | 6,875,000 |                          | $      | 5,500,000                   |   | $                        | 3⁄4 |                                          | $      | 3⁄4 |   | $ | (10,162,567 | ) | $ | 1,650,248 |   |

----

**WHITE      MOUNTAIN TITANIUM CORPORATION**

**(An      Exploration Stage Company)**

**Consolidated      Statements of Cash Flows**

**(US      Funds)**

|                                                                 |   | **Three                months Ended****March                31** |                | **Cumulative****From                  Inception****November                  13,****2001                  through****March                  31** |   |
|----------------------------------------------------------------------|--------|------------------------------------------------------------------|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                 |   |                                                             | **2007**            |                                                                                                                                             |   | **2006** |   |   | **2007** |   |
|                                                                 |   |                                                             | **Unaudited**  |                                                                                                                                             |   | **Unaudited**  |   |   |   |   |
| **Operating                Activities**                              |   |                                                             |                |                                                                                                                                             |   |   |   |   |   |   |
| Net                loss for period                                   |   | $                                                                | (427,173            | )                                                                                                                                                | $      | (549,195 | ) | $ | (8.259.460 | ) |
| Items                not involving cash                              |   |                                                             |                |                                                                                                                                             |   |   |   |   |   |   |
| Amortization                                                         |   |                                                             | 4,133               |                                                                                                                                             |   | 227 |   |   | 37,123 |   |
| Stock-based                compensation                              |   |                                                             | 18,160              |                                                                                                                                             |   | 3⁄4 |   |   | 1,418,726 |   |
| Common                stock issued for services                      |   |                                                             | 3⁄4              |                                                                                                                                             |   | 3⁄4 |   |   | 392,630 |   |
| Financing                agreement penalty *(Note                2)* |   |                                                             | 3⁄4              |                                                                                                                                             |   | 3⁄4 |   |   | 330,000 |   |
| Adjustment                to market - securities                     |   |                                                             | 3⁄4              |                                                                                                                                             |   | (24,810 | ) |   | 67,922 |   |
| Gain                on sale of marketable securities                 |   |                                                             | 3⁄4              |                                                                                                                                             |   | 3⁄4 |   |   | (87,217 | ) |
| Non-cash                resource property expenditures               |   |                                                             | 3⁄4              |                                                                                                                                             |   | 3⁄4 |   |   | 600,000 |   |
| **Changes                in Non-Cash Working Capital**               |   |                                                             |                |                                                                                                                                             |   |   |   |   |   |   |
| Receivables                                                          |   |                                                             | 3,391               |                                                                                                                                             |   | (7,536 | ) |   | (25,396 | ) |
| Marketable                securities                                 |   |                                                             | 3⁄4              |                                                                                                                                             |   | 3⁄4 |   |   | 19,295 |   |
| Accounts                payable and accrued liabilities              |   |                                                             | (55,067             | )                                                                                                                                                |   | 51,224 |   |   | 54,504 |   |
| Prepaid                expenses                                      |   |                                                             | (53,087             | )                                                                                                                                                |   | (49,287 | ) |   | (87,146 | ) |
|                                                                 |   |                                                             |                |                                                                                                                                             |   |   |   |   |   |   |
| **Cash                Used in Operating Activities**                 |   |                                                             | (509,643            | )                                                                                                                                                |   | (579,377 | ) |   | (5,539,019 | ) |
|                                                                 |   |                                                             |                |                                                                                                                                             |   |   |   |   |   |   |
| **Investing                Activity**                                |   |                                                             |                |                                                                                                                                             |   |   |   |   |   |   |
| Addition                to property and equipment                    |   |                                                             | (499                | )                                                                                                                                                |   | 3⁄4 |   |   | (90,160 | ) |
|                                                                 |   |                                                             |                |                                                                                                                                             |   |   |   |   |   |   |
| **Cash                Used in Investing Activities**                 |   |                                                             | (499                | )                                                                                                                                                |   | 3⁄4 |   |   | (90,160 | ) |
|                                                                 |   |                                                             |                |                                                                                                                                             |   |   |   |   |   |   |
| **Financing                Activities**                              |   |                                                             |                |                                                                                                                                             |   |   |   |   |   |   |
| Repayment                of long-term debt                           |   |                                                             | 3⁄4              |                                                                                                                                             |   | 3⁄4 |   |   | (100,000 | ) |
| Issuance                of preferred stock                           |   |                                                             | 3⁄4              |                                                                                                                                             |   | 3⁄4 |   |   | 5,000,000 |   |
| Issuance                of common stock                              |   |                                                             | 3⁄4              |                                                                                                                                             |   | 3⁄4 |   |   | 2,037,180 |   |
| Stock                subscriptions received                          |   |                                                             | 3⁄4              |                                                                                                                                             |   | 3⁄4 |   |   | 120,000 |   |
| Stock                subscriptions receivable                        |   |                                                             | 3⁄4              |                                                                                                                                             |   | 3⁄4 |   |   | 111,000 |   |
| Working                capital acquired on acquisition               |   |                                                             | 3⁄4              |                                                                                                                                             |   | 3⁄4 |   |   | 172 |   |
|                                                                 |   |                                                             |                |                                                                                                                                             |   |   |   |   |   |   |
| **Cash                Provided by Financing Activities**             |   |                                                             | 3⁄4              |                                                                                                                                             |   | 3⁄4 |   |   | 7,168,352 |   |
|                                                                 |   |                                                             |                |                                                                                                                                             |   |   |   |   |   |   |
| **(Outflow)                Inflow of Cash and Cash Equivalents**     |   |                                                             | (510,142            | )                                                                                                                                                |   | (579,377 | ) |   | 1,539,173 |   |
| **Cash                and Cash Equivalents,**                        |   |                                                             |                |                                                                                                                                             |   |   |   |   |   |   |
| **Beginning                of Year**                                 |   |                                                             | 2,049,315           |                                                                                                                                             |   | 4,116,412 |   |   | 3⁄4 |   |
|                                                                 |   |                                                             |                |                                                                                                                                             |   |   |   |   |   |   |
| **Cash                and Cash Equivalents, End of Year**            |   | $                                                                | 1,539,173           |                                                                                                                                             | $      | 3,537,035 |   | $ | 1,539,173 |   |
|                                                                 |   |                                                             |                |                                                                                                                                             |   |   |   |   |   |   |
| **Supplemental                Cash Flow Information**                |   |                                                             |                |                                                                                                                                             |   |   |   |   |   |   |
| Income                tax paid                                       |   | $                                                                | 3⁄4              |                                                                                                                                             | $      | 3⁄4 |   | $ | 3⁄4 |   |
| Interest                paid                                         |   | $                                                                | 3⁄4              |                                                                                                                                             | $      | 3⁄4 |   | $ | 3⁄4 |   |
|                                                                 |   |                                                             |                |                                                                                                                                             |   |   |   |   |   |   |
| **Shares                Issued for**                                 |   |                                                             |                |                                                                                                                                             |   |   |   |   |   |   |
| Settlement                of debt                                    |   | $                                                                | 3⁄4              |                                                                                                                                             | $      | 3⁄4 |   | $ | 830,000 |   |
| Services                                                             |   | $                                                                | 3⁄4              |                                                                                                                                             | $      | 3⁄4 |   | $ | 392,630 |   |
| Penalty                                                              |   | $                                                                | 3⁄4              |                                                                                                                                             | $      | 3⁄4 |   | $ | 330,000 |   |

----

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

**2.**
**Financing      Penalty**

----

**3.      Loss Per Share**

|                                                       |   | **Three                months ended****March                31** |     |
|------------------------------------------------------------|--------|------------------------------------------------------------------|----------|
|                                                       |   | 2007                                                             |     | 2006 |   |
| Net                loss for period                         |   | $                                                                | (427,173 | ) | $ | (549,195 | ) |
| Preferred                stock dividends                   |   |                                                             | -        |   |   | - |   |
|                                                       |   |                                                             |     |   |   |   |   |
| Net                loss available for distribution         |   | $                                                                | (427,173 | ) | $ | (549,195 | ) |
| officers                                                   |   |                                                             |     |   |   |   |   |
| Allocation                of undistributed loss            |   |                                                             |     |   |   |   |   |
| Preferred                shares 29.71% (2006 - 30.28%) (a) |   | $                                                                | (126,913 | ) | $ | (166,296 | ) |
| Common                shares 70.29% (2006 - 69.72%)        |   | $                                                                | (300,260 | ) | $ | (382,899 | ) |
|                                                       |   |                                                             |     |   |   |   |   |
| Basic                earnings (loss) per share amounts     |   |                                                             |     |   |   |   |   |
| Distributed                amounts                         |   |                                                             |     |   |   |   |   |
| Preferred                stock                             |   | $                                                                | -        |   | $ | - |   |
| Common                stock                                |   | $                                                                | -        |   | $ | - |   |
| Undistributed                amounts                       |   |                                                             |     |   |   |   |   |
| Earnings                (loss) per preferred share         |   | $                                                                | (0.02    | ) | $ | (0.02 | ) |
| Loss                per common share                       |   | $                                                                | (0.02    | ) | $ | (0.02 | ) |

| (a)                Preferred shareholders have the same rights and obligations as the                common                shareholders ;therefore a proportionate share of the loss is allocated                to                the issued and outstanding preferred                shares |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                      |   | **Three                months ended****March                31** |       |
|-------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------|------------|
|                                                                                      |   | 2007                                                             |       | 2006 |   |
| Share                allocation for distributed amounts                                   |   |                                                             |       |   |   |   |   |
| Preferred                stock (common stock equivalent)                             |   |                                                             | 6,875,000  |   |   | 6,875,000 |   |
| Common                stock                                                               |   |                                                             | 16,269,133 |   |   | 15,829,133 |   |
|                                                                                      |   |                                                             |       |   |   |   |   |
| Weighted                average number of shares for undistributed                amounts |   |                                                             |       |   |   |   |   |
| Preferred                stock (common stock equivalent)                                  |   |                                                             | 6,875,000  |   |   | 6,875,000 |   |
| Common                stock                                                               |   |                                                             | 16,269,133 |   |   | 15,829,133 |   |

----

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

|                                           |   | ****For                the three months ended March 31,**2007** |      |
|------------------------------------------------|--------|-----------------------------------------------------------------|-----------|
|                                           |   | Numberof                  Shares                                |      | WeightedAverageExercisePrice |   |
| Outstanding                - beginning of year |   |                                                            | 1,650,000 |   | $ | 1.00 |   |
| Granted                                        |   |                                                            | 3⁄4    |   | $ | 0.00 |   |
| Exercised                                      |   |                                                            | 3⁄4    |   | $ | 0.00 |   |
|                                           |   |                                                            |      |   |   |   |   |
| Outstanding,                end of period      |   |                                                            | 1,650,000 |   | $ | 1.00 |   |
|                                           |   |                                                            |      |   |   |   |   |
| Exercisable,                end of period      |   |                                                            | 1,516,125 |   | $ | 0.98 |   |

|                            |   | Exercise |   |   | **Three                  months ended march                  31,** |      |
|---------------------------------|--------|----------|--------|--------|--------------------------------------------------------------------|-----------|
| Expiry                Date      |   | Price    |   |   | **2007**                                                           |      |
| January                31, 2008 |   | $        | 1.00   |   |                                                               | 400,000   |   |
| May                31, 2009     |   | $        | 0.60   |   |                                                               | 600,000   |   |
| August                1, 2009   |   | $        | 2.00   |   |                                                               | 100,000   |   |
| August                1, 2009   |   | $        | 1.25   |   |                                                               | 200,000   |   |
| August                31, 2011  |   | $        | 1.25   |   |                                                               | 350,000   |   |
|                            |   |          |        |   |                                                               | 1,650,000 |   |

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

----

**5.**
**Loss      Contingency**

----

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

*Engineering*

----

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

----

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

*Marketing*

----

**Results      of Operations**

**Off-Balance      Sheet Arrangements**

**Recent      Accounting Pronouncements**

*“Fair      Value Measurements”*

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

**Forward      Looking Statements**

----

**Item      3. Controls and Procedures**

**Disclosure      Controls and Procedures**

**Internal      Control Over Financial Reporting**

*Internal      Control - Integrated Framework*

----

**PART      II. OTHER INFORMATION**

**Item      6. Exhibits**

**SIGNATURES**

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

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

----