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

*(Address      of principal executive offices)*

*(Issuer’s      telephone number)*

| Large                Accelerate Filer o                                                        | Accelerated                Filer o    |
|-----------------------------------------------------------------------------------------------------|--------------------------------------------|
|                                                                                                |                                       |
| Non-Accelerated                Filer o (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      Balance Sheets**

**(US      Funds)**

|                                                                |   | **March                31** |        | **December                31** |   |
|---------------------------------------------------------------------|--------|-----------------------------|-------------|--------------------------------|--------|
|                                                                |   | **2008**                    |        | **2007**                       |   |
|                                                                |   | **Unaudited**               |        | **Audited**                    |   |
| **Assets**                                                          |   |                        |        |                           |   |
|                                                                |   |                        |        |                           |   |
| **Current**                                                         |   |                        |        |                           |   |
| Cash                and cash equivalents                            |   | $                           | 2,045,061   |                           | $      | 2,678,652 |   |
| Prepaid                expenses                                     |   |                        | 76,464      |                           |   | 51,687 |   |
| Receivables                                                         |   |                        | 60,133      |                           |   | 39,953 |   |
| **Total                Current Assets**                             |   |                        | 2,181,658   |                           |   | 2,770,292 |   |
| **Property                and Equipment**                           |   |                        | 80,409      |                           |   | 58,466 |   |
| **Mineral                Properties**                               |   |                        | 651,950     |                           |   | 651,950 |   |
|                                                                |   |                        |        |                           |   |   |   |
| **Total                Assets**                                     |   | $                           | 2,914,017   |                           | $      | 3,480,708 |   |
|                                                                |   |                        |        |                           |   |   |   |
| **Liabilities**                                                     |   |                        |        |                           |   |   |   |
|                                                                |   |                        |        |                           |   |   |   |
| **Current**                                                         |   |                        |        |                           |   |   |   |
| Accounts                payable and accrued liabilities             |   | $                           | 140,809     |                           | $      | 69,397 |   |
|                                                                |   |                        |        |                           |   |   |   |
| **Total                Current Liabilities and Total Liabilities**  |   |                        | 140,809     |                           |   | 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, 2006 - 6,875,000)                      |   |                        |        |                           |   |   |   |
| **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                        |   |                        | 15,918,522  |                           |   | 15,918,522 |   |
| **Accumulated                Deficit**                              |   |                        | (13,645,314 | )                              |   | (13,007,211 | ) |
|                                                                |   |                        |        |                           |   |   |   |
| **Total                Stockholders’ Equity**                 |   |                        | 2,773,208   |                           |   | 3,411,311 |   |
|                                                                |   |                        |        |                           |   |   |   |
| **Total                Liabilities and Stockholders’ Equity** |   | $                           | 2,914,017   |                           | $      | 3,480,708 |   |

----

**WHITE      MOUNTAIN TITANIUM CORPORATION**

**(An      Exploration Stage Company)**

**Consolidated      Statements of Operations**

**(US      Funds)**

|                                                                          |   | **Three months ended****March 31** |           |                  |   |
|-------------------------------------------------------------------------------|--------|---------------------------------------------------|----------------|-----------------------|--------|
|                                                                          |   | **2008****Unaudited**                             |           | **2007****Unaudited** |   | **Cumulative****From****Inception****November 13,****2001 through****March 31, 2008** |   |
| Expenses                                                                      |   |                                              |           |                  |   |   |   |
|                                                                          |   |                                              |           |                  |   |   |   |
| Advertising                and promotion                                      |   | **$**                                             | **16,707**     |                  | $      | 15,575 |   | $ | 159,501 |   |
| Amortization                                                                  |   |                                              | **5,005**      |                  |   | 4,133 |   |   | 60,819 |   |
| Bank                charges and interest                                      |   |                                              | **1,757**      |                  |   | 1,097 |   |   | 18,863 |   |
| Consulting                fees                                                |   |                                              | **66,590**     |                  |   | 55,303 |   |   | 1,822,367 |   |
| Consulting                fees - directors and officers officers              |   |                                              | **75,700**     |                  |   | 59,440 |   |   | 2,598,604 |   |
| Exploration                                                                   |   |                                              | **301,761**    |                  |   | 158,531 |   |   | 2,898,718 |   |
| Filing                fees                                                    |   |                                              | **2,499**      |                  |   | - |   |   | 47,796 |   |
| Insurance                                                                     |   |                                              | **15,640**     |                  |   | 3,113 |   |   | 143,653 |   |
| Investor                relations                                             |   |                                              | **-**          |                  |   | - |   |   | 68,989 |   |
| Licenses                and taxes                                             |   |                                              | **56,899**     |                  |   | 4,859 |   |   | 336,264 |   |
| Management                fees                                                |   |                                              | **34,800**     |                  |   | 24,000 |   |   | 1,291,990 |   |
| Office                                                                        |   |                                              | **8,220**      |                  |   | 5,589 |   |   | 116,848 |   |
| Professional                fees                                              |   |                                              | **37,350**     |                  |   | 35,791 |   |   | 1,162,367 |   |
| Rent                                                                          |   |                                              | **30,196**     |                  |   | 22,987 |   |   | 245,944 |   |
| Telephone                                                                     |   |                                              | **5,863**      |                  |   | 7,520 |   |   | 57,389 |   |
| Transfer                agent fees                                            |   |                                              | **1,332**      |                  |   | 545 |   |   | 10,201 |   |
| Travel                and vehicle                                             |   |                                              | **30,039**     |                  |   | 43,391 |   |   | 734,144 |   |
|                                                                          |   |                                              |           |                  |   |   |   |   |   |   |
| **Loss                before other items**                                    |   |                                              | **(690,358**   | **)**                 |   | (441,874 | ) |   | (11,774,457 | ) |
|                                                                          |   |                                              |           |                  |   |   |   |   |   |   |
| **Gain                (loss) on investments**                                 |   |                                              | **-**          |                  |   | - |   |   | 87,217 |   |
|  **Adjustment                to market for marketable securities**  |   |                                              | **-**          |                  |   | - |   |   | (67,922 | ) |
| **Foreign                exchange**                                           |   |                                              | **33,445**     |                  |   | (3,472 | ) |   | 12,230 |   |
| **Dividend                income**                                            |   |                                              | **-**          |                  |   | 858 |   |   | 4,597 |   |
| **Interest                income**                                            |   |                                              | **18,810**     |                  |   | 17,315 |   |   | 326,128 |   |
| **Financing                Agreement Penalty**                           |   |                                              | **-**          |                  |   | - |   |   | (330,000 | ) |
|                                                                          |   |                                              |           |                  |   |   |   |   |   |   |
| **Net                loss for the period**                                    |   |                                              | **(638,103**   | **)**                 |   | (427,173 | ) |   | (11,742,207 | ) |
| Preferred                stock dividends                                      |   |                                              | **-**          |                  |   | - |   |   | (1,537,500 | ) |
|                                                                          |   |                                              |           |                  |   |   |   |   |   |   |
|                                                                          |   |                                              |           |                  |   |   |   |   |   |   |
| **Net                Loss Available for Distribution**                        |   | **$**                                             | **(638,103**   | **)**                 | $      | (427,173 | ) | $ | (13,279,707 | ) |
|                                                                          |   |                                              |           |                  |   |   |   |   |   |   |
| **Loss                per Common Share**                                      |   | **$**                                             | **(0.02**      | **)**                 | $      | (0.03 | ) |   | - |   |
|                                                                          |   |                                              |           |                  |   |   |   |   |   |   |
| **Weighted                average number of Common Shares****Outstanding**    |   |                                              | **29,189,133** |                  |   | 16,269,133 |   |   | **-** |   |

----

**WHITE      MOUNTAIN TITANIUM CORPORATION**

**(An      Exploration Stage Company)**

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

**(US      Funds)**

|                                                                                                                                                  |   | **Shares** |       | **Common Stock****and Paid-In****Capital in****Excess of****Par Value** |   | **Shares of****Preferred Stock** |   | **Preferred Stock****and Paid-in****Capital in****Excess of****Par Value** |   | **Subscriptions****Receivable** |   | **Subscriptions****Received** |   | **Accumulated****Deficit** |     | **Total****Stockholders’****Equity****(Deficit)** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|------------|--------------------------------------------------------------------------------------------------|--------|--------------------------------------------|--------|-----------------------------------------------------------------------------------------------------|--------|---------------------------------|--------|-------------------------------|--------|----------------------------|----------|---------------------------------------------------------|--------|
|                                                                                                                                                  |   |       |       |                                                                                             |   |                                       |   |                                                                                                |   |                            |   |                          |   |                       |     |                                                    |   |
| Balance,                    December 31, 2002 and inception (November 13, 2001)                                                                       |   | -          |       | $                    -                                                                           |   | -                                          |   | $                    -                                                                              |   | $                    -          |   | $                    -        |   | $                    -     |     | $                    -                                  |   |
| Shares                    issued for cash Private                    placements                                                                       |   |       | 4,040,000  |                                                                                             |   | 404,000                                    |   |                                                                                                | -      |                            |   | -                             |   |                       | (111,000 | )                                                       |   | - |   |   | - |   |   | 293,000 |   |
| Shares                    issued for                    services                                                                                      |   |       | 7,211,000  |                                                                                             |   | 72,110                                     |   |                                                                                                | -      |                            |   | -                             |   |                       | -        |                                                    |   | - |   |   | - |   |   | 72,110 |   |
|                                                                                                                                                  |   |       |       |                                                                                             |   |                                       |   |                                                                                                |   |                            |   |                          |   |                       |     |                                                    |   |   |   |   |   |   |   |   |   |
| Balance,                    prior to acquisition                                                                                                      |   |       | 11,251,000 |                                                                                             |   | 476,110                                    |   |                                                                                                | -      |                            |   | -                             |   |                       | (111,000 | )                                                       |   | - |   |   | - |   |   | 365,110 |   |
| Shares                    of accounting subsidiary                    acquired on reverse takeover                                                    |   |       | 1,550,000  |                                                                                             |   | 28,368                                     |   |                                                                                                | -      |                            |   | -                             |   |                       | -        |                                                    |   | - |   |   | - |   |   | 28,368 |   |
| Adjustment                    to eliminate capital of                    accounting subsidiary on reverse takeover                                    |   |       | -          |                                                                                             |   | (28,368                                    | )      |                                                                                                | -      |                            |   | -                             |   |                       | -        |                                                    |   | - |   |   | - |   |   | (28,368 | ) |
| Adjustment                    to increase capital of                    accounting parent on reverse takeover                                         |   |       | -          |                                                                                             |   | 365,779                                    |   |                                                                                                | -      |                            |   | -                             |   |                       | -        |                                                    |   | - |   |   | - |   |   | 365,779 |   |
| Excess                    of purchase price                    over  net assets acquired on                      recapitalization |   |       | -          |                                                                                             |   | -                                          |   |                                                                                                | -      |                            |   | -                             |   |                       | -        |                                                    |   | - |   |   | (365,607 | ) |   | (365,607 | ) |
| Net                    loss for year                                                                                                                  |   |       | -          |                                                                                             |   | -                                          |   |                                                                                                | -      |                            |   | -                             |   |                       | -        |                                                    |   | - |   |   | (830,981 | ) |   | (830,981 | ) |
| Balance,                    December 31, 2003                                                                                                         |   |       | 12,801,000 |                                                                                             |   | 841,889                                    |   |                                                                                                | -      |                            |   | -                             |   |                       | (111,000 | )                                                       |   | - |   |   | (1,196,588 | ) |   | (465,699 | ) |
| Shares                    issued for                    cash                                                                                          |   |       |       |                                                                                             |   |                                       |   |                                                                                                |   |                            |   |                          |   |                       |     |                                                    |   |   |   |   |   |   |   |   |   |
| Private                    placement                                                                                                                  |   |       | 2,358,633  |                                                                                             |   | 1,405,180                                  |   |                                                                                                | -      |                            |   | -                             |   |                       | -        |                                                    |   | - |   |   | - |   |   | 1,405,180 |   |
| Share                    subscriptions                    received                                                                                    |   |       | -          |                                                                                             |   | -                                          |   |                                                                                                | -      |                            |   | -                             |   |                       | -        |                                                    |   | 120,000 |   |   | - |   |   | 120,000 |   |
| Shares                    issued for                    services                                                                                      |   |       | 128,500    |                                                                                             |   | 205,320                                    |   |                                                                                                | -      |                            |   | -                             |   |                       | -        |                                                    |   | - |   |   | - |   |   | 205,320 |   |
| Receipt                    of                    subscriptions                                                                                        |   |       |       |                                                                                             |   |                                       |   |                                                                                                |   |                            |   |                          |   |                       |     |                                                    |   |   |   |   |   |   |   |   |   |
| receivable                                                                                                                                            |   |       | -          |                                                                                             |   | -                                          |   |                                                                                                | -      |                            |   | -                             |   |                       | 111,000  |                                                    |   | - |   |   | - |   |   | 111,000 |   |
| Stock-based                    compensation                                                                                                           |   |       | -          |                                                                                             |   | 651,750                                    |   |                                                                                                | -      |                            |   | -                             |   |                       | -        |                                                    |   | - |   |   | - |   |   | 651,750 |   |
| Net                    loss for year                                                                                                                  |   |       | -          |                                                                                             |   | -                                          |   |                                                                                                | -      |                            |   | -                             |   |                       | -        |                                                    |   | - |   |   | (1,523,509 | ) |   | (1,523,509 | ) |
|                                                                                                                                                  |   |       |       |                                                                                             |   |                                       |   |                                                                                                |   |                            |   |                          |   |                       |     |                                                    |   |   |   |   |   |   |   |   |   |
| Balance,                    December 31, 2004                                                                                                         |   |       | 15,288,133 |                                                                                             | $      | 3,104,139                                  |   |                                                                                                | -      |                            | $      | -                             |   | $                          | -        |                                                    | $      | 120,000 |   | $ | (2,720,097 | ) | $ | 504,042 |   |

----

|                                                                         |   | **Shares** |       | **Common                  Stock****and                  Paid-In****Capital                  in****Excess                  of****Par                  Value** |   | **Shares                  of****Preferred Stock** |   | **Preferred                  Stock****and                  Paid-in****Capital                  in****Excess                  of****Par                  Value** |       | **Subscriptions****Receivable** |   | **Subscriptions****Received** |   | **Accumulated****Deficit** |   | **Total****Stockholders’****Equity****(Deficit)** |   |
|------------------------------------------------------------------------------|--------|------------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------------------------|--------|-------------------------------|--------|----------------------------|--------|---------------------------------------------------------|--------|
|                                                                         |   |       |       |                                                                                                                                                         |   |                                                   |   |                                                                                                                                                            |       |                            |   |                          |   |                       |   |                                                    |   |
| Balance,                  December 31, 2004                                  |   |       | 15,288,133 |                                                                                                                                                         | $      | 3,104,139                                              |   |                                                                                                                                                            | -          |                            | $      | -                             |   | $                          | -      |                                                    | $      | 120,000 |   | $ | (2,720,097 | ) | $ | 504,042 |   |
|                                                                         |   |       |       |                                                                                                                                                         |   |                                                   |   |                                                                                                                                                            |       |                            |   |                          |   |                       |   |                                                    |   |   |   |   |   |   |   |   |   |
| Preferred                  stock issued for cash                             |   |       |       |                                                                                                                                                         |   |                                                   |   |                                                                                                                                                            |       |                            |   |                          |   |                       |   |                                                    |   |   |   |   |   |   |   |   |   |
| Private                  placement                                           |   |       | -          |                                                                                                                                                         |   | -                                                      |   |                                                                                                                                                            | 6,250,000  |                            |   | 5,000,000                     |   |                       | -      |                                                    |   | - |   |   | - |   |   | 5,000,000 |   |
| Preferred                  stock issued for debt                             |   |       | -          |                                                                                                                                                         |   | -                                                      |   |                                                                                                                                                            | 625,000    |                            |   | 500,000                       |   |                       | -      |                                                    |   | - |   |   | - |   |   | 500,000 |   |
| Shares                  issued for cash                                      |   |       |       |                                                                                                                                                         |   |                                                   |   |                                                                                                                                                            |       |                            |   |                          |   |                       |   |                                                    |   |   |   |   |   |   |   |   |   |
| Private                  placement                                           |   |       | 459,000    |                                                                                                                                                         |   | 459,000                                                |   |                                                                                                                                                            | -          |                            |   | -                             |   |                       | -      |                                                    |   | (120,000 | ) |   | - |   |   | 339,000 |   |
| Shares                  issued for services                                  |   |       | 82,000     |                                                                                                                                                         |   | 115,200                                                |   |                                                                                                                                                            | -          |                            |   | -                             |   |                       | -      |                                                    |   | - |   |   | - |   |   | 115,200 |   |
| Stock-based                  compensation                                    |   |       | -          |                                                                                                                                                         |   | 688,920                                                |   |                                                                                                                                                            | -          |                            |   | -                             |   |                       | -      |                                                    |   | - |   |   | - |   |   | 688,920 |   |
| Beneficial                  conversion feature                               |   |       | -          |                                                                                                                                                         |   | 1,537,500                                              |   |                                                                                                                                                            | -          |                            |   | -                             |   |                       | -      |                                                    |   | - |   |   | (1,537,500 | ) |   | - |   |
| Net                  loss for year                                           |   |       | -          |                                                                                                                                                         |   | -                                                      |   |                                                                                                                                                            | -          |                            |   | -                             |   |                       | -      |                                                    |   | - |   |   | (2,642,954 | ) |   | (2,642,954 | ) |
|                                                                         |   |       |       |                                                                                                                                                         |   |                                                   |   |                                                                                                                                                            |       |                            |   |                          |   |                       |   |                                                    |   |   |   |   |   |   |   |   |   |
| Balance,                  December 31, 2005                                  |   |       | 15,829,133 |                                                                                                                                                         |   | 5,904,759                                              |   |                                                                                                                                                            | 6,875,000  |                            |   | 5,500,000                     |   |                       | -      |                                                    |   | - |   |   | (6,900,551 | ) |   | 4,504,208 |   |
|                                                                         |   |       |       |                                                                                                                                                         |   |                                                   |   |                                                                                                                                                            |       |                            |   |                          |   |                       |   |                                                    |   |   |   |   |   |   |   |   |   |
| Shares                  issued for financial agreement penalty to be settled |   |       | 440,000    |                                                                                                                                                         |   | 330,000                                                |   |                                                                                                                                                            | -          |                            |   | -                             |   |                       | -      |                                                    |   | - |   |   | - |   |   | 330,000 |   |
|                                                                         |   |       |       |                                                                                                                                                         |   |                                                   |   |                                                                                                                                                            |       |                            |   |                          |   |                       |   |                                                    |   |   |   |   |   |   |   |   |   |
| Stock-based                  compensation                                    |   |       | -          |                                                                                                                                                         |   | 59,896                                                 |   |                                                                                                                                                            | -          |                            |   | -                             |   |                       | -      |                                                    |   | - |   |   | - |   |   | 59,896 |   |
| Net                  loss for year                                           |   |       | -          |                                                                                                                                                         |   | -                                                      |   |                                                                                                                                                            | -          |                            |   | -                             |   |                       | -      |                                                    |   | - |   |   | (2,184,843 | ) |   | (2,184,843 | ) |
|                                                                         |   |       |       |                                                                                                                                                         |   |                                                   |   |                                                                                                                                                            |       |                            |   |                          |   |                       |   |                                                    |   |   |   |   |   |   |   |   |   |
| Balance,                  December 31, 2006                                  |   |       | 16,269,133 |                                                                                                                                                         |   | 6,294,655                                              |   |                                                                                                                                                            | 6,875,000  |                            |   | 5,500,000                     |   |                       | -      |                                                    |   | - |   |   | (9,085,394 | ) |   | 2,709,261 |   |
| Stock-based                  compensation                                    |   |       | -          |                                                                                                                                                         |   | 718,184                                                |   |                                                                                                                                                            | -          |                            |   | -                             |   |                       | -      |                                                    |   | - |   |   | - |   |   | 718,184 |   |
| Shares                  issued for cash                                      |   |       |       |                                                                                                                                                         |   |                                                   |   |                                                                                                                                                            |       |                            |   |                          |   |                       |   |                                                    |   |   |   |   |   |   |   |   |   |
| Private                  placement                                           |   |       | 5,070,000  |                                                                                                                                                         |   | 2,340,683                                              |   |                                                                                                                                                            | -          |                            |   | -                             |   |                       | -      |                                                    |   | - |   |   | - |   |   | 2,340,683 |   |
| Shares                  issued for services                                  |   |       | 1,600,000  |                                                                                                                                                         |   | 1,565,000                                              |   |                                                                                                                                                            | -          |                            |   | -                             |   |                       | -      |                                                    |   | - |   |   | - |   |   | 1,565,000 |   |
| Shares                  issued for conversion of preferred stock             |   |       | 6,250,000  |                                                                                                                                                         |   | 5,000,000                                              |   |                                                                                                                                                            | (6,250,000 | )                               |   | (5,000,000                    | )      |                       | -      |                                                    |   | - |   |   | - |   |   | - |   |
| Net                  loss for the year                                       |   |       | -          |                                                                                                                                                         |   | -                                                      |   |                                                                                                                                                            | -          |                            |   | -                             |   |                       | -      |                                                    |   | - |   |   | (3,921,817 | ) |   | (3,921,817 | ) |
|                                                                         |   |       |       |                                                                                                                                                         |   |                                                   |   |                                                                                                                                                            |       |                            |   |                          |   |                       |   |                                                    |   |   |   |   |   |   |   |   |   |
| Balance,                  December 31, 2007                                  |   |       | 29,189,133 |                                                                                                                                                         | $      | 15,918,522                                             |   |                                                                                                                                                            | 625,000    |                            | $      | 500,000                       |   | $                          | -      |                                                    | $      | - |   | $ | (13,007,211 | ) | $ | 3,411,311 |   |

----

|                                        |   | **Shares** |         | **Common                  Stock****and                  Paid-In****Capital                  in****Excess                  of****Par                  Value** |   | **Shares                  of****Preferred                  Stock** |   | **Preferred                  Stock****and                  Paid-in****Capital                  in****Excess                  of****Par                  Value** |         | **Subscriptions****Receivable** |   | **Subscriptions****Received** |   | **Accumulated****Deficit** |         | **Total****Stockholders’****Equity****(Deficit)** |   |
|---------------------------------------------|--------|------------|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|---------------------------------|--------|-------------------------------|--------|----------------------------|--------------|---------------------------------------------------------|--------|
|                                        |   |       |         |                                                                                                                                                         |   |                                                               |   |                                                                                                                                                            |         |                            |   |                          |   |                       |         |                                                    |   |
| Balance,                  December 31, 2007 |   |       | 29,189,133   |                                                                                                                                                         | $      | 15,918,522                                                         |   |                                                                                                                                                            | 625,000      |                            | $      | 500,000                       |   | $                          | -            |                                                    | $      | - |   | $ | (13,007,211 | ) | $ | 3,411,311 |   |
| Net                  loss for the quarter   |   |       |    |                                                                                                                                                         |   |                                                          |   |                                                                                                                                                            |    |                            |   |                          |   |                       |    |                                                    |   |    |   |   | (638,103 | ) |   | (638,103 | ) |
| Balance,                  March 31, 2008    |   |       | 29,189,133   |                                                                                                                                                         | $      | 15,918,522                                                         |   |                                                                                                                                                            | 625,000      |                            | $      | 500,000                       |   | $                          | -            |                                                    | $      | - |   | $ | (13,645,314 | ) | $ | 2,773,208 |   |

----

**WHITE      MOUNTAIN TITANIUM CORPORATION**

**(An      Exploration Stage Company)**

**Consolidated      Statements of Cash Flows**

**(US      Funds)**

|                                                                 |   |                                               |      |                            |   | **Cumulative**                        |   |
|----------------------------------------------------------------------|--------|----------------------------------------------------|-----------|---------------------------------|--------|---------------------------------------|--------|
|                                                                 |   |                                               |      |                            |   | **From                    Inception** |   |
|                                                                 |   |                                               |      |                            |   | **November                    13,**   |   |
|                                                                 |   |                                               |      |                            |   | **2001                    through**   |   |
|                                                                 |   | **Three                    months ended March 31** |      | **March                    31** |   |
|                                                                 |   | **2008**                                           |      | **2007**                        |   | **2008**                              |   |
|                                                                 |   | **Unaudited**                                      |      | **Unaudited**                   |   |                                  |   |
|                                                                 |   |                                               |      |                            |   |                                  |   |
| **Operating                    Activities**                          |   |                                               |      |                            |   |                                  |   |
| Net                    loss for period                               |   | $                                                  | (638,103  | )                               | $      | (427,173                              | )      | $ | (11,742,207 | ) |
| Items                      not involving cash Amortization           |   |                                               | 5,005     |                            |   | 4,133                                 |   |   | 60,820 |   |
| Stock-based                    compensation                          |   |                                               | -         |                            |   | 18,160                                |   |   | 2,118,750 |   |
| 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                                                          |   |                                               | (20,180   | )                               |   | 3,391                                 |   |   | (60,133 | ) |
| Marketable                    securities                             |   |                                               | -         |                            |   | -                                     |   |   | 19,295 |   |
| Accounts                    payable and accrued liabilities          |   |                                               | 71,412    |                            |   | (55,067                               | )      |   | 140,809 |   |
| Prepaid                    expenses                                  |   |                                               | (24,777   | )                               |   | (53,087                               | )      |   | (76,464 | ) |
|                                                                 |   |                                               |      |                            |   |                                  |   |   |   |   |
| **Cash                    Used in Operating Activities**             |   |                                               | (606,643  | )                               |   | (509,643                              | )      |   | (6,670,795 | ) |
|                                                                 |   |                                               |      |                            |   |                                  |   |   |   |   |
| **Investing                    Activity**                            |   |                                               |      |                            |   |                                  |   |   |   |   |
| Addition                    to property and equipment                |   |                                               | (26,948   | )                               |   | (499                                  | )      |   | (141,228 | ) |
| Mineral                    property acquisition costs                |   |                                               | -         |                            |   |                                  |   |   | (651,950 | ) |
|                                                                 |   |                                               |      |                            |   |                                  |   |   |   |   |
| **Cash                    Used in Investing Activities**             |   |                                               | (26,948   | )                               |   | (499                                  | )      |   | (793,178 | ) |
|                                                                 |   |                                               |      |                            |   |                                  |   |   |   |   |
| **Financing                    Activities**                          |   |                                               |      |                            |   |                                  |   |   |   |   |
| Repayment                    of long-term debt                       |   |                                               | -         |                            |   | -                                     |   |   | (100,000 | ) |
| Issuance                    of Preferred Stock                       |   |                                               |      |                            |   |                                  |   |   | 5,000,000 |   |
| Issuance                    of common stock                          |   |                                               | -         |                            |   | -                                     |   |   | 4,377,864 |   |
| Stock                    subscriptions received                      |   |                                               | -         |                            |   | -                                     |   |   | 120,000 |   |
| Stock                    subscriptions receivable                    |   |                                               | -         |                            |   | -                                     |   |   | 111,000 |   |
| Working                    capital acquired on acquisition           |   |                                               | -         |                            |   | -                                     |   |   | 172 |   |
|                                                                 |   |                                               |      |                            |   |                                  |   |   |   |   |
| **Cash                    Provided by Financing Activities**         |   |                                               | -         |                            |   | -                                     |   |   | 9,509,036 |   |
|                                                                 |   |                                               |      |                            |   |                                  |   |   |   |   |
| **(Outflow)                    Inflow of Cash and Cash Equivalents** |   |                                               | (633,591  | )                               |   | (510,142                              | )      |   | 2,045,061 |   |
| **Cash                    and Cash Equivalents,**                    |   |                                               |      |                            |   |                                  |   |   |   |   |
| **Beginning                    of Period**                           |   |                                               | 2,678,652 |                            |   | 2,049,315                             |   |   | - |   |
|                                                                 |   |                                               |      |                            |   |                                  |   |   |   |   |
| **Cash                    and Cash Equivalents, End of Period**      |   | $                                                  | 2,045,061 |                            | $      | 1,539,173                             |   | $ | 2,045,063 |   |
|                                                                 |   |                                               |      |                            |   |                                  |   |   |   |   |
| **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.** | **WEIGHTED                AVERAGE NUMBER OF SHARES** |
|--------|------------------------------------------------------|

|                                                                       |   | **Three months ended March 31,** |       |
|----------------------------------------------------------------------------|--------|------------------------------------------------------|------------|
|                                                                       |   | **2008**                                             |       | **2007** |   |
|                                                                       |   |                                                 |       |   |   |
| Share                allocation for distributed amounts                    |   |                                                 |       |   |   |   |   |
| Preferred                stock (common stock equivalent)                   |   |                                                 | 625,000    |   |   | 6,875,000 |   |
| Common                stock                                                |   |                                                 | 29,189,133 |   |   | 16,269,133 |   |
|                                                                       |   |                                                 |       |   |   |   |   |
| Weighted                average number of shares for undistributed amounts |   |                                                 |       |   |   |   |   |
| Preferred                stock (common stock equivalent)                   |   |                                                 | 625,000    |   |   | 6,875,000 |   |
| Common                stock                                                |   |                                                 | 29,189,133 |   |   | 16,269,133 |   |

| **3.** | **LOSS                CONTINGENCY** |
|--------|-------------------------------------|

*Securities      Act*

----

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

**Background**

**Plan      of Operation**

***Engineering***

** **
** **

----

| **Hole                #** |   | **From                (m)**    |   | **To                (m)** |   | **Width                (m)** |   | **%                TiO****2** |
|---------------------------|--------|--------------------------------|--------|---------------------------|--------|------------------------------|--------|-------------------------------|
|                      |   |                           |   |                      |   |                         |   |                          |
| CB-26                     |   | Total                MR1 + MR2 |   |                      |   | 267                          |   | 2.24                          |
| Including                 |   | 36                             |   | 78                        |   | 42                           |   | 3.48                          |
|                      |   | 81                             |   | 123                       |   | 42                           |   | 3.10                          |
|                      |   |                           |   |                      |   |                         |   |                          |
| CB-14                     |   | Total                MR1 + MR2 |   |                      |   | 168                          |   | 2.52                          |
| Including                 |   | 3                              |   | 54                        |   | 51                           |   | 2.50                          |
|                      |   | 60                             |   | 138                       |   | 78                           |   | 2.77                          |
|                      |   |                           |   |                      |   |                         |   |                          |
| CB-27                     |   | Total                MR1 + MR2 |   |                      |   | 156                          |   | 2.47                          |
| Including                 |   | 96                             |   | 144                       |   | 48                           |   | 3.74                          |
|                      |   | 144                            |   | 222                       |   | 78                           |   | 2.03                          |
|                      |   |                           |   |                      |   |                         |   |                          |
| CB-17                     |   | Total                MR1 + MR2 |   |                      |   | 143                          |   | 2.24                          |
| Including                 |   | 33                             |   | 123                       |   | 90                           |   | 2.30                          |
|                      |   | 147                            |   | 200                       |   | 53                           |   | 2.14                          |

----

***Marketing***

**Results      of Operations**

**Off-Balance      Sheet Arrangements**

**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**

----

**Internal      Control Over Financial Reporting**

**PART      II. OTHER INFORMATION**

**ITEM      1. LEGAL PROCEEDINGS**

**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:                May 14, 2008 | By                                                   | /s/                Michael P. Kurtanjek |
|                              |                                                 | Michael                P. Kurtanjek, President |
|                              |                                                 | (Principal                Executive Officer) |
|                              |                                                 |   |
| Date:                May 14, 2008 | By                                                   | /s/                Charles E. Jenkins |
|                              |                                                 | Charles                E. Jenkins, Chief Financial Officer (Principal                Financial Officer) |

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