SEP 22,2003       0:10 PACIFIC       3:10  EASTERN

( BW)(SIERRA-RUTILE-LTD) Sierra Rutile -- Dr. Sam Jonah Elected
Chairman of the Board

    Business Editors

       FREETOWN, Sierra Leone--(BUSINESS WIRE)--Sept. 22, 2003--Sierra
Rutile Limited ("SRL") is pleased to announce that Dr. Sam Esson
Jonah, KBE, has been elected Chairman of the Company's Board of
Directors. Dr. Jonah has more than thirty years experience in the
mineral extraction business and currently serves as Chief Executive
Officer of Ashanti Goldfields Company Limited. He holds numerous
offices and titles, including Chancellor of the University of Cape
Coast, Ghana; Member, International Investment Advisory Council of the
Republic of South Africa; Member, United Nations Global Compact on
Governance; and Member, African Regional Advisory Board of the London
Business School. Most recently Her Majesty, Queen Elizabeth II,
bestowed upon him the honor of Knight of the British Empire in
recognition of his exceptional achievements in international business.
       "The company is fortunate to have a person of Dr. Jonah's talents
leading the Board," said Wayne Malouf, Chief Executive Officer of SRL.
"It is a time of renewal for Sierra Leone. Sierra Rutile, whose
operation traditionally has generated more than fifty percent of the
country's foreign currency income, is an integral part of that
renewal, and Dr. Jonah's experience and vision will prove invaluable
to the Company," he added.
       SRL is a Sierra Leone company which owns the world's richest
rutile deposit and has historically been the world's leading producer
of natural rutile. The company is refurbishing its plant and equipment
as part of its plan to reestablish its position as a key supplier of
titanium dioxide to industry throughout the world.

    --30--EF/da*

    CONTACT: Sierra Rutile Limited
             Audrey Richardson, +352 222 512

    KEYWORD: INTERNATIONAL AFRICA/MIDDLE EAST
    INDUSTRY KEYWORD: MINING/METALS MANAGEMENT CHANGES
    SOURCE: Sierra Rutile Limited


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