It is definitely found in Sholazar, Icecrown and Wintergrasp. It could theoretically be found anywhere that Saronite spawns (it is a rare spawn off of a Saronite node spawn point).
I have had really weird luck with it so far. On days that I do farm, I usually spend about 3 hours farming. This generally nets me about 400 Saronite Ore and around 12-20 Titanium ore. However, the other night I got my usual 400 Saronite ore, and 49 Titanium Ore, so I attribute that to sheer dumb luck.
I usually just stay in Sholazar (unless it is super-crowded). If you have an epic flyer and fly slightly unusual patterns and know where most of the spawn point are, you can mine a bunch quickly.
If Sholazar is too crowded, I go to Icecrown. I really don't farm Wintergrasp because of the "No-Fly Zone". Ever since I hit 77, I try to use my horse as little as possible. I am a Paladin, so Epic Flyer with Crusader Aura FTW!