An amorphous phase containing traces of non-transformed Co and Ti powders was obtained by mechanical alloying nominal compositions of Co67Ti33 and Co50Ti50 in a high-energy ball-mill. These alloys were prepared from elemental powders of Co and Ti. The heat treatment of Co67Ti33 at 573, 873 and 1173K crystallized nanoparticles of Co2Ti and Co3Ti compounds, while the same treatments conducted on Co50Ti50 resulted in the formation of Co2Ti and CoTi nanoparticles. The saturation magnetizations reached a maximum value in the amorphous state and they decreased when the temperatures of the heat treatment rose. Demagnetizing interparticle interaction effects were estimated through hysteresis loops and initial magnetization curves using the Fourier technique.