I would agree that his biting may very well have to do with some territorial or dominance issue. What is his background - how long have you had him and from where did you get him, etc? There are many little factors than can effect a modification alternative.

He may be upset over his toy being thrown away.

What you can try doing is, when he goes to bite you, stand up and walk away. Avoid eye contact, avoid acknowledging him. You may want to avoid grabbing his snout - that may cause an adverse reaction from him since you don't know the cause. After a few minutes, bring your attention back to him. If he continues the behavior two more times (repeat the ignoring), then it is time for a time out. Make it positive - don't spank him into his kennel or wherever you may place him. Put him in his area and ignore him for at least five to fifteen minutes (must be quiet on his end). Then, retry it.

Avoid pulling your arm back - that gives him a sense of victory. If anything, push your arm towards him for a quicker release.

Let me know how it goes.