CENTAURUS METALS LIMITED — AGM Information 2005

Nov 27, 2005

28 November 2005

Manager Company Announcements Company Announcements Office Australian Stock Exchange Limited Level 10, 20 Bond Street SYDNEY NSW 2000

by e-Lodgement

Dear Sir/Madam

CHAIRMAN'S ADDRESS

The directors of Glengarry Resources Limited announce the Chairman's Address which will be presented at today's Annual General Meeting.

Yours faithfully

(µche/g

David Richards Managing Director

GLENGARRY RESOURCES LIMITED ABN 40 009 468 099 Telephone: (08) 9322 4929 Facsimile: (08) 9322 5510 PO Box 975, West Perth, WA 6872 35 Havelock Street, West Perth, WA 6005 Website: www.glengarrynl.com.au Email: info@glengarrynl.com.au

ANNUAL GENERAL MEETING - 28 NOVEMBER 2005

CHAIRMAN'S ADDRESS

I would now like to make a few comments about Glengarry's performance in the past year and share with you some of the reasons for my confidence that the Company is now well positioned for future growth.

The Australian Mining Industry is currently enjoying boom times and this situation is likely to continue for some time to come. The industry's present prosperity is broad based with a number of metallic commodities commanding high or record high prices due to strong demand. Gold prices are at an 18 year high of US\$497 per ounce. Copper prices have risen substantially over the past few years and the metal is presently trading at US\$4.380 per tonne. Uranium and iron ore prices have doubled over the past few years and the prices of zinc, lead and nickel remain strong. Encouragingly, there is general consensus that existing demand for most of these metals will continue, if not actually increase.

This is welcome news for the Junior Resource companies in Australia. After several years of waning market interest in the "junior explorers", the investment community and stockbroking industry are now looking to companies such as Glengarry Resources with renewed interest.

The question is how can Glengarry Resources best capitalize on this improved market sentiment and more importantly what are the favourable attributes that distinguish the Company from its many competitors?

In my Chairman's Report in the recent Annual Report, I outlined Glengarry's strategy to transition from a junior explorer to a successful mining company. A key element of this strategy is to focus on fewer projects in well mineralized areas particularly those areas known to host several metal types rather than a single commodity.

Glengarry is also fortunate in that it owns all its key projects 100% and available exploration funds can be fully directed to in ground work rather that to option payments and other purchase payments.

Prime focus of your Company's current exploration activities is the Greenvale Project in North Queensland. This wholly owned project covers an area of some 2,800 square kilometres and is very prospective for gold, copper-lead-zinc and uranium deposits. We are presently drilling a copper deposit known as Maitland and will shortly be resuming drilling on the Oasis uranium deposit, both on the Greenvale Project area. David Richards will present further details of our recent exploration successes on this exciting project later in the meeting.

Glengarry has elected to concentrate in the North Queensland region primarily because of the regions proven prospectivity but also because the level of competitor activity is considerably lower that in Western Australia. It has been possible to secure quality properties, mostly by applying for open ground. For instance the Oasis uranium deposit, discovered and drilled by Esso in the 1970's was secured earlier this year by pegging such open ground. Another strategic Glengarry property in the region is the wholly owned Cannington Project located only 5 kilometres from the world class Cannington silver-lead-zinc mine. A recently defined gravity anomaly which may represent a buried base metal deposit on this project will be drill tested immediately following the summer wet season.

One down side of the current resources boom is the scarcity of experienced professionals. Luckily Glengarry's Managing Director David Richards and Exploration Manager Kevin Seymour are well regarded and experienced geologists each with a proven track record of ore deposit discovery. I would like to take this opportunity to thank both David and Kevin for their hard work over the past twelve months.

I am very confident that the significant progress that Glengarry has made in its exploration programs over the last six months will continue. We now have the targets in hand for a drill focused program in the coming year and I look forward to presenting positive results from this work this time next year.

It is pleasing to note the significant increase in Glengarry's share price from a low of 2.0 cents in May this year to 5.6 cents last Friday with a recent high of 8.8 cents. This is a direct result of our recent exploration successes and we are confident that there is more good news to come. As a result of renewed market interest in Glengarry it is also pleasing to see a significant increase in the number of share trades giving a stronger liquidity, something which I am sure all shareholders will be happy about.

Finally thanks to my fellow Board members who have diligently supported the Company's revitalized exploration effort and to all our shareholders for their support.

Yours faithfully

Kente & Mikey

Keith G McKay Chairman

28 November 2005

GLENGARRY RESOURCES LIMITED ABN 40 009 468 099 Telephone: (08) 9322 4929 Facsimile: (08) 9322 5510 PO Box 975, West Perth, WA 6872 35 Havelock Street, West Perth, WA 6005 Website: www.elengarrynl.com.au Email: info@glengarrynl.com.au