CENTAURUS METALS LIMITED — Capital/Financing Update 2004

Nov 24, 2004

25 November 2004

The Manager Company Announcements Office Australian Stock Exchange Limited PO Box H224 Australia Square SYDNEY NSW 2000

Dear Sir

TANAMI ACQUIRES GLENGARRY INTEREST IN LARRANGANNI GOLD RESOURCES

The Board of Tanami Gold NL ("Tanami") is pleased to announce that the Company has reached agreement with Glengarry Resources Limited ("Glengarry") to acquire Glengarry's 7.5% participating interest in the Larranganni Joint Venture for a consideration of \$250,000.

HIGHLIGHTS

• Tanami to move to 100% ownership of Larranganni gold resources, 35 kilometres north of its Coyote Project.
• Significant results have been returned from resource drilling at Larranganni including the Kookaburra-Sandpiper deposits with encouraging results also returned from regional exploration drilling at numerous prospects as reported in the September 2004 Quarterly Report.
• Based upon recent positive exploration results, the potential of the Larranganni area has been upgraded given the geological similarities to the Tanami Mine mineralised corridor located in the eastern Tanami region.

The purchase of Glengarry's 7.5% interest in the Larranganni JV provides Tanami with 100% ownership of the Larranganni Project including the Kookaburra and Sandpiper deposits (160,0000oz) and numerous exploration prospects where recent drilling has returned encouraging results. The Larranganni gold resources and exploration tenements are located 35 kilometres north of Tanami's 100%-owned Coyote Gold Project (412,000oz), which is currently in the final phases of a Bankable Feasibility Study.

Importantly, the acquisition provides Tanami with the ability to explore and develop the Larranganni prospects and projects as an integral part of the Company's development plans for the Coyote Gold Project.

LARRANGANNI EXPLORATION UPDATE

Larranganni contains the Kookaburra (88,000oz) and Sandpiper (72,000oz) gold resources which are presently undergoing a Bankable Feasibility Study (BFS) with the aim of open-pit mining and trucking the ore to the Coyote Mill which is to be located 35 kilometres to the south. Drilling programs have been conducted during recent months concurrent with the BFS work being completed on Kookaburra-Sandpiper with the aim of extending the resource inventory in the Larranganni area. Drilling at the Kookaburra and Sandpiper deposits has returned very good results as reported in the September 2004 Quarterly Report including:

16 metres at 9.48g/t Au from 8 metres 17 metres at 7.01g/t Au from 6 metres 14 metres at 4.00g/t Au from 75 metres 12 metres at 4.20g/t Au from 47 metres 11 metres at 4.58g/t Au from 69 metres

A secondary focus at the Western Tanami Project has been exploration to evaluate the potential for further gold resources which would add to the resources to be treated at a central mill located at Coyote. Geological assessment of numerous prospects and conceptual geological targets throughout the region is ongoing. Highlights from recent drilling in the Larranganni area include:

• Hawk 13 metres at 3.09 g/t Au from 75 metres 12 metres at 2.01 g/t Au from 93 metres 8 metres at 2.47 $g/t$ Au from 60 metres 2 metres at 5.50 g/t Au from 42 metres 9 metres at 2.06 g/t Au from 137 metres
• Finch 6 metres at 4.98 $g/t$ Au from 100 metres 4 metres at 3.73 g/t Au from 97 metres

Encouraging results have also been returned from a number of regional prospects, warranting further exploration drilling which is ongoing. In particular, the results from Hawk have led to closer spaced resource definition drilling, with the aim of conducting a resource estimation by late 2004.

The Larranganni area contains numerous advanced and grassroots prospects over a total strike length of $+10$ kilometres on two highly prospective geological host units, the Bald Hill Sequence and the Quartz Ridge Dolerite (see Figure 1).

The Bald Hill Sequence comprises interbedded sediments and mafic volcanics/intrusives. The known gold prospects and deposits are primarily located on structurally favourable sites such as fold closures and the sheared limbs of the folded host sequences. Mineralisation is generally localised at sedimentmafic contacts. The Bald Hill sequence is interpreted to continue northwards under cover for an additional 10 kilometres of strike.

The Quartz Ridge Dolerite is interpreted as a folded dolerite sill. The Osprey Prospect sits on a fold closure and recent drilling suggests stockwork mineralisation in shoots plunging parallel to the nose of the fold. Recent RC percussion drilling at Osprey which returned visible gold, combined with the widespread elevated geochemistry along the strike of the dolerite sill, highlights the prospectivity of the dolerite unit.

The Company believes the prospectivity of the Larranganni area is very high. Analogies may be drawn with the established mine camps in the eastern Tanami district where the major deposits comprise clusters of smaller resources usually with one or two larger deposits. The Granites Mine comprised seven pits and two underground operations to aggregate 1.35 million ounces and the Dead Bullock Soak Mine comprised six pits for 1 million ounces with the nearby Callie deposit being +5 million ounces.

In particular, the geology of the Larranganni area has similarities with the Tanami Mine area which has total gold endowment of approximately 1.5 million ounces from over 30 pits along a line of strike over some 25 kilometres. In addition, the Quartz Ridge Dolerite may be compared with the dolerite host unit to the 0.75 million ounce Groundrush deposit located north of the Tanami Mine.

Further intensive drilling campaigns are planned for the Larranganni area aimed at increasing the gold resources to be treated as part of the Coyote Gold Project.

Yours faithfully Tanami Gold NL

rangled

Gary Comb Managing Director

Attachment: Figure 1

ASX_TAM_Larranganni_25Nov04

Note:

This information, so far as it pertains to Ore Reserves or Identified Mineral Resources is based on and accurately reflects, information compiled by members of the Australasian Institute of Mining and Metallurgy and/or the Australian Institute of Geoscientists, each of whom has had at least five years relevant experience in relation to the mineralisation being reported on to qualify as a Competent Person as defined in the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves.