CENTAURUS METALS LIMITED — Capital/Financing Update 2005

Oct 18, 2005

METALLICA MINERALS LIMITED

Subsidiary Companies: QLD Gold Pty Ltd ACN 065 384 045 - Oresome Australia Pty Ltd ACN 071 762 484 Cape Alumina Pty Ltd ADN 107 817 894 - SE QLD Energy Pty Ltd ADN 112 045 708 - SE QLD Coal Pty Ltd, ADN 114 039 155 ASK Code: MLM

19^th October 2005

Manager Company Announcements Company Announcements Office Australian Stock Exchange Limited Riverside Centre 123 Eagle Street Brisbane QLD 4000

GLENGARRY TARGETS URANIUM ON METALLICA NICKEL TENEMENT

Metallica has signed an agreement with Glengarry Resources Ltd ("Glengarry") specific to Uranium exploration rights on one of Metallica's nickel tenements EPM 14987 Sandy Creek, which is adjacent south and east of Glengarry's wholly owned Oasis Uranium prospect, see attached figure.

Under the terms of the joint venture agreement, Glengarry may earn 80% equity in the Uranium rights on Metallica's Sandy Creek tenement by spending \$1,000,000 over 5 years. Metallica retains the exclusive rights to explore for all other minerals on the tenement; Metallica is principally targeting nickel and platinum group metals associated with the ultramafic rocks within the tenement.

Diamond core drilling by Glengarry in September 2005 on the Oasis Uranium Prospect intersected 10m @ 0.12% $U_3O_8$ from 54 metres and 7 metres @ 0.17% $U_3O_8$ from 34 metres. Airborne radiometric data collected by the Queensland Government in 2000 indicates a strong radiometric anomaly coincident with the Oasis uranium mineralisation and several significant unexplained anomalies within Metallica's tenement now covered by the uranium joint venture. For further information on the Glengarry uranium joint venture, see today's release by Glengarry Resources Ltd (ASX code GGY).

We are pleased to have Glengarry farmin to EPM 14987 targeting uranium which they are specifically exploring for in the local area, Metallica is free carried to a significant stage and the joint venture compliments our exploration for all the other metals and minerals in the tenement area. Metallica is not surprised we have been approached for a uranium joint venture as we are well aware of the Greenvale and NORNICO regions prospectivity as it is well endowed with a diversified selection of mineral deposits and mines such as the 4.5 million ounce Kidston gold mine, Kagara Zinc's Balcooma zinc mine and Greenvale nickel mine.

The Sandy Creek EPM is one of eighteen tenements which make up Metallica's wholly owned North Queensland Nickel Cobalt (NORNICO) project which covers over 2000 sq km of tenements covering prospective and under explored ground in the Greenvale mineral province. NORNICO is Metallica's flagship project and includes several drilled nickel-cobalt laterite deposits, a scandium deposit and exploration potential for additional nickel laterite deposits as well as Ni-Cu-PGE sulphides, basemetals and gold. The NORNICO North portion is now part of a joint venture agreement with BHP Billiton (see ASX release 16 August 2005), principally targeting nickel sulphide mineralisation and two other tenements which are subject to a joint venture agreement with Straits Resources for gold and scandium.

Yours sincerely,

Mr Andrew Gillies Managing Director