CENTAURUS METALS LIMITED — Capital/Financing Update 2007

Dec 3, 2007

Appendix 3B New issue announcement

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity

GLENGARRY RESOURCES LIMITED

ABN

40 009 468 099

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1	+Class of+securities issued or to be	Unlisted options to acquire ordinary shares
	issued
2	Number of+securities issued or to	2,000,000
	be issued (if known) or maximum
	number which may be issued
3	Principal terms of the+securities	500,000 options exercisable at 20.5 cents, vested,
	(eg, if options, exercise price and	expiring 20 November 2012.
	expirydate;ifpartlypaid	500,000 options exercisable at 24.5 cents, vesting 20
	+securities, the amount outstanding	November 2008, expiring 20 November 2012.
	and due dates for payment; if	1,000,000 options exercisable at 28.5 cents, vesting
	+convertiblesecurities,the	20 November 2009, expiring 20 November 2012.
	conversion price and dates for
	conversion)

• See chapter 19 for defined terms.

24/10/2005 Appendix 3B Page 1

4	Do the+securities rank equally in all	No - unquoted
	respects from the date of allotment
	with an existing+class of quoted
	+securities?
	If the additional securities do not
	rank equally, please state:
	• the date from which they do
	• theextenttowhichthey
	participate for the next dividend,
	(inthecaseofatrust,
	distribution) or interest payment
	• the extent to which they do not
	rank equally, other than in
	relation to the next dividend,
	distribution or interest payment
5	Issue price or consideration	Nil
6	Purpose of the issue	Issue of 2,000,000 options to Directors pursuant to
	(If issued as consideration for the	the Employee Share Option Plan as approved by
	acquisition of assets, clearly identify	shareholders at the Company’s Annual General
	those assets)	Meeting held on 20 November 2007.
7	Dates of entering+securities into	28 November 2007
	uncertificated holdings or despatch
	of certificates
		Number	~~+~~Class
8	Numberand+classofall	286,003,678	Ordinary
	+securitiesquotedonASX
	(_including_the securities in clause
	2 if applicable)

• See chapter 19 for defined terms.

Appendix 3B Page 2

24/10/2005

Appendix 3B New issue announcement

9Numberand+classofall+securities not quoted on ASX(_including_the securities in clause2 if applicable)	Number	~~+~~Class
	600,000750,0001,500,000125,000125,000250,000250,000500,000500,000500,0001,000,000	Options exercisable at 11.0 cents, vested,expiring 10 April 2011.Options exercisable at 13.0 cents, vested,expiring 10 April 2011.Options exercisable at 15.0 cents, vesting10 April 2008, expiring 10 April 2011.Options exercisable at 9.0 cents, vested,expiring 19 March 2012.Options exercisable at 10.5 cents, vesting19 March 2008, expiring 19 March 2012.Options exercisable at 11.5 cents, vesting19 March 2008, expiring 19 March 2012.Options exercisable at 12.5 cents, vesting19 March 2009, expiring 19 March 2012.Options exercisable at 13.5 cents, vesting19 March 2009, expiring 19 March 2012.Options exercisable at 20.5 cents, vested,expiring 20 November 2012.Options exercisable at 24.5 cents, vesting20 November 2008, expiring 20 November2012.Options exercisable at 28.5 cents, vesting20 November 2009, expiring 20 November2012.

10 Dividend policy (in the case of a Not applicable trust, distribution policy) on the increased capital (interests)

Part 2 - Deleted – Not Applicable

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

34 Type of securities ( tick one ) (a)[Securities described in Part 1 ]

(b)[All other securities ]

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

• See chapter 19 for defined terms.

24/10/2005 Appendix 3B Page 3

• 35 If the[+] securities are[+] equity securities, the names of the 20 largest holders of the additional[+] securities, and the number and percentage of additional[+] securities held by those holders

• 36 If the[+] securities are[+] equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories 1 - 1,000 1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 and over

• 37 A copy of any trust deed for the additional[+] securities

Entities that have ticked box 34(b)

3637Entities th38Num+quo39Clasquot40Do trespwith+secIf trank• t• t	3637Entities th38Num+quo39Clasquot40Do trespwith+secIf trank• t• t	3637Entities th38Num+quo39Clasquot40Do trespwith+secIf trank• t• t	3637Entities th38Num+quo39Clasquot40Do trespwith+secIf trank• t• t	those holdeIf the+sec+securities1 - 1,0001,001 - 5,05,001 - 10,10,001 - 10	rsurities are+esetting out the000000,000	rsurities are+esetting out the000000,000	quity securinumber of h	quity securinumber of h	quity securinumber of h	ties, a distriolders in the c	bution scategories	bution scategories	bution scategories	hedule	of the additiona	of the additiona	l
					d over
				100,001 an
		7		A copy of a	ny tru	st deed	for the add		iti	onal+securiti	es
				at have tick	ed box 34(		b)
	38Num+quo39Clasquot40Do trespwith+secIf trank• t• t			ber of secutation is sougs of+securation is soughhe+securitiesects from thean existingurities?he additionalequally, pleashe date from wheextentarticiate for	rities for whtities for wtrank equally idate of allot+class of qusecurities doe state:hich they dotowhichthe next divid		hichhichn allmentotednottheyend
	pp ,(inthecaseofatrust,distribution) or interest payment• the extent to which they do notrank euall other than in
	rd41Reas			qy,elation to thistribution oron for requ	e next dividinterest payme		end,nt
					est for quota		tion
	now
	Examrestric			ple: In the case of rtion period	estricted securities,		end of
	(if			issued uo	conversion		of
	anot			pher security c	learly identify		that
	othe			,r security)
								Numb		er			+	Class
	42Num			ber and+clas	s of all+secur		ities
	quotsecu			ed on ASXrities in clause	(including 38)		the

• See chapter 19 for defined terms.

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Appendix 3B New issue announcement

Quotation agreement

1 +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may quote the[+] securities on any conditions it decides.

• 2 We warrant the following to ASX.

  • The issue of the[+] securities to be quoted complies with the law and is not for an illegal purpose.

  • There is no reason why those[+] securities should not be granted[+] quotation.

  • An offer of the[+] securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any[+] securities to be quoted and that no-one has any right to return any[+] securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the[+] securities be quoted.

• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the[+] securities be quoted.

• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

• 4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before[+] quotation of the[+] securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

==> picture [99 x 33] intentionally omitted <==

Sign here: ............................................................ Date: 4 December 2007 Company Secretary

Print name: Geoff James

== == == == ==

• See chapter 19 for defined terms.

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