CENTAURUS METALS LIMITED — Capital/Financing Update 2007

Feb 18, 2007

GLEN ARRY

19 February 2007

ASX RELEASE

Glengarry to commence work on uranium targets

Glengarry Resources Limited is pleased to announce that exploration will shortly commence on uranium targets on the Company's wholly owned projects in Queensland, Northern Territory and Western Australia. The initial focus will be on the Snake Creek and Cannington Projects located in the Mt Isa region of western Queensland where recently acquired regional, radiometric data has defined strong uranium anomalies. Both Projects are located in the Eastern Fold Belt of the Mt Isa Province which is the same geological sequence that hosts the Mary Kathleen uranium mine (Figure 1). There has been no systematic exploration for uranium on the Projects and Glengarry has prepared a program of follow up prospecting, ground scintillometer surveys and soil sampling which should commence in March 2007.

Glengarry is committed to building up its uranium portfolio which also includes the Citadel Project in northwest Western Australia and the Rum Jungle Project in the Northern Territory. The projects, all of which are located in regions that host major uranium deposits, are highly prospective and the Company is targeting stand alone deposits.

The recent divestment of the Company's Greenvale uranium assets in North Oueensland resulted after a review indicated lesser potential for stand alone uranium deposits and that more value could be obtained by a sale to TSX-listed Mega Uranium. Mega controls most of the uranium rights in this region of North Queensland including ownership of the Ben Lomond and Maureen uranium deposits. Glengarry's ownership of a significant number of shares in Mega ensures that it will benefit from the future development of uranium deposits in North Queensland while allowing the Company to focus on exploration for stand alone deposits elsewhere in Australia.

Snake Creek

The Snake Creek Project is located 35 kilometres south of Cloncurry (Figure 2) and was subject to a joint venture agreement with Xstrata Copper who focussed on copper and gold exploration. Xstrata withdrew from the joint venture in December 2006 after carrying out wide spaced soil sampling and limited prospecting. As previously reported, rock chip sampling by Xstrata recorded strongly anomalous uranium (up to 248 ppm U) associated with high copper (up to $8.6\%$ ) and gold (up to $0.6$ ) $g(t)$ values confirming the potential for significant uranium mineralisation. The recently acquired radiometric data has also defined a strong, 500 metre long, discrete uranium anomaly (Figure 2), located approximately 12 kilometres southeast of the anomalous rock chip sample. Both targets will be followed up as a priority.

Cannington

The Cannington Project is located 300 kilometres southeast of Mt Isa and within 4 kilometres of BHP Billiton's giant Cannington silver-lead-zinc mine (Figure 3). Most of the Project area is covered by transported overburden which masks the bedrock and associated radioactivity; however, the radiometric data has defined a strong, 500 metre long, discrete uranium anomaly (Figure 3) in the northern part of Glengarry's Project area. The Company is planning immediate ground follow up of the anomaly.

Gold and Base Metal Exploration

Glengarry's wholly owned Australian projects which include Greenvale, Snake Creek, Cannington, Citadel and Rum Jungle are also highly prospective for gold and base metals. Exploration for these commodities will occur concurrently with the uranium work. Drill testing of a number of targets is scheduled to commence at Greenvale in March 2007 with drilling also planned for the Cannington and Rum Jungle Projects.

David Richards Managing Director

Declaration

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by David Richards who is a member of the Australasian Institute of Geoscientists. David Richards is a full time employee of Glengarry Resources Limited. David Richards has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. David Richards consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Figure 1: Mt Isa Province - Glengarry projects and major mineral deposits

Figure 2: Snake Creek Project location showing uranium prospects

Figure 3: Cannington Project location showing prospect areas