CENTAURUS METALS LIMITED — Capital/Financing Update 2008

Sep 21, 2008

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22 September 2008

Company Announcements Office Australian Stock Exchange Ltd

th 4 Floor, 20 Bridge Street SYDNEY NSW 2000

ABN 36 008 988 583 Second Floor, 24 Outram Street West Perth Western Australia 6005 PO Box 1320 West Perth, WA 6872 Tel: + 61 8 9481 1211 Fax: + 61 8 9481 1233 E-mail: admin@kagara.com.au Web: www.kagara.com.au

Kagara Acquires the Maitland Deposit

Kagara is pleased to announce that it has completed the A$6.5 million purchase of the Maitland copper deposit and associated tenements from Glengarry Resources Ltd. The deposit which is at an early stage of exploration has an indicated and inferred resource of 1.49 million tonnes of 1.5% copper and 0.02% molybdenum and an additional indicated resource of 115,000 tonnes at 0.8% copper and 0.17% molybdenum. Maitland is located approximately 50 kilometres from Kagara’s Balcooma mining operations and is within trucking distance of either the Thalanga or Mt Garnet copper treatment plants.

The deposit has excellent depth potential and is expected to support a significant underground operation which will supplement production from the Balcooma copper mine.

The deposit has been lightly drilled with intersections of up to 30 metres at 3.9% copper and 38 metres at 2.1% copper including 12 metres at 6.7% copper, demonstrating the potential of the deposit to host a significant underground operation (see attached plans).

The deposit contains high grade molybdenum mineralisation which is associated with the copper mineralisation and is open down plunge and appears to be increasing in thickness with depth.

In addition to the Maitland deposit, the acquisition includes three EPM’s covering the strike potential plus a base metal gossan and geochemical anomaly known as T3. This prospect has returned rock chip samples up to 11% lead and 8% zinc which occur in a similar geological setting to the Balcooma base metal deposits and will require further follow up drilling.

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KIM ROBINSON Executive Chairman

This report, so far as it pertains to ore and mineralisation, is based on information compiled by and as reported upon by Mr Joe Treacy, an employee of Kagara Ltd, and who is a member of the Australian Institute of Geoscientists and has over five years 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 ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Treacy consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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MAITLAND LOCATION PLAN

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MAITLAND LONGSECTION – COPPER

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MAITLAND LONGSECTION – MOLYBDENUM

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MAITLAND CROSS SECTION – 7899600N

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MAITLAND CROSS SECTION – 7899540N

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