20 October 2003

Manager Company Announcements Company Announcements Office Australian Stock Exchange Limited Level 10, 20 Bond Street SYDNEY NSW 2000

Dear Sir

ANNOUNCEMENT

Please find attached Glengarry Resources Limited's Quarterly Report for the quarter ended 30 September 2003.

Yours faithfully

David Richards Managing Director

		HIGHLIGHTS
1.0		EXPLORATION REPORT
1.1		Gold/Base Metal Projects
	1.1.1	Diamantina Project, South West Queensland
	1.1.2	Cannington Project, Western Queensland
	1.1.3	Greenvale/Big Mag, North Queensland
1.2	Gold/PGE Projects
	1.2.1	Tanami/Granites, Western Australia/Northern Territory
	1.2.2	Westwood Project, Eastern Queensland
	1.2.3	Coolgardie Project, Western Australia
	1.2.4	Charters Towers Project, North Queensland
	1.2.5	Yolande River, Tasmania
2.0		PROJECT LAND STATUS SUMMARY

FIGURES

1.0	Project Locations
2.0	Mt Isa Region Project Locations
3.0	Diamantina – Mirrica Bore Prospect Locations
4.0	Cannington - Target Areas
5.0	Cannington - Dolly Pot 3D Magnetic Image
6.0	Cannington - Dolly Pot Lag Geochemistry
7.0	Greenvale – Location of Balcooma and Lucky Creek Groups
8.0	Tanami Region - Location of Glengarry Tenements

SUMMARY AND HIGHLIGHTS

$\blacktriangleright$ A placement of 16 million shares $\omega$ 3.2 cents each was heavily oversubscribed and closed early, 3 weeks after the issue date.
⋗ Funds totalling approximately \$1,650,000 were raised during the quarter via the above placement as well the sale of Tanami Gold shares and the Coolgardie Project. This will ensure adequate funding of exploration on Glengarry's projects for the next 12 months.
$\blacktriangleright$ The appointment of Mr David Richards (previously Glengarry's Exploration Manager) as Managing Director.
Infill geochemical sampling in the Mirrica Bore area at Diamantina upgraded 3 gold $\blacktriangleright$ prospects. A 3000 m reconnaissance aircore drill program to follow up the anomalies will commence in the second week of October 2003.
⋟ A Native Title access agreement was successfully negotiated with the Yulluna people allowing field work to commence in the Dolly Pot area at Cannington. A ground survey confirmed a strong, discrete magnetic anomaly approximately 20 m below the transported surface clays. An RC drill program to test the anomaly and other nearby targets is planned for late October/early November.
$\geq$ The prospectivity of the Greenvale Project was enhanced by drill results reported by Kagara Zinc Limited (eg 16 m $\omega$ 12.1% Cu) from the nearby Balcooma area. Similar prospective host lithologies occur on Glengarry's tenure.
In the Tanami region, Barrick continued an aggressive field program on the Larranganni ⋟ Joint Venture area drilling 218 air core holes for a total of 22,325 m.
⋗ The Coolgardie Project was sold to Kurrawang Resources Pty Ltd for \$150,000 cash.

$1.0$ EXPLORATION REPORT

$1.1$ Gold/Base Metal Projects

Diamantina Project, South West Oueensland (Glengarry 100%) $1.1.1$

Mirrica Bore EPM 13746

Infill, surface geochemical sampling completed during the quarter confirmed and upgraded 3 prospects (i.e. MB1, MB2 and MB5) in the Mirrica Bore tenement (Figures 2 and 3). Approximately 400 lag and soil samples were collected on spacings ranging from 200 by 500 m up to 500 by 500 m. All samples were assayed for gold, base metals and a suite of pathfinder elements. The soil samples were assayed for gold by fire assay and partial extraction techniques while the lag samples were only assayed for gold by fire assay.

Figure 2

At MB1, a 3 km long, N/S gold in lag anomaly (up to 13 ppb) has been defined coincident with an interpreted fault zone. The southern part of the anomaly is underlain by a discrete magnetic high. Drilling by BHP during base metal exploration in the mid 1990s intersected Proterozoic basement at 8 m depth 5 km to the south. Resampling by Glengarry of remnant chips around the BHP drill collar recorded up to 0.2 $g/t$ gold.

Infill sampling at MB2 (formerly Commodore Prospect) recorded numerous scattered anomalous gold assays (up to 11 ppb); however, the strongest and most coherent anomaly, which was defined over a strike length of 2 km, is coincident with a discrete, N/S trending linear magnetic low. Previous wide spaced drilling by BHP intersected

Glengarry Resources Limited - 30 September 2003 Quarterly Report

granite beneath the entire area and the magnetic low is interpreted as an alteration zone associated with mineralisation.

At MB5, anomalous gold in soils (up to 30 ppb) has been recorded over a 1 by 4 km, E/W trending zone. The strongest and most coherent part of the anomaly is coincident with a magnetic high where it is cut by a major WNW trending thrust fault.

A 3000 m aircore drill program designed to provide information on depth of cover and bedrock geology at the above prospects is scheduled to commence during the second week of October 2003.

Prior to Glengarry commencing exploration in 2003, there had been no prior gold exploration in the Diamantina area.

Figure 3 – Mirrica Bore prospect locations

Regional

A prospectivity review of tenements offered for grant during the quarter was completed. Several more applications have been withdrawn reducing the total area under tenure to approximately $11.500 \text{ km}^2$ .

1.1.2 Cannington Project, Western Queensland (Glengarry 100%)

Dolly Pot $\bullet$

A Native Title access agreement was successfully negotiated with the Yulluna people for the western part of the Cannington Project area (Figure 4). This area includes the priority Dolly Pot magnetic anomaly located approximately 8 km SW of the world class Cannington silver-lead-zinc mine operated by BHP Billiton. The Dolly Pot prospect is underlain by a discrete aeromagnetic anomaly adjacent to a major, regional structure similar to the Cannington deposit. A ground survey has confirmed a strong magnetic anomaly (Figure 5) and geophysical modeling indicates that the top of the magnetic source is approximately 20 m below the transported surface clay. Surface geochemical sampling over the Dolly Pot magnetic anomaly was largely ineffective due to the transported nature of the clavs: however, distinct peaks were recorded for some elements including copper and lead (Figure 6).

Figure 4

Prospecting approximately 2 km NE of Dolly Pot located an area of outcrop which recorded strongly anomalous lead (2340 ppm) and molybendum (2880 ppm) in a rock chip sample with gossanous (i.e. ex-sulphide) textures. These outcropping metamorphic lithologies are interpreted to be part of the Soldiers Cap Group which is the unit that hosts the Cannington deposit.

A ground magnetic survey was also completed over another discrete anomaly (i.e. Honey Pot) located 5 km south of Dolly Pot in a similar structural setting. Geophysical modeling indicates that the top of the magnetic source is approximately 80 m below the transported surface clays.

An aboriginal heritage survey will be completed in mid October to ensure no significant sites are disturbed by future exploration programs. Drill testing of the Dolly Pot anomaly and other nearby targets is planned for late October/early November 2003.

Figure 5 - 3D image of Dolly Pot magnetic anomaly.

Dolly Pot Lag Geochemistry

Figure 6 – Cu/Pb lag geochemistry over Dolly Pot magnetic anomaly.

Regional

A prospectivity review was completed for the entire project area. Areas in the east and southeast where transported cover exceeds 200 m and where there are no distinct magnetic anomalies were relinquished. The total tenement area has now been reduced to $633 \text{ km}^2$ .

1.1.3 Greenvale/Big Mag, North Queensland (Glengarry 100%)

No field work was completed at Greenvale during the quarter due to work on other projects.

Recent drilling results (eg 16.1 m @ 12% Cu, 11.55 m @ 16.1% Zn) reported by Kagara Zinc Limited from Balcooma have highlighted the base metal potential of the Greenvale Project which includes the southern strike extent of the Balcooma host sequence as well as a similar, parallel belt of volcano-sedimentary rocks known as the Lucky Creek Group (Figure 7). Recent pegging by Glengarry has increased the project size to over 2000 $km²$ including a large part of the Lucky Creek Group and numerous base metal prospects delineated by previous exploration.

Initial discussions have commenced with a large international base metal miner and refiner re a possible joint venture over the areas covered by the prospective volcanosedimentary sequences.

Figure 7 – Greenvale district showing Balcooma and Lucky Creek Groups.

$1.2$ Gold/PGE Projects

1.2.1 Tanami/Granites, Western Australia and Northern Territory

Larranganni Joint Venture, WA (Glengarry 7.5% free carried)

This area is the subject of a joint venture between Tanami Gold NL and operator Barrick Gold of Australia Ltd (Barrick).

During the quarter, 218 aircore holes were drilled for 22,325 m in the East and West Bramall areas and 468 vacuum holes were drilled in the Watts Rise South area. Assays have been received for 90% of the aircore holes with no ore grade intersections reported. Assays for the vacuum holes are pending.

No further field work is planned for 2003 due to the onset of the summer wet. A review of all data will be completed prior to planning the 2004 field program.

Tanami Downs Joint Venture, NT (Glengarry 100%, Barrick earning 70%)

The Central Land Council (CLC) have notified Barrick that the first Traditional Owner meeting to discuss the proposed exploration programs for tenements in the area will be held on the 20^th and 21^st November 2003. The CLC will advise Barrick on the outcome of this meeting after the next full council meeting to be held in March 2004.

Mt Junction Joint Venture, WA (Glengarry 100%)

Following a review of all data from this area, Barrick elected to withdraw from the joint venture and return the project to Glengarry. The work completed by Barrick and previous explorers has downgraded the exploration potential and the tenement has now been relinquished.

Inningarra Project, NT (Glengarry 100%)

Terms have been agreed with an outside party to farm in to this tenement and a formal legal agreement has been prepared.

Figure 8 – Glengarry Projects in Tanami Region.

New Applications, NT (Glengarry 100%)

Glengarry has applied for two new tenements in the Tanami area over ground previously held by Anglogold (Figure 8). The new applications are located SW of Callie and are in close proximity to the Tanami Downs and Inningarra Projects.

A review of previous exploration will be completed during the next quarter.

1.2.2 Westwood Project, Eastern Queensland (Glengarry 100%)

Attempts to farm this property out have been unsuccessful. A further review will be completed to determine whether Glengarry retains or relinquishes this project.

1.2.3 Coolgardie, Western Australia (Glengarry 100%)

Agreement has been reached to sell the Coolgardie Project to Kurrawang Resources Pty Ltd for \$150,000 cash. Kurrawang Resources will assume all of Glengarry's prior obligations and agreements over the project.

Settlement will be completed in early to mid October and the funds will be applied to exploration projects elsewhere in Australia.

$1.2.4$ Charters Towers Project, North Oueensland (Glengarry 100%)

A detailed data review was completed for this project following the expiry of an option agreement with Charters Towers Gold Mines earlier this year.

Several prospects warrant further drilling including:

Southern Cross where up to 1 m $(a)$ 23.4 g/t Au intersected by previous drilling remains open along strike and down dip.
Dogamatix South where previous reconnaissance RAB drilling intersected 6 m $\omega$ 1 $\bullet$ $g/t$ Au in the bottom of a vertical hole.
Waterbore North where a moderate strong soil anomaly $(>50$ ppb Au) has been $\bullet$ defined coincident with an interpreted granite contact.

A geological consultant with expertise in the Charters Towers area has been engaged to complete further mapping and geochemistry to assist with design of a $2000 - 2500$ m drilling program planned for late 2003/early 2004.

1.2.5 Yolande River, Tasmania (Glengarry 100%)

The Yolande River tenement (EL $21/2003$ ) was granted by the Tasmanian government during the quarter and initial field reconnaissance is planned for late 2003/early 2004. The new Exploration Licence (EL 21/2003) covers approximately 64 $\text{km}^2$ and is located 4 km NW of Oueenstown and less than 3 km from the giant Mt Lyell copper/gold ore body currently being mined by Copper Mines of Tasmania. There has been little previous exploration and the project is considered highly prospective for high grade gold mineralisation similar to the Henty mine operated by Placer Dome approximately 20 km to the north and for bulk tonnage, low grade copper/gold mineralisation similar to Mt Lyell.

A review of previous exploration indicates two areas of strong gold in stream anomalism that warrant immediate follow up. One of these areas known as Diamond Hill (up to 1090 ppb Au) is related to a 200 m long quartz vein which has recorded up to 18 $g/t$ Au in rock chip samples. There has been no drilling in to this target. The second area is known as Madam Howards (up tp 810 ppb Au) and is associated with historic barite workings that were drilled by the Tasmanian government in 1962. Reassaying of the diamond core did not return any anomalous gold values; however, the barite may indicate the distal parts of a mineralised system that has yet to be discovered.

Field reconniassance will include orientation sampling in the Diamond Hill and Madam Howards area as well as a traverse across the unexplored, stratigraphic position in the west of the tenement interpreted to be equivalent to the Henty ore horizon.

Tuchar

David Richards Managing Director 17 October 2003

This information, so far as it pertains to ore or mineralisation, is based on information compiled by a member of the Australian Institute of Mining and Metallurgy and/or the Australian Institute of Geoscientists, who has had at least five years experience in the field of activity concerned: David Richards - Managing Director Glengarry Resources Limited

$2.0$ PROJECT LAND STATUS SUMMARY

Following is a brief outline of land access for exploration on the various properties controlled by Glengarry:

Project	Land Status	Access Agreement (Native Title Parties)	Time Frame for
			Exploration
Queensland
Diamantina	Mirrica Bore, 905 $km^2$ – granted tenure;	Not required	Exploration in
$11,535$ km ²	leaschold, no native title claim		progress
	Simpson Desert, $1,357$ km ² – application;	Required - process initiated	6-12 months
	leasehold, some subject to native title claim;
	application to be processed under ASP ⁽³⁾
	Other applications $-9,273$ km ² ; leasehold	Not required $-$ grant of tenements will include terms of access and	6-12 months
	mostly subject to native title claim; applications to be processed under NTA ⁽²⁾	heritage protection
Cannington	Granted tenure; leasehold partly subject to	One access agreement completed	Exploration in
633 $km2$	native title claim; most ground can now be		progress
	accessed
Greenvale/	Granted tenure, 272 km ² ; freehold	Not required	Exploration in
Big Mag			progress
$2,198$ km ²	Granted tenure, 703 km ² ; leasehold partly	Required - negotiation initiated	1-3 months
	subject to native title claim
	Applications, 1,223 km ² ; leasehold partly	Not required $-$ grant of tenements	6-12 months
	subject to native title claim; applications to	will include terms of access and
	be processed under NTA ⁽²⁾	heritage protection
Westwood	Granted tenure, freehold	Not required	Exploration in
$47 \text{ km}^2$			progress
Charters	Granted tenure, 304 km ² ; various land classes	Not required	Exploration in
Towers	- tenements granted pre-Wik; no impediment		progress
$436 \text{ km}^2$	to exploration
	Application, $132 \text{ km}^2$ ; various land classes partly subject to native title claim;	Not required $-$ grant of tenement will include terms of access and	6-12 months
	application to be processed under NTA $(2)$	heritage protection
Mt Guide	Application; leasehold subject to native title	Not required $-$ grant of tenement	6-12 months
134 $km2$	claim; application to be processed under	will include terms of access and
	$NTA^{(2)}$	heritage protection
Snake Creek	Application; leasehold subject to native title	Required - process initiated,	6-12 months
$259 \text{ km}^2$	claim; application to be processed under ASP	negotiations not yet commenced
	(1)
Avon Downs	Application; leasehold subject to native title	Not required $-$ grant of tenement	6-12 months
$207 \text{ km}^2$	claim; application to be processed under	will include terms of access and
	$NTA^{(2)}$	heritage protection

Tasmania
Yolande River	Granted tenure; various land classes, no	Not required	Work commencing
$64 \text{ km}^2$	native title		December Quarter
Western Australia
Ashburton	Application; pastoral lease, native title	Not required provided Glengarry	3-6 months
131 $km^2$	determined.	accepts terms of ILUA $(3)$
Lewis Range	Application; aboriginal reserve, native title	Required – process yet to be	$12$ months $+$
$270 \text{ km}^2$	determined	determined and initiated
Northern Territory
Tanami Downs	Applications; aboriginal freehold land	Required - initial meeting with	$6-12$ months
JV / Inningarra		traditional owners scheduled for 20
$511 \text{ km}^2$		November 2003

(I) Alternative State Provisions (Queensland)
(2) Native Title Act (Commonwealth)

(3) Indigenous Land Use Agreement

Land status details for the Larranganni Joint Venture, in which Glengarry holds a minority 7.5% interest, have not been included

ABBREVIATIONS
АC	Air core
Ag	Silver
As	Arsenic
Au	Gold
Ba	Barium
BCL	Bulk Cyanide Leach
Cо	Cobalt
Cu	Copper
EL(A)	Exploration Licence (Application)
EM	Electromagnetic geophysical survey
EPM(A)	Exploration Permit for Minerals (Application)
g/t	Grams per tonne
km	Kilometre
lag	Coarse rock fragments remaining at the surface following wind deflation of the finer soil particles
m	Metres
Mn	Manganese
Mo	Molybdenum
Ni	Nickel
OZS	Ounces
Pb	Lead
Pd	Palladium
PGE	Platinum Group Elements
ppb	Parts per billion (1ppb = $0.001$ gram per tonne)
ppm	Parts per million (1ppm = 1 gram per tonne)
Pt	Platinum
RAB	Rotary air blast (drilling)
RC	Reverse circulation (drilling)
Sb	Antimony
Sп	Tin
Tа	Tantalum
VMS	Volcanogenic massive sulphides
Zn	Zinc

COMPANY INFORMATION COMPANY

DIRECTORS Allan T Harris FCA Chairman

Anthony (Tony) J Alston BSc(Geol), MAusIMM, MAIG Exploration Director

Michael J Glasson BSc(Hons), MSc, FAusIMM Director

PRINCIPAL OFFICE Ground Floor, 35 Havelock Street

West Perth WA 6005 (PO Box 975, West Perth WA 6872) Telephone: (08) 9322 4929 Facsimile: (08) 9322 5510

Email: [email protected]

MANAGING DIRECTOR

David R Richards BSc(Geol Hons), MAIG

STOCK EXCHANGE LISTING

Glengarry Resources Limited shares and options are listed on the Australian Stock Exchange (Code GGY - Shares) (Code GGYOA - Options)

QUEENSLAND OFFICE

68 Railway Avenue Railway Estate QLD 4810 (PO Box 908, Castletown QLD 4812) Telephone: (07) 4772 5880 Facsimile: (07) 4772 4999

Web Site: www.glengarrynl.com.au

AI assistant

CENTAURUS METALS LIMITED Interim / Quarterly Report 2003

64715_rns_2003-10-19_5db62411-8be8-4d27-98b4-307c556911ea.pdf

ANNOUNCEMENT

CONTENTS

FIGURES

SUMMARY AND HIGHLIGHTS

$1.0$ EXPLORATION REPORT

$1.1$ Gold/Base Metal Projects

Diamantina Project, South West Oueensland (Glengarry 100%) $1.1.1$

Mirrica Bore EPM 13746

Glengarry Resources Limited - 30 September 2003 Quarterly Report

Regional

1.1.2 Cannington Project, Western Queensland (Glengarry 100%)

Dolly Pot $\bullet$

Figure 4

Regional

1.1.3 Greenvale/Big Mag, North Queensland (Glengarry 100%)

$1.2$ Gold/PGE Projects

1.2.1 Tanami/Granites, Western Australia and Northern Territory

Larranganni Joint Venture, WA (Glengarry 7.5% free carried)

Tanami Downs Joint Venture, NT (Glengarry 100%, Barrick earning 70%)

Mt Junction Joint Venture, WA (Glengarry 100%)

Inningarra Project, NT (Glengarry 100%)

New Applications, NT (Glengarry 100%)

1.2.2 Westwood Project, Eastern Queensland (Glengarry 100%)

1.2.3 Coolgardie, Western Australia (Glengarry 100%)

$1.2.4$ Charters Towers Project, North Oueensland (Glengarry 100%)

1.2.5 Yolande River, Tasmania (Glengarry 100%)

$2.0$ PROJECT LAND STATUS SUMMARY

COMPANY INFORMATION COMPANY

MANAGING DIRECTOR

QUEENSLAND OFFICE

Glengarry Resources Limited - 30 September 2003 Quarterly Report

AI assistant

CENTAURUS METALS LIMITED — Interim / Quarterly Report 2003

64715_rns_2003-10-19_5db62411-8be8-4d27-98b4-307c556911ea.pdf

ANNOUNCEMENT

CONTENTS

FIGURES

SUMMARY AND HIGHLIGHTS

$1.0$ EXPLORATION REPORT

$1.1$ Gold/Base Metal Projects

Diamantina Project, South West Oueensland (Glengarry 100%) $1.1.1$

Mirrica Bore EPM 13746

Glengarry Resources Limited - 30 September 2003 Quarterly Report

Regional

1.1.2 Cannington Project, Western Queensland (Glengarry 100%)

Dolly Pot $\bullet$

Figure 4

Regional

1.1.3 Greenvale/Big Mag, North Queensland (Glengarry 100%)

$1.2$ Gold/PGE Projects

1.2.1 Tanami/Granites, Western Australia and Northern Territory

Larranganni Joint Venture, WA (Glengarry 7.5% free carried)

Tanami Downs Joint Venture, NT (Glengarry 100%, Barrick earning 70%)

Mt Junction Joint Venture, WA (Glengarry 100%)

Inningarra Project, NT (Glengarry 100%)

New Applications, NT (Glengarry 100%)

1.2.2 Westwood Project, Eastern Queensland (Glengarry 100%)

1.2.3 Coolgardie, Western Australia (Glengarry 100%)

$1.2.4$ Charters Towers Project, North Oueensland (Glengarry 100%)

1.2.5 Yolande River, Tasmania (Glengarry 100%)

$2.0$ PROJECT LAND STATUS SUMMARY

COMPANY INFORMATION COMPANY

MANAGING DIRECTOR

QUEENSLAND OFFICE

Glengarry Resources Limited - 30 September 2003 Quarterly Report

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CENTAURUS METALS LIMITED Interim / Quarterly Report 2003