CENTAURUS METALS LIMITED — Interim / Quarterly Report 2003

Jul 21, 2003

22 July 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 June 2003.

Yours faithfully

Charis

ALLAN T HARRIS Director

CONTENTS

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

FIGURES

1.0	Project Locations
2.0	Mt Isa Region Project Locations
3.0	Diamantina – Mirrica Bore Geochemical Anomalies
4.0	Cannington - Structures and Target Areas
5.0	Greenvale/Big Mag - Structures and Target Areas
6.0	Yolande River - Geology and Target Area

HIGHLIGHTS

• $\blacktriangleright$ Geochemical sampling was completed over the Mirrica Bore tenement within the Diamantina Project – several significant $(>10 \times \text{background})$ gold anomalies warranting follow up sampling have been delineated coincident with discreet aeromagnetic features. At the Commodore prospect, anomalous gold was recorded over 1.5 km strike.
• $\blacktriangleright$ At Cannington, further research on the shallowly covered Dolly Pot prospect shows that it is coincident with a discreet magnetic high similar to the magnetic feature associated with the Cannington silver/lead/zinc mine 8 km to the north east. The anomaly is surrounded by a demagnetised halo which is interpreted to represent alteration associated with mineralisation.
• Assays from rock chip samples collected from the Tea Tree Prospect at Greenvale recorded $\blacktriangleright$ up to 21.4 $g/t$ gold coincident with an extensive area of alteration and quartz veining.
• $\blacktriangleright$ Barrick commenced an aggressive field program in the Larranganni Joint Venture area drilling 464 air core holes for a total of 44,144 m. Assays have been received for 287 holes with 108 recording gold anomalism above 10 ppb.
• $\blacktriangleright$ In western Tasmania, Glengarry successfully tendered for a previously unexplored area (Yolande River) near Queenstown considered highly prospective for world class gold and copper mineralisation.

$1.0$ EXPLORATION REPORT

$1.1$ Base Metal/Gold Projects

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

Mirrica Bore EPM 13746

Wide spaced, surface geochemical sampling was completed over the Mirrica Bore tenement which is located about 350 km SSW of Mt Isa (Figure 2). Soil (-80#) and lag $(+1$ mm) samples were collected from 507 sites over an area of approximately 520 km². All samples were assayed for gold, base metals and a suite of pathfinder elements. The soils 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

Assay values are strongly suppressed by transported overburden; however, several significant gold anomalies $(> 10 \times$ background) have been defined coincident with discreet magnetic features (see Figure 3). The highest ranked prospect occurs in the easily accessible eastern part of the tenement and has been named Commodore. Anomalous gold (up to 11 ppb) has been recorded over 1.5 km strike coincident with a discreet, linear magnetic low interpreted to represent alteration adjacent to a structure within granite. Samples were collected 200 m apart on lines 500 to 1000 m apart over a total strike length of 2 km and approximately 80% of the magnetic low has yet to be sampled. Previous wide spaced BHP drilling near to the anomalous soils intersected altered basement at 40 m.

Glengarry Resources Limited - 30 June 2003 Quarterly Report

Further geochemical sampling is planned to infill the anomalies delineated last quarter and to define their extents

Regional

A prospectivity review, largely based on depth of transported cover, of all tenements comprising the Diamantina project was completed. Several applications have been withdrawn reducing the total area under tenure to approximately $14,000 \text{ km}^2$ .

Figure 3

Cannington Project, Western Queensland (Glengarry 100%) $1.1.2$

Further research on the shallowly covered Dolly Pot prospect (Figure 4) shows that it is coincident with a discreet magnetic high similar to the magnetic feature associated with the giant Cannington silver/lead/zinc mine operated by BHP Billiton 8 km to the north east. Significantly, the Dolly Pot anomaly is surrounded by a demagnetised halo 1 km in diameter which is interpreted to represent alteration associated with mineralisation.

There has been no previous base metal or gold exploration over the Dolly Pot prospect and follow up sampling and drilling is planned to commence as soon as access negotiations are completed with Native Title claimants.

Glengarry Resources Limited - 30 June 2003 Quarterly Report

Figure 4

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

Tea Tree Prospect (Figure 5) $\bullet$

Field investigations completed last quarter over this area revealed widespread alteration and quartz veining in the creeks over $8 \text{ km}^2$ ; including an area of gossanous sub cropping quartz veins measuring about 800 metres by 200 metres. Assays received this quarter recorded up to 21.4 $g/t$ gold and 9.8 $g/t$ silver in rock chip samples. This area is about 1 km north of the Tag prospect and may explain the source of visible gold panned in a Follow up soil sampling and geological mapping is planned for the coming creek. quarter.

Figure 5

$1.2$ Gold/PGE Projects

Tanami/Granites, Western Australia and Northern Territory $1.2.1$

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

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

During the quarter, two air core drill rigs operated in the East Bramall area following up encouraging gold and arsenic anomalism recorded in 2002. A total of 464 holes were drilled for 44,144 m. Assay results have been received for 287 holes with 108 returning gold anomalism above 10 ppb. The best intersection of 20 m $(a)$ 151.4 ppb gold from 86 m down hole was recorded in BLAC1332 drilled at the Bikini prospect.

The current drill program should be completed in mid July 2003. Further work will be planned once all assay results have been received and processed.

Barrick met its sole funding obligation on the joint venture during June 2003 and has therefore earned 51% equity in the project.

Tanami Downs Joint Venture, NT (Glengarry 100%, Barrick earning 70%) ٠

Barrick has submitted the proposed exploration program to the Central Land Council and awaits a response from the Traditional Owners. Tanami Downs is located approximately 25 km west of the plus 5 million ounce Callie gold deposit operated by Newmont Australia Ltd.

Mt Junction Joint Venture, WA (Glengarry 100%, Barrick earning 70%)

During the quarter. Barrick received an Aboriginal Heritage report for the area. Unfortunately, one of the two interesting stream sediment anomalies generated in 2002 appears to be draining a heritage exclusion area and Barrick are currently re-evaluating their proposed work program.

Inningarra Project, NT (Glengarry 100%)

General terms have been agreed with an outside party to farm in to this tenement and a formal legal agreement is currently being prepared.

1.2.2 Westwood Project, Eastern Queensland (Glengarry 100%)

Following a detailed review, it has been decided to seek a joint venture partner for this project. An Information Memorandum has been prepared and forwarded to several companies known to be active PGE explorers.

1.2.3 Coolgardie, Western Australia (Glengarry 100%)

Following a detailed review, it has been decided to divest this project to allow Glengarry to concentrate on its key properties in Queensland. Discussions have commenced with several interested parties.

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

Despite encouraging results, Charters Towers Gold Mines Ltd (CTGM) formally advised Glengarry during the quarter that they did not wish to exercise their option agreement. All electronic data and reports have been returned to Glengarry and an initial technical review completed.

Further drilling is warranted at Southern Cross where high grade, Charters Towers style intersections (up to 1 m $\omega$ ) 24.3 g/t Au) remain open and at Dogmatix where plus 1 g/t gold values have been recorded from vertical, reconnaissance RAB drilling. Numerous lag and soil anomalies also warrant follow up work and large parts of the project area appear to require first pass sampling.

Further analysis will be completed during the coming quarter to determine whether Glengarry manages this project and retains 100% equity or seeks a JV partner.

Yolande River, Tasmania (Glengarry 100%) $1.2.5$

During the quarter, Glengarry successfully tendered for the Yolande River ERA in western Tasmania. The new Exploration Licence (EL 21/2003) covers approximately 64 km² and is located 4 km NW of Queenstown and less than 3 km from the giant Mt Lyell copper/gold ore body currently being mined by Copper Mines of Tasmania.

The Yolande River area is underlain by lithologies belonging to the Mt Read Volcanics which host several world class base metal/gold deposits. The tenement covers the intersection of the NNE trending South Henty Fault and the east-west trending Firewood Siding Fault (Figure 6).

Recent government mapping and aeromagnetics have identified a 6 km long contact zone which is identical to the stratigraphic horizon that hosts the high grade, Placer Dome operated, Henty gold mine $(\sim 1 \text{ M oz})$ located about 17 km to the north adjacent to the South Henty Fault. The Mt Lyell deposit is coincident with the eastern extension of the Firewood Siding Fault and occurs immediately below the contact position.

The contact zone occurs in the western part of the tenement and research indicates that there has been no modern gold exploration over the prospective stratigraphy; however, four strong "gold in stream" anomalies have been defined immediately to the east within Glengarry's tenement. One of these anomalies is coincident with a group of historic workings known as Diamond Hill. Rock chip sampling has recorded up to 18 g/t gold from a 200 m long quartz vein which has not yet been drill tested.

Due to the combination of prospective geology, no previous modern exploration and high regional metal endowment, the Yolande River tenement has potential for the discovery of a world class gold ore body. Reconnaissance sampling is planned for the December quarter.

Figure 6

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	Time Frame for Exploration
Queensland
Mt Isa/Mirrica Bore 905 $km2$	Leasehold ground not affected by native title; tenement granted March 2003, no impediment to exploration	Not required	Commenced
Mt Isa/Diamantina 13,060 $km^2$	Leasehold ground mostly subject to native title claims; applications will be processed in accordance with NTA (1)	Grant of tenements will include terms of access and heritage protection	6-12 months
Mt Isa/Cannington 1,139 $km^2$	Leasehold ground partly subject to native title claim; three tenements granted, fourth tenement currently on offer	Negotiations in progress (only for ground subject to native title claim)	In progress
Greenvale/Big Mag $273$ km 2	Freehold land - granted tenements, no impediment to exploration	Not required	In progress
Greenvale/Burges 1,925 $km^2$	Leasehold ground adjacent to Big Mag; grant of two tenements expected soon; will require agreement before access;	Draft agreement received; currently under review	1-3 months
Westwood $47 \text{ km}^2$	Freehold land - granted tenement, no impediment to exploration	Not required	In progress
Charters Towers $493 \text{ km}^2$	Various land classes: four tenements granted pre-Wik; no impediment to exploration; fifth tenement on offer	Not required; grant of fifth tenement will include terms of access and heritage protection	In progress
Mt Isa/Sybella $320 \text{ km}^2$	Pastoral leasehold; tenement application to be processed in accordance with NTA (1)	Not required; grant of tenement will include terms of access and heritage protection	6-12 months
Mt Isa/Snake Creek $259$ km 2	Pastoral leasehold; tenement application to be processed in accordance with NTA (1)	Not required; grant of tenement will include terms of access and heritage protection	6-12 months
Avon Downs $207 \text{ km}^2$	Pastoral leasehold; tenement application to be processed in accordance with NTA (1)	Not required; grant of tenement will include terms of access and heritage protection	6-12 months
Tasmania

Yolande River $-64$ km 2	Various land classes not subject to native title; grant of tenement imminent; no impediment to exploration	Not required	Immediate

Western Australia

Coolgardie $10 \text{ km}^2$	Leasehold and Crown land; tenements granted pre WIK decision; Agreement needed to convert some areas to mining leases	Not required at present	In progress
Ashburton 131 $km^2$	Pastoral lease, native title determined. Tenement will be granted under terms of ILUA $^{(2)}$ ; processing of application not yet commenced	Heritage clearance to be arranged after grant	3-6 months

(1) Native Title Act (Commonwealth)

(2) Indigenous Land Use Agreement

$3.0$ EXPLORATION EXPENDITURE

Exploration expenditure for the quarter was \$196,312.

Claris.

ALLANT HARRIS Director 22 July 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 - Exploration Manager Glengarry Resources Limited

ABBREVIATIONS
AC	Air core
Αg	Silver
As	Arsenic
Au	Gold
Ba	Barium
BCL	Bulk Cyanide Leach
Co	Cobalt
Cu	Copper
EL(A)	Exploration Licence (Application)
EM	Electromagnetic geophysical survey
EPM(A)	Exploration Permit for Minerals (Application)
F	Fluorine
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
Sn	Tin
Ta	Tantalum
U	Uranium
VMS	Volcanogenic massive sulphides
Zn	Zinc

COMPANY INFORMATION COMPANY

DIRECTORS

Allan T Harris FCA Chairman

Anthony (Tony) J Alston BSc(Geol), MAusIMM, MAIG Executive 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: info@glengarrynl.com.au

EXPLORATION MANAGER

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)

OUEENSLAND 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

Glengarry Resources Limited - 30 June 2003 Quarterly Report