CENTAURUS METALS LIMITED — Interim / Quarterly Report 2003

Apr 28, 2003

29 April 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 31 March 2003.

Yours faithfully

Charit

ALLAN T HARRIS Director

CONTENTS

	CORPORATE OVERVIEW
	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 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
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 - Structures and Target Areas
4.0	Cannington - Structures and Target Areas
5.0	Greenvale/Big Mag - Structures and Target Areas

LIST OF TABLES

Table 1 Westwood – Anomalous Drill Intersections
Table 2 Coolgardie – Anomalous Drill Intersections
Table 3 Charters Towers – Anomalous Drill Intersections

CORPORATE OVERVIEW

Glengarry now has access to key exploration projects in the Queensland Mt Isa Block, including Cannington and Diamantina. Exploration projects in the Mt Isa Block will become the principal focus of Glengarry during the 2003 field season.

Previous exploration at Cannington has delineated several encouraging RC drill targets at depth. Glengarry will review its position at Cannington to determine whether it will sole risk further exploration or pursue the interest shown by third parties.

Recently acquired access to several Diamantina tenements will allow the company to immediately commence ground work reconnaissance and the generation of drill targets later this field season.

Further exploration is planned for Greenvale during the current field season to follow up encouraging results from previous exploration programs.

Glengarry's interest in the Tanami continues to rate highly with Barrick gearing up exploration programs on tenements held under joint venture with Tanami Gold NL and other tenements held 100% by Glengarry.

Charters Towers Gold Mines Ltd has decided not to exercise its option. Glengarry will reassess the results of work completed on the Charters Towers Project and decide if the Project warrants further exploration or whether the company should initiate dealings with outside parties.

The company is considering interest shown by third parties in the Coolgardie Project and is prepared to deal on the Project subject to favourable commercial terms.

Glengarry will continue to sell down its investments and anticipates sufficient funding through to 31 December 2003. Current cash and realisable investments total approximately \$2 million. Current market conditions are not favourable and in these circumstances the company will defer any move to raise additional capital in the short term.

HIGHLIGHTS

• ⋟ The Mirrica Bore tenement was granted to Glengarry during the quarter – this EPM covers approximately 900 sq km and forms part of the Diamantina project located 350 km south of Mt Isa. Mirrica Bore lies near the contact of the Arunta and Mt Isa blocks – the latter being host to a number of world class polymetallic ore deposits. Field work by Glengarry is expected to begin in May 2003 and will concentrate on areas where shallow basement and geochemical anomalism has already been established from reconnaissance traverses.
• $\blacktriangleright$ Drilling at Coolgardie returned a number of encouraging intercepts including 8m $(a)$ 0.6 g/t Au at the bottom of a shallow RAB hole at the new Hinge Zone prospect and $2m (\hat{\omega}) 5.2 g/t$ Au and 3m $\omega$ 7.6 g/t Au in a hole designed to test the Gunga deeps from 80-100 metres vertical. Further work is required and project options are currently being assessed.
• Drilling was carried out at the Charters Towers project by Charters Towers Gold Mines $\blacktriangleright$ Ltd (CTGM) under the terms of an option agreement that expires on $26^th$ April 2003. Anomalous drill intercepts were returned from the Southern Cross/Try Again lodes including 3m @ 8.7 g/t Au and 1m @ 13.1 g/t Au – no drilling had previously been carried on this line of lodes that extends for over 2 km.

Two holes were drilled at Great Britain, one of which intersected 65m @ 0.55 g/t Au, including 2m $\omega$ 9.45 g/t Au - this intersection extends the eastern portion of the mineralisation, where there is potential to increase the size of the current resource (120,000 ounces Au).

CTGM has decided not to exercise the option. Glengarry considers the project has the potential for an economic discovery and will complete a detailed data review during the next quarter.

$1.0$ EXPLORATION REPORT

$1.1$ Base Metal/Gold Projects

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

$\bullet$ Mirrica Bore EPM 13746

This tenement covering 270 sub-blocks (930 sq km) has recently been granted to Glengarry with no impediments to exploration access. Mirrica Bore is located about 350 km SSW of Mt Isa and is very prospective for both gold and base metal mineralisation because of its proximity to the Proterozoic Mt Isa block which hosts a number of world class polymetallic deposits (see Figures 2 and 3).

Research by Glengarry indicates little prior mineral exploration in this region on the edge of the Simpson Desert, because of the perception of deep cover over the Proterozoic basement. However, reconnaissance field investigations by Glengarry has indicated large areas of shallow basement (less than 100 metres), including some outcrop, where no modern geochemical exploration has previously undertaken.

A systematic geochemical survey is planned for May/June 2003 where geochemical anomalies, shallow basement and structural/magnetic targets have already been identified from previous work (see Figure 3).

Figure 3 - Diamantina - Structures and Target Areas

1.1.2 Cannington Project, Western Queensland (Glengarry 100%)

Further research on previous exploration has been carried out together with reinterpretation of high resolution aeromagnetic data (see Figure 4). This work has confirmed the prospectivity of 2 areas where first pass drilling was carried out last year and has outlined several new target areas.

One of the new target areas ("Dolly Pot") is located 6 km SW of BHP-Billiton's Cannington Mine. This area is positioned on an interpreted NE structure that passes through Cannington and a broad de-magnetised zone on a NNW thrust fault contact. Drilling carried out by Marathon, looking for uranium, has delineated a shallow basement ridge with depths of 20 – 40 metres to Proterozoic material.

The Marathon drilling was analysed for uranium only but drilling by Aberfoyle 3 -5 km to the west intersected some sulphides with up to 4m $\omega$ 0.71% Cu and 0.35 $\omega$ /t Au and 6m $\omega$ 0.18% Zn. No surface geochemical sampling nor drilling for base metals have been carried out over the Dolly Pot area and Glengarry intends to carry out work of this nature as soon as access agreements are obtained.

Further deeper drilling is planned on the G6 and M8 areas where some moderate to strong sillimanite – garnet alteration (interpreted to be similar to the halo alteration around Cannington) was intersected in 2002. These anomalies are located about 15 km SSE of Cannington Mine and a drilling program is planned for June/July 2003, funds permitting.

Figure 4

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

Regional

Regional compilation of open file geochemical data has been carried out and integrated with recent government low level aeromagnetic data. A number of target areas have been defined where little or no systematic exploration has previously been carried out (see Figure 5). In particular, gold targets associated with late stage intrusions located on a WNW structural corridor have been highlighted. These are interpreted to be in a similar setting to that of the 3 million ounce Kidston gold deposit located to the west of Glengarry's ground on the WNW corridor. Generally these targets are in areas of shallow cover that should be amenable to modern geochemical methods. Reconnaissance follow up is planned for June/July 2003.

Tea Tree Prospect0

This prospect was identified from recent research and is located in granted EPMs 12339 and 12512, immediately north of the Tag prospect and 4 km SSW of Glengarry's Steam Engine deposit (20,000 ounces Au). Sparse stream sediment sampling by previous explorers returned some values of $100 - 200$ ppb Au – no systematic follow up was carried out because of lack of outcrop. However, recent field investigations have revealed widespread alteration and quartz veining in the creeks over 8 sq km; including an area of gossanous sub cropping quartz veins measuring about 800 metres by 200 metres. This area is about 1 km north of the Tag prospect where the source of visible Au panned in a creek has not yet been found. Results are eagerly awaited for the recent sampling.

Figure 5

$1.2$ Gold/PGE Projects

$1.2.1$ Tanami/Granites, Western Australia (Glengarry 7.5% free carried interest)

Larranganni Joint Venture (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).

Barrick are planning an extensive RAB and air core drilling program at Larranganni this field season commencing May 2003. This will comprise both regional 500 m spaced drilling as well as infill testing of prospects such as Bikini and Bramall East where bedrock anomalism has already been established with values up to 3.0 $g/t$ Au.

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

Discussions with the Central Land Council are progressing on the Tanami Downs project in the Northern Territory and it is expected that this tenement will be granted during the 2003 field season. Barrick are planning an exploration program that will include surface sampling, aeromagnetic interpretation and first pass RAB drilling. Tanami Downs is located approximately 25 km west of the $\pm$ 5 million ounce Callie Au deposit operated by Newmont Australia Ltd.

1.2.2 Westwood Project, Eastern Oueensland (Glengarry 100%)

The Westwood EPM is located 20 km west of the Mt Morgan Mine - the largest historical open cut Cu/Au mine in Queensland.

An RC percussion drill program was carried out during the quarter to test a number of airborne electromagnetic (EM) anomalies within the basal portion of the Bucknulla layered intrusive complex. Most of these anomalies also have co-incident elevated soil geochemical values in Cu and PGEs (combined $Pt + Pd + Au$ ). A total of 6 holes were drilled for 816 metres at 5 sites (one hole had to be re-drilled).

Whilst 2 of the 5 targets intersected significant sulphides that would explain the EM anomalies (ie stockwork zones of pyrite – pyrrhotite – chalcopyrite), there does not appear to be a concomitant increase in PGEs with increasing sulphide content. Better intersections are given in Table 1.

A review of the Westwood Project will be undertaken during the next quarter with a view to a possible joint venture to test a number of EM anomalies which have not been drilled. Ground EM would be required before further drilling is carried out

TABLE 1

LIST OF SIGNIFICANT DRILL INTERSECTIONS

Hole	Depth	AMG Co-Ords		Αz	Incln		Results (ppm)
No.	(metres)	N	E	(AMG)		From	Tо	Interval/Grade
03WWRC19	118	7384626	209127		$90^{\circ}$	10	20	10m @ 1995 Cu and
								$0.114$ PGE
						95	105	10m @ 2010 Cu and
								0.133 PGE
03WWRC20	224	7384486	208947	$220^\circ$	$60^{\circ}$	104	112	8m @ 0.090 Pd and
								$0.043$ Pt
03WWRC21	148	7384800	206933	$265^\circ$	$60^{\circ}$	77	79	2m @ 1780 Cu and
								0.083 PGE
03WWRC23	121	7385118	207400		$90^\circ$	10	20	10m @ 0.101 PGE
						79	83	4m @ 1284 Cu
						85	89	4m @ 2227 Cu

WESTWOOD (QLD)

NB. PGE results referred to combined $Pt+Pd+Au$ values

1.2.3 Coolgardie, Western Australia (Glengarry 100%)

Further drilling was carried out on Gunga Mining Leases, located 7 km NE of Coolgardie.

This drilling was designed to follow up anomalous drill intersections returned in late 2002, at Silverstar North and Gunga NW ("Hinge Zone") as well as testing some deeper targets at the Gunga deposit (70,000 ounces Au). A total of 24 holes were drilled for 708m RC percussion and 522m RAB. The better intersections are listed below whilst all the anomalous intersections are outlined in Table 2.

• $\geq$ HINGE ZONE - 03GRAB01; 10m @ 0.24 $g/t$ Au from 20m (EOH 30m) and
• 03GRAB05; 8m $\omega$ 0.58 g/t Au from 16m (EOH 30m)
• SILVERSTAR NORTH 03GRC02; 2m @ 2.12 g/t Au from 64m $\geq$
• $\geq$ GUNGA – 03GRC04; 2m @ 5.2 g/t Au from 85m and 3m @ 7.6 g/t Au from 107m

Whilst the results of the drilling are encouraging, particularly at the Hinge Zone and Gunga deeps; no follow up drilling is planned for the next quarter pending a review of the project. A scoping study of open pit mining at Gunga and toll treatment at a Coolgardie mill indicates that the operation would be marginal. However there does appear to be some potential for underground mining, as there are deeper intersections of up to 2m $\omega$ 70 g/t Au but further drilling would be required to define an underground resource.

TABLE 2

LIST OF SIGNIFICANT DRILL INTERSECTIONS

Hole	Depth	AMG Co-Ords		Αz	Incln	Results $(g/t \text{ Au})$
No.	(metres)	N	E	(AMG)		From	Tо	Interval/Grade
03GRC01	120	6579471	329912	$244^\circ$	$60^\circ$	64	66	2m (a) 2.12 g/t Au
(Silverstar North)
03GRC04	150	6578725	329336	$235^\circ$	$60^{\circ}$	85	87	2m @ 5.2 g/t Au
(Gunga)						107	110	3m @ 7.6 g/t Au
						131	132	$1m$ $@$ 4.5 g/t Au
03GRC08	148	6578810	329199	$235^\circ$	$70^{\circ}$	109.	112	3m @ 2.26 g/t Au
(Gunga)
03GRAB01	30	6579400	328940	$270^\circ$	$60^\circ$	20	30	10m @ 0.24 g/t Au
(Hinge Zone)								(EOH)
03GRAB02 (Hinge Zone)	30	6579400	328960	$270^\circ$	$60^\circ$	20	30.	10m @ 0.21 g/t Au (EOH)
03GRAB05	30	6579400	329020	$270^\circ$	$60^{\circ}$	16	24	@ 0.58 g/t Au 8m
(Hinge Zone)								(EOH)
03GRAB06	30	6579400	329040	$270^\circ$	$60^\circ$	24	30	6m @ $0.42$ g/t Au
(Hinge Zone)								(EOH)

COOLGARDIE (WA)

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

This project was subject to an option agreement with Charters Towers Gold Mines Ltd (CTGM) who have decided not to exercise the option. During the quarter CTGM drilled a total of 18 holes for 2111 metres RC percussion on Glengarry EPMs 11008 (Southern Cross/Try Again) and 10818 (Great Britain). A summary of the better intersections is outlined below whilst all the anomalous intersections are shown in Table 3.

SOUTHERN CROSS/TRY AGAIN

• CT668; 1m @ 5.3 g/t Au from 46m $\blacktriangleright$
• 字 CT672; 3m (a) 8.7 g/t Au from 86m (includes 1m (a) 24.3 g/t Au)
• $\geq$ CT673; 1m @ 13.1 g/t Au from 137m

GREAT BRITAIN

CT678; 3m $\langle \hat{\mathbf{a}} \rangle$ 1.6 g/t Au from 164m and 2m $\langle \hat{\mathbf{a}} \rangle$ 9.45 g/t Au from 196m ⋟

The results of the drilling at Southern Cross/Try Again are encouraging for narrow high grade mineralisation, as only 5 drill traverses were carried out over a 2 km strike length of shallow historical workings and Au bearing quartz veins. The intersections in CT672 and CT673 are open along strike and down dip.

The results of the drilling at Great Britain indicate there is potential to increase the current resource (120,000 ounces Au) down plunge and down dip to the east and north east respectively.

The Project options for the future will be assessed during the next quarter.

TABLE 3

LIST OF SIGNIFICANT DRILL INTERSECTIONS

Hole	Depth	AMG Co-Ords		Az.	Incln			Results $(g/t \text{ Au})$
No.	(metres)	N	E	(AMG)		From	To	Interval/Grade
CT665	133	7771743	411544	$180^\circ$	$60^{\circ}$	66	67	1m (a) 2.0 g/t Au
(Try Again West)						71	72	$Im(\hat{\omega})$ 3.9 g/t Au
CT668 (Try Again)	120	7771655	412316	$210^\circ$	$60^{\circ}$	46	47	$1m$ (a) 5.3 g/t Au
CT672 (Southern Cross)	139	7771648	410807	$180^\circ$	$60^{\circ}$ incl.	86 86 95	89 87 96	3m @ 8.63 g/t Au Im (a) 24.3 g/t Au $Im(\hat{\omega})$ 1.6 g/t Au
CT673 (Southern Cross)	205	7771711	410810	$180^\circ$	$60^{\circ}$	137	138	1m @ 13.1 g/t Au
CT678 (Great Britain)	211	7781409	419808	$225^\circ$	$70^{\circ}$	164 196	167 198	3m @ 1.6 g/t Au 2m @ 9.45 g/t Au

CHARTERS TOWERS (OLD)

$2.0$ 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	Time Frame for Exploration
Queensland
Lake Suttor	Pastoral leasehold; tenement granted pre WIK decision; able to carry out exploration; ILUA* needed for mining leases	N/A	N/A
Greenvale/Halls Reward	As above	N/A	N/A
Greenvale/Big Mag	Freehold land - no impediment to exploration; granted tenement	N/A	N/A
Greenvale/Burges	Leasehold ground adjacent to Big Mag; will require agreement before grant and access; processing of post-WIK tenement applications recently commenced	Subject to negotiation	3-6 months
Westwood	Freehold land - no impediment to exploration; granted tenements	N/A	N/A
Mt Isa/Sybella	Leasehold ground subject to native title claim; will require agreement before grant and access	Negotiations commenced	$3-6$ months
Mt Isa/Diamantina	Leasehold ground mostly subject to native title claims; processing of post-WIK tenement applications recently commenced; First permit granted April 2003; others expected soon	Subject to negotiation (where Native Title claims exist)	Commencing June quarter 2003
Mt Isa/Cannington	Leasehold ground partly subject to native title claim. Two low-impact tenements granted, third grant expected soon	Subject to negotiation (where Native Title claim exists)	Commenced
Mt Isa/Snake Creek	Leasehold ground subject to native title claim; high impact application will require agreement before grant and access	Subject to negotiation	6-12 months
Western Australia
Coolgardie	Leasehold and Crown land; tenements granted pre WIK decision; able to carry out exploration; ILUA* needed to convert some areas to mining leases	Not required at present	N/A
Yalgoo	Pastoral lease subject to native title claim;	Subject to negotiation	6 months?

* Indigenous Land Use Agreement

ILUA.

Ashburton

Heritage clearance to be

arranged after grant

6 months?

grant of tenement(s) subject to native title

Pastoral lease, native title determined.

Tenement will be granted under terms of

procedures - not yet commenced

$3.0$ EXPLORATION EXPENDITURE

Exploration expenditure for the quarter was \$221,000.

Claris.

ALLANT HARRIS Director 29 April 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: Tony Alston - Executive Director 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
N i	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 Tantalum
Ta
$\mathbf U$	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)

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 - 31 March 2003 Quarterly Report