CENTAURUS METALS LIMITED — Interim / Quarterly Report 2002

Jan 29, 2003

30 January 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 and Appendix 5B for the quarter ended 31 December 2002.

Yours faithfully

Charit

ALLAN T HARRIS Director

CONTENTS

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

FIGURES

1.0	Project Locations
2.0	Diamantina - Kamaran Downs Survey Area
3.0	Cannington - Drill Hole Locations
4.0	Cloneurry/Snake Creek Application
5.0	Greenvale/Big Mag - Simplified Geology
6.0	Greenvale/Big Mag - Drill Hole Locations
7.0	Greenvale/Big Mag - Anomalous Drill Holes - Tag West
8.0	Westwood - Structures & Geochem
9.0	Coolgardie - Anomalous Drill Holes

LIST OF TABLES

				Table 1 Coolgardie - Anomalous Gold Intersections
--	--	--	--	---------------------------------------------------

HIGHLIGHTS

• Drilling at Glengarry's 100% owned Coolgardie/Gunga property in Western Australia has returned encouraging results with up to 3m $\omega$ 11.5 g/t Au and 5m $\omega$ 2.0 g/t Au returned from the Gunga North and Jackpot West prospects respectively. Neither of these prospects has previously been drill tested and further drilling will be carried out in February-March 2003 to ascertain potential for open cut mining. Deep RC drilling is also planned at the Gunga deposit to test for a possible high grade shoot beneath the current resource of 70,000 ounces of gold.
• Glengarry has recently acquired the Steam Engine Mineral Development Licence located near Greenvale in north Queensland. A resource of 20,000 ounces Au has been estimated at Steam Engine which lies close to Glengarry's Burges property where there are a number of gold workings that have only been partially drill tested.

Glengarry's total gold resource inventory is now 210,000 ounces.

• Glengarry has recently applied for the Snake Creek EPM 13928 in the highly mineralised Cloncurry belt of north west Queensland. This property is located 60 km south south west of the +100 million tonne Ernest Henry Cu-Au deposit, operated by MIM. Snake Creek is considered to be prospective for both iron oxide related Cu-Au mineralisation and high grade gold mineralisation. Previous sampling has returned up to 20 $g/t$ Au from creek float.
• Reconnaissance RC percussion drilling was carried out at Glengarry's Cannington/El Rita property which is located about 20 km south of BHP-Billiton's Pb-Ag-Zn mine. The drill program was designed to test a number of geophysical, geochemical and structural targets over an area of 7 by 3 kms - 8 holes were drilled for a total of 1290 metres. All holes intersected basement at depths of 126 to 142 metres. Target depths of 180-220 metres could not be reached due to drill rig constraint, but three of the holes revealed increasing alteration and geochemical anomalism in Cu, Zn, Mo and Au at the bottom of the holes - further drill testing is planned with a larger rig in April-May 2003. Alteration intersected consisted of sillimanite, garnet, chlorite and sulphides indicative of Cannington style mineralisation and potassium, hematite and sulphides indicative of Ernest Henry/Olympic Dam style mineralisation.
• Drilling is planned at the Westwood property in central Queensland in February 2003 to test a number of electromagnetic geophysical targets at depths of 100-200 metres. These may represent semi massive and massive sulphide accumulations at depth and are close to anomalous Cu, Pd and Au associated with disseminated sulphides at surface or at shallow depths from previous drilling.
• The appointment of experienced geologist Mr David Richards as Exploration Manager. David was previously employed by AurionGold Limited where he held the senior positions of Regional Exploration Manager, Australia and Chief Geologist New Projects, Australia.

$1.0$ EXPLORATION REPORT

$1.1$ Base Metal/Gold Projects

1.1.1 Diamantina Project, South West Queensland (Glengarry 100%)

Kamaran Downs

A low level aeromagnetic/radiometric survey was carried out in the Kamaran Downs area located about 400 km south of Mt Isa (see Figure 2). The survey was flown over an area of 80 by 60 kms. The purpose of the survey was to better define magnetic intrusives, close to the Diamantina Hinge Zone, as only very broad magnetics had previously been flown in this area. The results of the survey are still being assessed, however a major conjugate fault system has been recognised (east north east and west north west) with preliminary interpretation suggesting associated magnetic intrusives at depths of 200-400 metres that are prospective for Olympic Dam style mineralisation.

Watchie Hut EPM 13749

Anomalous baryte (Ba) and tin (Sn) values were returned from lag and rock chip sampling at the Morton prospect located 11 km south west of the Watchie Hut lead-silver historic workings and 350 kms south of Mt Isa (see Figure 2).

Maximum values from the reconnaissance sampling were: 55% Ba, 53 ppm Sn, 180 ppm Pb, 13 ppm Sb and 9 ppb Au

The results are significant in that two possible styles of mineralisation may be indicated i.e. massive high grade barytes and basement related base metal mineralisation where anomalous Sn and Sb values are acting as pathfinder elements to a nearby hydrothemeral system.

Recently acquired high resolution aeromagnetic data has outlined a number of strong magnetic anomalies close to the barytes on a north north east structure. Further sampling and mapping are planned.

1.1.2 Cannington Project, Western Queensland (Glengarry 100%)

An RC percussion drill program was carried out on EPM 13681 located about 15 km south south east of the BHP-Billiton Cannington Lead-Silver Mine, in west Queensland.

A total of 8 holes for 1290 metres were drilled over an area of 7 by 3 km (see Figure 3). Proterozoic basement was intersected in all holes at depths of 128 to 142 metres. Unfortunately the drilling rig could only drill to 162m whilst the target depths were 180-250 metres. However, moderate to strong alteration was intersected in a number of holes, which were targetted on magnetic, structural and geochemical anomalies. Holes CANRC01 and 03 intersected strong sillimanite, garnet and chlorite alteration $\pm$ disseminated pyrite in schists, gneiss and metavolcanic breccia at the G6 prospect, with maximum bottom of hole values (ppm) of 233 Cu, 375 Zn and 13 Mo. Previous drilling by BHP, 600 metres to the south east of CANRC01, also intersected strong alteration below 200 metre depths with values up to 2200 ppm Zn. Further drilling at depths of 180-250 metres is required in this area.

Strong hematite, sillimanite and garnet alteration $\pm$ pyrite was intersected in holes CANRC5 and 7 with geochemical values (ppm) up to 143 Cu, 1160 F and 0.025 Au at the M8 prospect.

Further drilling is also required in this area to greater depth. Rock chip sampling to the north of hole 7 returned up to 1400 ppm Zn, 3 g/t Ag and 4.5% Mn from Cretaceous shales. It is interesting to note that anomalous (ppm) values in Ni (max 150), Zn (max 518), Sb (max 14), U (max 72) and Mo (max 178) were intersected in the younger Cretaceous Toolebuc Limestone at depths of 0-15 metres. These elements are also associated with the Ernest Henry Cu-Au mine located near Cloncurry. Follow up investigation of the significance of the above values will be pursued in the next quarter.

Cloncurry Project - North West Queensland (Glengarry 100%) $1.1.3$

Snake Creek EPM 13928

Glengarry has applied for an Exploration Permit for Minerals in the Mt Isa district, located about 25 kms south-south east of Cloncurry. The application area covers 260 $km²$ and is prospective for both Ernest Henry style Cu-Au and high grade vein gold mineralisation. The tenement is located in a favourable structural setting i.e. the intersection of the north north west Cloncurry Fault corridor and the north north east structure that passes through the Ernest Henry mine (see Figure 4). The application is also close to the Greenmount and White Range Cu-Au deposits.

Figure 4

Previous work by mineral exploration companies as well as a consultant's report commissioned by the Queensland Department of Natural Resources and Mines in 2000, outlined a number of Cu-Au anomalies associated with magnetite rich high-level intrusive granitoids adjacent to major structures that have not been drill tested to date. In addition rock chip float, with values of up to 20.0 $g/t$ Au, has been returned from cherts and altered metasediment associated with the contact zones of high level intrusives these targets do not appear to have been previously recognised and investigated.

A thorough compilation of all exploration geochemical data as well as aeromagnetic/radiometric information will be carried out in the next quarter to highlight target areas before grant.

$1.1.4$ Greenvale/Big Mag, North Queensland (Glengarry 100%)

VMS Prospect 12 Mile Creek EPM 12123 (BHP-Billiton royalty 2.5%)

Results were received from diamond hole BMRCD91 which tested an electromagnetic (EM) anomaly at approximately 100 metres vertical depth. Although the drill hole intersected moderate - strong sulphide (pyrite, pyrrhotite) alteration in a suite of volcanic and sedimentary rocks the geochemical values were low with maximum values over 2 metres of $0.20$ g/t Au, 120 ppm Cu and 220 ppm Zn.

However, the fixed loop EM method appears to be effective in delineating blind sulphide rich zones at depth and will be utilised at other prospects such as Tag West.

Figure 5 - Greenvale/Big Mag Simplified Geology

Tag West Prospect 12 Mile Creek EPM 12123 and Burges EPM 12399

Results were received for the remaining 6 of 12 air holes drilled in the September quarter at this prospect (see Figure 6). Two of these shallow holes were anomalous with 5 metre intercepts of 2830 and 1410 ppm Zn returned. The anomalous holes (shown on Figure 7) cover an area of 600 by 600 metres that is open to the west and south east. Outcrop in the area is obscured by black soils and shallow cover (3 to 5 metres) so that the number of anomalous holes, with values (ppm) up to 2730 Cu, 7880 Zn and 0.35 Au, is considered to be encouraging and warrants further drill testing. The anomalous geochemistry is associated with gossan/sulphides in altered volcanics and sediments. An EM survey is planned for March-April 2003 to highlight sulphide rich conductive zones for drill testing, followed by field investigation and possible drilling in April-May 2003.

Figure 7

$1.2$ Gold/PGE Projects

1.2.1 Tanami/Granites. Western Australia

• 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 carried out an extensive regional RAB/air core drilling program during 2002 and are currently collating and interpreting the extensive geochemical/geological database. A number of bedrock gold anomalies have already been generated from this work and infill air core and RC drilling is planned for the 2003 field season to test the priority target areas.

Mt Junction - Tanami Downs Joint Ventures (Glengarry 100%, Barrick earning $\bullet$ $70%$

Glengarry has current joint ventures with Barrick on these properties with Barrick as the operator. Field work commenced at Mt Junction during the latter part of 2002 and confirmed strong stream sediment gold anomalies. Follow up work is planned for 2003. Mt Junction is located approximately 25 km north east of the Kookaburra deposit in Western Anstralia

Land use 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. Tanami Downs is located approximately 25 km west of the +5 million ounce Callie gold deposit operated by Newmont of Australia Ltd.

$1.2.2$ Greenvale/Steam Engine, North Queensland. MDL 107 (Glengarry 100%)

Glengarry acquired the Steam Engine Mineral Development Licence 107 during the previous quarter. The MDL covers an area of 80 hectares and is located 25 km west of the town of Greenvale and 3 km north of Glengarry's EPM 12399 (see Figure 5).

A gold resource of 250,000 tonnes $\omega$ 2.5 g/t Au (20,000 ounces) was defined by Plutonic Operations Limited down to a depth of 150 metres on this property. The mineralisation is hosted by a 5 metre wide quartz rich zone that dips steeply to the west. Interrogation of the exploration database will be carried out in the next quarter.

Westwood Project, Eastern Queensland (Glengarry 100%) $1.2.3$

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

Previous work by Glengarry (including drill assays up to $35m$ @ 4200 ppm Cu, 0.20 Pd and 0.10 Au) has outlined a number of areas with anomalous values in Cu, Pd and Au, associated with hydrothermal alteration within a layered mafic/ultramafic complex. An airborne electromagnetic (EM) survey has outlined a number of strong EM anomalies, interpreted to be due to strong sulphide accumulations below or adjacent to the abovementioned geochemical anomalies.

A deep RC percussion drill program is planned for February 2003, comprising 6 holes for approximately 1400 metres. This drilling will test strong EM anomalies at depths between 100 and 200 metres vertical. The locations of the planned holes and the EM anomalies are shown on Figure 8.

$1.2.4$ Coolgardie, Western Australia (Glengarry 100%)

A total of 4392 metres were drilled on the Coolgardie leases during the December quarter, comprising 125 RAB holes for 3748 metres and 17 RC percussion holes for 644 metres. This drilling tested various geochemical and structural targets where little or no drilling had previously been carried out.

The Coolgardie/Gunga mining leases cover an area of 9 km², located approximately 7 km north east of Coolgardie where there are two operating gold plants. The results of the drilling are considered to be encouraging and follow up drilling is planned for February-March 2003. A summary of the anomalous gold intersections are listed below and shown on Figure 9 whilst all anomalous intersections are listed in Table 1.

Gunga North 02GRAB12 - 3m @ 11.5 g/t Au from 36m (EOH 39m) 02GRAB02 - 4m @ 1.39 g/t Au from 24m (EOH 39m)

Gunga North-West 02GRAB53 - 2m @ 0.52 g/t Au from 16m (EOH 18m)

Gunga South 02GRAB124 - 4m @ 1.15 g/t Au from 4m (EOH 43m) 02GRAB125 - 8m @ 0.55 g/t Au from 32m (EOH 49m)

Jackpot West 02GRAB60 - 5m @ 2.0 g/t Au from 1m (EOH 9m) 02GRC12 - 6m @ 0.84 g/t Au from 4m (EOH 40m)

Figure 9

Glengarry Resources Limited - 31 December 2002 Quarterly Report

No drilling had previously been carried out at the Gunga North and Jackpot West prospects where gold soil anomalies were present. Panning of drill cuttings at Jackpot West revealed visible gold associated with altered ultramatics devoid of quartz veining this is a similar style of mineralisation to that at the nearby Jackpot deposit where 420,000 tonnes @ 4.3 $g/t$ Au was outlined by Harmony/New Hampton Gold.

The drilling planned for February-March 2003 by Glengarry will further test the Jackpot West and Gunga North prospects. In addition some deep RC drilling will test for a possible high grade shoot beneath the Gunga West resource (1 million tonnes $\hat{a}$ ) 2.1 g/t Au) where zones of 1m $\omega$ 14.5 g/t Au and 1m of 19.8 g/t Au were intersected at vertical depths of 120m and 90m respectively.

TABLE 1

Hole No.	Easting	AMG Co-Ords Northing	Hole Depth	From	To	Interval	Au Assay (g/t)
02GRAB02	329506	6579300	39	36	39	3	11.50
02GRAB12	329880	6579457	39	4	10	6	0.84
02GRAB13	329912	6579471	39	36	39	3	0.40
02GRAB52	328855	6579580	18	12	18	6	0.16
02GRAB53	328815	6579575	18	16	18	$\overline{2}$	0.52
02GRAB60	326914	6579012	9	1	6	5	2.0
02GRAB66	326873	6579008	9	$\theta$	9	9	0.15
02GRAB12 4	329890	6578616	43	4	8	4	1.15
02GRAB12 5	329825	6578698	49	32	40	8	0.55
02GRC01	329865	6578764	103	38	100	62	0.10
02GRC03	326883	6579024	50	$\boldsymbol{0}$	10	10	0.26
02GRC05	326939	6579009	43	$\pmb{0}$	6	6	0.23
02GRC12	326917	6578992	40	4	10	6	0.84

ANOMALOUS GOLD INTERSECTIONS - COOLGARDIE

Charters Towers Project, North Queensland (Glengarry 100%) $1.2.5$

This project is the subject of an option agreement with Charters Towers Gold Mines Ltd (CTGM). The option has to be exercised on or before the 26^th April, 2003 for a cash figure of \$500,000. A resource of 2 million tonnes @ 2.0 g/t Au (120,000 ounces) has been defined by Glengarry at the Great Britain deposit within this project area.

CTGM plan on carrying out a 2000 metre RC percussion drill program during February-March 2003.

$\overline{2}$ . 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	Subject to negotiation	3-6 months
Westwood	Freehold land - no impediment to exploration; granted tenement	N/A	N/A
Mt Isa/Sybella	Leasehold ground; will require agreement before grant and access	Negotiations commenced	3-6 months
Mt Isa/Diamantina	Leasehold ground covered by a number of tenement applications currently in backlog of post-WIK Queensland applications	Negotiations in progress by Old Government to clear backlog	N/A
Mt Isa/Cannington	Leasehold ground. 2 low-impact tenements granted.	Subject to negotiation (where Native Title claim exists)
Western Anstralia

.
Yalgoo	Pastoral lease; grant of tenement(s) subject to native title procedures	Tenement expediting procedure not yet commenced	6 months?
Ashburton	Pastoral lease; grant of tenement subject to native title procedures	Tenement expediting procedure not yet commenced	9 months?

* Indigenous Land Use Agreement

$3.0$ EXPLORATION EXPENDITURE

Exploration expenditure for the quarter was \$395,000.

Charit.

ALLANT HARRIS Director 30 January 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 Tony Alston Exploration Director Glengarry Resources Limited activity concerned:

	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
U	Uranium
VMS	Volcanogenic massive sulphides
Zn	Zine

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: info@glengarrynl.com.au

COMPANY SECRETARY

A T Harris

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 December 2002 Quarterly Report

Appendix 5B

Rule 5.3

Mining exploration entity quarterly report

Current quarter

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001

Name of entity

GLENGARRY RESOURCES LIMITED

ACN or ARBN

40 009 468 099

Quarter ended ("current quarter")

31 DECEMBER 2002

Year to date (12 months)

Consolidated statement of cash flows

	Cash flows related to operating activities		\$A'000	\$A'000
1.1	Receipts from product sales and related debtors
1.2	Payments for	(a) exploration and evaluation (b) development (c) production	(395)	(683)
		(d) administration	(157)	(304)
1.3	Dividends received
1.4	Interest and other items of a similar nature received		10	38
1.5	Interest and other costs of finance paid
1.6	Income taxes paid
1.7	Other (provide details if material)
	Net Operating Cash Flows		(542)	(949)
	Cash flows related to investing activities
1.8	Payment for purchases of:	(a)prospects
		(b) equity investments	(5)	(227)
		(c)other fixed assets	(3)	(6)
1.9
	Proceeds from sale of:	(a)prospects
		(b) equity investments	19	565
		(c)other fixed assets
1.10	Loans to other entities
1.11	Loans repaid by other entities
1.12	Other (provide details if material)
	Net investing cash flows		11	332
1.13		Total operating and investing cash flows (carried

1.13	Total operating and investing cash flows (brought forward)
	Cash flows related to financing activities
1.14 1.15	Proceeds from issues of shares, options, etc. Proceeds from sale of forfeited shares
1.16	Proceeds from borrowings
1.17	Repayment of borrowings
1.18	Dividends paid
1.19	Other (provide details if material)
	Net financing cash flows
	Net increase (decrease) in cash held	(531)	(617)
1.20 1.21	Cash at beginning of quarter/year to date Exchange rate adjustments to item 1.20	1,671	1,757
1.22	Cash at end of quarter	1,140	1,140

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

		Current quarter \$A'000
1.23	Aggregate amount of payments to the parties included in item 1.2	80
1.24	Aggregate amount of loans to the parties included in item 1.10
1.25	Explanation necessary for an understanding of the transactions

Non-cash financing and investing activities

• $2.1$ Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
• $2.2$ Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Financing facilities available
Add notes as necessary for an understanding of the position.

		Amount available \$A'000	Amount used \$A'000
3.1	Loan facilities
-3.2	Credit standby arrangements

Estimated cash outflows for next quarter

		\$A'000
4.1	Exploration and evaluation	200
4.2	Development
	Total	200

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.		Current quarter \$A'000	Previous quarter \$A'000
5.1	Cash on hand and at bank		57
5.2	Deposits at call	1,133	1,614
5.3	Bank overdraft
5.4	Other (provide details) - Security deposit
	Total: cash at end of quarter (item 1.22)	1,140	1.671

Changes in interests in mining tenements

		Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
6.1	Interests in mining tenements relinquished, reduced or lapsed		Refer Attachment 2
6.2	Interests in mining tenements acquired or increased		Refer Attachment 2

Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	price Issue per security (see note $3)$ (cents)	Amount paid up per security (see note 3) (cents)
7.1	Preference
	*securities (description)
7.2	Changes during quarter
	(a) Increases through issues
	(b) Decreases through returns of
	capital, buy-backs, redemptions
7.3	*Ordinary
	securities	110,057,151	110,057,151
7.4	Changes during quarter
	(a) Increases through issues
	(b) Decreases
	through returns of capital, buy-backs
7.5	*Convertible debt securities
	(description)
7.6	Changes during quarter
	(a) Increases through issues
	(b) Decreases
	through securities matured, converted
7.7	Options (description and	54,685,775	54,685,775	Exercise price 15 cents	Expiry date 31 March 2005
	conversion factor)
7.8	Issued during quarter
7.9	Exercised during quarter
7.10	Expired during quarter
7.11	Debentures (totals only)
7.12	Unsecured notes (totals only)

⁺ See chapter 19 for defined terms.

Compliance statement

• This statement has been prepared under accounting policies which comply with accounting $\mathbf{1}$ . standards as defined in the Corporations Law or other standards acceptable to ASX (see note 4).
• $\overline{2}$ . This statement does give a true and fair view of the matters disclosed.

(Director/Company secretary)

Date: 30 JANUARY 2003

Sian here:

Print name:

ALLAN THOMAS HARRIS

Notes

• $\mathbf{1}$ The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
• $\overline{2}$ . The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
• 1. Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
• The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 4 1026: Statement of Cash Flows apply to this report.
• 1. Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

---

⁺ See chapter 19 for defined terms.

ATTACHMENT 1

Aggregate amounts of transactions with directors and their director related entities for the three months ending 31 December 2002 were:

	\$
Superannuation	5,178
Consulting Fees	20,578
Directors' Fees	16,250
Directors' Salaries	30,963
Accountancy Fees	5.401
Telephone Rent	1,200
TOTAL	79,570

== == == == ==

ATTACHMENT 2

Changes in interests in mining tenements
Quarter Ended 31 December 2002

		Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
6.1	Interests in mining tenements relinguished, reduced or lapsed	Queensland Homestead EPM 13242 12 Mile Ck South EPM 12774 Western Australia Injinu Hills E09/1061	Surrendered Abandoned Application withdrawn	100% 100% 100%	ΝiΙ Νii ΝiΙ
6.2	Interests in mining tenements acquired or increased	Queensland Big Mag EPM 12123 (1) (12 Mile Creek JV) Cannington EPM's 13680-81 Steam Engine MDL 107 Cannington EPM 13920 Snake Creek EPM 13928	JV terminated Applications Granted Tenement acquired New application New application	Nil 100% Nil Nil Nil	100% 100% 100% 100% 100%

Note (1): Subject to 2.5% Production Royalty payable to BHP Billiton