CENTAURUS METALS LIMITED — Interim / Quarterly Report 2004

Jul 25, 2004

26 July 2004

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

Dear Sir

ANNOUNCEMENT

We enclose Appendix 5B, Mining exploration entity quarterly report for the period ending 30 June 2004.

Yours faithfully

Charit

ALLANT HARRIS Director

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

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")

30 JUNE 2004

Consolidated statement of cash flows

			Current quarter	Year to date (12 months)
Cash flows related to operating activities		\$A'000	SA'000
1.1	Receipts from product sales and related debtors
1.2	Payments for	(a) exploration and evaluation	(223)	(938)
		(b) development
	(c) production
		(d) administration	(96)	(568)
1.3	Dividends received		3	7
1.4	Interest and other items of a similar nature received		9	64
1,5	Interest and other costs of finance paid
1.6	Income taxes paid
1.7	Other (provide details if material)			9
	Net Operating Cash Flows		(307)	(1,426)
1.8	Cash flows related to investing activities
	Payment for purchases of:	(a)prospects
		(b)equity investments		(50)
		(c)other fixed assets	(5)	(29)
1.9	Proceeds from sale of:	(a)prospects		150
		(b) equity investments	112	1,541
		(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		107	1,612
1.13	Total operating and investing cash flows (carried forward)		(200)	186

1.13	Total operating and investing cash flows (brought forward)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc.		512
1.15	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		512
	Net increase (decrease) in cash held	(200)	698
1.20	Cash at beginning of quarter/year to date	1.424	526
1.21	Exchange rate adjustments to item 1.20
1.22	Cash at end of quarter	1,224	1.224

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

154 1.23 Aggregate amount of payments to the parties included in item 1.2			Current quarter SA'000
	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

$\div$ See chapter 19 for defined terms.

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

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

Estimated cash outflows for next quarter

4.2	Development
	Total	250

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	3	24
5.2 Deposits at call		1,221	1,400
5.3	Bank overdraft
5.4	Other (provide details) - Security deposit
	Total: cash at end of quarter (item 1.22)	1.224	1.424

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 to Attachment 2
6.2	Interests in mining tenements acquired or increased		Refer to 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	Issue price 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	126,307,151	126,307,151
7.4	Changes during quarter
	(a) Increases through issues
	(b) Decreases through returns of capital, buy-backs
$\overline{7.5}$	*Convertible debt securities (description)
7.6	Changes during quarter
	(a) Increases through issues
	(b) Decreases through securities matured, converted
77	Options (description and conversion factor)	54,685,775	54,685,775	Exercise price 15 cents	Expiry date 31 March 2005
7.8	Issued during quarter	1,600,000			$\pm\pm$
7.9	Exercised during quarter
7.10	Expired during quarter
7.11	Debentures (totals only)			$* 600,000$ 500,000 500,000	5 cents 10 cents 15 cents
7.12	Unsecured notes (totals only)			** 600,000 500,000 500,000	08 March 2006 18 February 2005 18 February 2006

Compliance statement

• $1.$ This statement has been prepared under accounting policies which comply with accounting 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: 26 JULY 2004

Sign here:

Print name: ALLAN THOMAS HARRIS

Notes

• $1₁$ 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.
• $2.$ 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.
• $\overline{4}$ The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 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.

== == == == ==

ATTACHMENT 1

Aggregate amounts of transactions with directors and their director related entities for the three months ending 30 June 2004 were:

	S
Superannuation	5,585
Consulting Fees	30,831
Directors' Fees	10,000
Directors' Salaries	107,418
TOTAL	153,834

== == == == ==

$\hat{\mathcal{A}}$

⁺ See chapter 19 for defined terms.

ATTACHMENT 2

Changes in interests in mining tenements Quarter Ended 30 June 2004

		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	Queensland Westwood, EPM 13305 Tiribilkie, EPM 14158 Kamaran Downs, EPM 14159 Lignum Dam, EPM 14377	Surrendered 29 Apr 2004 Withdrawn 7 May 2004 Withdrawn 7 May 2004 Withdrawn 7 May 2004	100% 100% 100% 100%	Nit Nil Nil Nil
6.2	Interests in mining tenements acquired or increased	Queensland Sun Hill, EPM 14603 Granny's Swamp, EPM 14604 Powlathanga, EPM 14690	Application 21 Apr 2003 Application 23 Apr 2004 Application 29 Jun 2004	Nil ΝiΙ Νiί	100% 100% 100%