CENTAURUS METALS LIMITED — Interim / Quarterly Report 2003

Jan 28, 2004

29 January 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 31 December 2003.

Yours faithfully

Claris

ALLANT HARRIS Director

Appendix 5B

Rule 5.3

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")

31 DECEMBER 2003

Consolidated statement of cash flows

			Current quarter	Year to date (12 months)
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	(211)	(442)
		(b) development
	(c) production
		(d) administration	(187)	(282)
1.3	Dividends received
1.4	Interest and other items of a similar nature received		15	28
1.5 1.6	Interest and other costs of finance paid
1.7	Income taxes paid Other (provide details if material)		7	9
	Net Operating Cash Flows		(376)	(687)
	Cash flows related to investing activities
1.8	Payment for purchases of:	(a)prospects
		(b) equity investments	(50)	(50)
		(c)other fixed assets	(15)	(23)
1.9	Proceeds from sale of:	(a)prospects	150	150
		(b)equity investments		977
		(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		85	1,054
1.13	Total operating and investing cash flows (carried
	forward)		291	367

$\div$ See chapter 19 for defined terms.

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.		500.
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		500
	Net increase (decrease) in cash held	(291)	867
1.20	Cash at beginning of quarter/year to date	1,684	526
1.21	Exchange rate adjustments to item 1.20
1.22	Cash at end of quarter	1,393	1,393

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	86
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

• Details of financing and investing transactions which have had a material effect on consolidated assets and $2.1$ 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 \$A'000
3.1	Loan facilities
-3.2	Credit standby arrangements

Estimated cash outflows for next quarter

	Total	250
4.2	Development
4.1	Exploration and evaluation	250
		\$A'000

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
5.2	Deposits at call	1,386	1.677
5.3	Bank overdraft
5.4	Other (provide details) - Security deposit
	Total: cash at end of quarter (item 1.22)	1,393	1.684

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

• See chapter 19 for defined terms.

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	126,057,151	126,057,151
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 conversion factor)	54,685,775	54,685,775	Exercise price 15 cents	Expiry date 31 March 2005
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)

$\pm$ 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: 29 JANUARY 2004

Sion 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 2003 were:

	\$
Superannuation	7,553
Consulting Fees	19,026
Directors' Fees	16,250
Directors' Salaries	43,195
TOTAL	86,024

---

$\pm$ See chapter 19 for defined terms.

ATTACHMENT 2

Changes in interests in mining tenements Quarter Ended 31 December 2003

Nature of interest Tenement reference Interest at Interest at beainning end of $(note (2))$ of quarter quarter Queensland 6.1 Interests in Withdrawn 5 Dec 2003 Avon Downs EPM 11471 100% Nil mining Breadalbane EPM 12681 Withdrawn 5 Dec 2003 100% Nil tenements Georgina EPM 12799 Withdrawn 5 Dec 2003 100% Nil relinquished, Snake Creek EPM 13928 Withdrawn 11 Dec 2003 100% Nil reduced or lapsed Western Australia Coolgardie, Mining Leases Tenement group sold 100% Nil 15/26, 15/518, 15/637, 9 Oct 2003 15/1272, 15/1361. Prospecting Licences 15/2812. 15/2832, 15/2833, 15/3034, 15/3085, 15/3086, 15/3213, 15/3223, 15/3722, 15/3723 Corktree Well E52/1605 Withdrawn 24 Dec 2003 100% Nil 100% Lewis Range E80/2143 Withdrawn 24 Dec 2003 Nil Mt Junction E80/2455 Surrender 13 Oct 2003 100% Nil Queensland 6.2 Interests in Southern Cross EPM 14174 Granted 16 Dec 2003 100% 100% mining Lignum Dam EPM 14377 Application 13 Nov 2003 Nil 100% tenements Charters Towers EPM 14388 Application 19 Nov 2003 Nil 100% acquired or Snake Creek EPM 14449 Application 12 Dec 2003 Nil 100% increased Oaky Creek EPM 14458 Application 19 Dec 2003 Nil 100%

$\div$ See chapter 19 for defined terms.