CENTAURUS METALS LIMITED — Interim / Quarterly Report 2007

Apr 22, 2007

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

ABN

40 009 468 099

Quarter ended ("current quarter")

Year to date (9 months)

\$A'000

31 March 2007

Current quarter

\$A'000

Consolidated statement of cash flows

Cash flows related to operating activities

1.1	Receipts from product sales and related debtors
1.2	Payments for
	(a) exploration and evaluation	(311)	(997)
	(b) development
	(c) production
	(d) administration	(186)	(574)
1.3	Dividends received
1.4	Interest and other items of a similar nature received	26	70
1.5	Interest and other costs of finance paid
1.6	Income taxes paid
1.7	Other
	Net Operating Cash Flows	(471)	(1,501)
	Cash flows related to investing activities
1.8	Payment for purchases of:
	(a) prospects
	(b) equity investments	(10)	(10)
	(c) other fixed assets	(3)	(45)
1.9	Proceeds from sale of:
	(a) prospects
	(b) equity investments
1.10	(c) other fixed assets Loans to other entities
1.11
1.12	Loans repaid by other entities		(14)
	Other – security deposits
	Net investing cash flows	(13)	(68)
1.13	Total operating and investing cash flows

⁺ See chapter 19 for defined terms.

1.13	Total operating and investing cash flows (brought forward)	(484)	(1,569)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc.	11	1,643
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 - share issue costs	(4)	(102)
	Net financing cash flows	7	1,541
	Net increase (decrease) in cash held	(477)	(28)
1.20 1.21	Cash at beginning of quarter/year to date Exchange rate adjustments to item 1.20	1,924	1,475
1.22	Cash at end of quarter	1,447	1,447

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

1.23 Aggregate amount of payments to the parties included in item 1.2		Current quarter \$A'000
		106
Aggregate amount of loans to the parties included in item 1.10 1.24

1.25 Explanation necessary for an understanding of the transactions All transactions with directors are on normal commercial terms

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

Sale of uranium assets on the Greenvale Project in North Queensland, carrying value of \$0.25 million, for consideration of 750,000 Mega Uranium shares and a 1% net smelter return royalty on any future uranium production. The share component of the consideration was valued at $$5.02$ million.

$2.2$ Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

None

⁺ See chapter 19 for defined terms.

Financing facilities available

Add notes as necessary for an understanding of the position.

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

Estimated cash outflows for next quarter

	Total	441
4.2	Development
4.1	Exploration and evaluation	441
		\$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	98
5.2	Deposits at call	1,349	1,919
5.3	Bank overdraft
5.4	Other (provide details)
	Total: cash at end of quarter (item 1.22)	1,447	1,924

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	The Lynd EPM 15049	Sold	100%	$0\%$
6.2	Interests in mining tenements acquired or increased	Citadel NW E45/2874 Citadel NE E45/2901	Granted Granted	$0\%$ 0%	100% 100%

$\overline{\text{+ See chapter 19}}$ 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	Issue price per	Amount paid up per
				security (see note $3)$ (cents)	security (see note 3) (cents)
7.1	Preference
	r securities
7.2	(description) Changes during
	quarter
	(a) Increases
	through issues (b) Decreases
	through returns
	of capital, buy-
	backs,
7.3	redemptions + Ordinary	247,927,528	247,927,528
	securities
7.4
	Changes during quarter
	(a) Increases	100,000	100,000	11 cents	11 cents
	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			Exercise price	Expiry date
	(description and conversion	500,000 500,000	$\overline{\phantom{a}}$ $\blacksquare$	15 cents 15 cents	30 June 2007 1 September 2007
	factor)	1,350,000		11 cents	10 April 2011
		750,000		13 cents	10 April 2011
		1,500,000		15 cents	10 April 2011
7.8	Issued during quarter
7.9	Exercised during quarter	100,000	$\overline{a}$	11 cents
7.10	Expired during quarter	1,050,000	$\qquad \qquad \blacksquare$
7.11	Debentures
	(totals only)

$\div$ See chapter 19 for defined terms.

7.12	Unsecured
	notes (totals
	only)

Compliance statement

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

Sign here: ...................................... (Company Secretary)

Print name: Geoff James

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.
• 3 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 4 Industries and AASB 1026: Statement of Cash Flows apply to this report.
• 5 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.

$\frac{1}{\sin \pi}$ $\frac{1}{\cos \pi}$ $\frac{1}{\sin \pi}$ $\frac{1}{\sin \pi}$ $\frac{1}{\sin \pi}$

⁺ See chapter 19 for defined terms.