CENTAURUS METALS LIMITED — Interim / Quarterly Report 2007

Jan 28, 2008

“Exploring for the Future”

December 2007 Quarterly Report

Highlights

• Resource definition drilling designed to define the open pittable portion of the Maitland copper deposit was completed during the Quarter. An updated measured and indicated resource will be estimated as soon as all assay results have been received.

• Initial assays from the resource drilling at Maitland confirm the continuity of high grade mineralisation with better intersections including:

• 9 metres @ 8.92% copper from 37 metres

• 18 metres @ 4.14% copper from 68 metres

• 12 metres @ 6.67% copper from 113 metres.

• The drilling at Maitland also indicates strong mineralisation is open at depth with 35 metres @ 2.09% copper intersected from 220 metres down hole.

• The Queensland government has awarded Glengarry’s Percyvale EPM application priority status. This new project area is located approximately 50 kilometres west of Maitland and historic exploration by other companies has recorded high grade gold, base metals, uranium and molybdenum at a number of prospects.

• Infill soil sampling at Snake Creek in western Queensland has confirmed a number of strong copper-gold anomalies which will be investigated further in early 2008.

• Access negotiations with the Traditional Owners of the Citadel Project area are largely complete increasing the probability that field work will commence early in the second Quarter of 2008.

• With financial resources totalling approximately $7,000,000 at Quarter’s end, the Company is well funded and can complete exploration planned for 2008 without requiring additional capital.

Priorities for the March 2008 Quarter

• At Greenvale

• Compile all data from resource definition drilling completed at the Maitland copper deposit.

• Appoint independent consultants to estimate JORC compliant measured and indicated resource for the Maitland deposit.

• Plan geotechnical and deeper drill testing of the Maitland deposit.

• Secure drill rig to test Acacia North gold target at the Rum Jungle Project in the Northern Territory.

• Finalise legal documentation for the Citadel Project in northwest Western Australia and plan Heritage Surveys to be carried out in April 2008.

GLENGARRY RESOURCES LIMITED ABN 40 009 468 099 Telephone: (08) 9322 4929 Facsimile: (08) 9322 5510 PO Box 975, West Perth, WA 6872 - 35 Havelock Street, West Perth, WA 6005 Website: www.glengarry.com.au Email: info@glengarry.com.au

Glengarry Resources Limited – December 2007 Quarterly Report

Project Activities Report

NORTH QUEENSLAND

Greenvale Project – Resource definition drilling confirms continuity of high grade copper at Maitland .

Resource definition drilling at the Maitland copper deposit was the main exploration activity carried out at the Greenvale Project (Figure 1) during the Quarter. The drilling has confirmed the continuity of mineralisation which remains open at depth. Initial drill testing of the Maitland South interface anomaly was also completed as was additional soil sampling at Copper Creek.

Maitland Copper Deposit

Resource definition drilling designed to define the open pittable portion of the Maitland copper deposit was completed during the Quarter. The drilling comprised 68 reverse circulation percussion (RC) drill holes (MTRC28 – 95) for a total of 8,520 metres drilled on a 20 by 20 metre pattern down to a depth of 150 to 200 metres

below the surface. To date, assays have been received for 24 holes and better copper intersections are listed below.

Hole	From (m)	To (m)	Interval (m)*	Cu %
MTRC34	28 58 Including: 37 46		30 9	3.90 8.92
MTRC35	42 48 Including: 65 70		46 5	1.49 6.12
MTRC36	63 112 Including: 68 86		49 18	2.05 4.14
MTRC40	89 139 Including: 100 110		50 10	1.39 3.00
MTRC51	102 140 Including: 113 125		38 12	2.08 6.67
MTRC52	123	172	49	1.5
MTRC59	220 255 including 235 241		35 6	2.09 4.62

• 0.5% copper cut off.

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Figure 1: Glengarry Resources Limited North Queensland Projects

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Glengarry Resources Limited – December 2007 Quarterly Report

High grade molybdenum (>0.1%) was also intersected in a number of holes with better results tabled below:

Hole	From (m)	To (m)	Interval (m)*	Mo %
MTRC34	29	36	7	0.10
MTRC35	50	56	6	0.39
MTRC51	108	113	5	0.34
MTRC59	182	187	5	0.12

• 0.05% molybdenum cut off.

Assays received to date and visual estimates from the remaining holes confirm the continuity of high grade copper mineralisation in the main southern shoot which contains the bulk of the potential resource and which remains open at depth (Figures 2 & 3). No assays have yet been received for holes drilled into the smaller northern shoot.

Once all results have been received (due early February 2008), independent consultants will estimate an updated measured and indicated resource. This resource estimation will only include data from drill holes completed by Glengarry Resources since 2005.

Diamond core drilling to provide geotechnical information and to test for deeper, high grade extensions of the mineralisation will be planned once all data from the resource drilling program has been fully assessed.

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Figure 2: Maitland Copper Deposit – Drill Section 7889600N

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Figure 3: Maitland Prospect - Longitudinal Section showing holes drilled by Glengarry Resources since August 2005.

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Glengarry Resources Limited – December 2007 Quarterly Report

Results for all drill holes completed at Maitland during the latest phase of drilling are tabled in Appendix 1. Unless otherwise stated, mineralisation is hosted by primary sulphides and true widths are estimated to be 60 - 70% of drill hole intersections.

Beacon is managing exploration on the tenements and during the Quarter carried out a review of exploration completed during 2007. A number of gold and base metal prospects have been selected for additional drill testing in 2008. Further details are provided in Beacon’s quarterly report.

Maitland South

Three RC drill holes for a total of 312 metres were drilled to test the copper anomaly defined by shallow RAB drilling approximately 1.3 kilometres south of the Maitland copper deposit. Sheared, mafic amphibolites similar to the lithologies that host the copper mineralisation at Maitland were intersected; however, no significant assay results were recorded. The copper anomaly appears to be caused by a high background associated with the mafic lithologies. No further work is planned.

Copper Creek Prospect

The Copper Creek area is located approximately 44 kilometres south of the Maitland deposit (Figure 1) in the same geological sequence. Stream sampling in the 1980’s defined anomalous copper over a 1 kilometre long strike length and reconnaissance prospecting by Glengarry recorded up to 3.3% copper, 0.32 g/t gold and 19 g/t silver in rock chip samples.

Wide spaced, reconnaissance soil sampling during the September Quarter defined moderately anomalous (>200 ppm) copper values over 1.2 kilometres strike. An additional 65 infill soil samples were collected during the Quarter and results confirm the previously defined anomalous zone. Detailed mapping and prospecting will be completed to determine whether drill testing is warranted.

Lucky Creek Joint Venture

The north eastern Lucky Creek Group tenements at Greenvale (Figure 1) are subject to a Joint Venture Agreement with Beacon Minerals Limited (Beacon). The tenements cover 195 square kilometres and comprise 10% of the Company’s existing tenure in the Greenvale area.

Percyvale Project – New project area prospective for gold, base metals, uranium and molybdenum.

The Percyvale project is located approximately 50 kilometres due west of the Maitland copper deposit (Figure 1) and was applied for in February 2007. Glengarry’s EPM application was one of 4 competing applications lodged simultaneously; however, the Company has now been formally advised by the Queensland government that its application has been given priority status. The application is expected to be granted in the first half of 2008 with fieldwork to commence immediately afterwards.

The Project area is underlain by lithologies belonging to the Proterozoic Einasleigh Metamorphic suite, the same geological sequence that hosts Glengarry’s Maitland copper deposit and Copper Strike’s Chloe base metal deposit (Figure 1).

Previous exploration by other companies has identified a number of prospects where Glengarry plans to carry out further work:

• Lim Kins – Rock chip sampling has recorded up to 2.4% U3O8 and 0.53% molybdenum suggesting analogies with Ben Lomond and Maureen uranium deposits. There has been no previous drilling.

• Bernadette – Rock chip sampling by Kidston Goldmines recorded up to 21 g/t gold in rocks considered prospective for bulk tonnage mineralisation. Only limited previous drilling has been carried out.

• Black Soil Creek – 7 to 12 kilometre long base metal sulphide horizon where limited drilling by BHP intersected up to 6.8 metres @ 1.52% zinc associated with elevated copper, lead and silver. Appears strongly analogous to the Chloe setting.

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Glengarry Resources Limited – December 2007 Quarterly Report

• Nifty’s – 2 kilometre long horizon where rock chip sampling by Rio in 2005 recorded up to 37% copper and 421 g/t silver. There has been no previous drilling.

Glengarry’s initial field work will include verification of previous exploration results followed by geochemical surveys and geological mapping to define targets for drill follow up as quickly as possible.

WESTERN QUEENSLAND

Snake Creek Project – Infill soil sampling confirms strong copper-gold anomalies.

The Snake Creek Project is located in northwest Queensland approximately 125 kilometres east-southeast of Mt Isa (Figure 4) and on the northern extension of the regionally significant Cloncurry Fault. It is prospective for copper-gold and uranium mineralisation.

During the Quarter, infill soil sampling was completed across three previously defined targets (Figure 5) coincident with the Consternation Trend, a subsidiary structure located 1.5 kilometres west and parallel to the Cloncurry Fault Zone.

Assay results confirm strong copper – gold anomalism and will be used to plan follow up exploration work across the three target areas.

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Figure 4: Mt Isa region showing major mineral deposits and Glengarry Projects.

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Glengarry Resources Limited – December 2007 Quarterly Report

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Figure 5: Snake Creek Project – Copper/Gold Soil Anomalies on Consternation Trend.

Cannington Project – Discussions commenced with possible joint venture partners.

The Cannington Project tenements are located immediately north and south of BHP Billiton’s 40 - 50 million tonne Cannington silver-lead-zinc mine (Figure 4).

Assay results for an interface sampling program completed last Quarter did not return any significant results.

The Project is still considered prospective for a range of commodities due to its geological setting in the Mt Isa region, proximity to world class metal deposits and extensive shallow cover which precludes the use of conventional surface exploration techniques.

Glengarry has decided to seek a joint venture partner to continue exploration at Cannington and has commenced discussions with a number of companies active in the region.

Mt Guide Joint Venture (Western Queensland) – Summit divests majority interest to base metal focussed explorer

The Mt Guide Joint Venture is located 35 kilometres south of Mt Isa (Figure 4) and covers the southern strike extension of the stratigraphy that hosts the world class Mt Isa, Hilton and George Fisher base metal deposits.

Glengarry has a 10% free carried interest in the JV which until recently was managed by Summit Resources. Late in the Quarter, Summit reached agreement with unlisted UK company MM Mining Plc (MMM) for the farm out of 80% of Summit’s non-uranium interests in the Mt Isa region which includes their equity in the Mt Guide JV.

MMM is currently reviewing and reinterpreting data from the Mt Guide JV and plans to commence field work in April 2008.

NORTHERN TERRITORY

Rum Jungle Project – Acacia North gold target ready for drilling.

Glengarry’s wholly owned Rum Jungle Project covers approximately 140 square kilometres in the Rum Jungle area located 65km south of Darwin in the Northern Territory. The Project is proximal to the historical Rum Jungle uranium mine (3,530 tonnes U3O8) and the Woodcutters lead-zinc mine (~6 Mt @ 12% zinc and 6% lead).

Previous explorers intersected high grade gold mineralisation at Acacia North (up to 6 metres @ 11.3 g/t gold) which is open in all directions. Glengarry has designed a 1,000 metre reverse circulation percussion drill program to test for extensions of the gold mineralisation. Attempts to secure a suitable drill rig to complete the program are continuing.

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Glengarry Resources Limited – December 2007 Quarterly Report

WESTERN AUSTRALIA

Citadel Project (Northwest Western Australia) – Access negotiations largely complete.

The wholly owned Citadel Project covers approximately 1,700 square kilometres in the Paterson geological province and is located 100 kilometres north of the Telfer gold mine. The region contains several world class uranium, gold and copper deposits including Kintyre (36 Kt tonnes U3O8), Telfer (26 M oz gold, 1 Mt copper) and Nifty (1 Mt copper).

The Project comprises 4 Exploration Licences (ELs). Agreement has been reached with the Native Title claimants for the northern ELs and a meeting was held during the Quarter to discuss details of a heritage survey over the proposed work area.

Access negotiations continued with the Martu people who are the Traditional Owners of the southern ELs. Verbal agreement has now been reached on all outstanding issues and documentation is being prepared for execution.

Fieldwork is still scheduled to commence in the second Quarter of 2008. Once access is established to the Project area, Glengarry’s initial work program will comprise approximately 10,000 metres of aircore drilling to test a number of geochemical and geophysical targets defined by previous explorers. The drilling will be designed to collect samples from the prospective bedrock lithologies which are covered by 40 – 60 metres of barren cover.

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Glengarry Resources Limited – December 2007 Quarterly Report

David Richards Managing Director 29th January 2008

Corporate

Kagara Ltd

Major shareholder, Kagara Ltd, purchased an additional 8,599,300 Glengarry shares on the market and now own a total of 56,599,300 shares which represents 19.79% of Glengarry’s total issued capital.

Cash Position and Investments

At the end of December 2007, Glengarry had approximately $5.3 million in cash.

Glengarry investments in other public listed companies are currently valued at approximately $1.5 million.

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Declaration

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by David Richards who is a member of the Australian Institute of Geoscientists and Kevin Seymour who is a member of the Australasian Institute of Mining and Metallurgy. David Richards and Kevin Seymour are full time employees of Glengarry Resources Limited. David Richards and Kevin Seymour have sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. David Richards and Kevin Seymour consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

C O M P A N Y I N F O R M A T I O N	C O M P A N Y I N F O R M A T I O N
DIRECTORS	MANAGING DIRECTOR
Keith G McKay BSc(Geol Hons), MAusIMM,	David R Richards BSc(Geol Hons), MAIG,
MAICD	MAICD, MSEG
Chairman
Bill Manning BA, LLB, FAICD Director	STOCK EXCHANGE LISTING Glengarry Resources Limited shares are listed on
	the Australian Stock Exchange
	Shares - Code GGY
PRINCIPAL OFFICE
35 Havelock Street West Perth WA 6005	Email: info@glengarry.com.au
(PO Box 975, West Perth WA 6872) Telephone: (08) 9322 4929	Web Site: www.glengarry.com.au
Facsimile:(08)9322 5510

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Glengarry Resources Limited – December 2007 Quarterly Report

APPENDIX 1 – Maitland Copper Deposit - Summary of Drill Results

Table 1: Significant Copper Drill Intersections (0.5% lower cut)

Hole_ID	AMG_East	AMG_North	Dip	**Azimuth **	Depth (m)	Copper Intersections(>0.5%)	Copper Intersections(>0.5%)	Copper Intersections(>0.5%)	Copper Intersections(>0.5%)
						**From(m) **	**To(m) **	Interval(m)	Cu%
07MTRC028	226480	7899680	-59	269.5	60	NSR
07MTRC029	226500	7899680	-60	269.5	90	69	70	1	1.08
07MTRC030	226425	7899642	-89	352	43	0	22	22*	1.32
07MTRC031	226475	7899640	-59	269.5	90	47 52	48 53	1 1	0.85 0.57
07MTRC032	226494	7899640	-59	269.5	112	27 35 77	31 36 79	7 1 2	0.74 0.57 0.80
07MTRC033	226511	7899640	-60	269.5	120	NSR
07MTRC034	226420	7899599	-60	269.5	80	28 Incl. 37	58 46	30 9	3.90 8.92
07MTRC035	226439	7899600	-57	271.5	108	42 Incl. 65	88 70	46 5	1.79 6.12
07MTRC036	226460	7899600	-57	271.5	126	63 Incl. 68	112 86	49 18	2.05 4.14
07MTRC037	226390	7899560	-57	271.5	80	NSR
07MTRC038	226429	7899559	-57	271.5	130	93 Incl. 108	117 110	24 2	1.33 3.53
07MTRC039	226410	7899520	-57	270.5	144	123 136	129 138	6 2	1.71 0.88
07MTRC040	226480	7899600	-60	271.5	169	89 Incl. 100 131	139 110 132	50 10 1	1.39 3.00 7.77
07MTRC041	226500	7899600	-60	271.5	199	92 116 129 144 150 164	112 121 130 145 160 165	20 5 1 1 10 1	0.65 0.75 1.15 0.67 1.72 0.83
07MTRC042	226458	7899739	-60	269.5	70	48	49	1	0.78
07MTRC043	226478	7899739	-60	271.5	90	Assays pending
07MTRC044	226438	7899780	-60	271.5	60
07MTRC045	226457	7899780	-59	269.5	80
07MTRC046	226439	7899824	-60	271.5	48
07MTRC047	226388	7899520	-60	267.5	130
07MTRC048	226444	7899860	-60	271.5	78
07MTRC049	226434	7899520	-60	269.5	181	138 142 148 158 Incl. 161	139 143 151 169 163	1 1 3 11 2	0.73 0.52 1.25 1.89 3.94
07MTRC050	226468	7899900	-70	250.5	90	Assays pending
07MTRC051	226449	7899558	-60	271.5	169	89 102 Incl. 113	90 140 125	1 38 12	1.09 2.08 6.67
07MTRC052	226469	7899557	-60	271.5	199	123 Incl. 130 149	172 132 153	49 2 4	1.5 3.91 3.21
07MTRC053	226455	7899520	-60	272.5	211	Assays pending
07MTRC054	226499	7899898	-57	271	120
07MTRC055	226420	7899480	-60	271.5	253	203	204	1	0.78

• – Oxide (predominantly malachite) mineralisation, NSR – no significant result

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Glengarry Resources Limited – December 2007 Quarterly Report

Table 1 (cont.): Significant Copper Drill Intersections (0.5% lower cut)

Hole_ID	AMG_East	AMG_North	Dip	**Azimuth **	Depth (m)	Copper Intersections(>0.5%)	Copper Intersections(>0.5%)	Copper Intersections(>0.5%)	Copper Intersections(>0.5%)
						**From(m) **	**To(m) **	Interval(m)	Cu%
07MTRC056	226455	7899620	-57	271.5	96	0 12 22 68	3 22 57 84	3 10 35 16	0.56 1.01 1.03 1.07
07MTRC057	226420	7899500	-57	271.5	181	148 Incl. 154	161 158	13 4	1.83 3.48
07MTRC058	226390	7899540	-58	271.5	80	NSR
07MTRC059	226445	7899500	-57	271.5	265	178 186 192 220 Incl. 222 235	180 190 193 255 225 241	2 4 1 35 3 6	0.73 2.38 0.60 2.09 3.77 4.62
07MTRC060	226409	7899540	-57	271.5	109	89	90	1	0.76
07MTRC061	226455	7899760	-60	270.5	70	Assays Pending
07MTRC062	226473	7899760	-60	270.5	90
07MTRC063	226495	7899760	-60	270.5	109
07MTRC064	226478	7899776	-60	272.5	95
07MTRC065	226470	7899798	-60	266.5	80
07MTRC066	226488	7899800	-70	269.5	119
07MTRC067	226439	7899839	-60	270.5	89
07MTRC068	226459	7899820	-60	270	89
07MTRC069	226460	7899820	-75	270	110
07MTRC070	226461	7899820	-90	270	140
07MTRC071	226444	7899878	-60	268.5	70
07MTRC072	226453	7899879	-60	267.5	89
07MTRC073	226486	7899875	-60	272.5	120
07MTRC074	226502	7899880	-60	269.5	149
07MTRC075	226488	7899865	-60	236.5	130
07MTRC076	226479	7899864	-55	239.5	95
07MTRC077	226415	7899861	-90	7.5	100
07MTRC078	226440	7899840	-75	271	90
07MTRC079	226433	7899839	-50	271.5	89
07MTRC080	226475	7899620	-60	271.5	110
07MTRC081	226495	7899620	-60	272.5	130
07MTRC082	226514	7899620	-60	273.5	155
07MTRC083	226399	7899577	-60	269.5	71
07MTRC084	226438	7899480	-65	268.5	335
07MTRC085	226439	7899580	-58	271.5	140
07MTRC086	226490	7899659	-60	270.5	89
07MTRC087	226430	7899538	-58	270	149
07MTRC088	226475	7899540	-55	272	197
07MTRC089	226494	7899541	-57	270.5	250
07MTRC090	226484	7899580	-57	272.5	200
07MTRC091	226504	7899580	-57	272.5	215
07MTRC092	226896	7899321	-60	268.5	47
07MTRC093	226469	7899520	-57	271.5	300
07MTRC094	226500	7899777	-60	270.5	119
07MTRC095	226423	7899875	-60	269.5	100

• – Oxide (predominantly malachite) mineralisation, NSR – no significant result

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Glengarry Resources Limited – December 2007 Quarterly Report

Table 2: Significant Molybdenum Drill Intersections (0.05% lower cut)

Hole_ID	AMG_East	AMG_North	Dip	**Azimuth **	Depth (m)	Molybdenum Intersections(>0.05%)	Molybdenum Intersections(>0.05%)	Molybdenum Intersections(>0.05%)	Molybdenum Intersections(>0.05%)
						**From (m) **	**To (m) **	Interval (m)	Mo%
07MTRC028	226480	7899680	-59	269.5	60	NSR
07MTRC029	226500	7899680	-60	269.5	90	NSR
07MTRC030	226425	7899642	-89	352	43	NSR
07MTRC031	226475	7899640	-59	269.5	90	NSR
07MTRC032	226494	7899640	-59	269.5	112	82	83	1	0.05
07MTRC033	226511	7899640	-60	269.5	120	NSR
07MTRC034	226420	7899599	-60	269.5	80	29	36	7	0.10
07MTRC035	226439	7899600	-57	271.5	108	38	39	1	0.07
						50	56	6	0.39
07MTRC036	226460	7899600	-57	271.5	126	NSR
07MTRC037	226390	7899560	-57	271.5	80	NSR
07MTRC038	226429	7899559	-57	271.5	130	90	91	1	0.09
						98	101	3	0.11
						112	114	2	0.06
07MTRC039	226410	7899520	-57	270.5	144	114	117	3	0.10
07MTRC040	226480	7899600	-60	271.5	169	NSR
07MTRC041	226500	7899600	-60	271.5	199	117	118	1	0.13
07MTRC042	226458	7899739	-60	269.5	70	NSR
07MTRC043	226478	7899739	-60	271.5	90	Assays pending
07MTRC044	226438	7899780	-60	271.5	60
07MTRC045	226457	7899780	-59	269.5	80
07MTRC046	226439	7899824	-60	271.5	48
07MTRC047	226388	7899520	-60	267.5	130
07MTRC048	226444	7899860	-60	271.5	78
07MTRC049	226434	7899520	-60	269.5	181	143	148	5	0.11
07MTRC050	226468	7899900	-70	250.5	90	Assays pending
07MTRC051	226449	7899558	-60	271.5	169	108 Incl. 109	112 110	4 1	0.34 0.75
07MTRC052	226469	7899557	-60	271.5	199	130	133	3	0.14
07MTRC053	226455	7899520	-60	272.5	211	Assays pending
07MTRC054	226499	7899898	-57	271	120
07MTRC055	226420	7899480	-60	271.5	253	211	212	1	0.08
07MTRC056	226455	7899620	-57	271.5	96	57	58	1	0.07
07MTRC057	226420	7899500	-57	271.5	181	NSR
07MTRC058	226390	7899540	-58	271.5	80	NSR
07MTRC059	226445	7899500	-57	271.5	265	168 182	169 187	1 5	0.09 0.12
07MTRC060	226409	7899540	-57	271.5	109	NSR

NSR – No significant result

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