CENTAURUS METALS LIMITED — Major Shareholding Notification 2007

Nov 25, 2007

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26 November 2007

Company Announcements Office Australian Stock Exchange Ltd 4[th] Floor, 20 Bridge St SYDNEY NSW 2000

ABN 36 008 988 583 Second Floor, 24 Outram Street West Perth Western Australia 6005 PO Box 1320 West Perth, WA 6872 TEL: + 61 8 9481 1211 Fax: + 61 8 9481 1233 E-mail: admin@kagara.com.au Web: www.kagara.com.au

Form 604 – Notice of change of interests of Substantial Holder

Please find enclosed our notice of change of interests of substantial shareholder in Glengarry Resources Ltd (ASX Code GGY) resulting from on market purchases between 20 September and 23 November 2007.

Yours faithfully,

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David Peterson

COMPANY SECRETARY

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604 page 1/2 15 July 2001

Form 604

Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme

Glengarry Resources Ltd

ACN/ARSN

009 468 099

1. Details of substantial holder (1)

Name Kagara Zinc Ltd ACN/ARSN (if applicable) 008 988 583 There was a change in the interests of the Substantial holder 23 November 2007 The previous notice was given to the company on 20 September 2007 The previous notice was dated 28 September 2007

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Previous notice		Present Notice
	Person’svotes	VotingPower(5)	Person’svotes	VotingPower(5)
Ordinary Fully Paid Shares	48,000,000	16.89%	56,530,073	19.77%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date ofchange	Person whoserelevant interestchanged	Nature ofchange (6)	Considerationgiven in relationto change (7)	Class andnumber ofsecurities affected	Person’s votesaffected
9/10/07	Kagara Zinc Ltd	On market purchase	$0.1357/share	163,819	163,819
10/10/07	Kagara Zinc Ltd	On market purchase	$0.1357/share	243,300	243,300
11/10/07	Kagara Zinc Ltd	On market purchase	$0.1357/share	96,167	96,167
20/11/07	Kagara Zinc Ltd	On market purchase	$0.1709/share	3,486,150	3,486,150
22/11/07	Kagara Zinc Ltd	On market purchase	$0.1709/share	510,564	510,564
23/11/07	Kagara Zinc Ltd	On market purchase	$0.1702/share	4,030,073	4,030,073

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder ofrelevantinterest	Registered holder ofsecurities	Person entitled toberegistered asholder(8)	Nature ofRelevantinterest (6)	Class and numberof securities	Person’s votes
Kagara Zinc Ltd	Kagara Zinc Ltd	Kagara Zinc Ltd	Registered Holder	56,530,073	56,530,073

604 page 1/2 15 July 2001

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5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
N/A	N/A

6. Addresses

The addresses of persons named in this form are as follows:

Signature

Name Address Kagara Zinc Ltd Level 2, 24 Outram Street WEST PERTH WA 6005 print name David Peterson capacity Company Secretary sign here date 26 November 2007

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

(5) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. (6) Include details of:

• (a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

(9) Give details if appropriate, of the present association and any change in that association since the last substantial holding notice.

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