Glengarry Resources Limited
35 Havelock Street
West Perth W.A 6005
Ph: 9322-4929
Fx: 9322-5510
Email: info@glengarry.com.au
Glengarry Resources Limited (Glengarry) is an Australian based mineral exploration company listed on the Australian Stock Exchange (ASX code GGY). The head office is located in Perth, Western Australia.
Glengarry is actively exploring a number of wholly owned strategic land holdings in well-mineralised but relatively unexplored provinces of northern Australia. In addition, the Company proactively seeks out and reviews advanced opportunities owned by other parties in Australia and overseas.
Until recently (April 2008), Glengarry’s focus was the Greenvale Project in North Queensland where the Company was exploring for gold, base metals and related commodities. Exploration at Greenvale resulted in the definition of a small copper resource (~22,000 tonnes copper metal) at the Maitland prospect. An independent study indicated that the deposit could not support the building of stand alone processing facilities. Consequently, Glengarry’s Board undertook a comprehensive review to determine how best to realise the optimal value from the Project for the Company’s shareholders. Glengarry has subsequently agreed to sell the Project to Kagara Ltd, which is the only company in the region with existing mining and milling infrastructure appropriate for the exploitation of the Maitland deposit. Kagara is also Glengarry’s largest shareholder and the sale of the Greenvale Project is subject to approval by other shareholders.
The sale of the Greenvale Project is consistent with the Company’s previously stated objectives to realise value from discoveries that won’t support a significant mining operation. The sale of Greenvale and recent divestments of other non-core assets mean that the Company will have over $11,000,000 cash available to fund the search for a major stand alone ore body.