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Company Highlights

• Respected base metal miner, Kagara Ltd acquired a substantial holding in Glengarry Resources in 2007 and now holds approximately 20% of the Company’s issued capital. Kagara initially subscribed for 35,000,000 ordinary Glengarry shares at 12.5 cents per share which raised $4,375,000. The placement was completed at 25% premium to the Glengarry share price at the time. Subsequent to the placement, Kagara has purchased additional Glengarry shares on market and now owns approximately 56,600,000 shares.  Kagara is currently mining and milling high-grade copper, zinc and lead ore from the Balcooma deposits located in north Queensland and close to several of Glengarry's exploration projects.

• In June 2008, Kagara agreed to purchase Glengarry’s Greenvale Project located approximately 40 kilometres southwest of the Balcooma operations for $6.5 million cash and a $5 per tonne royalty on ore processed in excess of one million tonnes. The Greenvale Project includes the Maitland copper deposit where, in late 2007, Glengarry defined an indicated and inferred resource of 1.5 million tonnes grading 1.5% copper (0.5% cut off). An independent scoping study indicated that the Maitland deposit would not support the construction of stand alone milling facilities and the sale to Kagara ensured that the Company realised the optimal value for the Greenvale Project.  The sale was completed on 18th September 2008.

• Kagara has indicated that it intends to remain a supportive and substantial shareholder of Glengarry.

• The sale of the Greenvale Project combined with the divestment of other non-core assets in the last 12 months means that the Glengarry will have more than $11,000,000 available to fund future activities and will also put the Company in a strong position when it comes to reviewing acquisition opportunities.

• The wholly owned Percyvale Project located approximately 300 kilometres west northwest of Townsville in North Queensland was granted in April 2008.  Fieldwork commenced in May 2008 and results include the discovery of several extensive zones of previously unreported base metal and gold mineralisation.  Drill follow up is scheduled for the second half of 2008.

• An Access Agreement has been executed with Traditional Owners of the Citadel Project located in the Telfer region of northwest Western Australia.  Previous drilling by other companies intersected high grade copper (up to 8 metres @ 4.4%) and gold (up to 15 metres @ 14.1 g/t) at the Magnum prospect and a review by Glengarry has identified a number of other targets ready for immediate drill follow up.  Glengarry will work with Traditional Owners to get Heritage Surveys completed in the last quarter of 2008.  A $1 million, 10,000 metre drilling program is planned to commence at the beginning of the 2009 field season.