6 February 2012

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Objectives and Strategies

Glengarry's main objective is to become a profitable miner via the discovery or acquisition of an economic mineral deposit that can support stand alone processing facilities. The Company intends to achieve this by:

• Exploring for large mineral deposits on Projects located in under explored, highly mineralised provinces with known, economic deposits.
• Identifying and acquiring mineral deposits in an established, well-serviced mining provinces that do not meet the requirements of larger companies.
• Realising value from non-core assets to assist with funding of exploration on key projects.

Glengarry currently holds two 100% owned exploration properties in Australia, being the Percyvale Project located in far north Queensland and the Citadel Project located in the Pilbara region of Western Australia.  The Percyvale Project is located in a region which contains significant economic quantities of gold, base metals, uranium, molybdenum and nickel.  Early exploration work by Glengarry at Percyvale has confirmed the potential of the project to host ore bodies similar to that discovered elsewhere in North Queensland. 

The Citadel Project has the potential to contain high grade copper and gold mineralisation and a number of targets have been identified for follow up.  The Company has executed access agreements with the Traditional Owners of the area.

Following the Company's decision to focus on securing an advanced exploration or development asset, all field work at Percyvale and Citadel has been put on hold.

Detailed project data and Information Memorandums are available on each of these projects should parties be interested in securing an interest in these exploration projects.

In addition to the 100% owned exploration properties, Glengarry holds an interest in the Snake Creek and Mt Guide Projects in far north Queensland.  Ivanhoe Australia Ltd is earning into 85% of the Snake Creek Project, whilst MM Mining Plc is earning into the Mt Guide Project.

Further information on each of Glengarry's exploration projects is also displayed in the section titled Project Summary.