Projects in Summary

Wholly Owned Projects

Percyvale – Base Metals, Gold and Uranium
The Percyvale Project is located approximately 300 kilometres west northwest of Townsville in North Queensland and comprises a single EPM covering 363 square kilometres.  The Project area is underlain by lithologies belonging to the Proterozoic Einasleigh Metamorphic suite, the same geological sequence that hosts a number of significant mineral deposits including the world class Kidston gold deposit, the Maitland copper deposit and Copper Strike’s Einasleigh, Kaiser Bill, Chloe and Jackson base metal deposits.  Previous exploration by other companies recorded strong base metal, gold, molybdenum and uranium anomalism from several areas; however, follow up was limited and most of the anomalies were not drill tested.  Systematic geochemical sampling and geological mapping by Glengarry has confirmed potential for significant polymetallic mineralisation at a number of prospects and drilling to test specific targets is scheduled for early October 2008.

Citadel – Gold, Copper and Uranium
The Citadel Project occurs within the Proterozoic Paterson Province and covers over 1,400 square kilometres of highly prospective stratigraphy.  The Paterson Province hosts the world class Telfer Gold Mine (26 Moz gold and 1 Mt copper), the Nifty Copper Mine (1 Mt copper) and the Kintyre uranium resource (36 Kt U3O8).  Previous exploration has intersected significant gold and copper mineralisation at the Magnum prospect including 15 metres @ 14.1 g/t gold and 8 metres @ 4.4% copper.  Glengarry believes the Project is prospective for the discovery of world-class gold, copper and uranium deposits and the Company has planned an initial $1 million exploration program, including 10,000 metres of drilling, to assess 18 targets defined by a review of previous exploration data.

Access Agreements have been executed with Traditional Owners of the Project area and Glengarry has been advised by WA government that the remaining tenement applications should be granted in late 2008.  Heritage surveys to clear proposed work areas will also be required before drilling can commence.  Glengarry will work with the Traditional Owners to facilitate the completion of the Heritage surveys before the end of 2008 and has scheduled fieldwork to commence at the beginning of the 2009 field season.

Hampstead – Gold, Uranium and Base Metals
The Hampstead Project is located approximately 300 kilometres west southwest of Townsville in North Queensland and comprises 1 granted EPM and 5 EPM applications covering approximately 900 square kilometres.  The Project area covers a north-south trending, 60 kilometre long, linear extension of the Georgetown Inlier and is considered highly prospective for gold, base metal and uranium mineralisation. Limited reconnaissance has been completed; however, comprehensive exploration work will not be undertaken until most of the EPM applications have been granted.

Rum Jungle – Gold, Base Metals and Uranium
The Rum Jungle Project covers approximately 80 square kilometres and is located 65km south of Darwin in the Northern Territory.  Previous exploration has identified a number of advanced prospects including Acacia North where a drill intersection of 6 metres @ 11.3 g/t gold is open in all directions.

Joint Venture Projects

Snake Creek Joint Venture – Copper and Gold
Glengarry has an Exploration Permit covering 260 square kilometres at Snake Creek located 35 kilometres south southeast of Cloncurry in northwest Queensland.  The tenement (EPM 14449) is prospective for iron oxide copper-gold mineralisation associated with structures and host rocks similar to that at the 100 million tonne Ernest Henry deposit located approximately 60 kilometres to the north.

Glengarry has recently entered into a farm out agreement with Ivanhoe Australia Ltd, a company with substantial assets in the region. Ivanhoe has the right to earn up to 85% equity in the Snake Creek Project by funding the next phase of exploration.

Lucky Creek Joint Venture - Base Metals and Gold

The Lucky Creek JV comprises three tenements located 200 kilometres west of Townsville in North Queensland.  Glengarry has an agreement with ASX listed Beacon Minerals Limited who have the right to earn up to 80% equity in the JV by funding the next stage of exploration.

Mt Guide Joint Venture – Base Metals and Gold
The Mt Guide EPM covers 134 square kilometres and is located 35 kilometres south of Mt Isa in northwest Queensland.  The tenement is underlain by the same regional structure and lithologies as the giant Mt Isa base metal deposits and is prospective for the same style of mineralisation. Glengarry has a 10% joint venture interest in the project which is free carried until completion of a Bankable Feasibility Study.  The remaining 90% interest in the JV is held by Summit Resources. Summit has elected to focus on uranium exploration in the Mt Isa area and has entered into a farm out agreement with unlisted UK company MM Mining Plc (MMM) whereby MMM can earn 80% of Summit’s equity in the JV.

Inningarra Joint Venture – Gold
The Inningarra property is located in the Callie area of the Tanami Gold Province. The Project is underlain by the same geological formation that hosts the multi-million ounce Callie gold deposit approximately 50 kilometres to the northeast. Newmont Mining Limited has agreed to farm in to the Inningarra property and negotiate with the Traditional Owners to get the tenement granted.

Other Interests

Greenvale – Base Metals and Gold
The Greenvale Project is located 260 kilometres west of Townsville in north Queensland. Exploration by Glengarry discovered a small uranium resource at the Oasis prospect and a small copper-molybdenum resource at the Maitland prospect. Scoping studies indicated that both deposits could be potentially upgraded to reserves that could economically exploited by mining and trucking to a third party milling facility.

Glengarry has been active in the Greenvale area since 1999 and expended more than $5 million on exploration. A review of available data indicated that there was little potential remaining within the Greenvale Project for the discovery of a mineral deposit that would support stand alone processing facilities.

Glengarry sold the uranium rights at Greenvale to TSX listed Mega Uranium in early 2007 for approximately $5 million and a 1% royalty.  Mega owns significant uranium resources in northern Queensland including the Ben Lomond and Maureen deposits and, importantly, has extensive expertise in uranium exploration. It should be noted that uranium mining is currently banned in Queensland and will require a change of state government policy before it is allowed.