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"CORPORATE

Cash Position

The Company continues to maintain a strong financial position with cash reserves of A$10.2
million at the end of the Quarter.


New Acquisition Oriented Strategy

Glengarry has implemented a revised Corporate Strategy to build shareholder wealth which
will see the Company apply its healthy funding position towards the acquisition of one or a
number of Projects that have the potential for an early cash flow stream.

Whilst gold will remain a priority target commodity, other mineral commodities will also be
investigated. The Company’s search for new acquisition opportunities will be world-wide.

Glengarry intends to significantly reduce exploration activities on it existing projects. While
these projects have considerable merit, particularly the Citadel Project, current exploration is
mostly relatively early stage and high risk. The Company is mindful that such “grass roots”
exploration work receives little market acknowledgement during economic downturns.

Consequently, Glengarry will be re-focussing on new and more advanced opportunities and
the possible divestment of the Company’s existing projects is under consideration. "


The new managing director has only been in his new position for a few weeks and judging by the buy depth there is some renewed interest.