Projects in Summary Greenvale – Gold and Base MetalsThe...

Projects in Summary

Greenvale – Gold and Base Metals
The Greenvale Project is located 200 kilometres west of Townsville in north Queensland. Glengarry holds a strategic land package of approximately 1,900 square kilometres immediately east of the 4.5 million ounce Kidston gold deposit and south along strike of the high-grade, Balcooma base metal deposits. Exploration has confirmed that the Project is prospective for several styles of mineralisation with significant drill intercepts recorded from a number of prospects.

The Greenvale Project consists of wholly owned tenements and the Lucky Creek Joint Venture. The Lucky Creek JV comprises the four north eastern tenements at Greenvale which cover approximately 10% of the Project area and Glengarry has reached agreement with Beacon Minerals Limited who will have the right to earn up to 80% equity in the tenements by funding the next stage of exploration.

In January 2007, Glengarry announced the divestment of the uranium rights at Greenvale to TSX listed Mega Uranium Limited for approximately $5,000,000 worth of Mega shares. Exploration by Glengarry had confirmed primary uranium mineralisation at the Oasis prospect and identified a number of radiometric anomalies; however, a review indicated limited potential for stand alone uranium deposits and that more value could be obtained by a sale to Mega Uranium. Mega controls most of the uranium rights in this region of North Queensland including ownership of the Ben Lomond and Maureen uranium deposits. Glengarry’s ownership of a significant number of shares in Mega means it will benefit from the future development of uranium deposits in North Queensland while allowing the Company to focus on exploration for stand alone deposits elsewhere in Australia.

Glengarry intends to focus on the western and southern tenements at Greenvale where the Company retains 100% of the rights to all minerals except uranium and where there is a high probability of discovering a major gold and/or base metal ore body.


Cannington – Base Metals, Gold and Uranium
The Cannington Project tenements are situated close to BHP Billiton's 40 - 50 million tonne Cannington silver-lead-zinc mine which is located in western Queensland approximately 300 kilometres southeast of Mt Isa. Early work by Glengarry recorded anomalous lead and molybdenum values in float samples at the Crackpot prospect; however, a lack of outcrop hindered the definition of targets for drilling. A regional Induced Polarisation (IP) geophysical survey completed in mid 2006 and a subsequent infill IP survey have defined a conductive zone, possibly caused by base metal sulphides, beneath barren cover immediately east of the Crackpot area. Drill testing of this target is a high priority for Glengarry.
Recently acquired airborne radiometric data has also identified a strong uranium anomaly in the northern tenement block at Cannington. The Cannington Project is located in the Eastern Fold Belt of the Mt Isa Province which is the same geological sequence that hosts the Mary Kathleen uranium mine and ground follow up of the anomaly will be completed as a priority.

Citadel – Gold, Copper and Uranium
The Citadel Project occurs within the Proterozoic Paterson Province and covers over 1,700km2 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 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 is seeking a joint venture partner to fund future exploration within the Project with an initial expenditure commitment of at least $1M required to advance the Project.

Rum Jungle – Gold, Base Metals and Uranium
The Rum Jungle Project covers approximately 140 square kilometres and is located 65km south of Darwin in the Northern Territory. The Project is proximal to the historical Rum Jungle uranium mine (3,530 tonnes U3O8) and the Woodcutters lead-zinc mine (~6 Mt @ 12% zinc and 6% lead). 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.

Snake Creek – Copper, Gold and Uranium
Glengarry has an Exploration Permit covering 260 square kilometres at Snake Creek located 125 kilometres east southeast of Mt Isa in northwest Queensland. The tenement (EPM 14449) is prospective for iron oxide copper-gold-uranium mineralisation associated with similar structures and host rocks to that at the 100 million tonne Ernest Henry deposit. Prior to December 2006, the Project was subject to JV agreement with Xstrata Copper who focussed on copper and gold. Before withdrawing from the JV, Xstrata carried out wide spaced (100 by 500 m) soil sampling that identified a number of strong copper-gold anomalies that warrant infill sampling.

Two uranium anomalies have also been identified at Snake Creek including an area where rock chip sampling has recorded up to 250 ppm uranium associated with high copper (8.6%) and gold (0.6 g/t) values. The Project is located 70 kilometres east southeast of the Mary Kathleen uranium mine and in the same geological sequence and ground follow up of the anomalies will be completed as a priority.

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 Mt Isa deposits and is prospective for the same style of base metal mineralisation. Summit Resources Limited has earned 90% interest by spending $500,000 on exploration during 2006. Glengarry has retained a 10% joint venture interest which is to be free carried until completion of a Bankable Feasibility Study.

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 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.


Cheers markco2