update - company newsletter., page-2

olympic dam style prospects Poor old Gravity Cap. is now hamstrung by the market being unable to understand it's restructure however, the company presses on with very promising prospects.

"Wednesday, September 15, 2004
EAGLE Bay Resources and Gravity Capital have identified several exploration targets in the Olympic Dam corridor following the analysis of geophysical data collected from a Falcon survey flown at the Cultana project in South Australia.

Gravity is faming into Eagle Bay's copper gold project where it can earn up to a 55% interest in any discoveries through the expenditure of $685,000 over two licences.

Two principal targets identified were in close proximity to known copper mineralisation and well defined fracture zones, according to Gravity.

Cultana lies halfway between the Moonta and Mt Gunson copper mining districts, 15 kilometres north east of Whyalla.

Under the farm in agreement Eagle Bay covers the costs of the surveying and Gravity retains the option to earn an interest by drilling targets.

Eagle Bay is earning an interest in one of the licences – held by Minotaur Resources – which would retain a 25% interest in the project if Gravity meets its expenditure requirements to earn a 55% interest.

Eagle Bay holds 100% of the other licence."