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    LAKE TORRENS PROJECTEXPLORATION UPDATE23 OCTOBER 2002ENCOURAGING GEOPHYSICAL RESULTS FROM MARATHONThe Company is pleased to report further encouraging geophysicalresults from the Marathon project, located 20km north-north east ofWMC's Olympic Dam Mine, that indicate the potential for significantmineralisation.The Marathon project area as defined by a recent gravity survey(outlined in the attached residual gravity diagram) consists of agroup of five residual gravity anomalies (M1 - M5) and is interpretedto be situated along the same structure as WMC's Olympic Dam Mine andAcropolis prospect (see attached diagram).A recently completed induced polarisation (IP) survey (see attachedinversion pseudo sections) has indicated a 500m wide chargeabilityanomaly at a depth of approximately 250m. This anomaly is coincidentwith part of the residual gravity anomaly and is interpreted to occurbelow younger sedimentary cover.There is a strong possibility that the residual gravity anomaly at M2is attributable to pervasive sulphide mineralisation within theMesoproterozoic basement. M2 therefore represents a possible OlympicDam style target which may include sulphides hosted within a possiblelarge breccia pipe. The directors consider that this anomaly is ahighly prospective target.The other four gravity anomalies at Marathon are yet to be testedwith IP. Subject to the results of further geophysical interpretationand an Aboriginal Heritage clearance, the company is planning todrill M2 in the near term.G H SolomonCHAIRMAN
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