Mt Isa Metals Limited (ASX:MET) Expands Gold Exploration To Include Birimian Gold Province, And Updates On Burkina Faso Gold Strategy

Brisbane, Nov 18, 2009 AEST (ABN Newswire) - Mt Isa Metals Limited (ASX:MET) is pleased to announce that significant progress has been made in respect of its previously announced strategy to expand exploration activities into the gold sector and wishes to provide an update on activities to date.

After a comprehensive review of all available opportunities the Company has elected to expand its gold exploration activities to include the world-class Birimian Gold Province of West Africa.

The Birimian Gold Province will provide MET with exposure to:

- a proven world-class gold province

- high prospectivity / under-explored geological environment, and

- low entry cost opportunities (as compared to current "western world" projects)

Burkina Faso has been selected as the initial entry point to the region.

The gold sector of Burkina Faso is undergoing a rapid expansion. There are currently four large - scale gold mines operating in the country with two additional projects under development.

Gold production in Burkina Faso is forecast approach 1Mozs per annum over the near term and will play an increasingly important role in the domestic economy.

Burkina Faso was selected by MET as the country offers:

- a modern progressive Mining Code (revised 2003)

- a familiar "technical" environment - arid area exploration techniques are comparable with those utilised in the Eastern Goldfields of Western Australia

- excellent logistics/site access (generally arid climate / low topography / low rural population density)

- immediate investment / exploration opportunities

Status of MET Activity

MET has made significant progress implementing its expanded gold strategy focussed on Burkina Faso.

First phase targeting of gold opportunities has been completed across the country. These studies have identified a range of targets of immediate investment interest to the Company.

During late October / early November the Company also conducted preliminary field inspection of specific sites. The field inspections were very encouraging particularly in respect of the following primary indicators:

- favourable mineralised greenstone belt geology (similar to Eastern Goldfields of Australia)

- the presence of artisanal mining activity

- visible gold in quartz vein samples and/or panned concentrates, and

- elevated gold assays in confirmatory quartz vein / rock grab samples

On the basis of the above the Company has initiated discussion with a number of parties in respect of tenement acquisition / joint venture opportunities and anticipates being able to make announcements on such discussions as they are concluded.

Given the excellent progress to date MET is currently planning for the implementation of initial field programs in the first quarter of calendar 2010.

Contact

Mr Peter Spiers Managing Director Ph: +61-7-3303-0624 Mob: +61-409-407-265 Mr Duncan Cornish Company Secretary Ph: +61-7-3303-0624 Mob: +61-407-623-302 Email: info@mtisametals.com.au Website www.mtisametals.com.au