Mt Isa Metals Limited (ASX:MET) High Grade Results Continue At Barbara Copper Prospect

Brisbane, Nov 23, 2009 AEST (ABN Newswire) - Mt Isa Metals Limited (ASX:MET) is pleased to advise that assay results have been received for a further 15 holes from the phase two drilling program at the Barbara Copper Prospect (North Lode). The results include high grade intersections which continue to support the potential to define an open-pittable sulphide copper deposit.

The Barbara Copper Prospect is located approximately 50km north-east of Mt Isa and forms part of the Company's broader Leichardt Exploration Project area. The Barbara Copper Prospect - North Lode is held in joint venture between Mt Isa Metals Limited (49%) and Syndicated Metals Limited (51% and manager).

First pass drilling conducted earlier this year on Barbara North Lode (within EPM16112) returned significant near-surface sulphide intersections including 8m @ 3.74% Cu (in BARC019).

The current (phase two) RC drilling program at the Barbara North Lode was designed to follow up the initial results by testing the mineralised structure to a vertical depth of around 150 metres.

One deeper hole was also planned to test an interpreted TEM anomaly located approximately 250 metres below the surface.

The phase two drilling program has now been completed with a total of 22 holes for 2,732 metres having been drilled.

Results for the first three holes of the phase two North Lode program (holes BARC024 to BARC026) which included up to 9m @ 5.25% Cu and 0.45 g/t Au (in BARC025) were released to the ASX on October 22.

Results for the next 15 holes (BARC027 to BARC031 and BARC035 to BARC044) are released herewith.

Significant new intersections include:

- 7 metres @ 3.97% Cu and 0.26 g/t Au from 98 metres (BARC038);

- 8 metres @ 3.25% Cu and 0.32 g/t Au from 10 metres (BARC040); and

- 6 metres @ 4.00% Cu and 0.29 g/t Au from 95 metres (BARC044).

The drilling at North Lode is progressively outlining what is believed to be a south plunging lode with higher grade copper intercepts at its centre. The Company is confident a potentially open-pittable deposit can be defined from the higher grade (+1% Cu) intersections.

The high grades at the core of the lode also provide encouragement that the North Lode has potential for underground mining if continuity at depth can be demonstrated with further drilling.

Also of interest are the high cobalt grades recorded in BARC043 which intersected an altered / mineralised zone about 50 metres below (down dip) of BARC038 (7m @ 3.97% Cu). BARC043 was interpreted to have drilled below the plunge of the high grade copper lode but intercepted a zone of highly anomalous cobalt (6m @ 0.18% Co) within a zone of strong disseminated and semimassive pyrite.

All intersections reported to date from Barbara North Lode occur in the primary sulphide zone below an oxidized cap which is limited to approximately 10 to 15 metres depth.

Results for the remaining 4 holes in the phase two drilling program (BARC045 to BARC048) will be announced as they become available.

A maiden resource estimate for Barbara North Lode expected to be announced prior to year end.

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