Mt Isa Metals Limited (ASX:MET) Consolidated Half Year Accounts

Brisbane, Feb 23, 2010 AEST (ABN Newswire) - Your directors present their report on the consolidated entity consisting of Mt Isa Metals Limited (ASX:MET) and the entities it controlled at the end of, or during, the half-year ended 31 December 2009.

Directors

The names of persons who were directors of Mt Isa Metals Ltd during the whole of the half-year and up to the date of this report are:

Peter Spiers
Nicholas Mather
John Bovard
Michele Muscillo

Review of Operations

Mt Isa Metals Limited is an Australian-based exploration company focused on the discovery and development of copper and gold deposits in world-class mineral provinces.

Significant activities which occurred during the half-year include:

- Drilling programs successfully completed for two key project areas in the Mt Isa region.

- Deep diamond drilling at the Gregory Project intersected variable width intervals of iron-oxide alteration and disseminated sulphides (primarily pyrite). Assay results confirmed a "live" copper system with low order anomalous copper values recorded (peak value 0.2% Cu).

- Significant copper assay results were received from the Barbara Copper Prospect (MET 49%) including:
-- 8m @ 3.74% Cu and 0.27g/t Au from 32m (in BARC19)
-- 9m @ 5.25% Cu and 0.45g/t Au from 31m (in BARC025)
-- 7m @ 3.97% Cu and 0.26 g/t Au from 98m (in BARC038)
-- 8m @ 3.25% Cu and 0.32 g/t Au from 10m (in BARC040)
-- 6m @ 4.00% Cu and 0.29 g/t Au from 95m (in BARC044)

- A new priority drill target was identified in close proximity to Barbara North Lode. Surface channel sampling results at the "Green Zone" anomaly included 10m @ 1.0% Cu, and 15m @ 0.63% Cu.

- Surface exploration activities continued across a number of additional project areas in the Mt Isa region including the Isa North and Boomara Projects.

- Due diligence commenced over a number of gold properties in the world class Birimian Gold Province of Burkina Faso.

- Mt Isa Metals Limited withdrew from the D-Tree Phosphate Project. A$0.50/t phosphate royalty is retained over any future phosphate production from the former Joint Venture area.

For the half-year ended 31 December 2009, the consolidated loss from ordinary activities for the economic entity after providing for income tax was $732,816 (2008: A$875,788).

Auditors Independence Declaration

A copy of the independence declaration by the lead auditor under section 307C is included on page 5 to these half-year financial statements.

This report is signed in accordance with a resolution of the Board of Directors and is signed for and on behalf of the directors by:

Peter Spiers
Director

For the complete Mt Isa Metals ASX Announcement - Consolidated Half Year Accounts, please click the link below:

http://www.abnnewswire.net/media/en/docs/62337-ASX-MET-218385.pdf

Contact

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