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Quarterly Activities Report
October 30, 2008

Highlights

Corporate

  • IPO successfully completed (oversubscribed) raising $7 million from the issue of 35 million shares at 20 cents each.
  • Mt Isa Metals admitted to the Official List of the Australian Securities Exchange on 20th August 2008 with quotation commencing on 22nd August 2008.
  • Cash position at the end of the September 2008 quarter was $6.85 million.

Exploration / Projects

  • Major geophysical survey commenced over the Gregory Project area to define iron-oxide copper gold drill targets within this substantial tenement holding (~2,000 km2)
  • JV Heads of Agreement established with Legend International Holdings consolidates ownership in significant D-Tree Phosphate deposit (MET 20%, Legend 80%) - subsequent to quarter end
    Key geological appointments made to the positions of GM Exploration (Andrew Bowden) and Senior Exploration Geologist (Peter Ledwidge)
  • Land access agreement concluded with Kalkadoon #4 Peoples over tenements in the greater Mt Isa region.

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