Xmet Inc.

Xmet Inc.

December 13, 2011 09:00 ET

More Good News for Xmet from Near Surface Drilling on Duquesne-Ottoman Property

TORONTO, ONTARIO--(Marketwire - Dec. 13, 2011) - Xmet Inc. (TSX VENTURE:XME) is pleased to report more positive drill results from the ongoing Phase 2 drilling program at the Duquesne Ottoman project. The Phase 2 drill program which is expected to close in mid-December will result in over 7,000 metres of additional drilling on the project total to over 20,000 metres of drilling since Xmet began drilling in September 2010. This latest phase of drilling is targeted on significant resource expansion of Xmet's current inferred resource of 727,000 ounces of gold (853,000 ounces uncut), published on SEDAR (www.sedar.com). Drilling results continue to expand the near surface gold mineralization in the Shaft Zone where previously we reported 11.66 g/t (8.77 g/t Au cut) over 5.10 metres.

Hole DO-11-46 intersected 5.18 g/t Au over 4.55 metres starting at 52.75 metres. Hole DO-11-51 cut 4.0 g/t Au over 11.7 m, which is considerably wider than previous intersections on Shaft. Moreover hole DO-11-50 intersected 20.55 metres of 0.75 g/t Au demonstrating the potential for bulk minable targets on the property. True widths are considered to be 80% of reported core lengths. Results are presented in Table 1.

Table 1. Drill Results from Shaft Zone
Hole Number Zone From (m) To (m) Length
Au (g/t)
Au (g/t)
(cut 30 g/t)
DO-11-46 52.75 57.3 4.55 5.18 5.18
DO-11-49 39.5 42.3 2.8 3.63 3.63
DO-11-50 Shaft-Trench 88.25 108.8 20.55 0.75 0.75
DO-11-51 65.60 77.30 11.7 4.0 4.0
DO-11-52 102.5 104.8 2.3 2.45 2.45

Holes DO-11-42, DO-11-43, DO-11-44, DO-11-45 and DO-11-47 intersected low grade but highly anomalous values of gold over modest widths.

Quality Assurance and Quality Control

Mr. Charles Beaudry, P. Geo., is a qualified person under National Instrument 43-101 and was responsible for this news release. Material samples for analysis and assay have been obtained from drill core which was cut in half using a diamond saw. Half of the core was sent to the lab for analysis and the remaining half preserved for future reference. A strict QA/QC program is followed which includes the use of certified pulp standards, blanks and verification analyses in a second laboratory. Analyses were performed by Activation Laboratory Limited of Ste-Germaine Boulé, Quebec.

About Xmet Inc.

Xmet Inc., through its wholly-owned subsidiary Duquesne-Ottoman Mines Inc. ("Duquesne-Ottoman Mines"), carries out gold resource exploration and development. Pursuant to the terms of a mining option agreement between Duquesne-Ottoman Mines and Duparquet Assets Ltd., Duquesne-Ottoman Mines can earn an option to purchase 75% of the common shares in the capital of Duparquet Assets Ltd, which legally and beneficially owns 20 claims (commonly referred to as Duquesne West) and 40 claims (commonly referred to as Ottoman) covering an area of 928.6 hectares located approximately 30 kilometres north of the city of Rouyn-Noranda and 10 kilometres east of the village of Duparquet within the townships of Duparquet and Destor in the Province of Quebec.

Mr. Charles Beaudry, P.Geo., Xmet's President, COO and Director, is the designated Qualified Person responsible for this release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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