Xmet Inc.

Xmet Inc.

September 22, 2011 09:00 ET

Xmet Inc. Stakes Grasset Township Claims on Detour-Sunday Lake Deformation Zone

TORONTO, ONTARIO--(Marketwire - Sept. 22, 2011) - Xmet Inc. (TSX VENTURE:XME) is pleased to announce that the company has staked 129 claims covering 7,160 hectares in Grasset Township along strike and to the east of the recently announced Balmoral Resources Ltd. (Balmoral) Grasset Township gold discovery. Xmet's staked ground covers 11 kilometres of the Detour-Sunday Lake Deformation Zone, an area considered highly prospective for gold mineralization.

A new gold discovery was reported on Balmoral's Grasset property earlier this year, with drill hole FAB-11-44 returning 33.0 metres grading 1.66 g/t gold, including 4.04 metres grading 6.15 g/t gold, and 5.00 metres grading 4.18 g/t gold. This drill hole was drilled 88 kilometers east of the +20 million ounce Detour Gold Deposit in Ontario along a major structure known as the Detour-Sunday Lake Deformation Zone. This represented the fourth significant gold discovery made by Balmoral on their land package which covers 88 kilometres of this major structure east of the Detour Gold Deposit.

Balmoral's four new gold discoveries demonstrate camp-scale potential for the Detour-Sunday Lake structure in Quebec, east of the Detour Gold deposit. Balmoral has reported high grade gold mineralization at their Fenelon project (97.33 g/t gold over 6.33 metres), while low grade bulk tonnage style gold mineralization has been identified at their Martiniere East Zone (0.94 g/t gold over 105.44 metres). Balmoral's Grasset Township discovery is located 8 kilometers east of the Fenelon discovery, where the same favourable structure trends along the margin of a gabbroic intrusion, characterized by a 50 metre wide zone of quartz carbonate alteration and mineralization.

Five short diamond drill holes were collared on Xmet's Grasset Township claims in 1959, with historic gold values reported up to 0.93 g/t Au over 1.83 meters. Ingamar Explorations Ltd drilled seven additional holes in this same area in 1987 but did not report any significant values. All of the historical drill programs targeted geophysical anomalies located proximal to a multi-phase intrusion known as the Kitchigama granite along the southern shore of Lac Grasset. The Detour-Sunday Lake structure, located to the north of the intrusion, has not been previously drill tested on the property.

About Xmet Inc.

Xmet Inc., through its wholly-owned subsidiary Duquesne-Ottoman Mines Inc. ("Duquesne-Ottoman Mines"), carries out gold resource exploration and development.

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. Mr. Bill Yeomans, P.Geo., Xmet's Senior Vice-President Exploration, Director, is the designated Qualified Person responsible for this release.

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