Xmet Inc.
TSX VENTURE : XME

Xmet Inc.

September 06, 2011 09:00 ET

Xmet Intersects 13.3 g/t Gold Over 3.0m in Surface Trenches on Duquesne-Ottoman Property

TORONTO, ONTARIO--(Marketwire - Sept. 6, 2011) -

Editors Note: There are two photos associated with this Press Release.

Xmet Inc. (TSX VENTURE:XME) is pleased to report the first batch of results from a major stripping and channel sampling program at the Duquesne-Ottoman property near Rouyn-Noranda, Quebec. Approximately 7,000 cubic metres of overburden have been excavated in eight (8) trenches. The trenching program is designed to expose mineralization and structural controls at the 20-20 and Shaft Zones.

At the Shaft Zone, four trenches exposed structurally controlled gold mineralization hosted in andesite volcanics and a quartz-feldspar porphyry dyke within the core of a persistent, 50m wide shear zone trending at 075 degrees over 130m of strike length. This structure crosscuts E-W trending stratigraphy at a low angle. Within the shear zone, alteration is characterized by Fe-carbonate, sericite and intense silicification with high gold values associated with very fine, disseminated pyrite, typically over 3m widths.

Channel sampling at the Shaft Zone returned up to 13.38 g/t Au over 3.0 metres (see photo-mosaic of Trench 4). All high grade gold intervals shown in the following Table occur within a continuous envelope of gold values greater than 1.0 g/t Au, and are considered to be true horizontal widths.

Summary of Significant Channel Sampling Results – Shaft Zone - Duquesne-Ottoman Property
Trench No. Zone Length (m) Au g/t
4 Shaft 2.9 4.6
4 Shaft 3.0 13.3
4 Shaft 2.8 5.58
4 Shaft 3.1 4.88
2 Shaft 3.8 4.73

The best results on Shaft were obtained in Trench 4, the eastern-most trench where the shear zone approaches the contact of the North Porphyry (see map). The best grades are found in and adjacent to a 4 metre-wide porphyry dike (QFP) that parallels the North Porphyry.

The channel sampling program confirmed that central shear hosted gold mineralization is consistent within the broad 075 trending shear zone over a minimum strike length of 130 metres, which remains open along strike. The current resource at the Shaft Zone (47,000 ounces Au at 4.90 g/t; see Xmet News Release of 21 September 2010) will be subjected to a major drill program commencing in mid-September targeting resource expansion near surface.

Charles Beaudry, President of Xmet comments: "we are very pleased with these results which are expected and consistent with previous historical drill results. We look forward to drill testing the Shaft Zone, where historic drilling has reported up to 8.71 g/t over 7.88 metres at shallow depths". Many of the historical holes at the Shaft Zone were not included in the current NI-43-101 resource because of poor collar location, or lack of QAQC on historical holes drilled for which the core is no longer available.

Assay results for the 20-20 zone sampling are pending.

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 stripped and washed outcrops. Channels approximately 4-6cm wide were cut using a diamond bladed power saw. Individual channel intervals of 1 to 1.5m were collected and sent to the laboratory for analysis. 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.

To view the photos associated with this press release, please visit the following link:

http://www.marketwire.com/library/20110906-trench4.jpg.

http://www.marketwire.com/library/20110906-shaftzone800.jpg.

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

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