Xmet Inc.

Xmet Inc.

July 06, 2011 08:15 ET

Xmet to Update NI-43-101 Mineral Resource Estimate on the Duquesne-Ottoman Project

TORONTO, ONTARIO--(Marketwire - July 6, 2011) - Xmet Inc. (TSX VENTUE:XME) ("Xmet") is pleased to announce that it has retained Watts, Griffis and McOuat Limited ("WGM") Consulting Geologists and Engineers of Toronto, Canada to prepare an update of the initial NI-43-101 mineral resource estimate reported at the Duquesne-Ottoman Property on September 24, 2010 (Inferred Resource of 2.7 million tonnes at an average cut grade of 5.29 g Au/t (6.00 g Au/t uncut) hosting 465,000 ounces Au cut (525,000 ounces Au uncut). WGM is an established, internationally recognized consulting firm with extensive experience in the preparation of NI-43-101 compliant resource estimates.

Over the past nine months Xmet has completed nearly 13,000 metres of diamond drilling on the Duquesne-Ottoman Property and reported high grade drill results, with highlights of the phase one, C$1.74 million drilling summarized in a news release on April 28th, 2011 (www.xmet.ca and www.sedar.com). The majority of the significant holes reported to date targeted expansion of the current resource.

Upon review of the phase one drilling results, management retained WGM to prepare a new NI- 43-101 resource estimate. Results of the updated resource estimate by WGM will be reported immediately upon completion of their study.

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. Bill Yeomans, P. Geo., is a qualified person under NI-43-101 and was responsible for this news 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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