TORONTO, ONTARIO--(Marketwire - Oct. 1, 2012) -
This document corrects and replaces the one that was sent on October 01, 2012 at 9:00 AM EST.
Xmet Inc. ("Xmet" or the "Company") (XME.V)(XMTTF) is pleased to announce that it has extended the closing date for its purchase of the Pitt Gold Project from Brionor Resources Inc. ("Brionor") to December 17, 2012. Xmet requested the extension of the Pitt Gold acquisition so that it will close concurrently with Xmet's acquisition of Clifton Star Inc.'s ("Clifton Star") Duquesne Mine property, announced in a news release dated September 20th, 2012. Xmet's acquisitions of the 100% owned Pitt Gold and Duquesne Mine properties will consolidate all of the Duquesne District's NI 43-101 compliant and contiguous gold resources to 1,233,000 ounces inferred and 355,000 ounces indicated. Please refer the Table below for the total resource details on Xmet's Duquesne District.
RESOURCE TABLE FOR THE DUQUESNE DISTRICT CONSOLIDATION
Indicated Ounces Inferred Ounces
Tonnes Grade Ounces Tonnes Grade Ounces
Ottoman 4,171,000 6.36 853,000
Duquesne Mine 1,860,000 3.33 199,000 1,560,000 5.58 280,000
Resource 600,000 7.83 156,000 476,000 6.91 100,000
NI 43-101 technical reports for Xmet's Duquesne Ottoman, Clifton Star's Duquesne Mine property and Brionor's Pitt Gold Project are available under their respective corporate profiles at www.sedar.com. To the best of the Xmet's knowledge, information, and belief, there is no new material scientific or technical information that would make the disclosure of the mineral resources, mineral reserves or results of a preliminary economic assessment set forth in the Technical Report published by Brionor inaccurate or misleading.
The Pitt Gold resource aligns with Xmet's Stinger Zone where Xmet has delineated a substantial gold resource. The intervening area has been insufficiently drill tested, mainly due to drill permitting complexity related to positioning of drill collars, an issue that will be solved by the purchase of the Pitt Gold Project. Between the Pitt and Stinger zones there are over 900 metres of strike along this horizon and at depth that are open for additional exploration and discovery. With the completion of the acquisition of the Pitt Gold Project, drill permitting issues will be largely eliminated and this target area will be a focus of our exploration in the near future.
In exchange for 100% ownership of the Pitt Gold Project, Xmet has agreed to issue Brionor a maximum of 10.56% of its outstanding shares after Xmet has exercised its option from Globex and completed the concurrent Duquesne Mine acquisition from Clifton Star. Completion of the Transaction is subject to a number of conditions, including but not limited to, the exercise of Xmet's option to purchase a minimum 75% interest in Duquesne-Ottoman Project (see Xmet's press release dated March 5, 2012), obtaining any necessary approvals, as well as the acceptance of the TSX Venture Exchange (the "Exchange").
About Xmet Inc.
Xmet is a gold exploration company focused on advanced projects in existing mining camps in Canada where exploration and mining costs are minimized and where previous and historic producing mines make for much easier permitting and minimizes community and First Nations social community risks. Xmet's flagship project, the Duquesne-Ottoman property, which covers an area of 928.6 hectares, is 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.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Xmet assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Xmet. Additional information identifying risks and uncertainties is contained in filings by Xmet with Canadian securities regulators, which filings are available under Xmet's profile at www.sedar.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
For the latest updates, news releases and events, please follow Xmet Inc. on Facebook and Twitter.
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.