TORONTO, ONTARIO--(Marketwire - March 2, 2012) - Xmet Inc. ("Xmet" or the "Company") (TSX VENTURE:XME.V - News)(OTCQX:XMTTF.PK - News) is pleased to announce the signing of a geophysical survey contract on the Grasset Property, located along the Detour Belt in Quebec. The Company has approved an Induced Polarization survey over the interpreted trace of the Detour-Sunday Lake Deformation Zone in order to identify anomalies that could be associated with gold mineralization. The survey will be undertaken in the coming weeks and results are expected shortly after the completion of the survey.
Xmet has entered into a service contract with Abitibi Geophysique Inc. to carry out a ground-based induced polarization survey totalling nearly 133 kilometres of surveying on 150 metre-spaced lines using a gradient array configuration with 25 metre electrode spacing.
The Grasset Property is located at the end of recently constructed forestry roads and logistics will be very straightforward with the crew working out of Matagami. This survey, which will be focussed on delineating gold targets associated with the eastern extension of the Detour-Sunday Lake deformation zone that is thought to cross the southern half of the Grasset Lake property. The Detour-Sunday Lake deformation zone represents one of the least explored major gold bearing structures in the Abitibi, hosting the 16.4 million oz Detour Lake gold deposit, and including eight new gold discoveries made to the east of this world class deposit over the past 12 months by Balmoral Resources. Xmet's Grasset Property is tied onto Balmoral claims immediately east of Balmoral's Grasset discovery (www.balmoralresources.com) reportedly hosting "Temiskaming-style" gold mineralization along the Detour Lake trend.
Charles Beaudry, Xmet President and COO stated that "we hope to identify high quality targets for follow up drilling. If successful, we will be in a position to either drill the targets ourselves or joint venture the project to a partner in return for a commitment to drill and cash payments to cover Xmets costs incurred to date".
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.
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.