Xmet Identifies Gold Targets on Its 100% Owned Grasset Property Along the Detour-Sunday Lake Deformation Zone

Marketwired

TORONTO, ONTARIO--(Marketwire -05/03/12)- Xmet Inc. ("Xmet" or the "Company") (XME.V - News)(XMTTF.PK - News) is pleased to announce that it has received results for a geophysical survey completed over Grasset Lake where Xmet geologists interpreted the corridor of the Detour-Sunday Lake deformation zone. Results from an IP survey completed during the winter confirm a coincident WNW-trending high chargeability and high resistivity anomaly parallel to the interpreted axis of the deformation zone (Figure 1) and along strike with historical mineral occurrences along the south shore of the lake including 0.93 g/t Au over 1.83 metres and 0.5% Cu over 1.0 metre. The property is immediately along strike to the east of Balmoral Resources Grasset Property where the company announced a new discovery last year with 6.15 g/t Au over 4.04 metres and 4.18 g/t Au over 5.0 metres (see Balmoral News Release dated 14 July 2011). A second anomaly near the western limit of the property, right adjacent to a historical surface occurrence that returned 5.5 g/t Au in a selected sample is oriented at a high angle to the deformation zone which is thought to be particularly prospective for gold.

"The early winter breakup cut short our planned survey on our Grasset Property but our initial results are quite encouraging with the anomalies located directly along the fault trend. Our immediate neighbour to the west, Balmoral Resources, have been very successful in developing their property and given our great initial results we plan to complete the survey as planned as soon as conditions permit" said Charles Beaudry, President and COO. "Our main focus remains the Duquesne-Ottoman Project but a decision to drill ourselves or farm-out a participation to a third party will be made based on the complete survey results", he added.

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.

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Contact:

Xmet Inc.
Charles Beaudry
President and COO
(416) 644-6588
cbeaudry@xmet.ca
Xmet Inc.
Stephen Stewart
VP Corporate Development
(416) 644-6588
sstewart@xmet.ca

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