TORONTO, ONTARIO--(Marketwire -03/29/12)- Xmet Inc.'s ("Xmet" or the "Company") (TSX-V: XME.V - News)(OTCQX: XMTTF.PK - News) management and directors are pleased to announce the addition of industry veteran Jean-Pierre Colin to its Board of Directors.
"Adding an individual like Jean-Pierre Colin to our team truly enhances Xmet's ability to develop our assets. Mr. Colin brings a great deal of expertise though his past involvement in developing successful resource projects such as Detour Lake, Premier Gold Mines and Virginia Gold Mines and his industry contacts are unparalleled thanks to his 30 year career as an Investment Banker," says Alexander Stewart, Chairman and CEO of Xmet Inc.
Mr. Colin added, "I am pleased to join Xmet's team. Management has done a great job of advancing their properties and I look forward to working with them closely in moving these projects to the next level."
Mr. Colin is currently a director of Premier Gold Mines Ltd., Valterra Resource Corp., Southern Silver Exploration Corp. and Global Cobalt Corp. Mr. Colin is a Member of the Bar of the Province of Quebec and holds a Master of Business Administration from the University of Western Ontario, a Civil Law Degree from the University of Ottawa and a Certificate in Comparative Law from the University of Manitoba. He is also the former Faculty of Arts Co-Chair of the Waterloo Advisory Council of the University of Waterloo.
Mr. Colin was formerly Director and Head of Corporate Finance at Octagon Capital Corporation, an investment banker with Desjardins Securities Inc., Executive Vice-President of Deacon Capital Corporation, and Senior Vice President of Richardson Greenshields of Canada Limited. From 1980 to 2010, Mr. Colin was an investment banker responsible for corporate finance and M&A and, as such, has advised and helped to finance many Canadian mining exploration and production companies and has helped to advance numerous mines into production.
Following his appointment, Mr. Colin received 500,000 stock options priced at $0.10 and are valid for a period of 5 years. The Company has also granted its Vice President of Corporate Development, Stephen Stewart, 200,000 stock options priced at $0.10 and are valid for a period of 5 years.
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.
For the latest updates, news releases and events, please visit us at www.xmet.ca and follow Xmet Inc. on Facebook and Twitter.
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.