Xmet's New Detailed VTEM Survey Confirms Large 'All Channel' Response on Blackflake West

TORONTO, ONTARIO--(Marketwired - Sep 29, 2014) - Xmet Inc. ("Xmet" or the "Corporation") (TSX VENTURE:XME) is pleased to report it has successfully completed its Versatile Time Domain Electromagnetic Surveying ("VTEM") survey, comprising 215 line kilometres, over the Blackflake West project.

The results indicate that four conductors were identified, including a very large circular conductive anomaly with a diameter of approximately 750 metres. This large anomaly contains the 'All Channel' EM anomaly with very clear late channels responses (See Image 2). Analysis concludes that an 'All Channel' EM response of this magnitude within the bedrock has the potential for a large graphitic or a volcanogenic massive sulphide source and will be drilled as soon as possible. Geophysical analysis recommends the next course of action to be ground geophysics in the form of induced polarization/resistivity to better define the conductive source and its depth estimation. This geophysical survey is set to begin in the near term.

"We are very excited about the results of the survey. If you look at the images from the VTEM survey, in the northeast quadrant you will notice a very large response precisely where we discovered the 'All Channel' response. With this target now confirmed by tightly spaced flight lines we have a much higher definition look at what we are dealing with. Nine east-west lines and eight north-south lines intersected the target and picked 'All Channel' responses, so we can see that there is a significant anomaly that rests within the bed rock in terms of size and conductivity. This is the precise result we were hoping for and we look forward to drilling this to determine the nature of this anomaly," said Alexander Stewart, Xmet's Chairman and CEO.

Xmet has provided two images of from the VTEM survey depicting the 'All Channel' response, click here to view:

Image 1: http://media3.marketwire.com/docs/970200_im1.pdf
Image 2: http://media3.marketwire.com/docs/970200_im2.pdf

About Xmet's Blackflake Project

Xmet's Blackflake Project comprises over 30,000 acres of 100% owned claims and over 8,000 acres of fifty percent owned or optioned claims located approximately 60km to the northwest of Hearst, Ontario and is adjacent to Zenyatta's Hydrothermal Graphite Deposit. Xmet has now conducted three airborne electromagnetic surveys, VTEM and TDEM, which discovered multiple electromagnetic conductors making the targets highly prospective for further exploration. Xmet has developed an excellent working relationship with the Constance Lake First Nation, with whom the company signed an ongoing Exploration Agreement. Xmet has received all necessary approvals from the Ministry of Northern Development and Mines to conduct ground geophysics on and to drill the 'All Channel' target.

The technical information contained in this news release has been approved by William Yeomans, a director of Xmet, who is a qualified person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral projects.

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.

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.