Business & Finance
Business and Finance
Business and Finance
Wed, September 29, 2010 
TORONTO, Sept. 29 /CNW Telbec/ - Charles Beaudry, President and COO of Xmet Inc. (TSX-V: XME) ("Xmet") is very pleased to announce an analysts visit to the company's Rouyn-Noranda, Quebec field office and to the Duquesne-Ottoman property on September 30th, 2010. The visit will showcase the newly updated NI 43-101 inferred resource of 525,000 ounces Au (uncut) at 6.00 g/t Au or 465,000 ounces Au (top cut to 30 g/t) at 5.29 g/t Au (see Xmet news release published 21 September, 2010). The visit will present the objectives and expectations of Xmet's on-going 7,000 m diamond drill program and the longer term development plans for the company. Participants will review different styles of gold mineralization found in drill core and field outcrops to show similarities with the adjacent Beattie-Donchester and Duquesne Mine properties, two previous gold producers that are part of the Osisko-Clifton Star Duparquet joint venture. Osisko can earn a 50% interest from Clifton Star Resources by investing $70 million over 4 years, including a firm investment of $15 million this year. Afterwards, guests are invited to attend a reception hosted by Globex Mining Enterprises Inc. (TSX:GMX) before returning to Toronto.
About Xmet Inc
Xmet Inc., through its wholly-owned subsidiary Duquesne-Ottoman Mines Inc. ("Duquesne-Ottoman Mines"), carries out gold and resource exploration and development. Pursuant to the terms of a mining option agreement between Duquesne-Ottoman Mines and Duparquet Assets Ltd., Duquesne-Ottoman Mines can earn an option to purchase 75% of the common shares in the capital of Duparquet Assets Ltd, which legally and beneficially owns 20 claims (commonly referred to as Duquesne West) and 40 claims (commonly referred to as Ottoman) covering an area of 928.6 hectares 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.
Xmet is the operator and can earn a 75% interest in the Duquesne-Ottoman property from Globex Mining Enterprises Inc. (TSX:GMX) by investing a total of $10 million in exploration on the property and making cash payments totalling CDN $7.76 million over four years
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. Mr. Charles Beaudry, P.Geo., Xmet's President and COO, is the designated Qualified Person responsible for this release.
