TORONTO, Aug. 18 /CNW Telbec/ - Xmet Inc. (TSXV:XME) ("Xmet)
is pleased to announce the commencement of a drill core re-sampling
program on historical drill core drilled by Santa Fe Canadian Mining
Ltd. ("Santa Fe") on the Duquesne Ottoman property. During the period
from 1994 - 1997, Santa Fe completed 26,429 meters of drilling in 58
holes. The Santa Fe drilling was conducted prior to implementation of
NI-43-101 protocols, and as a result, Xmet geologists must resample the
core and insert control samples, blanks and duplicates into the sampling
stream to upgrade the Santa Fe drill results to meet current NI-43-101
requirements for the new resource estimate that is currently underway
(see previous news release) for the project. The historical Santa Fe
drill core database reported numerous significant intercepts of gold
mineralization that will be retested in a recognized analytical
Xmet geologists will also extend the sampling surrounding all high grade
intercepts to evaluate the potential for broad zones of low grade bulk
tonnage mineralization. This approach was successful in identifying bulk
tonnage mineralization on the Beattie Donchester property by Clifton
Star. During the period from 1994 - 1997 when the Santa Fe drilling
occurred, the average yearly gold price ranged between US $331.02 -
$387.81 per ounce. At today's gold prices, low grade bulk tonnage
mineralization is recognized as having potential economic significance,
particularly in areas with excellent infrastructure such as the Duquense
Ottoman property (http://files.newswire.ca/357/Duquense_Ottoman.doc).
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.
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.
Bill Yeomans, P.Geo., Xmet's V.P. Exploration, is the designated
Qualified Person responsible for this release.
SOURCE Xmet Inc.
For further information: For further information:
Alexander Stewart, Chief Executive Officer
Phone (905) 997-5647
Tim Gallagher, Director
Phone: (416) 925-0090
Renmark Financial Communications Inc.
Maurice Dagenais: firstname.lastname@example.org
Christine Stewart: email@example.com
Media - Guy Hurd: firstname.lastname@example.org
Tel.: (514) 939-3989 or (416) 644-2020