Diamond Drilling Program Commences at Roy Project in Chibougamau

TORONTO, Feb. 2 /CNW Telbec/ - Xmet Inc. (TSXV-XME) is pleased to report that a diamond drilling program has commenced on the Roy Property in Chibougamau, Quebec. The Roy property covers an area of 219 hectares and is located 10 kilometers east ofthe town of Chibougamau. The project has excellent local infrastructure including paved roads with a local skilled labour force and community that is supportive for mining. Chibougamau Diamond Drilling has been contracted to complete an initial 800 meter drill program that will test for Cu-Au porphyry style mineralization on the property.

The Chibougamau Mining District has produced 3 billion pounds of copper and 6.7 million ounces of gold to date. The two known styles of copper mineralization mined in the District include "Portage style" high grade shear-hosted copper deposits, and low grade, bulk-mineable, disseminated copper-gold mineralization hosted in "Porphyry style" deposits such as the Grandroy Mine, located 800 meters east of the Roy property. Significant, past producing Cu-Au mines located within a 3.5 kilometer radius of the Roy property include the Portage Mine (5.6 million tonnes averaging 1.73% Cu and 3.19 g/t Au), and the Henderson II (6.48 million tonnes averaging 1.6% Cu and 1.16 g/t Au). Historical high grade copper values ranging up to 6.5% Cu have been obtained from NE-SW trending shear zones on the Roy property, while grab samples from quartz veins have returned up to 7.8 g/t Au. 

Few drill holes have been collared on the Roy property since the 1950's. A historic (1953) drill hole completed by Grandines Mines reported 250 meters of sheared, altered and chalcopyrite-bearing porphyry intrusive rocks, with no assays made available or reported in the drill log and associated historical Quebec government assessment files. The current drill program will twin this historic hole as well as several Induced Polarization (I.P.) anomalies identified within this favourable geological environment.

The Roy property is currently 100% owned by Prodigy Gold Inc. (TSXV-PDG). Xmet can acquire up to 70% interest in the Roy project through expenditure of CDN $5.5 million over 5 years, including first year expenditures of $300,000.

Quality Assurance and Quality Control

Mr. Bill Yeomans, P. Geo., is a qualified person under National Instrument 43-101 and was responsible for this news release. Material samples for analysis and assay obtained from drill core will be cut in half using a diamond saw. Half of the core will be sent to the lab for analysis and the remaining half preserved for future reference. A strict QA/QC program is followed which includes the use of certified pulp standards, blanks and verification analyses in a second laboratory. Analyses will be conducted by Activation Laboratory Limited of Sainte Germaine Boulé, Quebec.

Roy Project - General Geology and Historic 1953 Drill Section

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.


For further information:

Xmet Inc.
Charles Beaudry, President and COO
Phone (416) 644-6588
E-mail: cbeaudry@xmet.ca
Tim Gallagher, Director
Phone: (416) 925-0090
E-mail: tim@inflectioncapital.ca

Renmark Financial Communications Inc.
Maurice Dagenais: mdagenais@renmarkfinancial.com
Christine Stewart: cstewart@renmarkfinancial.com
Tel.: (514) 939-3989 or (416) 644-2020

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