High Grade Intercept Extends Gold Mineralization at 20-20 Zone

TORONTO, Jan. 18 /CNW Telbec/ - Xmet Inc. (TSXV-XME) is pleased to report that additional drilling has extended the known plunge of gold mineralization to 420m below surface at the 20-20 Zone. Hole DO-10-14 returned 4.05 g/t Au over 3.45 meters hosted within brecciated and altered quartz feldspar porphyry, 150m vertically below hole DO-10-05, which returned 6.65 g/t Au over 7.7 meters, including 10.01 g/t Au over 4.3 meters (website www.xmet.ca ). The 20-20 Zone occurs along the sheared northern margin of a large quartz feldspar porphyry intrusion known as the North Porphyry sill. The sill remains untested for 1.2 kilometers to the east of the current drilling at 20-20.

The North Porphyry sill also trends for 2.2 kilometers west from the 20-20 Zone to Brionor Resources Inc.'s Pitt gold deposit, located immediately adjacent to the western claim boundary of the Duquesne-Ottoman property. Historical drill results by Santa Fe Canadian Mining Limited on the Brionor Pitt gold deposit reported high grade gold mineralization in sheared, brecciated quartz feldspar porphyry, including 18.98 g/t Au over 3.84m in hole DQ95-30, 16.91 g/t Au over 6.25m in hole DQ95-32 and 13.0 g/t Au over 2.52 m in DQ-95-37. The Pitt gold deposit has been defined by drilling over a strike length of 500 meters to a depth in excess of 800 meters. This deposit is oriented east-west and trends directly onto the Duquesne-Ottoman property along the sheared northern margin of the North Porphyry sill.

The northern contact of the North Porphyry sill was subjected to very limited exploration on the Duquesne Ottoman property between the Brionor Pitt gold deposit and the 20-20 Zone. During the period from 1994-1996, Santa Fe tested this contact in a limited number of drill holes, including DQ94-12A which returned 4.11 g/t Au over 6.5 meters, hole DQ96-56 which returned 5.46 g/t Au over 6.24 meters, and hole DQ96-65W which returned 3.85 g/t Au over 12.00 meters within a broad, low grade gold zone which averaged 1.35 g/t Au over 35.90 meters. These historical drill holes are located on the Duquesne-Ottoman property 1,200 meters west of the current drilling at the 20-20 Zone (see attached map of the 20-20 Zone).

Drilling commenced in early September with 16 holes totalling 6,929m completed to date. Drill holes DO-10-09, 10 and 11 targeted potential extensions of mineralization surrounding the current NI-43-101 resource areas for the Shaft, North Shaft and Fox Zones. Hole DO-10-09 intersected 3.89 g/t Au over 2.0 meters from a depth of 180.5m to 184.9m. Holes DO-10 and 11 did not return any significant grades. True widths for all reported intervals are estimated to be 80% of reported core lengths.

Assays are pending for an additional 9 holes. Drilling continues with one drill rig targeting resource expansion while the second rig will be conducting further exploration drilling on the Nip, 20-20 and East Stinger Zones over the next 10 weeks.

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 have been obtained from drill core which was cut in half using a diamond saw. Half of the core was 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 were performed by Activation Laboratory Limited of Ste-Germaine Brulé, Quebec.

About Xmet Inc

Xmet Inc., through its wholly-owned subsidiary Duquesne-Ottoman Mines Inc. ("Duquesne-Ottoman Mines"), carries out gold 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.



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
Media -Guy Hurd: ghurd@renmarkfinancial.com
Tel.: (514) 939-3989 or (416) 644-2020

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