Xmet Commences Drill Program at Buchans Junction, Newfoundland

TORONTO, April 21 /CNW Telbec/ - Xmet Inc. (TSXV: XME) is pleased to report that a drill has been mobilized to the Buchans Junction property, located in central Newfoundland. An 800 metre drill program will target gold and silver rich polymetallic volcanogenic massive sulphides (VMS) 20 kilometres east of the historic world-class Buchans Mine. The Buchans mine was the richest VMS deposit in all of eastern North America. The mine operated for 57 years and closed in 1984, after producing over 16M tonnes of polymetallic ore with an average mill-head grade of 14.51% Zn, 7.56% Pb, 1.33 %Cu, 126 g/t Ag and 1.37 g/t Au.

The most significant Buchans-style VMS mineralization discovered outside of the Buchans Mine area was made by Phelps Dodge at the Mary March discovery, near Buchans Junction. The Mary March and Nancy April discoveries are located 2 kilometres southwest from Xmet's property boundary along the same favourable volcanic horizon.  In 1999, Phelps Dodge drilled a 9.33 metre wide zone of massive sulphide mineralization that averaged 10.33% Zn, 1.67% Pb, 0.66% Cu, 118.10 g/t Ag and 4.11 g/t Au in drill hole MM-2924-7. A large 2 km x 400 meter wide polymetallic soil geochemistry anomaly (Cu-Zn-Pb-Ba) defined by Phelps Dodge over the Mary March - Nancy April discovery area trends directly to the border of Xmet's claims. Xmet's drill program will test an airborne electromagnetic (EM) conductor located under Lapland Pond that is interpreted to be on strike with the Mary March horizon and coincident with the large soil anomaly as well as anomalous basal till Cu-Zn-Pb values overlying the EM conductor.

"Xmet has a compelling drill target, including favourable geology combined with a coincident AEM conductor defined over 1.2 kilometres, with surface soil and basal till geochemical anomalies overlying this conductor. The location of the target is stratigraphically along strike from the Mary March and Nancy April VMS discoveries and is considered highly prospective for a discovery", commented Bill Yeomans, the V.P. Exploration.

Xmet can earn a 50% interest in the property from Canstar Resources Inc. through exploration expenditures totalling C$850,000. and cash payments totalling C$1,000,000 over a three year period. First year work commitments require C$100,000 in exploration expenditures as well as a first year anniversary payment of C$50,000. Drilling is anticipated to commence during the last week of April.

Further information about the property can be located on Xmet's website at www.xmet.ca where maps, geological reports and figures for the Buchans Junction project are available.

Xmet is also pleased to announce that Mr. Stephen Stewart, V.P. Corporate Development, has been granted, pursuant to Xmet's stock option plan (the "Plan"), options to purchase up to 250,000 common shares in the capital of Xmet. The options are priced at $0.20 per share and expire 5 years from the date of grant. Such options are subject to the terms and conditions of the Plan, certain vesting provisions and the policies of the Exchange.

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 from drill core from this program will be split in half using a manual core splitter. Half of the core will be sent to Eastern Analytical Limited laboratory in Springdale, NL for analysis and the remaining half preserved for future reference. A strict QA/QC program will be followed including the use of certified pulp standards, blanks and verification analyses in a second laboratory.

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.


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
Matthew Planche: mplanche@renmarkfinancial.com
Tel.: (514) 939-3989 or (416) 644-2020

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