Xmet Commences a Diamond Drill Program on Duquesne-Ottoman Property

TORONTO, Sept. 9 /CNW Telbec/ - Xmet Inc. (TSXV:XME) ("Xmet") is pleased to announce the commencement of a phase 1 - 7,000 meter diamond drill program on the Duquesne-Ottoman property, to expand high-grade gold zones currently identified at the Liz, Fox, Shaft, and South Shaft gold zones (Figure 1 http://files.newswire.ca/357/Figure_1_eng.doc). An updated NI 43-101 resource estimate (announced in a previous news release) is expected in mid-September that will incorporate nearly 20,000 meters of drilling since the previous historical resource estimate in 2003 by Kinross). Low-grade, bulk tonnage targets, similar to the style of mineralization currently being drilled on the adjacent Beattie-Donchester Property by Osisko Mining Corporation ("Osisko") and Clifton Star Resources ("Clifton Star"), will also be drill tested. The drilling contract was awarded to Rouyn-Noranda-based Foramex (4294858 Canada Inc.). Xmet geologists will sample the drill core in compliance with current NI 43-101 requirements.

"We are very pleased to see the start of drilling barely three months after going public and we anticipate that this drill program will add ounces to the resource inventory, at very low cost and low risk" stated Charles Beaudry, President and COO of Xmet He added that "following a review of historical drill results, it is clear that zones of low-grade gold mineralization, measuring up to several tens of meters wide, are present on the property and occur in syenites and quartz feldspar porphyries in a context similar to the Beattie-Donchester property and we will be testing the near surface potential of this style of mineralization in the current drill program".

Xmet can earn a 75% interest in the Duquesne-Ottoman property from Globex Mining Enterprises Inc. (TSX:GMX) by making cash payments totaling CDN $7.76 million and by investing a total of $10 million in exploration on the property over four years. On the adjoining claims located to the east and west of the property (Figure 2 http://files.newswire.ca/357/Figure_2_eng.doc), Osisko can earn a 50% interest in the Clifton Star Duparquet Joint Venture by investing CDN $70 million over a four-year period, with a firm commitment totaling $15 million in 2010.

About Xmet

Xmet through its wholly-owned subsidiary Duquesne-Ottoman Mines Inc. ("Duquesne-Ottoman Mines"), is engaged in the exploration and development of gold properties. 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, 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 [phone], E-mail: [email protected]; Tim Gallagher, Director, Phone: [phone], E-mail: [email protected]; Renmark Financial Communications Inc.: Maurice Dagenais: [email protected], Christine Stewart: [email protected]; Media: Guy Hurd: [email protected], Tel.: [phone] or [phone], www.renmarkfinancial.com