|By Marketwired .||
|March 28, 2014 01:17 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 03/28/14 -- Xmet Inc. ("Xmet" or the "Company") (TSX VENTURE: XME) is pleased to announce that it has entered into a contract with Asinii Drilling Inc. to start drilling on the Company's 100% owned Blackflake Project. Line cutting has now been concluded and ground geophysics, referenced in Xmet's March 20, 2014 news release, is continuing.
The drill program, which will begin in the coming days, will initially target the large electromagnetic anomaly described in Xmet's February 24th, 2014 news release. Management expects this initial phase of the drill program, which will involve about 1500 metres of drilling, will be completed prior to the winter ice break-up and will release the results as it receives them.
"We are very excited about our progress to date and we happy to be at the stage where we can start to determine the nature of these anomalies. The Blackflake Project has evolved from a single target to a multiple target project, each of which we view as highly prospective. Given the number of bedrock anomalies identified to date, Xmet expects that the total drill program will extend over a number of months. Details on the next phase will be determined upon completion of this initial phase," said Alexander Stewart, Xmet's Chairman and CEO.
About Xmet's Blackflake Project
Xmet's Blackflake Project comprises over 29,000 acres of 100% owned claims approximately 60km to the northwest of Hearst, Ontario and is adjacent to Zenyatta's Hydrothermal Graphite Deposit. Xmet has now conducted three airborne electromagnetic surveys, VTEM and TDEM, which discovered multiple electromagnetic conductors making the targets highly prospective for further exploration. Xmet has developed an excellent working relationship with the Constance Lake First Nation, with whom the company signed an ongoing Exploration Agreement. Xmet has received all necessary permits from Ontario's Ministry of Northern Development and Mines.
Xmet also announces grants of incentive stock options to directors and officers of Xmet. Stock options to purchase an aggregate of 900,000 common shares have been granted pursuant to Xmet's Stock Option Plan (the "Option Plan"). The options are priced at $0.12 per share, expire in five years from the date of issue and are subject to the terms and conditions of the Option Plan and the policies of the TSX Venture Exchange.
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.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Xmet assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Xmet. Additional information identifying risks and uncertainties is contained in filings by Xmet with Canadian securities regulators, which filings are available under Xmet's profile at www.sedar.com.