Xmet Announces Extension of the Exercise of Its Option Over the Duquesne-Ottoman Project

TORONTO, ONTARIO--(Marketwired - April 30, 2013) - Xmet Inc. ("Xmet" or the "Company") (TSX VENTURE:XME)(OTCQX:XMTTF) is pleased to announce that it has extended the closing date of its proposed accelerated acquisition of a 75% interest in its Duquesne-Ottoman project from, among others, Globex Mining Enterprises Inc. ("Globex"), previously announced on March 3, 2012 and extended on December 17, 2012. The proposed accelerated acquisition is scheduled to close on June 30, 2013, which closing date may be extended to August 30, 2013, in order to obtain any necessary approvals. For further information regarding the agreement in respect of the accelerated option exercise of the Duquesne-Ottoman project please see the above noted press releases available under Xmet's corporate profile at www.sedar.com.

Xmet also announces that the proposed acquisition of the Pitt Gold project from Brionor Resources Inc. (previously announced on May 16, 2012 and as updated on October 1, 2012) and its proposed concurrent acquisition of the Duquesne Mine project from Clifton Star Resources Inc. (previously announced on September 20, 2012) will not be proceeding.

About Xmet Inc.

Xmet is a gold exploration company focused on advanced projects in existing mining camps in Canada where exploration and mining costs are minimized and where previous and historic producing mines make for much easier permitting. Xmet's flagship project, the Duquesne-Ottoman property, which covers an area of 928.6 hectares, is 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.

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.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

For the latest updates, news releases and events, please follow Xmet Inc. on Facebook and Twitter.