Xmet Inc. reported that it has completed the initial phase of the diamond drilling program on its wholly-owned Grasset Property, located along the eastern extension of the Detour- Lake deformation zone in the highly prolific Abitibi Mining District of Quebec. The company completed 11 drill holes for a total of approximately 2,600 metres and tested all the priority targets it had identified in the previous geophysical surveys, including a priority VTEM anomaly, that was added to the program, on the southern shore of Grasset Lake. Demobilization of the drilling crew is complete, planned sampling has been completed and all samples have been shipped to the laboratory.

Upon receipt and analysis of the analytical results, Xmet will be report same and will complete targeting for a second phase follow up drill program that is planned for the project.