Xmet Elects to Proceed with Phase Two Exploration Program on Blackflake West

TORONTO, ONTARIO--(Marketwired - Oct 23, 2014) - Xmet Inc. ("Xmet" or the "Company") (TSX VENTURE:XME) is pleased to announce that it has elected to proceed with Phase Two of the Blackflake West Option Agreement with Metal Creek Resources Corp. (TSX VENTURE:MEK). Xmet has paid to Metals Creek the sum of $15,000 and has issued a further 1,000,000 common shares to Metals Creek in accordance with the terms of its option agreement. Phase Two involves diamond drilling of our All-Channel EM response.

"Our exploration results to date on the Blackflake West make proceeding with our option an easy decision. We believe our All Channel EM response to be a significant milestone, having an airborne electromagnetic profile is similar to that of Zenyatta's. We are currently conducting an IP survey on the property which will enable us to more precisely plan the drill program." said Alexander Stewart, Xmet Chairman and CEO.

About Xmet's Blackflake Project

Xmet's Blackflake Project comprises over 30,000 acres of 100% owned claims and over 8,000 acres of fifty percent owned or optioned claims located 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 approvals from the Ministry of Northern Development and Mines to conduct ground geophysics on and to drill the 'All Channel' target.

About Blackflake West

Xmet Inc. has the option to earn up to a 60% interest on a portion of the Blackflake West Graphite Project from Metals Creek Resources Corp. by incurring a series of work commitments on the property as well as cash payments and share issuances as detailed in our May 22nd, 2014 news release. Additional land claims contiguous to the optioned portion of the Blackflake West are either 100% or 50% owned by Xmet Inc.

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.