Xmet Announces Above Market Private Placement Financings for Gross Proceeds of $1,000,000

Xmet Inc. (TSX VENTURE:XME) ('Xmet') is pleased to announce two proposed non-brokered private placement offerings of common shares in the capital of Xmet (each, a "Common Share"). The first non-brokered private placement consists of an offering of up to 3,571,429 Common Shares issued on a flow through basis at $0.14 per share for aggregate gross proceeds of up to $500,000 (the "Flow Through Offering"). The second non-brokered private placement consists of an offering of up to 3,846,154 Common Shares at a price of $0.13 per share for aggregate gross proceeds of up to $500,000 (the "Non-Flow Through Offering" and, collectively with the Flow Through Offering, the "Offerings"). The Corporation may, in its discretion, increase the Flow Through Offering for aggregate gross proceeds of up to $1,000,000.

At the closing of the Offerings, compensation will be paid to agents and finders in cash equal to 6% of the gross proceeds attributable to them under the Offerings and will receive non-transferable compensation warrants exercisable at $0.13 per compensation warrant (in the case of the Non-Flow Through Offering) and/or $0.14 per compensation warrant (in the case of the Flow Through Offering) exercisable for a period of one (1) year from the date of closing of the Offerings to acquire such number of Common Shares as is equal to 8% of the aggregate number of Common Shares attributable to them.

The proceeds of the Flow-Through Offering will be used by Xmet for additional drilling on its Duquesne-Ottoman Property and Xmet's other projects. The proceeds of the Non-Flow Through Offering will be used by Xmet for ongoing business development, operating capital for projects, general and administrative expenses and for general working capital purposes.

The Offerings are anticipated to close on or about November 30, 2011 and are subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. All securities issued pursuant to the Offerings will be subject to a four month hold period from the date of closing of the Offerings.

About Xmet Inc.

Xmet, through its wholly-owned subsidiary Duquesne-Ottoman Mines Inc. ("Duquesne-Ottoman Mines"), carries out gold and resource exploration and development. 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 in the Province of 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.

Contacts: Xmet Inc. Charles Beaudry President and COO (416) [e-mail] Xmet Inc. Stephen Stewart V.P. Corporate Development (416) [e-mail]