buddhabelly2
12 years ago
Xmet(XMTTF) Announces Closing of Non-Brokered Private Placement Flow Through Financing
Marketwire via Comtex
Xmet Inc. (TSX VENTURE: XME) ("Xmet") is pleased to announce that, subject to the acceptance of the TSX Venture Exchange (the "Exchange") it has closed an expedited non-brokered private placement offering of 4,387,500 common shares in the capital of Xmet (each, a "Common Share") issued on a flow through basis for aggregate gross proceeds of $351,000 (the "Offering").
The proceeds of the Offering will be used by Xmet for additional work on its Quebec projects.
The securities issued in connection with the closing of the Offerings will be subject to a four month hold period expiring on March 28, 2013.
In connection with the closing of the Offering, Xmet paid a cash finder's fee of $28,080 (equal to 8% of the aggregate gross proceeds raised in connection with the Offering) and issued 307,125 non-transferable compensation options exercisable at $0.08 per compensation option to acquire 307,125 Common Shares expiring on December 28, 2014 (equal to 7% of the aggregate number of Common Shares issued in connection with the Offering).
The Offering remains subject to final acceptance by the Exchange.
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.
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 & CEO
(416) 644-6588
cbeaudry@xmet.ca
Xmet Inc.
Stephen Stewart
VP Corporate Development
(416) 644-6588
sstewart@xmet.ca
SOURCE: Xmet Inc.
buddhabelly2
12 years ago
Brionor Resources Inc. ("Brionor" or the "Company") (TSX VENTURE: BNR) is pleased to announce that its shareholders approved, at the annual and special meeting of shareholders (the "Meeting") held in Toronto on December 12, 2012, the sale of the Company's Pitt Gold project to Xmet Inc. ("Xmet") (TSX VENTURE: XME) (see press release of the Company dated May 16 and October 1st, 2012 for more information on the transaction). At the Meeting, the shareholders also reconfirmed the mandate of Lewis Lawrick, Robert Ayotte, John McBride, Michael J. Byron and Robert Leckie as directors of the Company. Furthermore, the mandate of parker simone was confirmed as auditors of the Company for the financial year ending August 31, 2013 and the shareholders approved the conversion of the Company's stock option plan into a 10% rolling plan.
The Company also announces that it has agreed to extend the deadline to complete the transaction with Xmet to April 30, 2013 as the amended and restated asset purchase agreement executed by the parties on September 27, 2012 contemplated a closing of the transaction at the latest on December 17, 2012. As previously disclosed, the completion of the transaction is subject to a number of conditions, including but not limited to, the exercise of Xmet's option to purchase a 75% interest in the Duquesne-Ottoman project, the acquisition from Cliffton Star Inc. of its 100% interest in a series of mineral claims known as the Duquesne Mine and both parties obtaining all necessary approvals, including the required regulatory approvals.
Lew Lawrick, President and CEO of Brionor commented: "The shareholders of the Company have approved by an overwhelming majority the decision of the board of directors to sell the Pitt Gold Project and we wish to thank them for their support. We feel this transaction is in the best interest of the Company and its shareholders, and we look forward to completing the transaction with Xmet and focusing on other ventures."
Brionor is a junior mining exploration company with a portfolio of exploration projects in Quebec.
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential mineralization) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure by the parties to complete the Transaction, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, changes in world gold markets or markets for other commodities, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
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:
Brionor Resources Inc.
Lewis Lawrick
President & CEO
647-478-5307
Brionor Resources Inc.
Robert Ayotte
Executive Chairman
450-441-9177
buddhabelly2
12 years ago
XMTTF
Brionor Resources Inc. ("Brionor" or the "Company") (TSX VENTURE: BNR) announces the mailing to its shareholders of the Information Circular prepared in connection with the Annual and Special Meeting of Shareholders to be held in Toronto on December 12, 2012 (the "Meeting"). One of the purposes of the Meeting is to obtain shareholder approval in connection with the Corporation's previously announced transaction with Xmet Inc. ("Xmet") relating to the sale of Brionor's 100% interest in the Pitt Gold Project to Xmet (see the Corporation's press release dated October 1st, 2012 for more information on the transaction).
At the Meeting, the Corporation will also be soliciting the approval of its shareholders in connection with an amendment to the Corporation's stock option plan (the "Plan") approved by the Board of Directors prior to the mailing of the Information Circular. Under the current Plan, 3,581,246 common shares are reserved for issuance following the exercise of previously granted stock options. The amendment proposes to convert the Plan into a 10% rolling stock option plan.
A copy of the Corporation's Information Circular and of the amended and restated asset purchase agreement between the Corporation and Xmet will be filed shortly on SEDAR (www.sedar.com).
Brionor is a junior mining exploration company with a portfolio of exploration projects in 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:
Brionor Resources Inc.
Lewis Lawrick, President & CEO
647-478-5307
Brionor Resources Inc.
Robert Ayotte, Executive Chairman
450-441-9177
info@brionor.com
buddhabelly2
12 years ago
XMTTF
Gold discovery rates are decreasing even as exploration spending in the industry reached a record $8 billion last year, according to Jamie Sokalsky, chief executive officer of Barrick Gold Corp., the world’s largest producer.
There were three discoveries last year, compared with 11 in 1991, and none of those can be described as “supergiant,” or holding more than 20 million ounces, Sokalsky said at a conference in Hong Kong. Breakeven costs were rising, he said today, predicting gold’s bull market shows no signs of ending.
Gold is poised for a 12th annual gain, driven by increased investor and central-bank purchases as governments around the world boost stimulus to revive their economies. Global gold mine output may increase 0.7 percent in 2013, the slowest pace since 2008, according to Barclays Plc, which forecasts that total physical supply may shrink 0.4 percent next year. A further rally may not spur much higher output, he told the conference.
“I don’t see a surge in gold production if we saw a gold price of $3,000,” Sokalsky said. “At a higher gold price, we’d still be experiencing the same challenges. I’d suggest there’d be very limited response to that higher gold price.”
Gold for immediate delivery, which climbed to a record $1,921.15 an ounce on Sept. 6, 2011, traded at $1,725.97 at 6:02 p.m. in Hong Kong after rising 10 percent this year. The run of annual gains is the best performance since at least 1920.
‘Getting Harder’
“It’s getting harder to find large deposits and to get those deposits into production takes at least twice as long as it might have taken a decade ago,” Sokalsky said yesterday in an interview. “We’re not going to see new mines coming in as fast as we thought to replace old mines that are closing.”
World gold-mine production may increase to 2,672 metric tons next year from an estimated 2,652 tons in 2012, according to data from Barclays in a Nov. 8 report. Global scrap supply may decline to 1,636 tons from 1,671 tons, reducing total supply to 4,308 tons in 2013 from 4,323 tons, according to Barclays.
“Getting mines permitted, dealing with the government and the communities, environmental issues, all of that takes so much longer,” said Sokalsky, who took over as CEO in June after his predecessor Aaron Regent was fired. “It also costs multitudes more to build a mine and to finance that.”
Barrick reported third-quarter earnings on Nov. 1 that missed analysts’ estimates after mining costs increased more than expected and production fell. Shares (ABX) of the Toronto-based company have declined 22 percent this year.
Bloomberg.com
buddhabelly2
12 years ago
XMTTF
Xmet's Next Event
Hard Asset San Francisco
November 16 & 17, 2012
Event Location:
The San Francisco Marriott Marquis
55 Fourth Street
San Francisco, CA 94103
Direct Phone: 506-474-2009
Toll Free Phone: 800-266-9432
The San Francisco Hard Assets Investment Conference provides a unique forum for U.S. based individual and institutional investors and mining stakeholders to learn from top analysts, economists, and newsletter publishers on the most exciting opportunities in hard asset investments. The conference features two full days of presentations from analysts, forecasters, metals mining experts, public exploration companies, and newsletter editors who address metal pricing trends, newest development projects, projected metals demand, and many other important data points providing today’s investor with the knowledge and confidence to integrate non-financial hard assets into their portfolio to position their portfolios for sustainable growth.
buddhabelly2
12 years ago
XMTTF Management Team
Alex Stewart, B.A., J.D. » Executive Chairman
A retired corporate/securities lawyer, CEO of Minerx Inc. (www.minerx.com), President of RTO Zarex Ltd., and a director of Everton Resources Inc. with over 35 years experience in the financial and public markets, including directorships, corporate finance and legal advisory roles for companies trading on NASDAQ, NYSE, DAX, TSX, TSX-V and their predecessors. Selected former clients include Biovail Corporation, Longines-Wittnauer Watch Co., Westinghouse Electric Co. and Treats Inc.
Charles Beaudry, M.Sc., P. Geo., géo » President & CEO
A seasoned mining executive with over 30 years experience in project generation, business development, exploration geochemistry and hands on project management including as Country Manager in Brazil for Noranda Inc. from 1996 to 2001. Charles has been involved in a number of deposit discoveries with Noranda/Falconbridge. Charles has worked for Agip Canada Inc., Aur Resources Inc. and Noranda/Falconbridge. Until recently he was General Manager for New Opportunities for IamGold where he head the world-wide search for new acquisition opportunities and established a new exploration office in Colombia. He is a Qualified Person for purposes of news releases and 43-101 technical reports.
Bill Yeomans, B.Sc., P.Geo. » VP Exploration & Acquisitions
A gold exploration professional with over 25 years of field experience in all stages of gold exploration, development and production throughout the Americas and in Asia. In his career, Bill has worked for BHP World Discovery Group, StrataGold Corp., Migrate Mining, Aur Resources Inc., Canamax Resources, Shell Minerals and most recently for IamGold where he sourced and evaluated advanced gold projects throughout the Americas. His strengths include project evaluation, geochemical and geophysical analysis, supervision of field exploration projects and management of mining camps. Bill is a Qualified Person for purposes of news releases and 43-101 technical reports.
Stephen Stewart, MBA, MSc. » VP Corporate Development
With over ten years of experience in investments and finance Stephen has been involved with numerous businesses in the mining and real estate space. He has held several roles with RTO Zarex and Oxford Properties/OMERS and specializes in asset valuation, strategic planning, cost management and has excellent understanding of capital markets. Stephen holds a Bachelor of Arts from the University of Western Ontario, a Master of Business Administration from the University of Toronto and a Master of Science from the University of Florida.
Kirk Boyd » CFO
Mr. Boyd has served as a director and Chief Financial Officer of various reporting issuers listed on the TSX Venture Exchange. Mr. Boyd is also the principal of Kirk Boyd & Associates, a consulting company providing executive services and specializing in strategic planning, corporate restructuring and financial management.
buddhabelly2
12 years ago
Xmet Inc. Retains Renmark Financial Communications Inc.
Xmet Inc. ("Xmet" or the "Company") (TSX VENTURE: XME)(OTCQX: XMTTF) is pleased to announce that it has retained the services of Renmark Financial Communications Inc. to handle its investor relations activities.
"We are pleased to announce that we have selected Renmark to reinforce Xmet's profile in the financial community and enhance the visibility of our projects, specifically in our Duquesne District consolidation project on the Quebec side of Porcupine-Destor fault. We choose Renmark because its standards and methodologies fit best with the message we wish to communicate to the investing public," noted Charles Beaudry, President and CEO of Xmet Inc.
In consideration of the services to be provided, Xmet Inc. has agreed to a monthly agreement with a retainer of $7,000 to Renmark Financial Communications Inc.
Renmark Financial Communications Inc. does not have any interest, directly or indirectly, in Xmet Inc. or its securities, or any right or intent to acquire such an interest.
About Xmet Inc.
Xmet is gold exploration company focused on consolidating the Duquesne Mining District located along the Porcupine-Destor fault in the Abitibi region of Quebec. Building on its successful exploration on the Duquesne-Ottoman Property where Xmet took a small historic resource and in 18 months expanded that into a NI43-101 compliant 853,000 inferred gold ounces in 4.1 million tonnes grading 6.36 g/t Au, the company has signed agreements with its adjacent neighbors that will add 355,000 ounces of indicated gold resource in 2.0 million tonnes at 5.9 g/t Au and a further 380,000 gold ounces of inferred resources in 2.6 million tonnes at 4.4 g/t Au. This transaction will allow Xmet to take control of over 8 kilometres of strike on the Porcupine-Destor fault and open the immediate exploration potential to significantly add ounces by exploring the boundary zones between the properties and the extensions around the old shaft on the Duquesne mine property.
Mr. Charles Beaudry, P.Geo., Xmet's President, COO and Director, is the designated Qualified Person responsible for this release.
For the latest updates, news releases and events, please follow Xmet Inc. on Facebook and Twitter.
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 CEO
(416) 644-6588
cbeaudry@xmet.ca
buddhabelly2
12 years ago
Xmet extends its agreement to purchase Brionor’s Pitt Gold Project’s 100,000oz. Inferred and 156,000oz. Indicated Au
Toronto ON – October 1, 2012 - Xmet Inc. (“Xmet” or the “Company”) (TSXV-XME, OTCQX-XMTTF) is pleased to announce that it has extended the closing date for its purchase of the Pitt Gold Project from Brionor Resources Inc. (“Brionor”) to December 17, 2012. Xmet requested the extension of the Pitt Gold acquisition so that it will close concurrently with Xmet’s acquisition of Clifton Star Inc.’s (“Clifton Star”) Duquesne Mine property, announced in a news release dated September 20th, 2012. Xmet’s acquisitions of the 100% owned Pitt Gold and Duquesne Mine properties will consolidate all of the Duquesne District’s NI 43-101 compliant and contiguous gold resources to 1,233,000 ounces inferred and 355,000 ounces indicated. Please refer the Table below for the total resource details on Xmet’s Duquesne District.
RESOURCE TABLE FOR THE DUQUESNE DISTRICT CONSOLIDATION
Indicated Ounces
Inferred Ounces
Tonnes
Grade
Ounces
Tonnes
Grade
Ounces
Xmet's Duquesne-Ottoman
4,171,000
6.36
853,000
Clifton Star's Duquesne Mine
1,860,000
3.33
199,000
1,560,000
5.58
280,000
Brionor's Pitt Resource
600,000
7.83
156,000
476,000
6.91
100,000
355,000
1,233,000
NI 43-101 technical reports for Xmet’s Duquesne Ottoman, Clifton Star’s Duquesne Mine property and Brionor’s Pitt Gold Project are available under their respective corporate profiles at www.sedar.com. To the best of the Xmet’s knowledge, information, and belief, there is no new material scientific or technical information that would make the disclosure of the mineral resources, mineral reserves or results of a preliminary economic assessment set forth in the Technical Report published by Brionor inaccurate or misleading.
The Pitt Gold resource aligns with Xmet’s Stinger Zone where Xmet has delineated a substantial gold resource. The intervening area has been insufficiently drill tested, mainly due to drill permitting complexity related to positioning of drill collars, an issue that will be solved by the purchase of the Pitt Gold Project. Between the Pitt and Stinger zones there are over 900 metres of strike along this horizon and at depth that are open for additional exploration and discovery. With the completion of the acquisition of the Pitt Gold Project, drill permitting issues will be largely eliminated and this target area will be a focus of our exploration in the near future.
In exchange for 100% ownership of the Pitt Gold Project, Xmet has agreed to issue Brionor a maximum of 10.56% of its outstanding shares after Xmet has exercised its option from Globex and completed the concurrent Duquesne Mine acquisition from Clifton Star. Completion of the
Transaction is subject to a number of conditions, including but not limited to, the exercise of
Xmet’s option to purchase a minimum 75% interest in Duquesne-Ottoman Project (see Xmet’s
press release dated March 5, 2012), obtaining any necessary approvals, as well as the
acceptance of the TSX Venture Exchange (the “Exchange”).
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 and minimizes community and First Nations
social community risks. 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.
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. Mr. Charles Beaudry, P.Geo., Xmet’s President, COO and Director, is the designated Qualified
Person responsible for 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.
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. Or for further information, please contact:
Charles Beaudry, President and COO
Phone (416) 644-6588
E-mail: cbeaudry@xmet.ca
Or
Stephen Stewart, VP Corporate Development
Phone (416) 644-6588
E-mail: sstewart@xmet.ca
buddhabelly2
12 years ago
Xmet Receives Results of Geomet Study on Duquesne-Ottoman; High Metallurgical Recoveries Expected
Toronto ON – November 7, 2012 - Xmet Inc. (“Xmet” or the “Company”) (TSXV-XME, OTCQX-XMTTF) is pleased to report the results of a mineralogical study (Geomet Study) carried out by Terra Mineralogical Services Inc. on samples collected from the mineralized zones on the Duquesne-Ottoman Property.
“We are very pleased with the results of this study because it indicates that the gold mineralization at Duquesne-Ottoman occurs as free gold and is not associated with arsenic, nor is it refractory”, commented Charles Beaudry, the President and CEO of Xmet, adding that “the gold occurs mainly at grain boundaries so it may be easily liberated by a moderate fine primary grind. We also have the option of floating and regrinding the sulphides to increase our overall recoveries. The great thing about these conclusions is that they come from the study of 35 polished sections made from samples collected throughout the mineralized zones. Conventional metallurgical testing will be done as the project advances but already we have some idea of our expected gold recoveries and where we could get improvements. Our next goal is to bring the Duquesne District project to a Preliminary Economic Assessment, and this Geomet Study assists us in the conceptualization of the resource processing methodology.”
According to the study, the main gold carrier in samples is native gold with silver also present and occurs mainly in electrum and in silver-telluride minerals. Locally the silver-telluride minerals occur as coarse grains (“nuggets”) but otherwise the gold as well as the silver is fine grained (between 2.6 to 4.6 microns). Although generally fine grained, the gold occurs at grain boundaries over 90% of the time which suggest that metallurgical recoveries should be excellent provided sufficient grinding is applied to the ore. The study also found a small amount of mercury telluride mineral grains. This will be the subject of more study as the project develops.
Two process routes are suggested by the results. Whole ore cyanide leach after grinding to 55 to 60 microns or alternatively a coarser grind followed by flotation of sulphides and regrinding of sulphides to 8 to 10 microns and cyanidation of the sulphides to liberate some of the gold that occur encapsulated within sulphides mineral grains followed by cyanidation of the sulphides.
Quality Assurance and Quality Control
Sampling of drill cores was carried out on site by Terra Mineralogical Services Inc. with the assistance of Xmet geologists. Approximately two inch drill core samples were collected from each of 35 selected intervals from 13 diamond drill holes that intersected one or another of the Fox, Liz, Shaft or South Shaft Zones. Polished thin sections were prepared, and the entire surface of each section was scanned to identify gold-bearing minerals and associated gangue
phases.
These results are based on solid data but remain predictions that need to be followed and confirmed by metallurgical testing. More test work is planned for the coming year that will investigate some of the questions raised by this study.
About Xmet Inc.
Xmet is gold exploration company focused on consolidating the Duquesne Mining District located along the Porcupine-Destor fault in the Abitibi region of Quebec. Building on its successful exploration on the Duquesne-Ottoman Property where Xmet took a small historic resource and in 18 months expanded that into a NI43-101 compliant 853,000 inferred gold ounces in 4.1 million tonnes grading 6.36 g/t Au, the company has signed agreements with its adjacent neighbors that will add 355,000 ounces of indicated gold resource in 2.0 million tonnes at 5.9 g/t Au and a further 380,000 gold ounces of inferred resources in 2.6 million tonnes at 4.4 g/t Au. This transaction will allow Xmet to take control of over 8 kilometres of strike on the Porcupine-Destor fault and open the immediate exploration potential to significantly add ounces by exploring the boundary zones between the properties and the extensions around the old shaft on the Duquesne mine property.
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. Mr.Giovanni Di Prisco, Ph.D., P.Geo., Principal of Terra Mineralogical Services Inc. and consulting geologist, is the designated Qualified Person responsible for 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.
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. Or for further information, please contact:
Charles Beaudry, President and COO
Phone (416) 644-6588
E-mail: cbeaudry@xmet.
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