Xmet Signs Exploration Agreement with Constance Lake First Nation on its Blackflake Project
24 Janvier 2014 - 3:20PM
Marketwired
Xmet Signs Exploration Agreement with Constance Lake First Nation
on its Blackflake Project
TORONTO, ONTARIO--(Marketwired - Jan 24, 2014) - Xmet Inc.
(TSX-VENTURE:XME)(OTCQX:XMTTF) ("Xmet") is pleased to announce that
it has signed an exploration agreement effective January 23, 2014
(the "EA") with the Constance Lake First Nation ("CLFN") which will
enable the exploration and development of Xmet's Blackflake project
located northwest of Hearst, Ontario.
The EA outlines the working relationship between Xmet and CLFN
with respect to exploration activities within the CLFN's
traditional territory which includes all claims forming the
Blackflake project. The EA remains in effect until such time as
Xmet and the CLFN enter into an impact benefits agreement prior to
the commencement of any mine development. The EA includes terms
outlining Xmet's and CLFN's mutual respect for the land and a
responsible and sustainable approach to exploring the land.
Alexander Stewart, Xmet's Chairman and CEO stated "We were very
pleased with the EA and are appreciative of the support of
Constance Lake's Chief Sackenay and the CLFN Council. Management
and I look forward to continuing to work with the CLFN community as
the Blackflake project progresses."
Xmet has also agreed to provide certain compensation to the CLFN
community, subject to certain thresholds, and to provide for
environmental protection, employment, business and training
opportunities and mitigation of impacts on the CFLN's traditional
territory. In connection with the execution of the EA, Xmet will
issue 200,000 common shares in the capital of Xmet upon and
subsequently issue 200,000 common share purchase warrants in each
of the succeeding three years commencing one year from execution of
the EA at exercise prices equal to the closing market price prior
to the issue date, with each such share purchase warrant
exercisable for a period of two years from the date of issue. All
securities issued in connection with the EA are subject to a hold
period of four months and a day from the date of issuance.
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.
Xmet Inc.Alexander StewartChief Executive Officer(416)
644-6588astewart@xmet.caXmet Inc.Stephen StewartPresident(416)
644-6588sstewart@xmet.cawww.xmet.ca
Xmet Inc. (TSXV:XME)
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