Silvermet Inc. Announces Q1 2010 Results

8 King Street East, Suite 1700 Toronto, Ontario, Canada M5C 1B5 Telephone: (416) 203-8336 Facsimile: (416) 368-5146

SILVERMET INC. ANNOUNCES Q1 2010 RESULTS

TORONTO, June 2, 2010: Silvermet Inc. (“Silvermet” or the “Company”) (TSXV: SYI) is pleased to announce the release of its results for the first quarter of 2010.

Highlights:

• Shipped 3,827 tonnes compared to 1,447 tonnes in Q4 2009
• Produced 2,326 tonnes compared to 2,525 tonnes in Q4 2009, in spite of a 3

week planned maintenance shut down in February

• Income from operations of $535,520 compared to $502,529 in Q4 2009
• Direct operating costs of $481 per tonne, excluding higher cost opening

inventory shipped in Q1

• $509,970 spent on capital expenditures to improve the plant
• Turkish general manager hired to improve the depth of the Turkish

management team

Gross revenues were $4,345,210 for the quarter compared to $2,104,903 for the fourth quarter of 2009. Net loss attributable to common shareholders was $112,202 in the first quarter of 2010 compared to a net income of $273,603 in the fourth quarter of 2009.

Income from operations (revenues less direct expenses, including amortization) was $535,520 in the first quarter of 2010 compared to $502,529 in the fourth quarter of 2009.

During the quarter, 2,326 tonnes of zinc concentrate were produced compared to 2,525 tonnes in the fourth quarter of 2009. The decrease is the result of a planned three week maintenance shut down in February. The Company shipped 3,827 tonnes of zinc concentrate during the first quarter compared to 1,447 tonnes in the fourth quarter of 2009. This includes shipments of 1,630 tonnes of zinc concentrates that were in inventory at the beginning of the quarter.

Treatment and transportation charges in the industry declined in March. However, the full impact of the savings will not be seen until the second quarter of 2010.

Direct operating costs, excluding amortization, were $2,231,827 in the first quarter, or $599 per tonne shipped. Inventory sold during the quarter was being carried at $795 per tonne, and goods produced and sold during the quarter carried a cost of $481 per tonne.

During the quarter, Silvermet spent $509,970 on capital improvements as part of its program to upgrade the plant. Management changes were also made, including the hiring of a new general manager with a background in the Turkish steel industry. Silvermet continues to work on increasing the depth of management in the Turkish operations and the training of its workforce.

“By maintaining our focus on continued operational improvements, we can generate a profit at the current lower zinc prices and position ourselves to reap the benefits of expected future zinc price increases” said Stephen Roman, Silvermet’s Chairman and CEO.

Zinc prices decreased during the first quarter from an opening of $1.17 to a closing price of $1.07 at March 31, 2010.

The financial statements and Managements’ Discussion and Analysis of its results (“MD&A”) can be found on SEDAR or the Company’s website. The Company reports its financial results in US dollars.

About Silvermet:

Silvermet’s Waelz kiln operations in Iskenderun, Turkey have been operating since mid- May 2009 to recover zinc contained in the Electric Arc Furnace Dust (“EAFD”) that is produced as a waste product by local steel mills.

For further information, please contact:

Stephen G. Roman, Chairman & CEO Silvermet Inc.

Tel: (416) 203-8336 Website: www.silvermet.ca

Investor Relations:

Maurice Dagenais John Boidman Tel: (514) 939-3989 or (416) 644-2020 www.renmarkfinancial.com

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

"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."

Caution concerning forward-looking statements: The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raised additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events except as may be required under applicable securities laws. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.