SYI

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.


Silvermet Inc. ("Silvermet") (TSX VENTURE:SYI) is pleased to announce the
signing of a definitive Investment Agreement with an affiliate of Befesa Medio
Ambiente, S.A. ("Befesa") of Erandio, Spain.


Befesa is the largest processor of electric arc furnace dust ("EAFD") in Europe,
with four Waelz kiln facilities that process 500,000 tonnes EAFD per annum, and
is a global leader in technological innovations in the processing of EAFD to
recover zinc. Befesa also has expertise in upgrading and building Waelz kilns
that process EAFD.


Highlights:



- Befesa and Silvermet will own 51% and 49%, respectively, of a newly       
  established Spanish company, Befesa Silvermet Turkey, S.L. ("Befesa       
  Silvermet")                                                               
- Befesa will invest US $10 million into the joint venture on the following 
  basis:                                                                    
    -- Befesa will acquire a 10% interest in Silvermet through a private    
       placement at $0.125 per share, or CAD $2 million, proceeds of which  
       will be invested in Befesa Silvermet                                 
    -- Befesa will be entitled to have a nominee on Silvermet's Board of    
       Directors and maintain its 10% ownership level by participating in   
       future financings                                                    
    -- US $4 million will be used to acquire the 41.5% indirect interest in 
       Silvermet's operations held by Cooper Island Investments, L.L.C.     
    -- On completion of the transactions, US $6 million will be available in
       Befesa Silvermet, to be used to further expand and upgrade the       
       Turkish operations                                                   
- Silvermet will transfer its 58.5% interest in the operations to Befesa    
  Silvermet                                                                 
- Befesa will manage the operations of Befesa Silvermet, subject to         
  unanimous consent requirements on key business decisions                  
- Befesa will introduce new technology to the Turkish operations and provide
  Silvermet's operational staff with training both in Turkey and at its     
  European plants                                                           
- Synergistic benefits are expected as a result of Befesa's ability to      
  achieve better project finance terms, greater purchasing power on raw     
  materials and achieving better smelter terms due to larger total zinc     
  concentrate volumes                                                       
- Befesa Silvermet intends to pursue new EAFD processing opportunities in   
  Turkey                                                                    
- Closing is subject to TSX-V approval and completing documentation, which  
  is expected to occur in November                                          



"We welcome this partnership and investment by Europe's leader in the processing
of EAFD. Silvermet has been planning an expansion of its production capacity in
Turkey and with the strategic investment and expertise of Befesa, we will be
able to realize improvements in operating performance and increase capacity
through expansions much more rapidly than we could have on our own," said
Stephen G. Roman, Chairman, President and CEO of Silvermet. "We look forward to
developing our relationship with Befesa as we continue to build our operations
in Turkey."


About Silvermet:

Silvermet's Waelz kiln facility in Iskenderun, Turkey has been operating since
May 2009 to process EAFD that is produced by local steel mills. Silvermet
produces a zinc oxide concentrate from the EAFD which is sold to smelters
throughout the world.


About Befesa:

Befesa is an international company that provides solutions for managing and
recycling industrial waste and for water generation and management, with a
strong emphasis on social responsibility to help create a sustainable world.
(www.befesa.com). Befesa is a subsidiary of Abengoa, S.A., a technology company
that applies innovative technology solutions for sustainable development in the
infrastructure, environment and energy sectors. (www.abengoa.com).


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.

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