General Metals — Phase One Drilling Benefited by Private Placement
StockGuru Profile – General Metals – GNLM
General Metals has completed a Private Placement, announced on April 23, 2007. The proceeds will support the commencement of the first portion of its Phase 1 drilling program on the Independence Shallow Target at its Independence Mine in Battle Mountain, Nevada.
Shallow mining production slated for later this year. Phase 1 budget is $1,350,000 and as more funds are made available for drilling, additional areas are targeted to be brought into the resource category. The Target for Phase 1 is 235,000 oz. gold and 2,500,000 oz. silver which is proposed to be mined and loaded onto a cyanide heap leach to be developed by the Company later this year.
About General Metals Corporation: The Company controls 100% of the Independence claims, which are completely surrounded by Newmont Mining’s Phoenix Mine www.newmont.com and is a 240-acre island with legal access. Newmont enjoys 8.5 million ounces of gold and 660 million pounds of copper in reserves with substantial additional mineralized material which is targeted to be upgraded. The Phoenix Mine is the largest operating gold mine in the US.
Nevada is a big play for General Metals and it has three targets (Link Here for Description and Aerial Images).
General Metals has produced The Carrington Report which describes the potential for the the targets in Nevada.
General Metals Corporation
Steve Parent, CEO, 775-686-6078
775-721-6428 (cell)
generalmetals@hotmail.com
Source: General Metals and Barrons
General Metals Corporation
1 E. Liberty St. Suite 6000
Reno, NV 89501
Phone: (775) 686-6078
Website: http://www.stockguru.com/blog/www.generalmetalscorporation.com%20
Forward Looking Statements: This release contains “forward-looking statements”, as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, any future metal price forecasts, any future performance and any reserves they have reported in their Phoenix Mine or any reserve estimates.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2006 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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