General Metals has developed an exploration timetable and for the three designated Nevada targets located in the center of Newmont Mining’s largest new development, the Phoenix property as outlined in its most recent SEC filing of March 22, 2007, 10Q.
This property will require minimal capital for infrastructure development. All infrastructure necessary for the exploration, development and operation of a mine is available. The property is accessed via federal, state and county maintained all weather paved and gravel roads from the nearby town of Battle Mountain.
This property is located in an area that has historically been mining country. The town of Battle Mountain is located situated 30 miles north of the property along Interstate Highway 80 and provides not only a sufficient number of workers but serves as an excellent location for supplies and resources. Adequate ground water is available for diversion for future mining operations, which enjoy special treatment as temporary, or interim uses under Nevada water laws. Electrical power has recently been extended to within one mile of the project to service the Phoenix project, and the trans-continental natural gas line passes within 1.5 miles of the property.
The property has been the sight of intermittent historic exploration and mining activities since the late 1920s. Past mining operations extracted 65,000 tons of high-grade gold and silver ores from the property. The bulk of this activity occurred during two periods, the first from high-grade ores shipped for direct smelting during the late 1940s and early 1950s, and a second from 1975 to 1983 when a significant amount of underground development took place, and a mill erected on the property. Production grades have historically been high, with individual samples from stopes reported to contain up to 19,000 ounces of silver, and 64 ounces of gold. During its peak period of production in 1976 the mine shipped up to 1 ton of gold and silver bullion per month.
General Metals plans a series of staged drill campaigns designed to:
1) Rapidly evaluate and delineate the near surface deposits with the intent to bring them to an early production stage.
2) Identify structures interpreted as mineralized fluid conduits from lower the mineralized zone.
3) Evaluate and delineate the deep high grade gold potential.
Drift Drilling and Exploration of Calgary Alberta, Canada, has been retained to conduct the drilling, under the supervision of staff geologist Karl Frost.
General Metals will begin concurrent environmental baseline studies to facilitate a rapid production track pending a successful conclusion of the drill programs. General Metals Corp. has engaged the engineering firm of SRK Consulting to perform an environmental audit of this material and systematically evaluate the potential for recovering
remaining gold and silver values.
General Metals has budgeted approximately $1.84 million to carry out a three-phased drill program on the Wilson-Independence project.
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 BarronsGeneral Metals Corporation
1 E. Liberty St. Suite 6000
Reno, NV 89501
Phone: (775) 686-6078
Website: http://www.stockguru.com/blog/www.generalmetalscorporation.com
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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