GNMT: General Metals Update: Permitting for Production Progressing
ShazamStocks Newsletter
=
als Corporation
(OTCBB: GNMT)
View Profile
General Metals Update: Permitting for Production Progressing on Schedu=
le
Thursday March 19, 2009, 8:08 am EDT
RENO, NV–(MARKET WIRE)–Mar 19, 2009 — General Metals Corporation (th=
e "Company") (OTC BB:GNMT.OB – News) (Frankfurt:GMQ.F – News) ann=
ounced today that the Company has completed the Bat survey required for per=
mitting the planned mining operations at the Independence Mine. The report =
clears the underground workings of the former producing Independence Mine f=
rom being a Bat habitat and will allow for blasting for the proposed open p=
it operation. The Independence operated from 1938 through 1987 predominatel=
y as a silver mine and had historical production of both gold and silver.
During the 2007 – 2008 Phase I drilling program, the Company complete=
d 26,055 feet in 84 drill holes. Holes range from vertical to 45 degrees ea=
sterly and vary from 25 to 580 feet deep and average 336 feet in depth. The=
company has commissioned an Independent technical report by a Qualified pe=
rson to assess the results. Until the report is complete, investors are cau=
tioned not to rely on any reported results and estimates for investment pur=
poses.
The Company’s drilling has identified a large body of near surface oxi=
de mineralization over a strike length of more than 3,000 feet and discover=
ed the new Hill Zone. Mineralization is open to depth and along strike to t=
he north, which the company believes will be amenable to mining and product=
ion by low cost open pit and heap leaching techniques.
Significantly more mineralization was discovered than expected with fu=
rther potential to double the surface/shallow mineralization. We have disco=
vered that nearly the entire surface area of the Independence Mine will be =
mined to a depth of from 300-500 feet and possibly to greater depth as we d=
iscover the feed systems that are believed to have carried the deep mineral=
ization, previously discovered by Noranda’s 25,000 foot core drilling progr=
am, to the surface.
During 2009 the Company has undertaken an aggressive permitting and en=
gineering program to rapidly move the Independence project toward productio=
n. The company has commissioned necessary studies and permits to allow it t=
o proceed to production in the near term. To further expedite the planned n=
ear term production, the Company has contracted Dyer Engineering of Reno, N=
evada to organize and initiate environmental, archeological and other studi=
es required by the permitting process necessary to place the Independence M=
ine into commercial production.
A detailed description of the 2007 – 2008 Phase 1 Definition Drilling =
Program is available on the Company’s web site, under "Independence In=
terim Drilling Report" link on our Homepage at www.gnmtlive.com
About General Metals Corporation: General Metals Corporation is an agg=
ressive junior minerals exploration and development company, based in Reno,=
Nevada. The Company is actively exploring its 100% controlled Independence=
property strategically located in the prolific and highly prospective Batt=
le Mountain Mining District, Nevada. Permitting and Engineering for heap le=
ach production is underway at the Independence Mine. The Company recently e=
ntered into an agreement to sell its 150 sq. km. mining concession for gold=
, diamonds and base metals in Ghana, West Africa for $1,000,000 in cash and=
stock and retains a royalty.
Notice Regarding Forward-Looking Statements
This news 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 stat=
ements and include any statements regarding beliefs, plans, expectations or=
intentions regarding the future. Such forward-looking statements include, =
among other things, that the proceeds from the recent private placement wil=
l allow the Company to proceed with Phase 1 drilling at its Independence Mi=
ne in Nevada or any shallow mining production later this year, the budget f=
or the Phase 1 drilling program, that an estimated 569,347 ounces of gold a=
nd 11,327,160 ounces of silver are contained in the mineralized material in=
the "Shallow Target," and is proposed to be mined and loaded ont=
o a cyanide heap leach pad, or any future financings that the Company may e=
nter into.
Actual results could differ from those projected in any forward-lookin=
g statements due to numerous factors. Such factors include, among others, t=
he inherent uncertainties associated with mineral exploration. We are not i=
n control of metals prices and these could vary to make development unecono=
mic. These forward-looking statements are made as of the date of this news =
release, and we assume no obligation to update the forward-looking statemen=
ts, or to update the reasons why actual results could differ from those pro=
jected in the forward-looking statements. Although we believe that the beli=
efs, plans, expectations and intentions contained in this press release are=
reasonable, there can be no assurance that such beliefs, plans, expectatio=
ns 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 2008 fisca=
l year, our quarterly reports on Form 10-QSB and other periodic reports fil=
ed from time-to-time with the Securities and Exchange Commission.
Contact:
Contact:
Wayne Meyerson
Investor Relations
General Metals Corporation
wayne@gnmtlive.com
775.583.4636 office
775.830.6429 cell
The company also owns 150 square kilometer of Nyinahin mining concessions =
for gold, diamond, and base metal deposits located near Bibiani, Ghana. Ab=
out 80% of the Nyinahin Concession lies to the west of the Offin River wit=
hin the Ashanti Region of Ghana. The property is accessed via the main Kum=
asi-Bibiani trunk road and is located 48 kilometer southwest of Kumsasi an=
d 20 kilometer northwest of Bibiani.
The Company’s business plan is focused on a strategy for maximizing the lo=
ng-term exploration and development of its Independence Mines property in =
Nevada and its acquisition in Ghana. To date, execution of its business p=
lan has largely focused on acquiring prospective leases. General Metals’ =
intends to establish a going forward exploration and development plan.
The Wilson-Independence Property covers a mineralized zone on strike wi=
th the World Class, Fortitude / Phoenix Gold Skarn Deposit. The property h=
as potential to develop a high grade underground resource in the Antler Se=
quence, together with a shallow, near surface resource in the overlying Pu=
mpernickel Formation. Situated at the intersection of the Battle Mountain-=
Eureka Gold Trend and the Northern Nevada Rift (Twin Creeks-McCoy lineamen=
t), the Independence Project, like Fortitude and Cove/McCoy, is one of a n=
umber of Gold Skarns which occur along the Battle Mountain–Eureka an=
d Northern Nevada Rift Zone mineral lineaments.
On August 17, 2007, the Company entered into the First Amendment to the M=
ining Lease with Independence Gold-Silver Mines, Inc. and added four addit=
ional mining claims and two additional easements. These claims cover the a=
rea where the existing cyanide decantation mill and operating facilities a=
re sited and the area where the Pioneer haul road to and from the Sunshine=
pit crosses the Independence claims; specifically, Independence #1, #2, D=
C#83 and An Old Glory. On February 29, 2008, General Metals entered into a=
mining purchase agreement with 635239 B.C. Ltd., wherein it agreed to pur=
chase a 100% interest in certain mineral claims in the Bannockburn Gold Pr=
operty, as well as rights to the Lloyd Patent located in the Madoc Townshi=
p, Hastings County, Ontario, Canada.
Independence Mine Projec=
t
In January 2006, the Company acquired General Gold Corporation and its pri=
mary asset, The Independence Mine, located in the Battle Mountain Gold Dis=
trict of northern Nevada. General Metals now controls 100% of The Independ=
ence Mine.
The Independence Mine forms an island in Newmont Gold’s Phoenix Mine, the l=
argest operating gold mine in the US. General Gold Corporation, a Nevada Co=
rporation, announced on April 29, 2005 the acquisition of a 20-year lease =
with option to purchase all assets of the Wilson Independence (Independenc=
e Mine) unpatented gold mining claims from Gold Range, LLC.
Robert Carrington, Geologist, and President of Gold Range, LLC states the =
Wilson Independence Property covers a mineralized zone on strike with the =
World Class, Fortitude / Phoenix Gold Skarn Deposit. "The claims are =
completely surrounded by Newmont Mining’s holdings in the Battle Mountain-=
Eureka Gold Trend of Northern Nevada," said Carrington.
Newmont’s Phoenix Project surrounds the Independence claims and commenced o=
peration in mid-2006.
The Independence Mine
The Independence mine is predominately a silver mine that produced intermi=
ttently from 1938 through 1987. Reported historic production by the variou=
s operators totaled 750,200 ounces silver and 11,029 ounces gold. The aver=
age recovered grade of all recorded production was 0.17 and 11.53 ounces o=
f gold and silver per ton respectively.
According to Akright in his 1997 report, "the gold resource potential =
of the Independence property occurs in two distinct categories: a shallow=
open pit mineable target, suitable for heap leach and a deep underground =
target. Insufficient drilling has been done to calculate a proven or proba=
ble reserve for the shallow target. However, mineralized material containi=
ng 235,000 ounces of gold and 2,500,000 ounces of silver have been estimat=
ed by Carrington (1997) … the deep target … could contain mineralized =
material with 1.4 million ounces of gold." The deep target will be pu=
rsued in a Phase 2 drilling program, while the shallow target is our focus=
for near term development leading to early cash flow.
The Plan:
Shallow Targets : 235,000 oz. of gold, 2.5 million oz. of silver GNLM’s 20=
06 exploration drilling campaign is designed to bring the shallow target i=
nto a resource category, according to SEC Industry Guide 7. The developmen=
t program will involve the permitting and construction of a cyanide heap l=
each pad that will accommodate 5-6 million tons of mineralized material. T=
he gold and silver is will be recovered by a Merrill Crowe processing syst=
em, with precipitate being smelted on site and shipped to the refinery as =
a gold and silver bar. Management has recently constructed and operated a =
similar project for another company in Nevada’s Comstock Lode. The shallow=
target has identified mineralized material which contains 235,000 ounces =
of gold and 2,500,000 ounces of silver. Record gold and silver prices of o=
ver $550 and $11 per ounce respectively have encouraged rapid development =
of the Independence Mine.
Independence Deep Target: 1.4 – 2 million ounces of =
gold
This target has immediate potential to develop 1.4 to 2 million ounces of =
contained gold, according to the Carrington Report. Northern Dynasty Miner=
als reported an estimated resource of 818,000 ounces of contained gold, wi=
th an average grade of 0.27 opt gold and Noranda Exploration, in an intero=
ffice memo estimated 2 million ounces. Approximately 25,000 feet of drill =
core from Noranda’s drilling campaign is on site and has been relogged. Ei=
ght deep holes have been reported.
Nyhinahin Mining Concession
Effective March 15, 2007, General Metals completed the acquisition of 100% =
interest in Mikite Gold Resources ("Mikite"), a Ghanaian corporat=
ion with exclusive exploration rights to the Nyinahin Mining Concession nea=
r Bibiani, Ghana. The Mineral rights are for gold, diamonds and base metals=
.
The 150 square kilometer Nyinahin mining concession is located between two=
geological gold belts, the Bibiani Belt to the west and the Asankrangwa t=
o the east. The property shares borders with several major mining companie=
s, including Newmont Mining, Napoli Gold and Dunkwa Continental Goldfields=
. The district is home to the famous Ashanti Goldfields-Obuasi Mines and i=
s one of the most active exploratory areas in the world.
A preliminary survey by Geodita Resources LTD, Ghana, indicates that the N=
yinahin Concession has significant potential for lode gold mineralization =
and for recovery of alluvial gold. There are 3 major anomalous zones: Owus=
bukurom anomaly in the center Ntoboroso anomaly in the southeast and the K=
rakyekurom anomaly in the southwest. There are 4 known mineralized trends:=
Baaneekurom-Nyinahin, Ntoboroso, Owusukurom-Adupiri and Krakyekurom-Adupi=
ri. The reconnaissance has also shown several abandoned surface mines that=
are yet to be investigated due to time and budget constraints of the curr=
ent owners.
General Metals Corporation
615 Sierra Rose Dr. Suite 1
Reno, NV 89511
Phone: 775.583.4636
Fax: 775.825.8862
Tol free: 1.877.329.8602
Web Site: www.generalmetal=
scorporation.com
Email: info@generalmetalscorporation.com
Profiles=20
is a special advertising section presented by Shazamstocks.com.=
All=20
material listed within http://shazamstocks.com/profiles/index.p=
hp=20
("Profiles") was based upon information supplied by t=
he=20
company or from other sources believed to be reliable. The info=
rmation=20
contained Profiles is not guaranteed by Profiles to be accurate=
and=20
should not considered to be all-inclusive. The companies discus=
sed=20
on Profiles except for those companies that appear on the URL h=
ttp://shazamstocks.com/profiles/index.php=20
have not approved the statements made herein. Any discussions a=
nd=20
pages contain forward looking statements that involve risks and=
uncertainties.=20
A company’s actual results could differ materially from those d=
escribed=20
in any forward – looking statements or announcements discussed =
on=20
Profiles. GNMT – General Metals Corporation - =
We have been compensated by a third party Onyx Consulting and Pyramid bus=
iness adivisors four hundred thousand free trading shares of gnmt Shazamstock=
s.com has been previously compensated by a 3rd party(Onyx Consulting) 95235=
free trading shares of GNLM.we also .Our Agreement was extended on 5/1=
/07 for an additional 142,000 shares of gnlm we have sold all previously compensated shares. . Those shares have been sold.All ma=
terial is for=20
informational purposes only and should not be construed as an o=
ffer=20
or solicitation of an offer to buy or sell securities.the third=
party may hold stock and sell at any time which may negatively affect the =
stock and should be seen as interest in conflict Profiles is=20
not a licensed broker, broker dealer, market maker, investment =
banker,=20
investment advisor, analyst, or underwriter. Companies profiled=
at=20
URL http://shazamstocks.com/profiles/index.php are ineligiable =
for=20
recommendations on URL http://www.shazamstocks.com for 90 days =
following=20
final disposition of any compensation.
king statements" within the meaning of Section 27A of the Securities A=
ct of 1933, as amended, and Section 21E the Securities Exchange Act of 1934=
, as amended and such forward-looking statements are made pursuant to the s=
afe harbor provisions of the Private Securities Litigation Reform Act of 19=
95. "Forward-looking statements" describe future expectations, pl=
ans, results, or strategies and are generally preceded by words such as &qu=
ot;may", "future", "plan" or "planned", =
"will" or "should", "expected," "anticip=
ates", "draft", "eventually" or "projected&qu=
ot;. You are cautioned that such statements are subject to a multitude of r=
isks and uncertainties that could cause future circumstances, events, or re=
sults to differ materially from those projected in the forward-looking stat=
ements, including the risks that actual results may differ materially from =
those projected in the forward-looking statements as a result of various fa=
ctors, and other risks identified in a companies’ annual report on Form 10-=
K or 10-KSB and other filings made by such company with the Securities and =
Exchange Commission. You should consider these factors in evaluating the fo=
rward-looking statements included herein, and not place undue reliance on s=
uch statements. The forward-looking statements in this release are made as =
of the date hereof and Shazamstocks Inc undertakes no obligation to update =
such statements.
CONT=
ACT: Ken Weiner Tel: +1 561 793 2665 e-mail: editor@shazamstocks.com
Shazamstocks Inc | 125 South state Road 7 Suite 104-221 | Palm Beach | FL=
| 33411
Forward email
amstocks.com.
pdate Profile/Email Address | Instant removal with SafeUnsubscribe™ =
| Privacy Policy.
Email Marketing by
Shazam Stocks | 125 South state Road 7 | Suite 104-221 | Palm Bea=
ch | FL | 33411