SOURCE: General Metals Corporation

November 03, 2009 07:38 ET

General Metals Completes 5 of the Planned 44 Holes in the Drill Program at Independence Hill Zone

RENO, NV--(Marketwire - November 3, 2009) - General Metals Corporation (the "Company") (OTCBB: GNMT) (FRANKFURT: GMQ1) completed 5 of its planned 44 holes in the current reverse circulation (RC) fill-in drilling program on the Hill Zone at its Independence Gold - Silver Mine last week. The drilling is being sampled in five (5) foot intervals, in keeping with industry accepted "best practices." The first batch of samples were accepted by American Assay Laboratories on Friday.

"This drilling is undertaken to allow the Company to prepare the definitive advanced pit design and mine plan as well as improve the overall contained ounces in the Company's CNI 43-101 compliant resource calculation," remarked Daniel J. Forbush, the Company's CFO.

Steve Parent, Company President and CEO, added, "The excellent metallurgical recovery in our bottle roll tests of 84.5%, reported in the Company's press release dated October 5, 2009, along with a low apparent strip ratio and higher than average grade all make the Hill Zone the location for initial mining."

The permitting process proceeds on schedule. Dyer Engineering continues on the fastest track possible to bring the project to near term production as soon as permitting and financing allow.

"Management is very pleased with the progress being made at the Independence Project," said Steve Parent. "Our trip to Europe to discuss the Company's activities and future goals was very well received and we find new friends and supporters every time we tell our story."

Further details regarding the Independence mineralization, drilling efforts, both historical and recent together with current permitting activity are available on the Company's website

About General Metals Corporation: General Metals Corporation is an aggressive junior minerals exploration and development company, based in Reno, Nevada. The Company is actively exploring and developing its 100% controlled Independence property strategically located in the prolific and highly prospective Battle Mountain Mining District of Nevada where the Company recently announced Independently determined resources containing in excess of 1.07 million ounces of gold and 3.8 million ounces of silver. The Company is also evaluating potential acquisitions in Nevada that may be developed from future cash flow from our planned Independence operation. Permitting and Engineering for our planned heap leach production is underway at our Independence Mine.

The above resource estimate adheres to the Canadian Institute of Mining and Metallurgy (CIM) guidelines, however the reader is strongly cautioned that under CIM guidelines Inferred resources are not additive to Measured and Indicated resources and that the confidence level inherent in Inferred resources are insufficient to permit meaningful application of technical or economic modeling and must be excluded from estimates forming the basis of feasibility or other economic models. The reader is also cautioned that this resource estimate is not compliant with SEC Industry Guide 7 guidelines which recognize only Proven and Probable reserves and do not recognize any resource category. Management has published this information for the benefit of our Canadian and European investors, who readily understand CNI 43-101 compliant information and regularly use it for comparison of similar development stage mining companies.(See Resource Table in the Company's Press Release dated October 19, 2009)

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 statements 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 will allow the Company to proceed with permitting at its Independence Mine in Nevada or any shallow mining production later this year, that any estimated ounces of gold or silver are contained in the mineralized material in the "Shallow Target," and is proposed to be mined and loaded onto a cyanide heap leach pad, or any future financings that the Company may enter into.

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 most recent fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact Information

  • Contact:
    Wayne Meyerson
    Investor Relations
    General Metals Corporation
    615 Sierra Rose Dr. Suite 1
    Reno, NV 89511
    775.583.4636 office
    775.830.6429 cell