SOURCE: General Metals Corporation

November 06, 2007 08:12 ET

General Metals Management Discusses Historical and Current Exploration Plans for Ongoing Phase I Drilling at Independence Mine

RENO, NV--(Marketwire - November 6, 2007) - General Metals Corporation (the "Company") (OTCBB: GNMT) (FRANKFURT: GMQ) Independence Shallow Target Description: Management is pleased to issue the following brief discussion and description of the Independence Shallow Target and the Company's ongoing Phase I exploration drilling program at the Company's Wilson Independence Mine project in the Battle Mountain Mining District, Nevada. In order to assist in a better understanding of the assay results, each hole will be plotted on an appropriate map as results become available so the reader can better see the location of the subject hole(s) and relationship to the other holes. (See Attached Map) The Phase 1 exploration program is progressing steadily and to date we have completed 18 of the initial 25 planned drill holes in Stage 1. Preliminary gold assay results were announced for holes 1,2,3 and 5 in the Company's press release dated October 25, 2007. Final assays and analyses are pending for all drill holes.

Shallow Target Description

The Independence Shallow Target is one of several identified target areas on the Company's Independence Property. This target represents a near surface, oxide target, potentially amenable to low cost, surface bulk mining and heap leaching technology. The target zone encompasses the old Independence mine workings (see attached with new holes plotted) and surrounding ground. Target mineralization extends from the surface to at least 360 feet and is believed to range from 20 to more than 140 feet in true thickness, over a strike length of at least 1,500 feet. Mineralization is hosted in favorable, thick bedded to massive chert horizons of the Pumpernickle Formation where suitable structural preparation has created favorable conditions for mineralization. The target is indicated by several historical drill holes and extensive mine workings.

Historic Exploration

Within this specific target area of the property, from 1964 to 1994, Union Pacific Railroad, Battle Mountain Gold, Noranda, United Mining and Lansdowne Minerals conducted exploratory drilling. Battle Mountain and Lansdowne conducted limited Reverse Circulation drilling, while United Mining conducted air track drilling. Union Pacific Railroad drilled one diamond core hole beneath this target area and Noranda drilled two deep core holes in the vicinity of the target but did not sample or assay the core in the target area. Union Pacific, Silver King Mines and Lansdowne Minerals conducted various underground exploration programs. These consisted primarily of channel sampling, and limited long-hole drilling by Union Pacific and Silver King Mines. The Company has all exploration records for these programs.

As shown on the accompanying map, Lansdowne Minerals reported results of underground sampling in 1994 which indicated mineralized zones exposed in the Independence mine ranging from 55 feet to more than 140 feet at grades from .031 opt Au to 0.127 opt Au. The most significant of the Lansdowne results reported was 143 feet of contiguous channel samples with an average grade of 0.127 opt Au and 2.54 opt Ag. There has been no development or production since the mine was closed in 1987, so all mineralization reported by Lansdowne and others since should remain in place.

Phase 1 Exploration Strategy

The Company is presently conducting a staged, multi-phase, exploration drilling program to drill test the Independence Shallow Target and delineate the extent of mineralization in this target area of the property. The objective is to sequentially test, define and delimit the near surface, oxide mineralization in this target which may be amenable to open pit mining and heap leaching, and rapidly evaluate the potential of this target area for near term production. This marks the first exploration campaign that has all other historical drill and production information and is scheduled to systematically explore the total property.

A detailed description of the exploration and production history of the Independence property is available on the Company's web site at www.gnmtlive.com. See Executive Summary.

About General Metals Corporation: The Company is an exploration and development stage company and controls 100% of the 240 acre Independence property located in the Battle Mountain Mining District, Humboldt County, Nevada, and which forms an island in Newmont Mining's Phoenix Mine Project www.newmont.com. The Company also owns 150 sq. km. of mining concessions for gold, diamonds and base metals in Ghana, West Africa and plans to commence exploration activities this year.

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 Phase 1 drilling at its Independence Mine in Nevada or any shallow mining production later this year, the budget for the Phase 1 drilling program, that an estimated 235,000 ounces of gold and 2,500,000 ounces of 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 2004 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
    wayne@gnmtlive.com
    775.686.6078 office
    775.830.6429 cell