SOURCE: General Metals Corporation

May 20, 2010 15:01 ET

General Metals Corporation - Annual Meeting

RENO, NV--(Marketwire - May 20, 2010) -  General Metals Corporation (the "Company") (OTCBB: GNMT) (FRANKFURT: GMQ), wishes to announce the results of the Company's annual and special meeting of the Company's shareholders held May 15, in Reno, Nevada.

At the meeting, shareholders voting by proxy and in person,

  1. confirmed each of Robert G. Carrington, David J. Salari, Daniel J. Forbush and Paul Wang as directors. Mr. Larry M. Bigler resigned prior to the meeting and did not attend. The Company wishes to thank Larry for his contribution and wishes him well in his future endeavors.
  1. ratified Mark Bailey & Company, Ltd, Certified Public Accountants as the Company's independent public accounting firm for the year ending April 30, 2010.
  1. amended the Corporation's Certificate of Incorporation to increase the authorized share capital of common stock from 220,000 shares to 500,000,000 shares, par value of $0.001 per share.
  1. amended the Corporation's Certificate of Incorporation to authorize the directors of the Corporation to fix and determine the designations, rights, preferences and other variations of such class or series within each class of capital stock of the Corporation and to issue such stock for consideration as may be fixed by the Board of Directors.
  1. amended the Corporation's Certificate of Incorporation to approve an 11 for 10 forward stock split of the Corporation's authorized and issued outstanding common stock.

Discussion of Items 3 and 5:

3) The Corporation's authorized share structure has been increased to 500,000,000 shares. This does not mean these shares will be immediately issued causing undue dilution to the Company's current shareholders. These authorized shares will only be issued by the company as needed and permitted to raise additional capital to further the Company's business activities.

5) The Board has not set the record date of the11 for 10 forward split, but will use the timing to effectively manage the Corporation's stock and market in the Company's securities in the future.

An updated copy of the corporate presentation from the recent shareholder meeting which reviewed the Company and the recently completed 43-101 Technical Report, including resource estimates as recently announced and summarized below, and to be filed with the TSX, will be available for review on the Company's website.

Table 1
Surface Oxide Resource Area
 
Measured & Indicated Resources
Cutoff Tons Grade Ounces Grade Ounces Grade Ounces
(oz AuEq/ton)   (oz AuEq/ton) Gold Eq. (oz Au/ton) Gold (oz Ag/ton) Silver
0.008 14,802,000 0.018 271,500 0.014 210,400 0.27 3,990,500
 
Inferred Resources
Cutoff Tons Grade Ounces Grade Ounces Grade Ounces
(oz AuEq/ton)   (oz AuEq/ton) Gold Eq. (oz Au/ton) Gold (oz Ag/ton) Silver
0.008 5,997,000 0.012 72,000 0.011 66,000 0.066 395,800

 

Skarn Hosted Resource Area
 
Table 2
Inferred
Skarn Hosted Mineralization
Cutoff Tons Grade Ounces
(oz Au/t)
0.000 4,181,869 0.190 796,228
0.100 2,978,358 0.242 720,167
0.120 2,441,224 0.271 661,816
0.140 1,876,739 0.315 590,422
0.160 1,671,347 0.335 560,236
0.180 1,610,844 0.341 549,942
0.200 1,523,086 0.350 533,232
0.225 1,137,261 0.396 450,469
0.250 1,089,155 0.403 439,147

Further details regarding the Independence are available on the Company's website www.gnmtlive.com.

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.

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
    wayne@gnmtlive.com
    775.583.4636 office
    775.830.6429 cell