SOURCE: General Metals Corporation

February 08, 2011 07:08 ET

General Metals Corporation President Provides Update on Independence Project Status

RENO, NV--(Marketwire - February 8, 2011) - General Metals Corporation (the "Company") (OTCBB: GNMTD) (FRANKFURT: GMQ), reports that the permitting program for the Independence Project is now accelerating forward and progressing well.

At our annual meeting in May 2010, we presented a draft of the completed Canadian National Instrument 43-101 report that we have since submitted to the Toronto Ventures Exchange for approval prior to applying for a listing on that exchange of our 100% owned subsidiary General Gold Corporation. The report is not SEC Industry Guide 7 compliant. It indicated that the shallow open pit minable deposits contains 210,400 gold and 3,990,500 silver ounces in the Measured and Indicated Category and 66,000 gold and 395,800 silver ounces in the Inferred Category. For discussion of our Deep mining reserves please see GNMT recent 10-Q.

"Since mid-December, the Company has raised nearly $500,000 from private placements with which to make progress toward the filing of permit applications," said Daniel J. Forbush, Company President and CFO. This has allowed us to initiated phase two of the metallurgical recovery column tests on the sample we obtained from the underground workings on the project. This test is an important step forward in providing data required our permit application."

In addition, for the short term, we are beginning the Meteoric Water Mobility Test and Humidity Cell Test which are required to complete the Water Pollution Control and Design Permit Application.

We continue to focus on progressing the Independence Mine Project to production with a target date of 2011 to 2012 through:

1. proving up additional resources from the completed drilling program.

2. finalizing all metallurgical testing to provide the information necessary to receive approval in our plan of operations.

3. completing an in house economic feasibility report.

4. developing the mine plan.

5. designing the heap leach and processing facilities.

6. commissioning an independent economic feasibility report.

7. confirming and documenting key strategic partnerships and alliances.

Mr. Forbush continued, "We gratefully acknowledge the enormous support of our shareholder family which has allowed us to begin again to move this project to production. I deeply believe in the value of this project to us and our shareholders. The law of physics which states that 'a body in motion tends to stay in motion and a body at rest tends to stay at rest' applies to our Company. As we have begun these various tests, the progress will accelerate with each step of the process is begun. Please stay tuned as there will be progress being made with every passing week."

We are also encouraging the development of a following of Stock Mining Analysts to evaluate our progress for potential institutional investors and beginning an awareness campaign expecting to find a much greater following for our Company as we accomplish the many tasks we have before us.

Further details regarding the Independence mineralization, drilling efforts, both historical and current, 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.

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