SOURCE: General Metals Corporation

September 24, 2009 07:38 ET

General Metals Raises an Additional $127,500 via Private Placement

RENO, NV--(Marketwire - September 24, 2009) - General Metals Corporation (the "Company") (OTCBB: GNMT) (FRANKFURT: GMQ) raised $127,500 in cash, and services from a recent private placement of 2,881,000 restricted common shares. 2,631,000 shares were issued at $0.044 share for $115,230 in cash and 250,000 shares were issued for services at $0.05. The placement will be fully detailed in an 8-K filing to follow. The securities offered in the private placement to the investors were not registered under the Securities Act of 1933 as amended (the "Act"), and may not be offered or sold in the United States absent registration, or an applicable exemption from registration, under the Act.

Use of proceeds will be used to further advance permitting and metallurgical work in the ramp up for production.

"We are very pleased that our efforts to communicate the value of our work on the Independence Project has resulted in this vote of confidence in the Company in the worst financial markets in my memory," said Dan Forbush, Company CFO. "Members of our shareholder family are coming forward with a greater investment in our future and others are asking to join us every week, so we expect more to follow."

A detailed description of the Company's permitting activities leading to production is available at 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 its 100% controlled Independence property strategically located in the prolific and highly prospective Battle Mountain Mining District, Nevada. Permitting and Engineering for heap leach production is underway at the Independence Mine. The Company is also evaluating potential acquisitions that could be developed in the future from cash flow from the Independence Mine.

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 or advance production timing may not occur.

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 most recent annual report on Form 10-KSB, 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