SOURCE: General Metals Corporation

August 11, 2009 07:48 ET

General Metals Raises Another $336,000 via Private Placement

RENO, NV--(Marketwire - August 11, 2009) - General Metals Corporation (the "Company") (OTCBB: GNMT) (FRANKFURT: GMQ) raised $336,000 in cash, and services from a recent private placement of 7,569,800 restricted common shares. 7,397,300 shares were issued @ $0.044 share for $327,106 in cash and 172,500 shares were issued for services @ $0.052. 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 retire Company debt obligations, pay for essential services, outstanding payables incurred for drilling and to further advance permitting and metallurgical work in the ramp up for production.

"Every opportunity we take to share our enthusiasm and commitment to this project with others including those that have not heard of it before, we find new friends and supporters," said Steve Parent, Company CEO. "Some of those are still considering joining our shareholder family, so we expect more to follow. We have been fortunate to have shareholder support for nearly $1,700,000 in cash and services since January 28, 2009, in the worst financial markets in recent history."

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 recently sold its 150 sq. km. mining concession for gold, diamonds and base metals in Ghana, West Africa for $1,012,500 in cash and stock and retains a royalty.

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