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15.12.2009
General Metals Management Discusses Milestones Achieved During 2009 in Route to Near Term Production at Independence Mine in Nevada
General Metals Management Discusses Milestones Achieved During 2009 in Route to Near Term Production at Independence Mine in Nevada
2009-12-15 07:45 ET - News Release
RENO, NV - 12/15/09
General Metals Corporation (the "Company") (OTCBB: GNMT) (FRANKFURT: GMQ1) management discusses the various milestones reached during drilling and permitting designed to reach near term production at its Independence Mine in Battle Mountain, Nevada. In addition to gaining CNI 43-101 resources of over 1 million ounces of gold and 3.8 million ounces of silver, the Company accomplished the following:
1. located all of the sample pulps from the historic (1985-1987) Noranda Minerals drilling in the Independence Gold Skarn target in the Independence Deep Target on the Company's Independence Mine Property and inventoried this pulp library.
2. validated the data base for the Independence Skarn assays.
3. released the diamond drill results from the high grade Independence Gold Skarn Target at the Company's Independence property in the Battle Mountain Mining District of Nevada. These intercepts are historic in nature and from diamond drilling conducted by Noranda Minerals from 1985 through 1989 and Great Basin Gold Corp. in 1998. Except for Great Basin Gold drill hole WI-001, none of these results have been previously disclosed.
4. secured Great Basin Pulps from the High Grade Independence Gold Skarn Target
5. Through analysis and modeling of the Noranda and Great Basin Gold drilling in the Independence Gold Skarn system identified a target more than half a mile wide and three quarters of a mile long which contains three highly prospective structural / stratigraphic zones.
6. completed the baseline environmental surveys recently including flora, fauna and bat studies. The reports of these studies are in the company's files.
7. engaged Mark Bailey & Company, LTD. of Reno, NV to become the company's auditor.
8. collected characterization samples to define appropriate material for bulk samples to be used in advanced metallurgical studies, received the assay results and selected the appropriate material for two bulk samples.
9. received the check assay results required to validate the 2007-2008 drilling results under evaluation for the Independent Report. These results are being evaluated by the Company's independent qualified person.
10. appointed Henry S. Brock, CPA, MBA, CLU, ChFC to the Company's Advisory Board and as Vice President of the Company.
11. completed the QA/QC on all final re-assays for the major mineralized drill intercepts in the Independence Gold Skarn in the Independence Deep Target. The results correlate exceptionally well with original drill data by Noranda Exploration and Great Basin Gold. Re-assay of Noranda Exploration pulps from their 1984 - 1987 diamond core drilling program returned results that were consistently higher than original assays and on average four percent (4%) higher in grade than the original assays. Importantly, drift in higher grade samples consistently showed that the original Noranda assays underreported the gold content of the gold skarn as shown in Chart 1.
12. collected and delivered two bulk samples of surface oxide mineralization for metallurgical testing including column leach tests at the Independence. The samples were collected under the supervision of personnel from McClelland Laboratories Inc. (McClelland) of Sparks, Nevada. Each sample weighed approximately 2 1/2 tons and both samples have been delivered to McClelland for processing.
13. through General Gold Corporation, our wholly owned subsidiary, received a grant of water rights for portions of Sections 28 and 33 (T31N, R43E), in Lander County, NV, the proposed center of the Independence Mine's process area.
14. received Initial metallurgical characterization results for bulk samples of surface and near surface, oxide mineralization were completed by McClelland Metallurgical Laboratories of Sparks, Nevada during the quarter ended October 31, 2009. Both the Hill Zone and Independence South Zone samples indicate excellent solution access regardless of feed size with the 2 inch material returning essentially identical gold extraction and recovery in the same leach time as the minus 10 mesh material as seen in the following table.
Table 1. Gold and Silver Recovery Independence Bottle Roll Tests: http://www.irw-press.com/dokumente/GNMT_Table_151209.pdf
Test Results Suggest Improved Economics: All test results to date suggest that expensive crushing can be minimized and that Carbon column recovery may be a less expensive processing solution than the previously discussed Merrill Crowe system. Project economics may have improved substantially with these results.
15. instructed McClelland to proceed immediately with a large diameter column leach test on the Hill Zone. McClelland will be conducting additional analytical and characterization work to better characterize the leach parameters to optimize leach results for the large diameter column leach in the South Zone. Due to the exceptional recovery in the coarse fractions of the bottle rolls, column leach tests of each sample will be conducted at 2 and 6 inch.
16. received final approval and has satisfied the required bonding of the drilling permits with the Bureau of Land Management (BLM).
17. Completed over 20 of the planned 44 hole 2009 drilling which is designed with three specific objectives:
a. upgrade all the Hill Zone gold-silver mineralization into measured and indicated categories,
b. provide sufficient drill density to identify higher grade zones within the Hill Zone mineralization, and
c. provide sufficient detail to facilitate pit design and detailed mine planning.
d. Final drill results forthcoming.
Further details regarding the Independence mineralization, drilling efforts, both historical and current together with current permitting activity 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 where the Company recently announced CNI 43-101 compliant resources containing in excess of one million ounces of gold and 3.8 million ounces of silver (See Oct. 21, 2009 PR). Permitting and Engineering for our proposed heap leach production is underway at the Independence Mine.
Disclaimer: The resource estimate above adheres to the Canadian Institute of Mining and Metallurgy (CIM) guidelines, however the reader is strongly cautioned that under CIM guidelines Inferred resources are not additive to Measured and Indicated resources and that the confidence level inherent in Inferred resources are insufficient to permit meaningful application of technical or economic modeling and must be excluded from estimates forming the basis of feasibility or other economic models. The reader is also cautioned that this resource estimate is not compliant with SEC Industry Guide 7 guidelines which recognize only Proven and Probable reserves and do not recognize any resource category. Management has published this information for the benefit of our Canadian and European investors, who readily understand CNI 43-101 compliant information and regularly use it for comparison of similar development stage mining companies.
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.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1137252
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1137250
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
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2009-12-15 07:45 ET - News Release
RENO, NV - 12/15/09
General Metals Corporation (the "Company") (OTCBB: GNMT) (FRANKFURT: GMQ1) management discusses the various milestones reached during drilling and permitting designed to reach near term production at its Independence Mine in Battle Mountain, Nevada. In addition to gaining CNI 43-101 resources of over 1 million ounces of gold and 3.8 million ounces of silver, the Company accomplished the following:
1. located all of the sample pulps from the historic (1985-1987) Noranda Minerals drilling in the Independence Gold Skarn target in the Independence Deep Target on the Company's Independence Mine Property and inventoried this pulp library.
2. validated the data base for the Independence Skarn assays.
3. released the diamond drill results from the high grade Independence Gold Skarn Target at the Company's Independence property in the Battle Mountain Mining District of Nevada. These intercepts are historic in nature and from diamond drilling conducted by Noranda Minerals from 1985 through 1989 and Great Basin Gold Corp. in 1998. Except for Great Basin Gold drill hole WI-001, none of these results have been previously disclosed.
4. secured Great Basin Pulps from the High Grade Independence Gold Skarn Target
5. Through analysis and modeling of the Noranda and Great Basin Gold drilling in the Independence Gold Skarn system identified a target more than half a mile wide and three quarters of a mile long which contains three highly prospective structural / stratigraphic zones.
6. completed the baseline environmental surveys recently including flora, fauna and bat studies. The reports of these studies are in the company's files.
7. engaged Mark Bailey & Company, LTD. of Reno, NV to become the company's auditor.
8. collected characterization samples to define appropriate material for bulk samples to be used in advanced metallurgical studies, received the assay results and selected the appropriate material for two bulk samples.
9. received the check assay results required to validate the 2007-2008 drilling results under evaluation for the Independent Report. These results are being evaluated by the Company's independent qualified person.
10. appointed Henry S. Brock, CPA, MBA, CLU, ChFC to the Company's Advisory Board and as Vice President of the Company.
11. completed the QA/QC on all final re-assays for the major mineralized drill intercepts in the Independence Gold Skarn in the Independence Deep Target. The results correlate exceptionally well with original drill data by Noranda Exploration and Great Basin Gold. Re-assay of Noranda Exploration pulps from their 1984 - 1987 diamond core drilling program returned results that were consistently higher than original assays and on average four percent (4%) higher in grade than the original assays. Importantly, drift in higher grade samples consistently showed that the original Noranda assays underreported the gold content of the gold skarn as shown in Chart 1.
12. collected and delivered two bulk samples of surface oxide mineralization for metallurgical testing including column leach tests at the Independence. The samples were collected under the supervision of personnel from McClelland Laboratories Inc. (McClelland) of Sparks, Nevada. Each sample weighed approximately 2 1/2 tons and both samples have been delivered to McClelland for processing.
13. through General Gold Corporation, our wholly owned subsidiary, received a grant of water rights for portions of Sections 28 and 33 (T31N, R43E), in Lander County, NV, the proposed center of the Independence Mine's process area.
14. received Initial metallurgical characterization results for bulk samples of surface and near surface, oxide mineralization were completed by McClelland Metallurgical Laboratories of Sparks, Nevada during the quarter ended October 31, 2009. Both the Hill Zone and Independence South Zone samples indicate excellent solution access regardless of feed size with the 2 inch material returning essentially identical gold extraction and recovery in the same leach time as the minus 10 mesh material as seen in the following table.
Table 1. Gold and Silver Recovery Independence Bottle Roll Tests: http://www.irw-press.com/dokumente/GNMT_Table_151209.pdf
Test Results Suggest Improved Economics: All test results to date suggest that expensive crushing can be minimized and that Carbon column recovery may be a less expensive processing solution than the previously discussed Merrill Crowe system. Project economics may have improved substantially with these results.
15. instructed McClelland to proceed immediately with a large diameter column leach test on the Hill Zone. McClelland will be conducting additional analytical and characterization work to better characterize the leach parameters to optimize leach results for the large diameter column leach in the South Zone. Due to the exceptional recovery in the coarse fractions of the bottle rolls, column leach tests of each sample will be conducted at 2 and 6 inch.
16. received final approval and has satisfied the required bonding of the drilling permits with the Bureau of Land Management (BLM).
17. Completed over 20 of the planned 44 hole 2009 drilling which is designed with three specific objectives:
a. upgrade all the Hill Zone gold-silver mineralization into measured and indicated categories,
b. provide sufficient drill density to identify higher grade zones within the Hill Zone mineralization, and
c. provide sufficient detail to facilitate pit design and detailed mine planning.
d. Final drill results forthcoming.
Further details regarding the Independence mineralization, drilling efforts, both historical and current together with current permitting activity 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 where the Company recently announced CNI 43-101 compliant resources containing in excess of one million ounces of gold and 3.8 million ounces of silver (See Oct. 21, 2009 PR). Permitting and Engineering for our proposed heap leach production is underway at the Independence Mine.
Disclaimer: The resource estimate above adheres to the Canadian Institute of Mining and Metallurgy (CIM) guidelines, however the reader is strongly cautioned that under CIM guidelines Inferred resources are not additive to Measured and Indicated resources and that the confidence level inherent in Inferred resources are insufficient to permit meaningful application of technical or economic modeling and must be excluded from estimates forming the basis of feasibility or other economic models. The reader is also cautioned that this resource estimate is not compliant with SEC Industry Guide 7 guidelines which recognize only Proven and Probable reserves and do not recognize any resource category. Management has published this information for the benefit of our Canadian and European investors, who readily understand CNI 43-101 compliant information and regularly use it for comparison of similar development stage mining companies.
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.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1137252
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1137250
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
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=US3703042065">http://www.irw-press.com/alert_subscription.php?lang=en&isin=US3703042065</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.