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04.12.2009
General Metals Releases Favorable Hill Zone Delineation Drill Results Including 85 Feet Grading 0.021 opt Au and 0.37 opt Ag from Surface
General Metals Releases Favorable Hill Zone Delineation Drill Results Including 85 Feet Grading 0.021 opt Au and 0.37 opt Ag from Surface
RENO, NV, Dec 03, 2009 -- General Metals Corporation (the "Company") (OTCBB: GNMT) (FRANKFURT: GMQ1) announces final assay results for drill holes GM 89, 90, 91 and 92 in the Hill Zone delineation drill program at the Company's Independence Gold - Silver Property. These holes are an integral part of the Company's plans to achieve near term production at Independence and continue to define the Hill Zone gold and silver mineralization.
Management is pleased to note that virtually every hole of the 92 holes drilled by the Company at its Independence Project as well as the 80+ historical drill holes has encountered significant and presumably economic mineralization over intercepts which are generally considered economically viable for open pit mining in Nevada.
The independent resource calculation identifies a resource of 1,069,279 ounces of gold and 3,858,471 ounces of silver contained in the surface/shallow deposit and the deeper Skarn deposit below. The gold resource is distributed between the Independence surface/shallow and Independence deeper Skarn zones while the 3,858,471 ounce silver resource exists in the surface/shallow zone alone. For a more detailed discussion please refer to the Company's Press Release published on October 21, 2009.
When the company's independent qualified person prepared the resource calculation for the Independence Mine, he used a price of $840 per ounce of gold and $12 per ounce of silver. Today's record prices certainly improve overall project economics and has caused the Company to accelerate its efforts to responsibly get into production as soon as possible, producing as much gold and silver as possible as quickly and cheaply as possible to capture this increasing record gold-silver price cycle.
Table 1 below summarizes the significant intercepts contained in holes GM 89, 90, 91 and 92: http://www.irw-press.com/dokumente/GNMT_031209_EN.pdf
These holes encountered mineralization where projected by the Company's consultants and continue to provide data which will enable the Company to continue to increase the resource base in the Measured and Indicated categories at the Independence Property. All mineralization drilled in the Hill Zone is shallow and oxide in nature.
The 2009 drilling is designed with two specific objectives:
1. upgrade all the Hill Zone gold-silver mineralization into Measured and indicated categories, and 2. provide sufficient drill density to identify higher grade zones within the Hill Zone mineralization,
As the Company moves forward into Feasibility and Production, it is anticipated the Measured and Indicated resource categories will become Proven and Probable Reserves. The Company believes that early mining and processing of the higher grade material in the Hill Zone (generally known as a "Starter Pit") will accelerate pay back of its capital investment resulting in higher future profitability for the Company.
Drift Exploration is providing drilling services and all samples are being submitted to American Assay of Reno, Nevada for analytical services. In keeping with the Company's practice of following industry accepted "best practices," drilling is sampled in five (5) foot intervals. The Company inserts a series of Standards, blanks and Certified Reference materials at a rate of approximately 1 in 30, as it has in the past for Quality Assurance - Quality Control.
This resource estimate 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.
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 resources containing in excess of one million ounces of gold and 3.8 million ounces of silver. Permitting and Engineering for our proposed heap leach production is underway at 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 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:
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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RENO, NV, Dec 03, 2009 -- General Metals Corporation (the "Company") (OTCBB: GNMT) (FRANKFURT: GMQ1) announces final assay results for drill holes GM 89, 90, 91 and 92 in the Hill Zone delineation drill program at the Company's Independence Gold - Silver Property. These holes are an integral part of the Company's plans to achieve near term production at Independence and continue to define the Hill Zone gold and silver mineralization.
Management is pleased to note that virtually every hole of the 92 holes drilled by the Company at its Independence Project as well as the 80+ historical drill holes has encountered significant and presumably economic mineralization over intercepts which are generally considered economically viable for open pit mining in Nevada.
The independent resource calculation identifies a resource of 1,069,279 ounces of gold and 3,858,471 ounces of silver contained in the surface/shallow deposit and the deeper Skarn deposit below. The gold resource is distributed between the Independence surface/shallow and Independence deeper Skarn zones while the 3,858,471 ounce silver resource exists in the surface/shallow zone alone. For a more detailed discussion please refer to the Company's Press Release published on October 21, 2009.
When the company's independent qualified person prepared the resource calculation for the Independence Mine, he used a price of $840 per ounce of gold and $12 per ounce of silver. Today's record prices certainly improve overall project economics and has caused the Company to accelerate its efforts to responsibly get into production as soon as possible, producing as much gold and silver as possible as quickly and cheaply as possible to capture this increasing record gold-silver price cycle.
Table 1 below summarizes the significant intercepts contained in holes GM 89, 90, 91 and 92: http://www.irw-press.com/dokumente/GNMT_031209_EN.pdf
These holes encountered mineralization where projected by the Company's consultants and continue to provide data which will enable the Company to continue to increase the resource base in the Measured and Indicated categories at the Independence Property. All mineralization drilled in the Hill Zone is shallow and oxide in nature.
The 2009 drilling is designed with two specific objectives:
1. upgrade all the Hill Zone gold-silver mineralization into Measured and indicated categories, and 2. provide sufficient drill density to identify higher grade zones within the Hill Zone mineralization,
As the Company moves forward into Feasibility and Production, it is anticipated the Measured and Indicated resource categories will become Proven and Probable Reserves. The Company believes that early mining and processing of the higher grade material in the Hill Zone (generally known as a "Starter Pit") will accelerate pay back of its capital investment resulting in higher future profitability for the Company.
Drift Exploration is providing drilling services and all samples are being submitted to American Assay of Reno, Nevada for analytical services. In keeping with the Company's practice of following industry accepted "best practices," drilling is sampled in five (5) foot intervals. The Company inserts a series of Standards, blanks and Certified Reference materials at a rate of approximately 1 in 30, as it has in the past for Quality Assurance - Quality Control.
This resource estimate 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.
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 resources containing in excess of one million ounces of gold and 3.8 million ounces of silver. Permitting and Engineering for our proposed heap leach production is underway at 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 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:
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.