CybeRelease: (OTC: GNLM) Up 13% on Today’s Trading
(CybeRelease, April 30, 2007) – Lake Harmony, Pa. - General Metals Corporation (the “Company”) (OTC BB: GNLM) announced that it’s Board of Directors has resolved to forward split its common shares on an 11 for 10 basis. This is being done to provide a benefit to our existing shareholders, who have financed us for a number of years, as we enter into the Institutional financing Phase for our Company. A new cusip number and trading symbol will be announced once the transaction is effective. The net effect is that each shareholder of record on the effective date will tender their shares for exchange for a 10% increase in new shares.
The Company has just completed a small Private Placement, announced on April 23, 2007, the proceeds of which will enable the Company to commence the first portion of its Phase 1 drilling program on the Independence Shallow Target at its Independence Mine in Battle Mountain, Nevada. Phase 1 budget is $1,350,000 and the Target for Phase 1 is 235,000 oz. gold and 2,500,000 oz. silver, which is proposed to be mined and loaded onto a cyanide heap leach to be developed by the Company later this year.
The Company’s CFO Dan Forbush said: “Our strategy is to take our financing in small manageable amounts, which enable the completion of a complete phase in a selected area. We are now in a period that should enable larger financings so we may grow the Company much quicker. We have drilling, permitting and production to be financed, and we are now ready to tackle those tasks during this spring and summer. We built Glamis Gold from a single, small gold mining project to a large multi-project operation while I was there, and we are committed to do the same at General Metals.”
About General Metals Corporation: The Company controls 100% of the Independence claims, which are completely surrounded by Newmont Mining’s Phoenix Mine (www.newmont.com) and is a 240-acre island with legal access. Newmont enjoys 8.5 million ounces of gold and 660 million pounds of copper in reserves with substantial additional mineralized material, which is target to be upgraded. The Phoenix Mine is the largest operating gold mine in the US.
From 1983 - 1997 there were several exploration campaigns conducted on the Independence claims by Noranda, Teck Exploration, Northern Dynasty and Great Basin Minerals, which resulted in about 80 reverse circulation and core drill holes being drilled and reported. The 1997 Carrington Report, the 1997 Akright Report, the 2006 Carew Report and the 2005 Frost and Larsen findings are available for review in their entirety at the Company’s office in Reno, Nevada. An Executive Summary is available on the Company’s website www.generalmetalscorporation.com.
The Company recently completed the acquisition of 150 sq. km. of mining concessions for gold, diamonds and base metals in Ghana, West Africa, and plans to commence exploration activities this year.
To view the full release, go to http://biz.yahoo.com/bw/070430/20070430005258.html?.v=1
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