CybeRelease: (OTC: GNLM) Receives Coverage by Market Advisors, Inc.
( CybeRelease, May 9, 2007 ) - Lake Harmony, Pa. - Market Advisors, Inc. announced today it is initiating coverage of General Metals Corporation listed on (OTC BB: GNLM) and the Frankfurt Stock Exchange: (GMQ). Market Advisors has placed an intermediate-term price objective of $1.65. The Report can be viewed in its entirety on the following link:
General Metals is a US gold and silver mining Company that operates the Independence Mine in Battle Mountain, NV and has recently acquired 150 sq. km. of mineral rights and mining opportunities in Ghana, West Africa. The Independence mine is predominately a silver mine that produced intermittently from 1938 through 1987 in seven separate operations. Reported historic production by the various operators totaled 750,200 ounces silver and 11,029 ounces gold. The average recovered grade of all recorded production was 0.17 and 11.53 ounces of gold and silver per ton respectively. The Independence Mine is located as an island in Newmont Mining’s Phoenix Mine, which contains 8.5 million ounces of gold and 660 million pounds of copper www.newmont.com.
There were several exploration campaigns conducted 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, all of which reported gold values. An Executive Summary has been prepared containing a thorough discussion of production and exploration activities and is available on the Company’s website. www.generalmetalscorporation.com
A 1997 report summarizes: “the gold resource potential of the Independence property occurs in two distinct categories: a shallow open pit mineable target, suitable for heap leach and a deep underground target. Insufficient drilling has been done to calculate a proven or probable reserve for the shallow target. However, mineralized material containing 235,000 ounces of gold and 2,500,000 ounces of silver have been estimated by Carrington (1997).” The Phase 1 exploration drilling campaign is designed to bring the shallow target into a resource category according to SEC Industry Guide 7.
According to reports, the deep target in the southern area of the property could contain mineralized material with 1.4 million ounces of gold at an average grade of 0.17 ounces gold per ton, or 818,000 ounces of gold at a grade of 0.27 ounces gold per ton. The deep target will be further explored once the shallow target is brought to a level of confidence to start open pit mining and subject to available future financing.
About Market Advisors www.marketadvisorsresearch.com Market Advisors was incorporated in 1983 and have provided stock market research for their clients since 1985. Company officials provide research and independent analysis of individual stocks as well as a mutual fund management service, which is based up their top-rated timing advice, and previously was a member of the Winner’s Circle™, an elite group of market analysts providing daily market comments and analysis. Through our history the firm also served as an advisor to brokerage firms and investment bankers.
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