General Metals Update: Nine Drill Holes at the Independence Mine in Battle Mountain, Nevada Show Expected Mineralization With Assay Results to Follow
Posted on: Tuesday, 9 October 2007, 09:00 CDT
General Metals Corporation (OTCBB: GNMT) (FRANKFURT: GMQ) (the "Company") is pleased to announce that the initial nine drill holes competed at the Independence mine show expected mineralization that has previously been identified by historic drilling campaigns. These samples are at ALS Chemex assay lab in Elko, NV. The Phase 1 drilling program will take place in stages, beginning with the first 25 holes at an average depth of about 400 feet (10,000 feet).
Sam Nunnamaker, P. Geo in charge of Phase 1 exploration drilling, said: "The 100 or so previously drilled holes all contained mineralized material based on historical assays and these new holes all contain mineralized material as well. Assay results will ultimately determine the values of gold and silver expected to be contained in this material. Our drillers will take from the 10th to the 16th off and work the next 15 days non-stop. Assay results should start coming in around the 16th and be forthcoming steadily from then forward. We can get better guidance for drilling once our assays catch up to the drilling operation."
Drilling results will be published as available over the next several weeks and these results will be used to generate a comprehensive report under SEC Industry Guide 7 over the next few months at the conclusion of Phase 1.
About General Metals Corporation, Inc: General Metals is a gold and silver mining Company that operates the Independence Mine in Battle Mountain, NV and has recently acquired 150 sq. km. with a full prospecting license for gold, diamonds and base metals in Ghana, West Africa. Historical and recent geologist and engineering reports discuss an estimated 235,000 ounces of gold and 2.5 million ounces of silver in the Independence shallow target and from 818,000-2 million ounces of gold in the Independence deep target. Phase 1 shallow drilling is now underway. The Company also has several Confidentiality agreements in place in Nevada and Mexico relating to new business.
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, the drilling may not result in any proven or probable reserves or resources. 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 fiscal year 2007, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contact: Steve Parent President & CEO steve@gnmtlive.com 775.686.6078 office 775.721.6428 cell
SOURCE: General Metals Corporation
Source: MARKET WIRE
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