General Metals Presents Today At Equities Magazine’s International Mining Conference At The Yale Club In New York City
General Metals Corporation (the “Company”) (OTCBB: GNLM) announces that it will be one of a dozen companies invited to present at the Equities Magazine 2007 International Mining Conference today at the Yale club in New York City to a sophisticated audience of brokers, fund managers, investment professionals, and active retail investors.
The keynote speakers for this remarkable event include Norberto Roque De Le General Coordinator of Mining for the Mexican Ministry of the Economy, and Daniel Sullivan, Consul General of the Canadian Consulate General, New York. Live and archived webcasts for the event will be available at www.equitiesmagazine.com.
The Company’s working Board of Directors, Steve Parent, President & CEO, Daniel J. Forbush, CPA, MBA, Chief Financial Officer and David J. Salari, PEng, Chief Operating Officer, will be in attendance to participate in the presentation and to answer questions regarding our aggressive 2007 targeted operations.
The Company has just completed a 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. This first program is designed to identify a resource of mineralized material in the zone that would be the start of the planned shallow mining production slated for later this year. Phase 1 budget is $1,350,000 and as more funds are made available for drilling, additional areas are targeted to be brought into the resource category. 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: “While this initial Private Placement appears insignificant on the surface, our stategy is to take our financing in small manageable amounts which enable the completion of a complete phase in a selected area. Arriving at resource or reserve categories as we go will enable us to raise money at incrementally higher levels offering less dilution to our existing shareholders and spreading the development risks over a broader investor base. 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.
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 Phase 1 drilling at its Independence Mine in Nevada or any shallow mining production later this year, the budget for the Phase 1 drilling program, that an estimated 235,000 ounces of gold and 2,500,000 ounces of 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 2004 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.