"We built Glamis on 25,000 ounces annual"General Metals Begins Phase 1 Exploration Drilling at the Independence Mine in Battle Mountain, Nevada
Sep 27, 2007 9:47:00 AM
RENO, NV -- (MARKET WIRE) -- 09/27/07 -- General Metals Corporation (OTCBB: GNMT) (Frankfurt: GMQ) (the "Company") is pleased to announce that Drift Exploration and Drilling began Phase 1 drilling on the Company's Independence mine in Battle Mountain, Nevada. This overall 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: "This drilling program is specifically designed to add information on continuity of mineralization that has already been identified from previous drilling efforts. The 80 plus existing shallow holes gave us an estimated 235,000 ounces of gold and 2,500,000 ounces of silver according to the reports, but they are not 43-101 or Industry guide 7 compliant. Our objective with the next 100 or so holes is to end up with a working mine model that is Guide 7 compliant giving us proven and probable reserves/resources."
Company president and CEO, Steve Parent, said, "Our focus is on development of the open pit mining and processing facility at the Independence mine and to establish a near term cash flow. We are also evaluating near term production acquisitions in Mexico and looking at additional opportunities in Ghana, West Africa, where the Company controls a full prospecting license covering 150 sq. km."
Dan Forbush, Company CFO, says: "With proven and probable resource/reserve guidance, the industry will be able to accurately forecast how long our proposed heap leach operation will produce cash flow. These factors together become strong foundation blocks upon which to build a mining company. We built Glamis on 25,000 ounces annual production to a much larger mining company and it is our objective to do the same here at General."
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 scheduled to commence in a few weeks. We recently executed a Confidentiality agreement with Newmont Mining to consider possible future operations.